CRESCO LABS INC., 40-F filed on 3/18/2024
Annual Report (foreign private issuer)
v3.24.0.1
Cover Page
 12 Months Ended
Dec. 31, 2023
shares
Document Information [Line Items]  
Document Type 40-F
Document Registration Statement false
Document Annual Report true
Document Period End Date Dec. 31, 2023
Entity File Number 000-56241
Entity Registrant Name Cresco Labs Inc.
Entity Tax Identification Number 98-1505364
Entity Address, Address Line One 400 W Erie St Suite 110
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60654
Entity Address, Country US
City Area Code 312
Local Phone Number 929-0993
Annual Information Form true
Audited Annual Financial Statements true
Entity Current Reporting Status Yes
Entity Interactive Data Current Yes
Entity Emerging Growth Company true
Entity Ex Transition Period false
ICFR Auditor Attestation Flag false
Document Financial Statement Error Correction false
Entity Central Index Key 0001832928
Document Fiscal Period Focus FY
Document Fiscal Year Focus 2023
Amendment Flag false
Current Fiscal Year End Date --12-31
Entity Incorporation, State or Country Code Z4
Business Contact  
Document Information [Line Items]  
Entity Address, Address Line One 400 W Erie St Suite 110
Entity Address, City or Town Chicago
Entity Address, State or Province IL
Entity Address, Postal Zip Code 60654
City Area Code 312
Local Phone Number 929-0993
Contact Personnel Name Cresco Labs Inc.
Special Subordinate Voting Shares (SSVS)  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 158,940,757
Subordinate Voting Shares (SVS)  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 320,757,119
Proportionate Voting Shares (PVS)  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 94,748
MVS  
Document Information [Line Items]  
Entity Common Stock, Shares Outstanding 500,000
v3.24.0.1
Audit Information
 12 Months Ended
Dec. 31, 2023
Audit Information [Abstract]  
Auditor Name Marcum LLP
Auditor Firm ID 688
Auditor Location Chicago, IL, USA
v3.24.0.1
Consolidated Balance Sheets - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Current assets:    
Cash and cash equivalents $ 103,429 $ 119,341
Restricted cash 5,091 2,169
Accounts receivable, net 51,070 56,492
Inventory, net 107,789 134,608
Loans receivable, short-term 1,421 447
Prepaid expenses 6,417 9,420
Other current assets 2,870 3,569
Total current assets 278,087 326,046
Non-current assets:    
Property and equipment, net 368,308 379,722
Right-of-use assets 117,882 128,264
Intangible assets, net 296,966 407,590
Loans receivable, long-term 826 823
Investments 730 1,228
Goodwill 279,697 330,555
Deferred tax asset 11,547 26
Other non-current assets 4,424 9,438
Total non-current assets 1,080,380 1,257,646
TOTAL ASSETS 1,358,467 1,583,692
Current liabilities:    
Accounts payable 27,587 28,093
Accrued liabilities 69,079 65,161
Short-term borrowings 11,817 10,976
Income taxes payable 82,343 94,842
Current portion of lease liabilities 9,416 8,959
Deferred consideration, and other payables, short-term 0 47,834
Total current liabilities 200,242 255,865
Non-current liabilities:    
Long-term notes and loans payable, net 497,713 476,891
Lease liabilities 163,811 173,345
Deferred tax liability 40,457 75,138
Deferred consideration, long-term 6,577 7,770
Other long-term liabilities 21,600 7,000
Total non-current liabilities 730,158 740,144
TOTAL LIABILITIES 930,400 996,009
COMMITMENTS AND CONTINGENCIES (Note 16)
SHAREHOLDERS’ EQUITY    
Share capital 1,689,452 1,617,093
Additional paid-in-capital 82,927 87,537
Accumulated other comprehensive loss (1,151) (1,393)
Accumulated deficit (1,265,536) (1,076,198)
Equity of Cresco Labs Inc. 505,692 627,039
Non-controlling interests (77,625) (39,356)
TOTAL SHAREHOLDERS’ EQUITY 428,067 587,683
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY $ 1,358,467 $ 1,583,692
v3.24.0.1
Consolidated Balance Sheets (Parenthetical)
 12 Months Ended
Dec. 31, 2023
$ / shares
shares
Dec. 31, 2022
$ / shares
shares
MVS    
Condensed Balance Sheet Statements    
Par value (in dollars per share) | $ / shares $ 0 $ 0
Authorized (in shares) 500,000 500,000
Issued (in shares) 500,000 500,000
Outstanding (in shares) 500,000 500,000
Subordinate Voting Shares (SVS)    
Condensed Balance Sheet Statements    
Par value (in dollars per share) | $ / shares $ 0 $ 0
Issued (in shares) 320,757,119 281,147,586
Outstanding (in shares) 320,757,119 281,147,586
Proportionate Voting Shares (PVS)    
Condensed Balance Sheet Statements    
Par value (in dollars per share) | $ / shares [1] $ 0 $ 0
Issued (in shares) [1] 18,949,596 20,082,384
Outstanding (in shares) [1] 18,949,596 20,082,384
Description of stock conversion ratio 0.005  
Special Subordinate Voting Shares (SSVS)    
Condensed Balance Sheet Statements    
Par value (in dollars per share) | $ / shares [2] $ 0 $ 0
Authorized (in shares) 1,589 [2] 639
Issued (in shares) 1,589 [2] 639
Outstanding (in shares) 1,589 [2] 639
Description of stock conversion ratio 100,000  
[1]
1 Proportionate Voting Shares (“PVS”) presented on an “as-converted” basis to Subordinate Voting Shares (“SVS”) (1-to-200)
[2]
2 Special Subordinate Voting Shares (“SSVS”) presented on an “as-converted” basis to SVS (1-to-0.00001)
v3.24.0.1
Consolidated Statements of Operations - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Profit or loss [abstract]    
Revenues, net $ 770,885 $ 842,681
Costs of goods sold 408,519 435,668
Gross profit 362,366 407,013
Operating expenses:    
Selling, general and administrative 299,172 350,653
Impairment loss 151,017 140,655
Total operating expenses 450,189 491,308
Loss from operations (87,823) (84,295)
Other expense, net:    
Interest expense, net (60,819) (57,837)
Other income, net 1,740 15,227
Total other expense, net (59,079) (42,610)
Loss before income taxes (146,902) (126,905)
Income tax expense (32,950) (88,938)
Net loss (179,852) (215,843)
Net loss attributable to non-controlling interests, net of tax (4,330) (3,796)
Net loss attributable to Cresco Labs Inc. $ (175,522) $ (212,047)
Earnings per share [abstract]    
Diluted loss per share (in dollars per share) $ (0.54) $ (0.71)
Basic loss per share (in dollars per share) $ (0.54) $ (0.71)
Basic weighted average number of shares outstanding (in shares) 323,819,766 298,161,665
Diluted weighted average number of shares outstanding (in shares) 323,819,766 298,161,665
v3.24.0.1
Consolidated Statements of Comprehensive Loss - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Statement of comprehensive income [abstract]    
Net loss $ (179,852) $ (215,843)
Items that may be reclassified subsequently to profit or loss:    
Foreign currency translation differences, net of tax 242 (1,139)
Total comprehensive loss for the period (179,610) (216,982)
Comprehensive loss attributable to non-controlling interests, net of tax (4,330) (3,796)
Total comprehensive loss attributable to Cresco Labs Inc. $ (175,280) $ (213,186)
v3.24.0.1
Consolidated Statements of Changes in Shareholders' Equity - USD ($)
$ in Thousands
Total
Share capital
Additional paid-in capital
Accumulated other comprehensive loss, net of tax
Accumulated deficit
Non-controlling interests
Beginning balance at Dec. 31, 2021 $ 797,736 $ 1,556,941 $ 40,774 $ (254) $ (841,907) $ 42,182
Changes in equity [abstract]            
Exercise of options and warrants 698 4,941 (4,243)      
Share-based compensation 23,761 3,417 20,344      
Employee taxes withheld on certain share-based payment arrangements (427) 290 (717)      
Income tax reserve 155       155  
Payable pursuant to tax receivable agreements 597 597        
Tax benefit from shareholder redemptions (1,239) (1,239)        
Equity issued related to acquisitions 34,708 34,708        
Tax distributions to non-controlling interest holders (42,679)   31,379   (5,230) (68,828)
Excess cash distributions to non-controlling interest holders (8,645)         (8,645)
Cresco LLC shares redeemed 0 17,438     (17,169) (269)
Foreign currency translation (1,139)     (1,139)    
Net loss (215,843)       (212,047) (3,796)
Ending balance at Dec. 31, 2022 587,683 1,617,093 87,537 (1,393) (1,076,198) (39,356)
Changes in equity [abstract]            
Share-based compensation 15,339 9,059 6,280      
Employee taxes withheld on certain share-based payment arrangements (713)   (713)      
Income tax reserve 7,212       7,212  
Payable pursuant to tax receivable agreements 33 33        
Equity issued related to settlement of acquisition related contingent consideration 47,238 47,238        
Equity issuances and other adjustments 2 2        
Tax distributions to non-controlling interest holders (42,947)   (10,177)   787 (33,557)
Excess cash distributions to non-controlling interest holders (6,170)         (6,170)
Cresco LLC shares redeemed 0 16,027     (21,815) 5,788
Foreign currency translation 242     242    
Net loss (179,852)       (175,522) (4,330)
Ending balance at Dec. 31, 2023 $ 428,067 $ 1,689,452 $ 82,927 $ (1,151) $ (1,265,536) $ (77,625)
v3.24.0.1
Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (179,852) $ (215,843)
Adjustments to reconcile net loss to net cash provided by operating activities:    
Depreciation and amortization 62,512 51,930
Amortization of operating lease assets 6,792 5,795
Bad debt expense and provision expense for expected credit loss 10,706 1,700
Share-based compensation expense 16,356 23,221
Loss on investments 500 4,615
Loss on changes in fair value of deferred and contingent consideration 1,204 5,667
Gain on derivative instruments and warrants 0 (1,184)
Loss on inventory write-offs and provision 3,820 7,358
Change in deferred taxes (32,659) (4,643)
Accretion of discount and deferred financing costs on debt arrangements 4,416 3,951
Foreign currency loss (gain) 303 (940)
Loss on sale of assets (13) 2,635
Impairment loss 151,017 140,655
Gain on lease termination and sale and leaseback transaction (1,965) (19,630)
Loss on other adjustments to net income 209 0
Changes in operating assets and liabilities:    
Accounts receivable (5,369) (14,776)
Inventory 23,491 (2,668)
Prepaid and other assets 2,598 (4,512)
Accounts payable and other accrued liabilities 27,795 10,700
Operating lease liabilities (28,002) (22,073)
Income taxes payable (5,295) 46,783
NET CASH PROVIDED BY OPERATING ACTIVITIES 58,564 18,741
CASH FLOWS FROM INVESTING ACTIVITIES:    
Purchases of property and equipment (55,385) (83,026)
Purchase of intangibles (2,498) (3,106)
Proceeds from sale and leaseback transactions and tenant improvement allowances 2,594 47,914
Payment of acquisition consideration, net of cash acquired 0 (1,135)
Proceeds from sale and disposals of assets 11,704 1,322
Receipts from loans and advances 0 2,654
Payments of loans and advances (1,000) (1,200)
NET CASH USED IN INVESTING ACTIVITIES (44,585) (36,577)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of stock options, warrants and sell-to-cover shares 0 3,215
Proceeds from the issuance of long-term debt 20,175 0
Payment of debt issuance costs (1,947) 0
Payment of acquisition-related contingent consideration (1,787) (4,927)
Tax distribution payments in accordance with the tax receivable agreement (222) 0
Excess cash distributions to non-controlling interest redeemable unit holders and other members (6,170) (8,646)
Tax distributions to non-controlling interest redeemable unit holders and other members (32,770) (73,859)
Principal payment of property, plant, and equipment vendor financing (701) 0
Principal payments on finance lease obligations (3,485) (2,426)
NET CASH USED IN FINANCING ACTIVITIES (26,907) (86,643)
Effect of exchange rate changes on cash and cash equivalents (62) (113)
Net decrease in cash and cash equivalents (12,990) (104,592)
Cash and cash equivalents and restricted cash, beginning of year 121,510 226,102
Cash and cash equivalents, end of period 103,429 119,341
Restricted cash, end of period 5,091 2,169
Cash and cash equivalents and restricted cash, end of year 108,520 121,510
CASH PAID DURING THE PERIOD FOR:    
Income tax, net 70,896 46,756
Interest 53,616 53,651
NON-CASH INVESTING AND FINANCING TRANSACTIONS:    
Non-cash consideration for business combination 47,238 34,708
Non-controlling interests redeemed for equity 5,788 357
Increase to net lease liability 1,474 26,487
Receivable due from seller of previous acquisition 705 797
Liability incurred to purchase property, equipment and intangibles 93 8,664
Purchase of property, plant and equipment through vendor financing 748 0
Purchase of property, plant and equipment through inventory 48 0
Cashless exercise of stock options 0 1,821
Unpaid declared distributions to non-controlling interest redeemable unit holders 10,176 9,896
Receivable related to financing lease transactions 612 612
Liability incurred in accordance with tax receivable agreement $ 14,564 $ 1,053
v3.24.0.1
Nature of Operations
 12 Months Ended
Dec. 31, 2023
Nature Of Operations [Abstract]  
Nature of Operations
NOTE 1. NATURE OF OPERATIONS
Cresco Labs Inc. (“Cresco Labs” or the “Company”), formerly known as Randsburg International Gold Corp. (“Randsburg”) was incorporated in the Province of British Columbia under the Company Act on July 6, 1990. The Company is one of the largest vertically-integrated multi-state cannabis operators in the United States licensed to cultivate, manufacture and sell retail and medical cannabis products primarily through Sunnyside*®, Cresco Labs’ national dispensary brand and third-party retail stores. Employing a consumer-packaged goods approach to cannabis, Cresco Labs’ house of brands is designed to meet the needs of all consumer segments and includes some of the most recognized and trusted national brands including Cresco®, High Supply®, Mindy’sTM, Good News®, RemediTM, Wonder Wellness Co.® and FloraCal® Farms. As of December 31, 2023, the Company operates in Illinois, Pennsylvania, Ohio, California, New York, Massachusetts, Michigan and Florida pursuant to the Illinois Compassionate Use of Medical Cannabis Program Act and the Illinois Cannabis Regulation and Tax Act; the Pennsylvania Medical Marijuana Act; the Ohio Medical Marijuana Control Program; the California Medicinal and Adult-Use Cannabis Regulation and Safety Act; the New York Marihuana Regulation and Taxation Act; the Massachusetts Regulation and Taxation of Marijuana Act, the Massachusetts Act for the Humanitarian Medical Use of Marijuana and the Massachusetts Act to Ensure Safe Access to Marijuana; the Michigan Medical Marihuana Act, the Michigan Medical Marihuana Facilities Licensing Act, the Michigan Regulation and Taxation of Marihuana Act and the Michigan Marihuana Tracking Act and the Florida Compassionate Medical Cannabis Act, respectively.

The Company trades on the Canadian Securities Exchange under the ticker symbol “CL,” on the Over-the-Counter Market under the ticker symbol “CRLBF” and on the Frankfurt Stock Exchange under the symbol “6CQ.”
The Company’s corporate office is located at Suite 110, 400 W Erie St, Chicago, IL 60654. The registered office is located at Suite 2500, 666 Burrard Street, Vancouver, BC V6C 2X8.
v3.24.0.1
Summary of Significant Accounting Policies
 12 Months Ended
Dec. 31, 2023
Significant Accounting Policies [Abstract]  
Summary of Significant Accounting Policies
NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
(a)Basis of Preparation

The accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
(b)Basis of Measurement
The accompanying consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain loans receivable, investments, and contingent considerations, which are recorded at fair value. Historical cost is generally based upon the fair value of the consideration given in exchange for assets acquired and the contractual obligation for liabilities incurred.
(c)Functional and Presentation Currency
The Company’s functional currency and that of the majority of its subsidiaries is the United States (“U.S.”) dollar. The Company’s reporting currency is the U.S. dollar (“USD”). All references to “C$” refer to Canadian dollars. Foreign currency denominated assets and liabilities are re-measured into the functional currency using period-end exchange rates. Gains and losses from foreign currency transactions are included in Other income, net in the Consolidated Statements of Operations.
Assets and liabilities of foreign operations having a functional currency other than USD (e.g., C$) are translated at the rate of exchange prevailing at the reporting date; revenues and expenses are translated at the monthly average rate of exchange during the period. Gains or losses on translation of foreign subsidiaries and net investments in foreign operations are included in Foreign currency translation differences, net of tax in the Consolidated Statements of Comprehensive Loss and Accumulated other comprehensive loss on the Consolidated Balance Sheets.
(d)Basis of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries with intercompany balances and transactions eliminated upon consolidation. Subsidiaries are those entities over which the Company has the power over the investee, is exposed, or has rights, to variable involvement with the investee; and has the ability to use its power to affect its returns. The following are Cresco Labs’ wholly-owned or controlled entities as of December 31, 2023:
EntityLocationPurposePercentage
Held
Cresco Labs Inc.British Columbia, CanadaParent Company
Cali-Antifragile Corp.CaliforniaHolding Company100%
River Distributing Co., LLCCaliforniaHolding Company100%
Sonoma's Finest fka FloraCalCaliforniaCultivation100%
Cub City, LLCCaliforniaCultivation100%
CRHC Holdings Corp.Ontario, CanadaHolding Company100%
Cannroy Delaware Inc.DelawareHolding Company100%
High Road Holdings LLCDelawareHolding Company100%
Laurel Harvest Labs, LLCPennsylvaniaCultivation and Dispensary Facility100%
JDRC Mount Joy, LLCIllinoisHolding Company100%
JDRC Scranton, LLCIllinoisHolding Company100%
Bluma Wellness Inc.British Columbia, CanadaHolding Company100%
Cannabis Cures Investments, LLCFloridaHolding Company100%
3 Boys Farm, LLCFloridaCultivation, Production and Dispensary Facility100%
Farm to Fresh Holdings, LLCFloridaHolding Company100%
Cresco U.S. Corp.IllinoisHolding Company100%
MedMar Inc.IllinoisHolding Company100%
MedMar Lakeview, LLCIllinoisDispensary88%
MedMar Rockford, LLCIllinoisDispensary75%
Gloucester Street Capital, LLCNew YorkHolding Company100%
Valley Agriceuticals, LLCNew YorkCultivation, Production and Dispensary Facility100%
Valley Agriceuticals Real Estate New YorkHolding Company100%
JDRC Ellenville, LLCIllinoisHolding Company100%
CMA Holdings, LLCIllinoisHolding Company100%
BL Real Estate, LLCMassachusettsHolding Company100%
BL Pierce, LLCMassachusettsHolding Company100%
BL Uxbridge, LLCMassachusettsHolding Company100%
BL Main, LLCMassachusettsHolding Company100%
BL Burncoat, LLCMassachusettsHolding Company100%
BL Framingham, LLCMassachusettsHolding Company100%
BL Worcester, LLCMassachusettsHolding Company100%
Cultivate Licensing LLCMassachusettsHolding Company100%
Cultivate Worcester, Inc.MassachusettsDispensary100%
Cultivate Leicester, Inc.MassachusettsCultivation, Production and Dispensary Facility100%
Cultivate Framingham, Inc.MassachusettsDispensary100%
Cultivate Cultivation, LLCMassachusettsCultivation and Production Entity100%
GoodNews Holdings, LLCIllinoisLicensing Company100%
Wonder Holdings, LLCIllinoisLicensing Company100%
JDRC Seed, LLCIllinoisEducational Company100%
CP Pennsylvania Holdings, LLCIllinoisHolding Company100%
Bay, LLCPennsylvaniaDispensary100%
Bay Asset Management, LLCPennsylvaniaHolding Company100%
Ridgeback, LLCColoradoHolding Company100%
Encanto Green Cross Dispensary, LLCArizonaHolding Company100%
Cresco Labs Texas, LLCTexasHolding Company100%
Cresco Labs, LLCIllinoisOperating Entity62%
Cresco Labs Ohio, LLCOhioCultivation, Production and Dispensary Facility99%
EntityLocationPurposePercentage
Held
Cresco Labs Notes Issuer, LLCIllinoisHolding Company
Wellbeings, LLCDelawareCBD Wellness Product Development100%
Cresco Labs SLO, LLCCaliforniaHolding Company100%
SLO Cultivation Inc.CaliforniaHolding Company80%
Cresco Labs Joliet, LLCIllinoisCultivation and Production Facility100%
Cresco Labs Kankakee, LLCIllinoisCultivation and Production Facility100%
Cresco Labs Logan, LLCIllinoisCultivation and Production Facility100%
Cresco Labs PA, LLCIllinoisHolding Company100%
Cresco Yeltrah, LLCPennsylvaniaCultivation, Production and Dispensary Facility100%
Strip District Education CenterPennsylvaniaHolding Company100%
AFS Maryland, LLCMarylandHolding Company100%
JDC Newark, LLCOhioHolding Company100%
Verdant Creations Newark, LLCOhioDispensary100%
Strategic Property Concepts, LLCOhioHolding Company100%
JDC Marion, LLCOhioHolding Company100%
Verdant Creations Marion, LLCOhioDispensary100%
Strategic Property Concepts 4, LLCOhioHolding Company100%
JDC Chillicothe, LLCOhioHolding Company100%
Verdant Creations Chillicothe, LLCOhioDispensary100%
Strategic Property Concepts 5, LLCOhioHolding Company100%
JDC Columbus, LLCOhioHolding Company100%
Care Med Associates, LLCOhioDispensary100%
Arizona Facilities Supply, LLCArizonaHolding Company100%
Cresco Labs TINAD, LLCIllinoisHolding Company100%
TINAD, LLCIllinoisHolding Company100%
PDI Medical III, LLCIllinoisDispensary100%
Cresco Labs Phoenix Farms, LLCIllinoisHolding Company100%
Phoenix Farms Partners, LLCIllinoisHolding Company100%
Phoenix Farms of Illinois Asset Management, LLCIllinoisHolding Company100%
Phoenix Farms of Illinois, LLCIllinoisDispensary100%
JDC Elmwood, LLCIllinoisHolding Company100%
FloraMedex, LLCIllinoisDispensary100%
Cresco Edibles, LLCIllinoisHolding Company100%
TSC Cresco, LLCIllinoisLicensing75%
Cresco HHH, LLCMassachusettsCultivation, Production and Dispensary Facility100%
Cresco Labs Nevada, LLCNevadaHolding Company100%
Cresco Labs Michigan Management, LLCMichiganHolding Company100%
Cresco Labs Missouri Management, LLCMissouriHolding Company100%
JDRC Acquisitions, LLCIllinoisHolding Company100%
JDRC 7841 Grand LLCIllinoisHolding Company100%
JDRC Lincoln, LLCIllinoisHolding Company100%
JDRC Danville, LLCIllinoisHolding Company100%
JDRC Kankakee, LLCIllinoisHolding Company100%
JDRC Brookville, LLCIllinoisHolding Company100%
Cresco Labs Michigan, LLC (a)MichiganCultivation and Production Facility85%
(a) Legally, Cresco Labs Michigan, LLC is 85% owned by related parties of the Company.

Cresco U.S. Corp., which is wholly owned by the Company, is the sole manager of Cresco Labs, LLC; Cresco Labs, LLC is the sole owner and manager of Cresco Labs Notes Issuer, LLC. Therefore, the Company controls Cresco Labs Notes Issuer, LLC and has consolidated its results into the consolidated financial statements.
Non-controlling interests (“NCI”) represent ownership interests in consolidated subsidiaries by parties that are not shareholders of the Company. They are shown as a component of total equity in the Consolidated Balance Sheets, and the share of income attributable to NCI is shown as Net income attributable to non-controlling interests, net of tax in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Loss. Changes in the parent company’s ownership that do not result in a loss of control are accounted for as equity transactions.
(e)Cash and Cash Equivalents

Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash and cash on hand at retail locations. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents and mainly consist of certificates of deposits.
(f)Restricted Cash

Restricted cash represents amounts held in escrow related to investments, acquisitions and building improvements.
(g)Accounts Receivable
Accounts receivable are recorded net of allowance for doubtful accounts. The Company develops a provision matrix and measures the expected credit losses based on lifetime expected credit losses, taking into consideration historical credit loss experience and financial factors specific to the debtors. The Company also estimates and provides an allowance for doubtful accounts based on contractual payment terms, actual payment history of its customers, current economic conditions and individual customer circumstances. Accounts receivable are evaluated monthly based on expected collections over its life and an adjustment is recorded as needed. When a receivable is uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are credited to the Consolidated Statements of Operations. See Note 17 for further discussion.
(h)Inventory
Inventory is primarily composed of raw materials (cannabis and non-cannabis), work-in-process and finished goods. Inventory is recorded at the lower of cost or net realizable value, with cost determined using the weighted average cost method. For manufactured inventory, costs incurred during the growing and production of cannabis and cannabis-based products are capitalized, net of yield adjustments, as incurred to the extent that costs are less than net realizable value. These costs include, but are not limited to, materials, labor, overhead and occupancy costs, cannabis taxes and depreciation expense on equipment involved in manufacturing, packaging, labeling, inspection and testing. Fixed costs associated with underutilized facilities are taken as expenses within the current period. Capacities are set using normalized operating capacity as defined by GAAP. Costs related to purchased finished goods are recorded at cost, including freight. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventory is written down to net realizable value.
(i)Property and Equipment
Property and equipment is stated at cost, net of accumulated depreciation. Land is recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. The Company evaluates the recoverability of property, plant and equipment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. In those cases, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, the Company will determine the fair value of the assets within the asset group and record an impairment loss calculated as the excess in carrying value over fair value. Equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Leasehold improvements are amortized over the lesser of the life of the lease or estimated useful life of the improvement. Any gain or loss arising from derecognition or impairment of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in the accompanying Consolidated Statements of Operations. The Company assesses property and equipment for indicators of impairment throughout the reporting period. See Note 4 for additional details.
CategoryEstimated
Useful Life
Leasehold Improvements 
1 - 15 years
Machinery and Equipment 
5 - 15 years
Furniture and Fixtures 
3 - 7 years
Vehicles 
5 years
Website and Software 
3 years
Computer Equipment 
3 - 5 years
Buildings and Building Improvements 
5 - 39 years
Repairs and maintenance that do not improve efficiency or extend economic life are charged to expense as incurred.
(j)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 at the acquisition date or date of consolidation/control. Amortization of definite-lived intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. Costs incurred during the year to renew or extend the term of a recognized intangible asset are included within additions and are amortized on a straight-line basis over the useful lives of the permit or license renewal period. See Note 7 for additional details. Intangible assets are amortized over the following terms:
CategoryEstimated
Useful Life
Customer Relationships
7 - 8 years
Non-Compete Agreements
2 - 5 years
Trade Names
10 years
Permit Application Fees
1 - 2 years
The estimated useful lives and residual values are reviewed at each year end and any changes in estimates are accounted for prospectively. Intangible assets that have an indefinite useful life are not subject to amortization. The Company’s indefinite-lived intangible assets consist of licenses which represent the future benefits associated with the Company’s cultivation, processing and dispensary licenses. Absent such license intangibles, the Company cannot continue as a going concern and as such, there is no foreseeable limit to the period over which these assets are expected to generate future cash inflows to the Company.
Definite-lived intangible assets are tested for impairment when there is an indication of impairment. Indefinite-lived intangible assets are tested for impairment annually, or more frequently, as warranted if events or changes in circumstances indicate impairment.
For the purpose of impairment testing, goodwill and indefinite-lived intangible assets have been allocated to reporting units, determined based on the smallest identifiable group of assets that generate cash inflows and outflows that are largely independent of cash inflows from other assets or group of assets.
(k)Goodwill

Goodwill represents the excess of the purchase price paid for the acquisition of a business over the fair value of the net assets acquired. Goodwill is allocated to the reporting unit or reporting units, which are expected to benefit from the synergies of the combination.
Goodwill is not subject to amortization and is tested for impairment annually or more frequently as warranted if events or changes in circumstances indicate impairment may have occurred. For the purpose of impairment testing, goodwill and indefinite-lived intangible assets have been allocated to reporting units or groups of reporting units representing the lowest level at which the assets generate cash inflow and outflow independent of other assets. An impaired asset is written down to its estimated fair value based on the most recent information available. The Company assesses the fair values of its reporting units using an income-based approach. Under the income approach, fair value is based on the present value of estimated future cash flows. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, and the allocation of shared or corporate costs. The impairment review, which is performed October 1 of each year, begins with a qualitative assessment of all reporting units. If the Company determines, based on weighing of all available evidence, that a reporting unit’s carrying value may exceed its fair value at the testing date, the Company performs a quantitative impairment assessment. If the carrying value of these intangible assets or the reporting unit exceeds the fair values, the Company would record an impairment charge based on the excess of the carrying value over the fair value. See Note 7 for additional details.

As of December 31, 2023, the Company has no goodwill recorded that is expected to be tax deductible.
(l)Income Taxes

Tax expense recognized in profit or loss is comprised of the sum of current and deferred taxes not recognized in other comprehensive loss or directly in equity.
(i)Current Tax
Current tax assets and/or liabilities are comprised of claims from, or obligations to, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
(ii)Deferred Tax
Deferred taxes are calculated using the asset and liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for in full. The measurement of deferred tax assets is reduced through a valuation allowance, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not expected to be unrealized.
Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive loss or directly in equity, in which case the related deferred tax is also recognized in other comprehensive loss or equity, respectively.
As the Company operates in the cannabis industry, the Company is subject to the limits of Internal Revenue Code (“IRC”) 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 IRC Section 280E. See Note 21 for additional details.
(m)Fair Value of Financial Instruments

The Company accounts for assets and liabilities measured at fair value on a recurring basis in accordance with Accounting Standards Codification (“ASC”) 820 Fair Value Measurements. 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.
Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the inputs to the fair value measurements. The three levels of the hierarchy are:
–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;
–Level 3 – Inputs for the asset or liability that are not based on observable market data.
See Note 17 for additional details.
(n)Loans Receivable

The Company may provide financing to various related and non-related businesses within the cannabis industry. These loans are classified as held for investment and accounted for as financial instruments in accordance with ASC 310 Receivables. At each reporting date, the Company applies its judgment to evaluate the collectability of the Loans receivable balance and records a provision based on the assessed amount of expected credit loss (“ECL”). See Note 17 for additional details.
(o)Leases

The Company has entered into leases primarily for its corporate offices, cultivation and processing facilities and dispensaries. At inception of a contract, the Company determines whether the contract includes a lease. A contract contains a lease if it includes enforceable rights and obligations under which the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the commencement date – the date when the asset is available for use by the lessee.
The Company assesses at lease commencement whether it is reasonably certain to exercise extension or termination options. The Company reassesses its lease portfolio to determine whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. The extension options, which are considered reasonably certain to be exercised, are mainly those for which operational decisions have been made that make the lease assets vital to the continued relevant business activities.
Liabilities arising from a lease are initially measured at the present value of the lease payments not yet paid, using the Company’s incremental borrowing rate. Lease liabilities include the value of the following payments:
(i)Fixed payments, including in-substance fixed payments, less any lease incentives receivable;
(ii)The exercise price of a purchase option if the Company is reasonably certain to exercise that option; and
(iii)Penalties for early termination of the lease, if the lease term reflects the Company exercising an option to terminate the lease.
The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is decreased by cash paid net of interest expense incurred. The lease liability is remeasured when there is a change in future lease payments, or if the Company changes its assessment of whether it will exercise an extension, purchase or termination option.
ROU assets are measured at cost and are comprised of the following:
(i)The amount of the initial measurement of lease liability;
(ii)Lease payments made at or before the commencement date less any lease incentives received;
(iii)Any initial direct costs; and
(iv)An estimate of costs of dismantling and removing the underlying asset, restoring the site on which it is located or the underlying asset, if applicable.
The ROU asset is depreciated on a straight-line basis from the commencement date to the end of the lease term. A fixed amount of rent expense is recognized on a straight-line basis over the lease term for operating leases. For finance leases, depreciation expense on the ROU asset and interest expense on the lease liability are recognized over the lease term. The value of the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain revaluations of the lease liability.
In accordance with the guidance in ASC 842 Leases, the Company has elected not to recognize ROU assets and lease liabilities where the total lease term is less than or equal to twelve months. The payments for such leases are recognized as rent expense within Selling, general and administrative expenses or Cost of goods sold in the Consolidated Statements of Operations on a straight-line basis over the lease term. See Note 5 for additional information.
(p)Change in Accounting Policy

On October 1, 2023, the Company elected to change its accounting policy related to the computation of short-term versus long-term lease liabilities. Previously, the current portion of the lease liability was determined by summing the present value of lease payments for the next 12 months. Under the new methodology, the current portion of the lease liability is now calculated by summing the next 12 months lease liability reduction. The Company implemented the change to better leverage automated lease accounting software and further streamline its month-end and quarter-end close processes. Both methodologies are allowable under GAAP. The change was applied retrospectively, and all prior periods presented in the consolidated financial statements have been adjusted in accordance with the updated policy. See sections (z) Reclassifications and Note 5 for additional information.
(q)Revenue Recognition

Revenue is recognized by the Company in accordance with ASC 606 Revenue from Contracts with Customers. Through application of ASC 606, the Company recognizes revenue to depict the transfer of promised goods to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods.
In order to recognize revenue under ASC 606, the Company applies the following five (5) steps:
•Identify a customer along with a corresponding contract;
•Identify the performance obligation(s) in the contract to transfer goods to a customer;
•Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods to a customer;
•Allocate the transaction price to the performance obligation(s) in the contract; and
•Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenue consists of wholesale and retail sales of cannabis and other cannabis-derived and related products. Wholesale and retail sales are both generally recognized at a point in time when control over the goods has been transferred to the customer and is recorded net of sales discounts. For retail sales, payment is typically due upon transferring the goods to the customer. For wholesale sales, payment is typically due upon transferring the goods to the customer or within a specified time period permitted under agreed-upon payment terms.
Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer. For some of its locations, the Company has customer loyalty programs where retail customers accumulate points based on their level of spending and use these points for discounts on cannabis and cannabis related products. These points are recorded as a contract liability until customers redeem their points for discounts. In addition, the Company records a performance obligation as a reduction of revenue based on the estimated probability of point redemption, which is calculated based on a standalone selling price and using historical redemption rates. Upon redemption, the loyalty program obligation is relieved and the offset is recorded as revenue. In the event of a product recall, the expected value method is utilized to estimate the financial impact and a reduction of revenue is recorded. See Note 13 for additional information on revenue and loyalty programs.
(r)Advertising Costs

Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and totaled $7.4 million and $8.1 million for the years ended December 31, 2023 and 2022, respectively.
(s)Excise Tax

The Company recognizes excise tax and community benefit fees as Cost of goods sold or Selling, general and administrative expense based on whether the tax is generated on production of cannabis or as part of selling costs, respectively.
(t)Share-Based Compensation
The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation expense over the vesting period based on the Company’s estimate of equity instruments that will eventually vest. For awards with performance conditions, compensation expense is recognized over the service period of awards and adjusted for the probability of achievement of performance-based goals. Expected forfeitures are applied to awards using an expected forfeiture rate that is calculated annually. The expected forfeiture rate is reviewed quarterly and an updated forfeiture rate will be applied to all outstanding awards if there has been a material change to the rate. The impact of the revision of the original estimate is recognized in profit or loss such that the cumulative expense reflects the revised estimate. For share-based payments granted to non-employees, the compensation expense is measured at the fair value of the equity instrument on the grant date. See Note 9 for additional information on share-based compensation.
(u)Variable Interest Entities

A variable interest entity (“VIE”) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity’s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under ASC 810 Consolidations, where the Company concludes that it is the primary beneficiary of a VIE, the Company consolidates the financial results of the entity. See Note 18 for additional information on VIEs.
(v)Business Combinations and Assets and Liabilities Held for Sale

A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for by applying the acquisition method. The total consideration transferred in a business combination is the sum of the fair values of assets transferred, liabilities assumed, equity interests and other consideration issued by the acquirer in exchange for control of the acquiree. The acquisition date is the date on which the Company obtains control of the acquiree. The identifiable assets acquired, and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where ASC 805 Business Combinations provides exceptions to recording the amounts at fair value. Preliminary balances recorded are subject to change during the measurement period which will conclude at the earlier of the date the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date, learns that more information is not obtainable or one year following the acquisition date. Acquisition costs of the acquirer are expensed to profit or loss; acquisition costs of the acquiree paid by the acquirer may comprise a portion of consideration transferred. Non-controlling interest in the acquiree, if any, is recognized at fair value.

The Company classifies an asset or disposal group as held for sale in accordance with ASC 360 Property, Plant and Equipment, when the following criteria are met:
•management, having the authority to approve the action, commits to a plan to sell the asset (disposal group);
•the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups);
•an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated;
•the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year;
•the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value;
•actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.

Disposal groups held for sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets classified as held for sale are not subject to depreciation or amortization, and both the assets and any liabilities directly associated with the disposal group are presented separately within our Consolidated Balance Sheets. Subsequent changes to the estimated fair value less cost to sell are recorded as gains or losses in our Consolidated Statements of Operations, and any subsequent gains are limited to the cumulative losses previously recognized. The Company did not have any assets classified as held for sale as of December 31, 2023 and 2022.

(w)Loss Per Share
Loss per share (“EPS”) is calculated by dividing the net earnings or loss attributable to shareholders by the weighted-average shares outstanding during the period. The Company presents basic and diluted EPS in the Consolidated Statements of Operations. Basic EPS is calculated by dividing the profit or loss attributable to shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential shares, which are comprised of redeemable Cresco Labs, LLC shares (“Redeemable Units”); stock options, and restricted stock units (“RSUs”) issued. Shares with anti-dilutive impacts are excluded from the calculation. The number of shares included with respect to Redeemable Units, stock options, and RSUs is computed using the treasury stock method. See Note 10 for additional information on Loss Per Share.
(x)Use of Estimates
The preparation of the Company’s consolidated financial statements under GAAP requires management to make estimates, judgments and assumptions about the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis for reasonableness and relevancy. Where revisions are required, they are recognized in the period in which the estimate is revised for the current as well as future periods that are affected.
(y)Newly Adopted Accounting Pronouncements

The Company did not adopt any new accounting pronouncements during the year ended December 31, 2023.
(z)Recently Issued Accounting Standards

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. Early adoption is permitted. The amendments should be applied on a prospective basis with retrospective application permitted. The Company is currently assessing the impact of the disclosure requirements on our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact of the disclosure requirements on its consolidated financial statements.
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission's (“SEC”) Disclosure Update and Simplification Initiative. The amendments in this update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics in the ASC. The amendments should be applied on a prospective basis and allow users to more easily compare entities subject to SEC's existing disclosure with those entities that were not previously subject to the SEC's requirements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently accessing the impact on our consolidated financial statements.
(aa)Reclassifications

As of December 31, 2022, $17.2 million of current portion lease liabilities were reclassified to non-current leases liabilities, and $7.8 million of short-term borrowings of financing liabilities were reclassified to long-term notes and loans payable as disclosed on the Consolidated Balance Sheets and the notes hereto. Certain amounts from unaudited prior interim periods have also been reclassified to conform with the report classifications of the current period. The current portion of lease liabilities were reduced by $17.4 million, $17.1 million and $15.9 million, as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively. Non-current lease liabilities were increased by the same amounts for each respective period. Short-term borrowings were reduced by $7.5 million, $7.2 million and $6.8 million as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively. Long-term notes and loans payable were increased by the same amounts for each respective period. The reclassifications had no effect on previously reported total current assets, total liabilities, total shareholders' equity, retained earnings, Consolidated Statements of Operations or Consolidated Statements of Cash Flows.
Separately presented, as of December 31, 2022, the Company broke out Additional paid-in-capital balances previously included in Share Capital on the Consolidated Balance Sheets and Consolidated Statements of Changes in Shareholders' Equity. The reclassifications had no effect on total liabilities and shareholders' equity.
v3.24.0.1
Inventory
 12 Months Ended
Dec. 31, 2023
Inventory [Abstract]  
Inventory
NOTE 3.     INVENTORY
Inventory as of December 31, 2023 and 2022, consisted of the following:
December 31,December 31,
($ in thousands)20232022
Raw materials$12,649 $36,233 
Raw materials - non-cannabis17,937 26,709 
Work-in-process51,538 41,164 
Finished goods25,665 30,502 
Total Inventory$107,789 $134,608 

The Company wrote off $3.8 million and $7.4 million of inventory during the years ended December 31, 2023 and 2022, respectively. These write-offs are included in Cost of goods sold presented in the Consolidated Statements of Operations.

In addition, during the year ended December 31, 2023, the Company recorded an adjustment of $0.7 million to write down inventory to its net realizable value. The assets were sold in the fourth quarter of 2023.
v3.24.0.1
Property And Equipment
 12 Months Ended
Dec. 31, 2023
Property, plant and equipment [abstract]  
Property And Equipment
NOTE 4.     PROPERTY AND EQUIPMENT
Property and equipment consisted of the following:
($ in thousands)December 31, 2023December 31, 2022
Land and Buildings$207,194 $176,594 
Machinery and Equipment41,928 39,928 
Furniture and Fixtures37,912 28,724 
Leasehold Improvements173,614 142,880 
Website, Computer Equipment and Software11,124 10,232 
Vehicles2,892 3,552 
Construction In Progress14,483 55,507 
Total property and equipment, gross489,147 457,417 
Less: Accumulated depreciation(120,839)(77,695)
Total property and equipment, net$368,308 $379,722 

As of December 31, 2023 and 2022, costs related to construction at the Company’s facilities and dispensaries were capitalized in construction in progress and not depreciated. Depreciation will commence when construction is completed and the facilities and dispensaries are available for their intended use. Land costs at each balance sheet date are included in Land and Buildings.

The following table reflects depreciation expense related to property and equipment:

($ in thousands)December 31, 2023December 31, 2022
Depreciation expense included in selling, general and administrative expense$18,475 $11,255 
Depreciation expense included in cost of goods sold and ending inventory35,716 29,847 
Total depreciation expense$54,191 $41,102 
As of December 31, 2023 and 2022, ending inventory includes approximately $12.8 million and $10.9 million of capitalized depreciation, respectively. For the years ended December 31, 2023 and 2022, $33.9 million and $28.0 million, respectively, of depreciation was recorded to Cost of goods sold, which includes $10.8 million and $9.1 million, respectively, related to depreciation capitalized to inventory in prior years.

During the year ended December 31, 2023, the Company wrote down the remaining assets at our Mendota facility with a net book value of $0.1 million and sold certain assets to a third-party and recorded a net gain on sale of assets of $0.1 million to Other income, net in the Consolidated Statements of Operations.

During the year ended December 31, 2023, the Company sold $2.5 million of property and equipment at our Encanto Green Cross Dispensary in Arizona. The Company accelerated depreciation expense of $0.7 million on the property and equipment sold. See Note 11 for additional information related to dispositions.

During the year ended December 31, 2023, the Company sold $2.1 million of property and equipment and recorded a $0.9 million net gain on the sale of a cultivation and manufacturing facility in Florida. The gain is recorded in Other income (expense), net in the Consolidated Statements of Operations.

In the fourth quarter of 2022, management committed to a plan to restructure certain operations and activities within the California reporting unit. Related to that plan, during the first quarter of 2023, the Company adjusted the assumptions related to renewal options for certain leases at the impacted facilities. The Company accelerated depreciation on leasehold improvements related to those leases, with additional depreciation expense taken on these leasehold improvements in the amount of $1.1 million during year ended December 31, 2023.

In the second quarter of 2022, the Company determined that approximately $2.4 million of materials held in construction in progress would not be used. The materials were sold in July of 2022 for $0.9 million, with a $1.5 million loss on sale recorded to Selling, general and administrative expenses in the Consolidated Statements of Operations.

During the second quarter of 2022, the Company initiated a plan to shut down a cultivation facility and a production facility in California. As a result of this plan, the Company exercised its early termination right to reduce the existing lease terms to 180 days at these locations and determined that the useful life of impacted leasehold improvements had essentially ended. As such, the Company accelerated depreciation on these leasehold improvements to reduce the associated net book value down to $nil, with additional depreciation expense taken on these leasehold improvements in the amount of $2.7 million during the second quarter of 2022. During the year ended December 31, 2022, the Company recorded additional accelerated depreciation on other remaining assets at the facility in the amount of $0.5 million.

On September 1, 2022, the Company closed on a sale and leaseback transaction to sell its Brookville, Pennsylvania facility to Aventine Property Group (“Aventine”). Concurrent with the closing of the sale, the Company, entered into a long-term, triple-net lease agreement with Aventine and will continue to operate the facility as a permitted cannabis cultivation and processing facility. In connection with this transaction, the Company disposed of fixed assets with a net book value of $29.7 million and recorded a net gain on sale of assets of $14.7 million to Other income, net, in the Consolidated Statements of Operations.

In the fourth quarter of 2022, the Company sold materials held in construction in progress that would not be used. The cost basis was approximately $0.9 million for net proceeds of $0.3 million, with a $0.6 million loss on sale recorded to Selling, general and administrative expenses in the Consolidated Statements of Operations.
v3.24.0.1
Leases
 12 Months Ended
Dec. 31, 2023
Lease liabilities [abstract]  
Leases
NOTE 5.     LEASES
The Company is the lessee in all of its material leasing arrangements and has entered into leases primarily for its corporate offices, cultivation and processing facilities and dispensaries. The Company has no material lessor arrangements as of December 31, 2023 and for the year ended December 31, 2022. Depending upon the type of lease, the original lease terms generally range from 1 year to 20 years. Certain leases include renewal options
ranging from 3 years to 25 years. The Company is reasonably certain to exercise renewal options ranging from less than 1 year to 10 years on certain leases.
Some leases may contain variable lease payments based on an index or rate. These rates are initially measured using the index or rate in effect at lease commencement, and changes to index-based lease payments are recognized in profit or loss in the period of the change and are immaterial.
The following table reflects the Company’s lease balances within the Consolidated Balance Sheets:

($ in thousands)December 31, 2023December 31, 2022
ROU assets$117,882 $128,264 
Current portion of lease liabilities(a)
9,416 8,959 
Non-current lease liabilities(a)
163,811 173,345 
(a) December 31, 2022 balances have been reclassified to reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.
The following tables reflects the components of lease expense included in the Consolidated Statements of Operations:

($ in thousands)December 31, 2023December 31, 2022
Lease depreciation expense included in selling, general and administrative expense$2,364 $2,466 
Lease depreciation expense included in cost of goods sold and ending inventory50 289 
Total finance lease depreciation expense$2,414 $2,755 
Rent expense included in selling, general and administrative expense$12,523 $9,919 
Rent expense included in cost of goods sold15,492 12,808 
Total rent expense - operating leases$28,015 $22,727 
Short-term rent expense included in selling, general and administrative expense$465 $627 
Interest expense - leases$3,513 $3,952 

As of December 31, 2023 and December 31, 2022, ending inventory includes $nil and $0.1 million of capitalized lease depreciation. For the years ended December 31, 2023 and 2022, $0.1 million and $0.3 million, respectively, of depreciation was recorded to Cost of goods sold, which includes $0.1 million for both periods related to depreciation capitalized to inventory in prior periods.
In the fourth quarter of 2022, the Company committed to a plan to restructure additional operations and activities within the California reporting unit. Related to that plan, during the first quarter of 2023, the Company adjusted the values of certain leases at the facilities impacted as a result of a change in the underlying assumptions regarding renewal options for those leases. The differences between the carrying amounts of the ROU assets and lease liabilities associated with these leases, resulted in a gain on lease termination of $1.1 million for the year ended December 31, 2023 and is included in Other income, net, in the Consolidated Statements of Operations.

During the second quarter of 2022, the Company initiated a plan to shut down a cultivation facility and a production facility in California. As a result of this plan, the Company has terminated the existing leases at these locations. A termination notice was issued to the landlord of these locations, which included two long-term greenhouse leases and a short-term rental of a housing facility. Due to differences between the carrying amounts of the ROU assets and
lease liabilities associated with these leases, a gain on lease termination of $4.9 million was recorded for the year ended December 31, 2022 and is included in Other income, net, in the Consolidated Statements of Operations.

On September 1, 2022, the Company closed on a sale and leaseback transaction to sell its Brookville, Pennsylvania, facility to Aventine. Concurrent with the closing of the sale, the Company entered into a long-term, triple-net lease agreement with Aventine and will continue to operate the facility as the permitted cannabis cultivation and processing facility. The selling price for the property was $43.7 million, net of transaction costs and a net gain on sale of assets of $14.7 million was recorded to Other income, net, in the Consolidated Statements of Operations. The lease has a term of 10 years and was recorded as an operating lease which resulted in a ROU asset and lease liability of $29.7 million. During the year ended December 31, 2023, the Company entered into no financing or sale and leaseback transactions.

In the fourth quarter of 2022, the Company recorded impairment to ROU assets related to the following:

•In the fourth quarter of 2022, Management committed to a plan to restructure certain operations and activities within the California reporting unit. It was determined that this was an indicator of impairment for associated assets. $1.0 million in impairment to ROU assets was recorded to the California reporting unit during the twelve months ended December 31, 2022.
•During the annual impairment assessment, which is described in Note 7, Management determined it is more likely than not that the Arizona reporting unit carrying value exceeds its fair value based on updated forecasts and projections. $0.8 million in impairment to ROU assets was recorded to the Arizona reporting units, respectively, during the twelve months ended December 31, 2022.
The Company has received tenant improvement allowance reimbursements of $2.5 million and $3.6 million across all finance and operating leasing arrangements for the years ended December 31, 2023 and 2022, respectively, and has received tenant improvement allowance reimbursements of $0.1 million and $0.6 million for other financing transactions for the years ended December 31, 2023 and 2022, respectively. The Company expects to receive an additional $3.3 million from finance and operating leasing arrangements and $0.7 million from other financing transactions in future periods. As of December 31, 2023, maturities of lease liabilities were as follows:
($ in thousands)TotalOperating LeasesFinance
Leases
2024$33,299 $28,417 $4,882 
202533,973 28,953 5,020 
202634,365 29,219 5,146 
202734,606 29,373 5,233 
202834,477 29,353 5,124 
Thereafter179,586 161,249 18,337 
Total lease payments$350,306 $306,564 $43,742 
Less: imputed interest(173,769)(154,594)(19,175)
Less: tenant improvement allowance(3,310)(2,865)(445)
Present value of lease liabilities173,227 149,105 24,122 
Less: current lease liabilities(9,416)(7,677)(1,739)
Present value of long-term lease liabilities$163,811 $141,428 $22,383 

(a)Long-term financing liabilities

The Company also has long-term financing liabilities associated with certain properties. See Note 12 for additional details on these transactions. As of December 31, 2023 and 2022, the Company had long-term financing liabilities of $93.5 million and $95.4 million, respectively. During 2023, the Company recorded payments of $13.2 million and
interest expense of $11.7 million related to these liabilities. During 2022, the Company recorded payments of $12.9 million and interest expense of $11.9 million.

As of December 31, 2023, maturities of financing liabilities were as follows:
($ in thousands)Financing Liabilities
2024$13,534 
202513,873 
202614,221 
202714,578 
202814,944 
Thereafter96,893 
Total financing payments$168,043 
Less: interest(72,432)
Less: tenant improvement allowance(94)
Present value of financing liabilities$95,517 
Less: short-term financing liabilities(2,004)
Present value of long-term financing liabilities$93,513 

Other information related to leases as of and for the years ended December 31, 2023 and 2022 was as follows:                     
2023
2022
($ in thousands)Operating LeasesFinance LeasesOperating LeasesFinance Leases
Right-of-use assets$100,249$17,633$106,127$22,137
Lease liabilities (current)1
$7,677$1,739$7,274$1,685
Lease liabilities (non-current)1
$141,428$22,383$145,445$27,900
 
Weighted- average remaining lease term2
11.09.611.910.4
Weighted-average discount rate15.0 %14.0 %14.5 %13.6 %
1 December 31, 2022 balances have been updated to reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.
2 Weighted-average remaining lease term does not include extensions which the Company is not reasonably certain to enter into.

As the interest rate implicit in a lease is generally not readily determinable, the Company uses an incremental borrowing rate to determine the present value of the lease payments. The incremental borrowing rate represents the risk-adjusted rate of interest the Company would have to pay to borrow on a collateralized basis over a similar economic environment and term.
Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023 and 2022 are as follows:
($ in thousands)2023
2022
Interest paid on finance leases$3,470 $3,877 
v3.24.0.1
Investments
 12 Months Ended
Dec. 31, 2023
Investment property [abstract]  
Investments
NOTE 6.     INVESTMENTS
The Company currently has investments in four entities: 420 Capital Management, LLC (“420 Capital”), a cannabis investment company; Lighthouse Strategies, LLC (“Lighthouse”), a diversified cannabis investment company; IM Cannabis Corp. (“IMC”), a pharmaceutical manufacturer that specializes in cannabis and OLD PAL LLC (“Old Pal”), a cannabis operator/licensor.
The 420 Capital, Lighthouse and Old Pal investments are held at fair value and are classified as equity securities without a readily determinable fair value. The IMC investment is classified as a marketable security with a readily determinable fair value.

During the year ended December 31, 2022, Lighthouse, in conjunction with a spin-off transaction, issued Lighthouse shareholders a prorated interest in Infamy Brews, LLC, DBA (“Two Roots Brewing Co.”), a non-alcoholic brewing company. On September 15, 2023, Two Roots Brewing Co. ceased operations, and as a result the Company wrote off the remaining investment balance of $0.1 million in Two Roots Brewing Co. The Company currently holds 0.8% ownership interest in Two Roots Brewing Co. The investment is held at fair value and classified as an equity security without a readily determinable value.

The following is a summary of the investments held at fair value as of December 31, 2023 and December 31, 2022:

December 31,December 31,
($ in thousands)20232022
420 Capital$68 $68 
Lighthouse81 339 
Two Roots Brewing Co.— 93 
Old Pal532 592 
IMC49 136 
Total Investments$730 $1,228 
During the years ended December 31, 2023 and 2022, the Company recorded mark-to-market losses of $0.3 million and $4.6 million, respectively.
v3.24.0.1
Intangible Assets and Goodwill
 12 Months Ended
Dec. 31, 2023
Intangible assets and goodwill [abstract]  
Intangible Assets and Goodwill
NOTE 7.     INTANGIBLE ASSETS AND GOODWILL
(a)Intangible Assets

Intangible assets consisted of the following as of:
December 31, 2023
($ in thousands)Gross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets
Customer Relationships$31,000 $(11,623)$19,377 
Trade Names2,100 (1,680)420 
Permit Application Costs17,351 (15,980)1,371 
Other Intangibles(a)
6,013 (5,886)127 
Indefinite-Lived Intangible Assets
Licenses275,671 — 275,671 
Total Intangible Assets$332,135 $(35,169)$296,966 
(a) Other Intangibles includes non-compete agreements, non-solicitation agreements and related amortization.

December 31, 2022
($ in thousands)Gross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets
Customer Relationships$31,879 $(8,127)$23,752 
Trade Names2,100 (1,610)490 
Permit Application Costs15,027 (13,897)1,130 
Other Intangibles(a)
6,284 (5,573)711 
Indefinite-Lived Intangible Assets
Licenses381,507 — 381,507 
Total Intangible Assets$436,797 $(29,207)$407,590 
(a) Other Intangibles includes non-compete agreements, non-solicitation agreements and related amortization.

During the year ended December 31, 2023, the gross carrying amount of intangible assets decreased by $104.7 million, primarily related to impairment charges discussed below. During the year ended December 31, 2022, the gross carrying amount of intangible assets decreased by $19.7 million, primarily related to impairment charges discussed below.

The following table reflects the amortization expense related to intangible assets for the years ended December 31, 2023 and 2022:

($ in thousands)20232022
Amortization expense included in selling, general and administrative expense$3,699 $6,915 
Amortization expense included in cost of goods sold and ending inventory3,347 3,444 
Total amortization expense$7,046 $10,359 
As of December 31, 2023 and 2022, ending inventory included $1.0 million and $1.6 million of capitalized amortization, respectively. During the year ended December 31, 2023 and 2022, the Company recorded $4.0 million and $2.9 million of amortization expense to Costs of goods sold, including $1.6 million and $1.1 million, respectively, related to amortization capitalized in inventory in prior periods.


The following table outlines the estimated amortization expense related to intangible assets as of December 31, 2023:

($ in thousands)Estimated Amortization
2024$5,339 
20254,173 
20263,877 
20273,272 
20282,962 
Thereafter1,672 
Total estimated amortization$21,295 

(b)Goodwill

The changes in carrying amount of goodwill are as follows:
($ in thousands)Total
Balance at January 1, 2022$446,767 
Impairment(117,024)
Measurement period adjustments812 
Balance at December 31, 2022330,555 
Impairment(50,858)
Balance at December 31, 2023$279,697 

(c)Impairment

During the year ended December 31, 2023, the Company recorded impairment to goodwill and indefinite-lived intangible assets related to the following:

•During the year ended December 31, 2023, the Company completed the sale of assets at our Encanto Green Cross Dispensary in Arizona. Based on an analysis of the fair value of these assets, the book value was written down by $0.2 million and impairment charges were recognized in the Consolidated Statements of Operations.

•During the third quarter of 2023, management determined it is more likely than not that the California, Florida and New York reporting units' carrying value exceeded their fair value due to updated forecasts and projections of future cash flows for the reporting units. As a result, $9.9 million, $79.4 million and $40.0 million, respectively, of impairment charges reducing the carrying value of goodwill and licenses were recognized in the Consolidated Statements of Operations.

•During the second quarter of 2023, management determined it is more likely than not that the Massachusetts reporting unit’s carrying value exceeded its fair value due to updated forecasts and
projections for this reporting unit. As a result, a $21.5 million impairment charge reducing the carrying value of goodwill and licenses was recognized in the Consolidated Statements of Operations.

During the year ended December 31, 2022, the Company recorded impairment to goodwill and indefinite-lived intangible assets related to the following:

•In the fourth quarter of 2022, Management committed to a plan to restructure certain operations and activities within the California reporting unit. It was determined that this was an indicator of impairment for associated assets. $89.5 million in goodwill impairment was recorded to the California reporting unit during the twelve months ended December 31, 2022.

•During the annual impairment assessment, which is described below, Management determined it is more likely than not that the Arizona, Massachusetts and Maryland reporting units carrying values exceed their fair value due to updated forecasts and projections for those reporting units. $10.1 million and $0.9 million in goodwill impairment was recorded to the Arizona and Maryland reporting units, respectively, during the twelve months ended December 31, 2022. $16.5 million and $21.8 million of goodwill and indefinite-lived intangible impairment, respectively, was recorded to the Massachusetts reporting unit during the twelve months ended December 31, 2022.

Annual impairment testing involves determining the fair value, or recoverable amount, of the reporting units to which goodwill and indefinite-lived intangible assets are allocated and comparing this to the carrying value of the reporting units. The measurement of the recoverable amount of each reporting unit was calculated based on the higher of the reporting unit’s fair value less costs to sell or value in use, which are Level 3 measurements within the fair value hierarchy.

The calculation of each of the recoverable amounts based on discounting the future cash flows (value in use) was based on the following key assumptions:

•Cash flows were projected based on the Company’s long-term business plan for each reporting unit. Cash flows beyond the long-term business plan were projected to grow at a perpetual growth rate, which was estimated to range from 2.0% to 3.0% in most cases.

•Discount rates applied in determining the recoverable amount of the reporting units noted above range between 13.0% and 18.5% based on the pre-tax weighted average cost of capital of each reporting unit and other peers in the industry. The values assigned to the key assumptions represent Management’s assessment of future trends in the industries in which the reporting units operate and are based on both external and internal sources and historical trend data.
v3.24.0.1
Share Capital
 12 Months Ended
Dec. 31, 2023
Share Capital [Abstract]  
Share Capital
NOTE 8.     SHARE CAPITAL
(a)Authorized
The authorized share capital of the Company, which has no par value, is comprised of the following:
i.Unlimited Number of Subordinate Voting Shares
Holders of SVS will be entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company will have the right to vote. At each such meeting, holders of SVS will be entitled to one vote in respect of each SVS held. As long as any SVS remain outstanding, the Company will not, without the consent of the holders of the SVS by separate special resolution, prejudice or interfere with any right attached to the SVS. Holders of SVS will be entitled to receive as and when declared by the directors of the Company, dividends in cash or property of the Company.
ii.Unlimited Number of Proportionate Voting Shares
Holders of PVS will be entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company will have the right to vote. At each such meeting, holders of PVS will be entitled to one vote in respect of each SVS into which such PVS could ultimately be converted (200 votes per PVS). As long as any PVS remain outstanding, the Company will not, without the consent of the holders of the PVS and Super Voting Shares (“MVS”) by separate special resolution, prejudice or interfere with any right or special right attached to the PVS. Holders of PVS have the right to receive dividends, out of any cash or other assets legally available therefore, pari passu as to dividends and any declaration or payment of any dividend on the SVS.
iii.500,000 Super Voting Shares
Holders of MVS will be entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company will have the right to vote. At each such meeting, holders of MVS will be entitled to 2,000 votes in respect of each MVS held.
iv.Unlimited Number of Special Subordinate Voting Shares
Holders of SSVS will be entitled to notice of and to attend any meeting of the shareholders of the Company, except a meeting of which only holders of another particular class or series of shares of the Company will have the right to vote. At each such meeting, holders of SSVS will be entitled to a 0.00001 vote in respect of each SSVS held. As long as any SSVS remain outstanding, the Company will not, without the consent of the holders of the SSVS by separate special resolution, prejudice or interfere with any right attached to the SSVS. Holders of SSVS will be entitled to receive dividends in cash or property of the Company, if and when declared by the Board of Directors.
v.Redeemable Units
As part of a reverse takeover that occurred on November 30, 2018, unit holders of Cresco Labs, LLC exchanged their units for a new class of Redeemable Units in Cresco Labs, LLC. Each Redeemable Unit is only exchangeable for the equivalent of one SVS in Cresco Labs Inc. (without any obligation to redeem in cash). These unit holders hold an interest only in Cresco Labs, LLC; they participate in the earnings of only Cresco Labs, LLC and not the earnings of the combined entity.
(b)Issued and Outstanding
As of December 31, 2023 and 2022, issued and outstanding shares and units consisted of the following:
(shares in thousands)Redeemable
 Units		SVS*PVS**MVSSSVS***
Beginning balance, January 1, 2022
109,441269,97120,6675001
Options and warrants exercised—1,279———
RSUs issued—337———
Issuance of shares related to acquisitions—5,339———
Cresco LLC redemptions(3,335)3,335———
PVS converted to SVS—585(585)——
Issuances related to employee taxes on certain share-based payment arrangements—148———
Share issuances—————
Ending balance, December 31, 2022106,106280,99420,0825001
RSUs issued—1,727——
Issuance of shares related to settlement of acquisition contingent consideration—27,091———
Cresco LLC redemptions(9,407)9,407———
PVS converted to SVS—1,132(1,132)——
Issuances related to employee taxes on certain share-based payment arrangements—406———
Share issuances————1
Ending balance, December 31, 2023
96,699320,75718,9505002
*SVS includes shares pending issuance or cancellation
**PVS presented on an “as-converted” basis to SVS (1-to-200)
***SSVS presented on an “as-converted” basis to SVS (1-to-0.00001)

(i)    Share Issuances - Equity Distribution Agreement
In December 2019, the Company entered into an agreement with Canaccord Genuity Corp (“Canaccord”) to sell up to C$55.0 million SVS at an at-the-market price. In April 2021, the Company announced a new agreement with Canaccord to sell up to $100.0 million of SVS to replace the prior agreement which was set to expire in August 2021. No shares were issued for the years ended December 31, 2023 and 2022, respectively, under the new agreement, which expired in the second quarter of 2023. Upon the expiration of the program, capitalized fees of $0.2 million were expensed to Selling, general and administrative expenses in the Consolidated Statements of Operations.
(ii)     Issuance of Shares - Acquisitions
During the years ended December 31, 2023 and 2022, the Company issued shares in conjunction with certain acquisitions* as follows:
(in thousands)Acquisition dateSVS shares issuedEquity-based consideration
Year Ended December 31, 2023
Laurel Harvest - Contingent ConsiderationDecember 09, 202127,091 $47,238 
Year Ended December 31, 2022
Cultivate - Contingent ConsiderationSeptember 02, 20215,340 $34,708 
*Laurel Harvest, LLC (“Laurel Harvest”) and Cultivate Licensing, LLC (“Cultivate”)
(c)     Stock Purchase Warrants
Each whole warrant entitles the holder to purchase one SVS or PVS of the Company. A summary of the status of the warrants outstanding is as follows:
($ in thousands)Number of warrants*Weighted average exercise price
Balance as of January 1, 2022
9,842$9.63 
Exercised(12)4.24 
Forfeited(9,830)9.54 
Balance as of December 31, 2022
—$— 
*PVS presented on an “as-converted” basis to SVS (1-to-200)
During the year ended December 31, 2022, the Company recorded $0.1 million of warrant exercises into share capital. As of December 31, 2022, all outstanding warrants expired.
(d)     Distribution to Non-controlling Interest Holders
Tax distributions are based off the tax rate determined by Cresco Labs Inc. (which is currently the highest U.S. individual income tax rates) applied to taxable income generated from the Cresco Labs, LLC partnership (i.e., not the whole Cresco group), which is the Company’s most significant distribution, and attributable to the NCI members. The Company has other tax and non-tax distributions that are calculated in accordance with each relevant operating segment. As of December 31, 2023 and December 31, 2022, the Company accrued for tax-related distributions to 2023 and 2022 unit holders of Cresco Labs, LLC and other minority interest holders of $15.2 million and $4.9 million, respectively. These distributions will reduce non-controlling interest upon payment.
In accordance with the underlying operating agreements, the Company declared and paid required distribution amounts to 2023 and 2022 unit holders of Cresco Labs, LLC and other minority holders of $38.9 million during the year ended December 31, 2023. Similarly, the Company paid required tax distribution amounts to 2022 and 2021 unit holders of Cresco Labs, LLC and other minority interest holders of $83.6 million during the year ended December 31, 2022.
(e)     Changes in Ownership and Non-controlling Interests
During the year ended December 31, 2023 and 2022, redemptions of 9.4 million and 3.3 million Redeemable Units occurred, respectively, which were converted into an equivalent number of SVS. These redemptions resulted in a decrease of 3.7% and 1.3% in non-controlling interest in Cresco Labs, LLC, respectively.
As of and for the year ended December 31, 2023, non-controlling interest included the following amounts:
($ in thousands)TSC Cresco, LLCMedMar 
Inc. (Lakeview)		MedMar 
Inc. (Rockford)		Cresco 
Labs 
Ohio, LLC		SLO Cultivation
Inc.
Cresco Labs Michigan, LLC4
Cresco Labs, LLC1,3
Non-current assets$2,943$28,678$22,594$14,703$1,045$30,508$255,947
Current assets(8,159)84,571132,1986,54411,50215,300(157,691)
Non-current liabilities—(10,787)(3,551)(13,674)—(26,015)(562,580)
Current liabilities45,054(47,928)(57,388)(8,213)(49,954)(49,812)329,160
Net assets$39,838$54,534$93,853$(640)$(37,407)$(30,019)$(135,164)
Net assets attributable to NCI$2,401$4,150$10,368$(156)$(12,824)$(258)$(81,306)
Revenue$1,664$11,701$18,657$2,567$—$6,271$92,266
Gross profit8637,62312,323(473)(335)1,50348,207
Net income (loss)
$188$4,768$10,060$(2,450)$(246)$43$(1,794)
Net income (loss) allocated to NCI
$47$591$2,515$(29)$(49)$6$(879)
NCI percentage at December 31, 2023
25.0 %
1
12.4 %
2
25.0 %
2
1.2 %
1
20.0 %
1
15.0 %
1
38.3 %
1 The NCI percentage reflects the NCI that exists at Cresco Labs, LLC. There is a further 38.3% NCI related to NCI for Cresco Labs Inc.
2 The NCI percentage reflects the NCI that exists at Cresco Labs Inc.
3 Includes the effect of LLC unit redemptions and other adjustments.
4 As of June 30, 2023, Cresco Labs Michigan, LLC net assets grew to a balance that exceeded the life-to-date capital contributions made by Cresco Labs Inc. As a result, the Company began recording NCI related to Cresco Labs Michigan, LLC.

As of and for the year ended December 31, 2022, non-controlling interest included the following amounts:
($ in thousands)TSC Cresco, LLCMedMar 
Inc. (Lakeview)		MedMar 
Inc. (Rockford)		Cresco 
Labs 
Ohio, LLC		SLO Cultivation Inc.
Cresco Labs, LLC1,3
Non-current assets$4,788$31,151$22,700$16,736$5,376$286,360
Current assets(6,875)34,706114,8438,14413,097802,774
Non-current liabilities—(10,889)(3,850)(12,515)(2,728)(538,816)
Current liabilities26,600(13,438)(41,111)(5,768)(50,722)(594,052)
Net assets$24,513$41,530$92,582$6,597$(34,977)$(43,734)
Net assets attributable to NCI$4,190$3,979$7,468$(32)$(12,434)$(42,527)
Revenue$10,582$53,259$88,645$8,650$(24)$469,505
Gross profit12,50035,48562,5031,338(10,769)248,472
Net income (loss)$19,290$13,322$43,500$(4,933)$(16,458)$(38,863)
Net income (loss) allocated to NCI$4,822$1,652$10,875$(49)$(3,292)$(16,323)
NCI percentage at
December 31, 2022		25.0 %
1
12.4 %
2
25.0 %
2
1.2 %
1
20.0 %
1
42.0 %
1 The NCI percentage reflects the NCI that exists at Cresco Labs, LLC. There is a further 42.0% NCI related to NCI for Cresco Labs Inc.
2 The NCI percentage reflects the NCI that exists at Cresco Labs Inc.
3 Includes the effect of LLC unit redemptions and other adjustments.
The effects of changes in the Company's ownership interests in less than 100% owned subsidiaries during the years ended December 31, 2023 and 2022 were as follows:
($ in thousands)20232022
Net loss attributable to Cresco Labs Inc.$(175,522)$(212,047)
Changes in Cresco Labs Inc. equity due to redemptions of Cresco Labs, LLC shares:
Share Capital16,027 17,438 
Accumulated Deficit(21,815)(17,169)
Total change from net loss attributable to Cresco Labs Inc. and change in ownership interest in Cresco Labs, LLC.
$(181,310)$(211,778)
v3.24.0.1
Share-Based Compensation
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangements [Abstract]  
Share-Based Compensation
NOTE 9.     SHARE-BASED COMPENSATION
The Company has a share-based compensation plan (the “Plan”) for employees, board members and service providers. Under the Plan, options and RSUs issued have no voting rights and vest proportionately over periods ranging from the grant date to 4 years from the issuance date. Stock options exercised and RSUs issued are converted to SVS. Stock options expire after 10 years after the grant date. The maximum number of shares issued under the Plan shall not exceed 10% of the issued and outstanding shares.
Stock Options
A summary of the status of the stock options outstanding consisted of the following:
(Options and intrinsic value in thousands)Number of stock options outstandingWeighted-average exercise priceWeighted average remaining contractual life (years)Aggregate intrinsic value
Outstanding – January 1, 202325,528 $5.00 7.54$921 
Granted3,478 1.72 
Exercised— — 
Forfeited(4,903)5.43 
Outstanding - December 31, 2023
24,103 $4.45 6.60$328 
Exercisable - December 31, 2023
15,989 $4.27 5.75$328 
During the year ended December 31, 2022, options were exercised for gross proceeds of $2.9 million. During the year ended December 31, 2023, there were no options exercised.
The following table summarizes the weighted average grant date fair value and total intrinsic value of options exercised for the years ended December 31, 2023 and 2022:
(Per share)20232022
Weighted average grant date fair value of stock option units granted$1.21 $2.59 
Intrinsic value of stock option units exercised, using market price at exercise date$— $5,106 

Weighted average stock price of options on the dates on which options were exercised during the year ended December 31, 2022 was $4.64 per option.
The fair value of stock options granted under the Plan during the years ended December 31, 2023 and 2022, was determined using the Black-Scholes option-pricing model with the following range of assumptions at the time of the grant:
20232022
Risk-free annual interest rate
3.7% to 4.0%
1.4% to 3.0%
Expected annual dividend yield0%
0%
Expected stock price volatility
77.0% to 82.8%
74.9% to 80.4%
Expected life of stock options
5.0 to 7.0 years
5.5 to 7.0 years
Forfeiture rate
7.2% to 34.0%
7.2% to 28.0%
Fair value at grant date
$0.94 to $1.52
$1.23 to $4.90
Stock price at grant date
$1.35 to $2.01
$1.81 to $6.91
Exercise price range
$1.35 to $2.01
$1.81 to $6.91

Volatility was estimated by using the average historical volatility of comparable companies from a representative group of direct and indirect peers of publicly traded companies, as the Company and the cannabis industry have minimal historical share price history available. An increase in volatility would result in an increase in fair value at grant date. The expected life in years represents the period of time that options issued are expected to be outstanding. The risk-free rate is based on U.S. treasury bills with a remaining term equal to the expected life of the options. The forfeiture rate is estimated based on historical forfeitures experienced by the Company.
RSUs

The Company has an RSU program to provide employees an additional avenue to participate in the successes of the Company. The fair value of RSUs granted was determined by the fair value of the Company’s share price on the date of grant.
A summary of outstanding RSUs is provided below:
(Shares in thousands)Number of RSUs outstandingWeighted-average fair value
Outstanding – January 1, 20234,258 $5.71 
Granted6,3471.77 
Vested and settled(1,769)1.91 
Forfeited(1,974)3.20 
Outstanding - December 31, 2023
6,862 $2.91 

The following table summarizes the total fair value of RSUs vested for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Total fair value of RSUs vested, using market price at vest date$3,373 $2,396 
Expense Attribution

The following table sets forth the classification of share-based compensation expense related to options awards for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Cost of goods sold$1,059 $1,984 
Selling, general and administrative expense6,025 11,749 
Total share-based compensation expense for option awards
$7,084 $13,733 

Unrecognized share-based compensation expense related to option awards as of December 31, 2023 $5.4 million and will be recorded over the course of the next four years.
The following table sets forth the classification of share-based compensation expense related to RSU awards for years ended December 31, 2023 and 2022:

($ in thousands)20232022
Cost of goods sold$1,352 $2,097 
Selling, general and administrative expense6,899 7,914 
Total share-based compensation expense for RSU awards
$8,251 $10,011 

Unrecognized share-based compensation expense related to RSU awards as of December 31, 2023 is $5.8 million and will be recognized over the course of the next four years.

As of December 31, 2023 and December 31, 2022, ending inventory includes $0.7 million and $1.7 million capitalized share-based compensation expense related to both options and RSUs, respectively. For the year December 31, 2023 and 2022, share-based compensation expense was $3.4 million and $3.6 million, respectively, recorded to Cost of goods sold, which includes $1.7 million and $1.2 million, respectively, related to compensation expense capitalized to inventory in prior periods.
v3.24.0.1
Loss Per Share
 12 Months Ended
Dec. 31, 2023
Earnings per share [abstract]  
Loss Per Share
NOTE 10.     LOSS PER SHARE
The following is a reconciliation for the calculation of basic and diluted loss per share:
December 31, 2023December 31, 2022
($ in thousands, except shares and per share amounts)
Numerator:
Net loss$(179,852)$(215,843)
Less: Net income attributable to non-controlling interests, net of tax(4,330)(3,796)
Net loss attributable to Cresco Labs Inc.$(175,522)$(212,047)
Denominator:
Weighted-average basic and diluted shares outstanding323,819,766298,161,665
Loss per Share:
Basic and diluted loss per share$(0.54)$(0.71)

For the years ended December 31, 2023 and 2022 potentially dilutive shares were not included in the computation of diluted loss per common share due to the net loss during the respective periods. Potentially dilutive shares as of December 31, 2023 and 2022, consisted of the following:    
Year Ended
December 31,
(shares in thousands)20232022
Redeemable Units96,699 107,443 
Options24,103 25,528 
RSUs6,862 4,182 
Total potentially dilutive shares127,664 137,153 
v3.24.0.1
Acquisitions And Dispositions
 12 Months Ended
Dec. 31, 2023
Business Combinations And Discontinued Operations [Abstract]  
Acquisitions And Dispositions
NOTE 11.     ACQUISITIONS AND DISPOSITIONS
(a)Deferred Consideration, short-term

The following is a summary of Deferred consideration, short-term balances as of December 31, 2023 and December 31, 2022:
($ in thousands)December 31, 2023December 31, 2022
Laurel Harvest deferred consideration, short-term$— $47,821 
Total Deferred consideration, short-term$— $47,821 
In the fourth quarter of 2021, Cresco recorded a total of $46.9 million deferred consideration related to the Laurel Harvest acquisition. Total deferred consideration was payable on or before the 18-month anniversary of the acquisition, with accelerated payments required for each of five (5) new dispensaries opened during the 18-month earnout period. The liability was further adjusted to $47.8 million at December 31, 2022 based on our expectation of the value of the liability at that time. In the first quarter of 2023, a payment of $10.0 million was made, which was comprised of a stock issuance valued at $9.7 million and cash payments of $0.3 million. In the second quarter of 2023, a final earnout payment of $38.6 million was made, which was comprised of a stock issuance valued at $37.5 million and cash payments of $1.1 million. See Note 8 for further discussion of equity issued.
(b)Deferred Consideration, long-term

The following is a summary of Deferred consideration, long-term as of December 31, 2023 and December 31, 2022:
($ in thousands)December 31, 2023December 31, 2022
Valley Agriceuticals, LLC (“Valley Ag”) operating cash flows deferred consideration
$6,577 $7,770 
Total Deferred consideration, long-term$6,577 $7,770 
As of December 31, 2023, the total estimated liability related to the Valley Ag acquisition is $6.6 million. The long-term liability is based on the present value of expected payments associated with the future cash flows of Valley Ag and the expected timing of those payments.
During the year ended December 31, 2023, the Company reclassified $0.3 million of deferred consideration from short-term to long-term due to timing of payment. See Note 17 for additional information.
For the year ended December 31, 2023, the Company recorded a $0.4 million reduction of expense related to deferred considerations. For the year ended December 31, 2022, the Company recorded $0.1 million of
expense related to deferred considerations. The expense is recorded in Interest expense, net in the Consolidated Statements of Operations. See Note 20 for additional information.
(c)Dispositions

During the year ended December 31, 2023, the Company completed a divestiture of its AFS Maryland production facility. The Company received cash proceeds of $3.3 million for the sale of property and equipment and intangible assets and recorded a gain of $1.4 million from the completed divestiture. The gain is recorded to Other income (expense), net in the Consolidated Statements of Operations.

During the year ended December 31, 2023, the Company completed the sale of assets at our Encanto Green Cross Dispensary in Arizona. The Company received cash proceeds of $6.5 million for the sale of finished inventory products, property and equipment, license and other certain intangible assets. Based on an analysis of the fair value of these assets, the book value was written down by $0.2 million. The Company recorded a net loss of $1.0 million from the sale in 2023.
(d)Terminated Acquisition

On July 30, 2023, the Company and The Cannabist Company, formerly known as Columbia Care, mutually agreed to terminate the previously announced definitive arrangement agreement, including all divestitures associated with this transaction. During the second quarter of 2023, the Company wrote off a $5.0 million consent fee that was previously capitalized associated with the agreement. The expense is recorded to Interest expense, net in the Consolidated Statements of Operations. See Note 20.
v3.24.0.1
Long-term Notes and Loans Payable, Net
 12 Months Ended
Dec. 31, 2023
Borrowings [abstract]  
Long-term Notes and Loans Payable, Net
NOTE 12.     LONG-TERM NOTES AND LOANS PAYABLE, NET
The following table represents the Company’s Long-term notes and loans payable, net balances as of December 31, 2023 and December 31, 2022:
($ in thousands)20232022
Senior Loan$400,000 $400,000 
Mortgage Loans20,160 — 
Short-term borrowings and interest payable9,813 9,500 
Financing liability95,698 96,917 
Total borrowings and interest payable$525,671 $506,417 
Less: Unamortized debt issuance costs(16,141)(18,550)
Less: Short-term borrowings and interest payable(9,813)(9,500)
Less: Current portion of financing liability1
(2,004)(1,476)
Total Long-term notes and loans payable, net$497,713 $476,891 
1 December 31, 2022 balance have been updated to reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.

(a)Senior Loan
On August 12, 2021, the Company closed on an agreement for a senior secured term loan with an undiscounted principal balance of $400.0 million (as amended, the “Senior Loan”) and an original issue discount of $13.0 million. A portion of proceeds from the Senior Loan were used to retire the then existing term loan, with the remainder to fund capital expenditures and pursue other targeted growth initiatives within the U.S. cannabis sector.
The Senior Loan accrues interest at a rate of 9.5% per annum, payable in cash semi-annually and has a stated maturity of August 12, 2026. The Company’s effective interest rate for the Senior Loan is 11.0%. The Company capitalized $10.9 million of borrowing costs related to the Senior Loan, of which
$7.0 million is payable upon principal repayment of the Senior Loan and thus, is reflected within Other long-term liabilities on the Consolidated Balance Sheet.
The Senior Loan is secured by a guarantee from substantially all material subsidiaries of the Company, as well as by a security interest in certain assets of the Company and such material subsidiaries. The Senior Loan contains negative covenants which restrict the actions of the Company and its subsidiaries during the term of the loan, including restrictions on paying dividends, making investments and incurring additional indebtedness. The Company is also subject to compliance with affirmative covenants, some of which may require management to exercise judgment. In addition, the Company is required to maintain a minimum cash balance of $50.0 million.
On September 22, 2023, the Company amended the Senior Loan pursuant to which certain terms of the original Senior Loan were modified and consent was provided for the Company to enter into the Mortgage Loans further discussed below.

The Company may prepay in whole or in part the Senior Loan at any time prior to the stated maturity date, subject to certain conditions. Any prepayment of the outstanding principal amount may be subject to a prepayment premium as defined in the loan agreement, and would include all accrued and unpaid interest and fees. Interest expense is discussed in Note 20.

(b)Mortgage Loans
On September 26, 2023, JDRC Ellenville, LLC (“Ellenville”) an indirect subsidiary of the Company entered into a loan agreement to borrow an undiscounted principal amount of $25.3 million (the “Mortgage Loans”). Borrowings under the terms of the Mortgage Loans bear an initial interest rate of 8.4% per annum, which is equal to the Federal Home Loan Bank (“FHLB”) Five Year Classic Regular Advance Rate, plus a 375 basis point spread. The Mortgage Loans have an effective interest rate of 10.2%. The Mortgage Loans are secured by real estate in Ellenville, New York and improvements thereto, and converts to a permanent term loan on the conversion date of November 1, 2028. The Mortgage Loans contains certain affirmative and negative covenants which restrict the actions of Ellenville during the term of the loan.
As of December 31, 2023, the full commitment amount was not fully drawn, as $5.1 million of the principal balance will be advanced to Ellenville as it completes the build-out of the Ellenville cultivation center. The Company incurred $2.0 million in deferred financing fees reflected within Long-term notes and loans payable on the Consolidated Balance Sheet.
During the year ended December 31, 2023, the Company capitalized interest of $0.3 million related to the loan as the build-out of the Ellenville facility is still underway. After completion, interest will be expensed as incurred.
(c)    Financing Liabilities
The Company has additional financing liabilities for which the incremental borrowing rates range from 11.3% to 17.5% with remaining terms between 6.1 and 16.5 years, consistent with the underlying lease liabilities. The interest expense associated with financing liabilities is discussed in Note 20.
v3.24.0.1
Revenues and Loyalty Programs
 12 Months Ended
Dec. 31, 2023
Revenue [abstract]  
Revenues and Loyalty Programs
NOTE 13.     REVENUES AND LOYALTY PROGRAMS
(a)Revenues
The following table represents the Company’s disaggregated revenue by source, due to the Company’s contracts with its customers, for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Wholesale$306,363 $367,222 
Dispensary464,522 475,459 
Total Revenues$770,885 $842,681 
The Company generates revenues, net of sales discounts, at the point in time the control of the product is transferred to the customer, as the Company has a right to payment and the customer has assumed significant risks and rewards of such product without any remaining performance obligation. Sales discounts were approximately 17.0% and 10.7% of gross revenue for the years ended December 31, 2023 and 2022, respectively. The Company does not enter into long-term sales contracts.
(b)Loyalty Programs
In the states of Illinois, Pennsylvania, New York, Florida, Ohio and Massachusetts; the Company has customer loyalty programs where retail customers accumulate points based on their level of spending. These points are recorded as a contract liability until customers redeem their points for discounts on cannabis products as part of an in-store sales transaction. Loyalty points may be redeemed by customers for $0.03 for each point off of future purchases. The Company records a performance obligation as a reduction of revenue that ranges between $0.01 and $0.02 per loyalty point, inclusive of breakage expectations in respective markets.
Upon redemption, the loyalty program obligation is relieved and the offset is recorded as revenue. As of December 31, 2023 and 2022, there were 71.2 million and 126.1 million points outstanding, respectively. The contract liability totaled $1.2 million and $2.1 million, respectively, which is included in Accrued liabilities within the Consolidated Balance Sheet for the same period. The Company expects outstanding loyalty points to be redeemed within one year.
v3.24.0.1
Other Income , Net
 12 Months Ended
Dec. 31, 2023
Other Operating Income (Expense) [Abstract]  
Other Income , Net
NOTE 14.     OTHER INCOME (EXPENSE), NET
For the years ended December 31, 2023 and 2022, Other income, net consisted of the following:
($ in thousands)20232022
Unrealized gain on derivative liabilities - warrants$— $1,184 
Realized loss on financial instruments(94)(5,698)
(Loss) gain on provision - loan receivable(314)572 
Unrealized loss on investments held at fair value(406)(4,609)
Gain on disposal of assets762 14,711 
Gain on conversion of investment— 22 
(Loss) gain on foreign currency(303)931 
Gain on lease termination1,263 4,876 
Other income, net832 3,238 
Total Other income, net$1,740 $15,227 
See Note 4 for additional information on Gain on disposition of assets. See Note 5 for additional information related to the Gain on lease termination.
v3.24.0.1
Related Party Transactions
 12 Months Ended
Dec. 31, 2023
Related party transactions [abstract]  
Related Party Transactions
NOTE 15.     RELATED PARTY TRANSACTIONS
(a)Transactions with Key Management Personnel and Certain Board Members
Related parties, including key management personnel and certain board members, hold 85.1 million Redeemable Units of Cresco Labs, LLC, which accounts for a deficit of $71.5 million in Non-controlling interests as of December 31, 2023. During the years ended December 31, 2023 and 2022, 71.2% and 74.4%, respectively, of required tax distribution payments to holders of Cresco Labs, LLC were made to related parties including to key management personnel and certain board members.
(b)Related Parties – Leases
For the years ended December 31, 2023 and 2022, the Company had lease liabilities for real estate lease agreements in which the lessors have a minority interest in SLO Cultivation, Inc. (“SLO”) and MedMar Inc. (“MedMar”). The lease liabilities were incurred in January 2019 and May 2020 and expire in 2027 through 2030, except for the leases associated with SLO minority interest holders (“SLO Leases”). During the second quarter of 2022, the Company exercised its early termination right to reduce the SLO Leases term to 180 days. This early termination resulted in a reduction in lease liability and ROU assets. The remaining liability for the SLO Leases expired in the fourth quarter of 2022.
The Company has liabilities for real estate leases and other financing agreements in which the lessor is Clear Heights Properties where Dominic Sergi, MVS shareholder as of December 31, 2023, is Chief Executive Officer. The liabilities were incurred by entering into operating leases, finance leases and other financing transactions with terms that will expire in 2030. During the years ended December 31, 2023 and 2022, the Company received tenant improvement allowance reimbursements of $nil and $1.4 million, respectively. The Company expects to receive further reimbursements of $0.7 million within the next twelve months.

Below is a summary of the expense resulting from the related party lease liabilities for the years ended December 31, 2023 and 2022:
($ in thousands)Classification20232022
Operating Leases
Lessor has minority interest in SLORent expense$— $513 
Lessor has minority interest in MedMarRent expense288 288 
Lessor is an MVS shareholderRent expense1,187 1,187 
Finance Leases
Lessor has minority interest in MedMarDepreciation expense$306 $306 
Lessor has minority interest in MedMarInterest expense246 270 
Lessor is an MVS shareholderDepreciation expense90 81 
Lessor is an MVS shareholderInterest expense69 76 
Additionally, below is a summary of the ROU assets and lease liabilities attributable to related party leases as of December 31, 2023 and 2022:
December 31, 2023
December 31, 2022
($ in thousands)ROU AssetLease LiabilityROU AssetLease Liability
Operating Leases
Lessor has minority interest in MedMar$1,294 $1,345 $1,415 $1,456 
Lessor is an MVS shareholder5,332 5,429 5,849 5,907 
Finance Leases
Lessor has minority interest in MedMar$1,729 $2,210 $2,034 $2,452 
Lessor is an MVS shareholder583 502 596 555 

The Company has other financing liabilities with related parties associated with certain properties. For both years ended December 31, 2023 and 2022, the Company recorded interest expense on those financing liabilities of $0.3 million. As of December 31, 2023 and 2022, the Company had financing liabilities totaling $1.4 million and $1.5 million, respectively. All of these financing liabilities are due to an entity controlled by an MVS shareholder.
v3.24.0.1
Commitments and Contingencies
 12 Months Ended
Dec. 31, 2023
Commitments And Contingencies [Abstract]  
Commitments and Contingencies
NOTE 16.     COMMITMENTS AND CONTINGENCIES
(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 December 31, 2023, there were no pending or threatened lawsuits that could reasonably be expected to have a material effect on the results of the Company’s results of operations, financial positions or cash flows. There are also no proceedings in which any of the Company’s directors, officers or affiliates are an adverse party or has a material interest adverse to the Company’s interest.
(b)Contingencies
The Company’s operations are subject to a variety of federal, state and local regulations. Failure to comply with one or more of those regulations could result in fines, restrictions on the Company’s operations, suspension or revocation of permits or licenses or other disciplinary actions (collectively, “Disciplinary Actions”) that could adversely affect the Company’s financial position and results of operations. While management believes that the Company is in substantial compliance with state and local regulations as of December 31, 2023 and through the date of filing of these financial statements, these regulations continue to evolve and are subject to differing interpretations and enforcement. As a result, the Company may be subject to Disciplinary Actions in the future.
(c)Commitments
As of December 31, 2023, the Company had total commitments of $2.3 million related to material construction projects. During the first quarter of 2022, pursuant to the Illinois Cannabis Regulation and Tax Act, the Company issued $0.2 million in loans to an Illinois company which has secured Craft Grower Licenses to operate in the state and $1.0 million in loans to groups that have been identified by the state of Illinois as having the opportunity to receive Conditional Adult Use Dispensing Organization Licenses. These loans are discussed in Note 17. These loans fully satisfy the Company’s funding requirements under Illinois Cannabis Regulation and Tax Act; however, the Company may elect to fund similar loans in the future.
The Company has employment agreements with key management personnel which include severance in the event of termination totaling approximately $3.1 million with additional equity and/or compensation benefits.
v3.24.0.1
Financial Instruments And Financial Risk Management
 12 Months Ended
Dec. 31, 2023
Financial Instruments [Abstract]  
Financial Instruments And Financial Risk Management
NOTE 17.     FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT
Financial Instruments

The Company’s financial instruments are held at amortized cost (adjusted for impairments or expected credit losses (“ECLs”), as applicable) or fair value. The carrying values of financial instruments held at amortized cost approximate their fair values as of December 31, 2023 and December 31, 2022 due to their nature and relatively short maturity dates. Financial assets and liabilities with embedded derivative features are carried at fair value.

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 three levels of hierarchy are:
•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.
There have been no transfers into or out of level 3 for the periods ended December 31, 2023 and December 31, 2022.
The following tables summarize the Company’s financial instruments as of December 31, 2023 and December 31, 2022:

December 31, 2023
($ in thousands)Amortized CostLevel 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents$103,429 $— $— $— $103,429 
Restricted cash1
5,091 — — — 5,091 
Security deposits2
4,408 — — — 4,408 
Accounts receivable, net51,070 — — — 51,070 
Loans receivable, short-term1,421 — — — 1,421 
Loans receivable, long-term826 — — — 826 
Investments— 49 81 600 730 
Financial Liabilities:
Accounts payable$27,587 $— $— $— $27,587 
Accrued liabilities69,079 — — — 69,079 
Short-term borrowings11,817 — — — 11,817 
Current portion of lease liabilities9,416 — — — 9,416 
Lease liabilities163,811 — — — 163,811 
Deferred consideration, long-term— — — 6,577 6,577 
Long-term notes and loans payable, net497,713 — — — 497,713 
Other long-term liabilities21,600 — — — 21,600 
1Restricted cash balances include various escrow accounts related to investments, acquisitions and facility licensing requirements.
2Security deposits are included in “Other non-current assets” on the Consolidated Balance Sheets.
December 31, 2022
($ in thousands)Amortized CostLevel 1Level 2Level 3Total
Financial Assets:     
Cash and cash equivalents$119,341 $— $— $— $119,341 
Restricted cash1
2,169 — — — 2,169 
Security deposits2
4,367 — — — 4,367 
Accounts receivable, net56,492 — — — 56,492 
Loans receivable, short-term447 — — — 447 
Loans receivable, long-term823 — — — 823 
Investments— 136 432 660 1,228 
Financial Liabilities:
Accounts payable$28,093 $— $— $— $28,093 
Accrued liabilities65,161 — — — 65,161 
Short-term borrowings3
10,976 — — — 10,976 
Current portion of lease liabilities3
8,959 — — — 8,959 
Deferred consideration and other payables, short-term6 7 — 47,821 47,834 
Lease liabilities3
173,345 — — — 173,345 
Deferred consideration, long-term— — — 7,770 7,770 
Long-term notes and loans payable, net3
476,891 — — — 476,891 
Other long-term liabilities7,000 — — — 7,000 
1Restricted cash balances include various escrow accounts related to investments, acquisitions and facility licensing requirements.
2Security deposits are included in “Other non-current assets” on the Consolidated Balance Sheets.
3Balances reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.

The following table presents a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on inputs for assets or liabilities that are not based on observable market data.
Year Ended December 31, 2023
Level 3 Fair Value Measurements
($ in thousands)InvestmentsDeferred consideration, and other payables, short-termDeferred consideration and contingent, long-term
Balance as of December 31, 2022$660 $47,821 $7,770 
Change in fair value recorded in Interest expense, net— 1,953 — 
Change in fair value recorded in Other income, net(60)— (895)
Payments1
— (50,072)— 
Other2
— 298 (298)
Balance as of December 31, 2023
$600 $— $6,577 
1 See Note 8 and Note 11 for additional details related to payments.
2 Other relates to reclassifications from short-term to long-term due to expecting timing of payment. See Note 11.
Year Ended December 31, 2022
Level 3 Fair Value Measurements
($ in thousands)Loans receivable, short-termInvestmentsDeferred consideration, contingent consideration, and other payables, short-termDerivative liabilities, short-termDeferred consideration and contingent, long-term
Balance as of December 31, 2021
$565 $660 $71,816 $1,172 $17,651 
Change in fair value recorded in Interest expense, net— — 900 — (881)
Change in fair value recorded in Other income, net— — 5,647 (1,172)— 
Payments1
(1,837)— (39,542)— — 
Change in fair value recorded in Selling, general and administrative1,272 — — — — 
Other2
— — 9,000 — (9,000)
Balance as of December 31, 2022
$— $660 $47,821 $— $7,770 
1 $39.5 million payment related to the Cultivate contingent consideration earnout. The $1.8 million payment related to Lighthouse outstanding loan receivable.
2 $9.0 million related to reclassifications from long-term to short-term due to the projected dispensary opening dates.

(a)Loans receivable, short-term
The following is a summary of Loans receivable, short-term balances and valuation classifications (discussed further below) as of December 31, 2023 and December 31, 2022:
($ in thousands)Valuation
classification		December 31, 2023December 31, 2022
Short-term loans receivable - Kurvana, net of ECLAmortized cost$493 $447 
Short-term loans receivable - 280E, net of ECLAmortized cost928 — 
Total Loans receivable, short-term$1,421 $447 

During the second quarter of 2023, the Company issued a $1.0 million short-term loan receivable to 280EZ LLC, an Illinois limited liability company (d/b/a Spark’d). The short-term loan receivable has a one-year term and interest accruing at 9.5% per annum, paid on a monthly basis. At the inception of the loan, an ECL determination was made.


(b)Loans receivable, long-term
($ in thousands)Valuation
classification		December 31, 2023December 31, 2022
Long-term loans receivable - Illinois Incubator, net of ECLAmortized cost$826 $823 
Total Loans receivable, long-term$826 $823 

Pursuant to the Illinois Cannabis Regulation and Tax Act, the Company has issued $0.3 million in loans to an Illinois company which has secured a Craft Grower License to operate in the state and $1.0 million in loans to groups that have been identified by the state of Illinois as having the opportunity to receive Conditional Adult Use Dispensing Organization Licenses. One (1) $0.1 million loan related to the Craft Grower License, was fully funded on July 20, 2021 and matures on July 20, 2026. The remaining loans of
$1.2 million were fully funded on March 21, 2022 and mature on July 20, 2027. The loans are measured at amortized cost and bear no interest.
Financial Risk Management
The Company is exposed in varying degrees to a variety of financial instrument-related risks. The Board of Directors and Company management mitigate these risks by assessing, monitoring and approving the Company’s risk management processes:
(a)Credit and Banking Risk
Credit risk is the risk of a potential loss to the Company if a customer or a third-party to a financial instrument fails to meet its contractual obligations. The maximum credit exposure as of December 31, 2023 and December 31, 2022 is the carrying amount of cash, accounts receivable and loans receivable. The Company does not have significant credit risk with respect to its growth in its key retail markets, as payment is typically due upon transferring the goods to the customer at our dispensaries, which currently accept only cash and debit cards. Additionally, the Company does not have significant credit risk with respect to its loan counterparties as the interest rate on our Amended Senior Loan is not variable and therefore, is not materially impacted by interest rate increases enacted by the Federal Reserve. The interest rate on our Mortgage Loans is based on the FHLB Five Year Classic Regular Advance Rates which matures every five (5) years and does not pose a significant credit risk. Although all deposited cash is placed with U.S. financial institutions in good standing with regulatory authorities, changes in U.S. federal banking laws related to the deposit and holding of funds derived from activities related to the cannabis industry have passed the U.S. House of Representatives but were not voted on within the U.S. Senate, and would need to be reintroduced by Congress. Given that current U.S. federal law provides that the production and possession of cannabis is illegal, there is a strong argument that banks cannot accept or deposit funds from businesses involved with the cannabis industry, leading to an increased risk of legal actions against the Company and forfeitures of the Company’s assets.
The Company’s aging of Accounts receivables as of December 31, 2023 and December 31, 2022 was as follows:
($ in thousands)December 31, 2023December 31, 2022
0 to 60 days$41,820 $49,303 
61 to 120 days8,117 6,118 
120 days +9,097 3,698 
Total accounts receivable, gross59,034 59,119 
Allowance for doubtful accounts7,964 2,627 
Total accounts receivable, net$51,070 $56,492 
For the year ended December 31, 2023, one customer accounted for $7.2 million or 12% of the Company’s gross accounts receivable balance. For the year ended December 31, 2022, two customers accounted for $13.9 million or 23% of the Company’s gross accounts receivable balance.
For the years ended December 31, 2023 and 2022, the Company recorded an ECL of $4.9 million and $0.4 million, respectively. An additional $5.5 million and $1.9 million in bad debt expense related to invoice write-offs was recorded for the same respective twelve month periods.
In the fourth quarter of 2022, management committed to a plan to restructure certain operations and activities within the California reporting unit. Related to that plan, during the first quarter of 2023, the Company reserved for approximately $0.1 million of Accounts Receivable at the impacted California entities. Following the plan to restructure certain operations and activities in California, the Company received cash payments totaling $2.0 million for the year ended December 31, 2023.
(b)Asset Forfeiture Risk
Because the cannabis industry remains illegal under U.S. federal law, any property owned by participants in the cannabis industry, which are either used in the course of conducting such business, or are the proceeds of such business, could be subject to seizure by law enforcement and subsequent civil asset forfeiture. Even if the owner of the property was never charged with a crime, the property in question could still be seized and subject to an administrative proceeding by which, with minimal due process, it could be subject to forfeiture.
(c)Liquidity Risk
The accompanying consolidated financial statements have been prepared assuming that the Company will continue as a going concern. For the year ended December 31, 2023, the Company has generated positive cash flows from operations and implemented certain cost cutting measures, which are expected to improve cash from operations. Net loss for the year ended December 31, 2023, decreased $36.0 million compared to the year ended December 31, 2022. The decrease in net loss was primarily driven by lower operating expenses and less income tax expense, offset by lower revenue.
Liquidity risk is the risk that the Company will not be able to meet its financial obligations associated with financial liabilities. The Company primarily manages liquidity risk through the management of its capital structure by ensuring that it will have sufficient liquidity to settle obligations and liabilities when due. As of December 31, 2023, the Company had working capital (defined as current assets less current liabilities) of $77.8 million. The Company also expects to be able to continue to raise debt or equity based capital, or sell certain assets, if needed, to fund operations and the expansion of its business.

In addition to the commitments outlined in Note 16, the Company has the following contractual obligations as of December 31, 2023:
($ in thousands)< 1 Year1 to 3 Years3 to 5 Years> 5 YearsTotal
Accounts payable & Accrued liabilities$95,817 $— $— $— $95,817 
Operating leases liabilities28,417 58,172 58,726 161,249 306,564 
Finance lease liabilities4,882 10,166 10,357 18,337 43,742 
Deferred consideration, long-term— 6,577 — — 6,577 
Long-term notes and loans payable and Short-term borrowings23,347 428,276 29,522 122,112 603,257 
Tax receivable agreement liability1,065 2,587 3,199 7,713 14,564 
Other long-term liabilities— 7,886 — — 7,886 
Total obligations as of December 31, 2023
$153,528 $513,664 $101,804 $309,411 $1,078,407 
(d)Market Risk
(i)Currency Risk
The operating results and balance sheet of the Company are reported in USD. As of December 31, 2023 and December 31, 2022, the Company’s financial assets and liabilities are primarily in USD. However, from time to time some of the Company’s financial transactions are denominated in currencies other than USD. The results of the Company’s operations are subject to currency transaction and translation risks. The Company recorded $0.3 million in foreign currency exchange losses during the year ended December 31, 2023 and $0.9 million in foreign currency exchange gains during the year ended December 31, 2022.
As of December 31, 2023 and December 31, 2022, the Company had no hedging agreements in place with respect to foreign exchange rates. The Company has not entered into any agreements or purchased any instruments to hedge possible currency risks at this time.
(ii) Interest Rate Risk
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. An increase or decrease in the Company’s incremental borrowing rate would result in an associated increase or decrease in Deferred consideration, contingent consideration and other payables and Interest expense, net. The Company’s Amended Senior Loan accrues interest at a rate of 9.5%, per annum and has an effective interest rate of 11.0%. The Company’s Mortgage Loans accrues interest at a rate of 8.4%, per annum and have an effective interest rate of 10.2%.
(iii)Price Risk
Price risk is the risk of variability in fair value due to movements in equity or market prices. The Company is subject to price risk related to deferred consideration and other payables that are valued based on the Company’s own stock price. An increase or decrease in stock price would result in an associated increase or decrease to Deferred consideration and other payables, short-term with a corresponding change to Other income, net.
(iv)Tax Risk

Tax risk is the risk of changes in the tax environment that would have a material adverse effect on the Company’s business, results of operations and financial condition. Currently, state-licensed marijuana businesses are assessed a comparatively high effective federal tax rate due to Internal Revenue Code (“IRC”) Section 280E, which bars businesses from deducting all expenses except their cost of goods sold when calculating federal tax liability. Any increase in tax levies resulting from additional tax measures may have a further adverse effect on the operations of the Company, while any decrease in such tax levies will be beneficial to future operations. See Note 21 for the Company’s disclosure of uncertain tax positions.
(v)Regulatory Risk
Regulatory risk pertains to the risk that the Company’s business objectives are contingent, in part, upon the compliance of regulatory requirements. Due to the nature of the industry, the Company recognizes that regulatory requirements are more stringent and punitive in nature. Any delays in obtaining, or failure to obtain regulatory approvals can significantly delay operational and product development and can have a material adverse effect on the Company’s business, results of operations and financial condition. The Company is cognizant of the advent of regulatory changes occurring in the cannabis industry on the city, state and national levels. Although the regulatory outlook on the cannabis industry has been moving in a positive trend, any unforeseen regulatory changes could have a material adverse impact on the goals and operation of the Company’s business.
(vi) Economic Risk

The Company’s business, financial condition and operating results may be negatively impacted by challenging global economic conditions. A global economic slowdown would cause disruptions and extreme volatility in global financial markets, increased rates of default and bankruptcy and declining consumer and business confidence, which can lead to decreased levels of consumer spending. These macroeconomic developments could negatively impact the Company’s business, which depends on the general economic environment and levels of consumer spending. As a result, the Company may not be able to maintain its existing customers or attract new customers, or the Company may be forced to reduce the price of its products. The Company is unable to predict the likelihood of the occurrence, duration or severity of such disruptions in the credit and financial markets or adverse global economic conditions. Any general or market-specific economic downturn could have a material adverse effect on our business, financial condition and operating results.

(vii) Inflation Risk
The Company has experienced increased inflationary pressures, including increased cultivation costs, distribution costs and operating expenses, which have adversely impacted our operating results. The Company anticipates inflationary pressures to continue throughout 2024. The Company maintains strategies to mitigate the impact of higher raw material, energy and commodity costs, which include cost reduction, sourcing and other actions, which may help to offset a portion of the adverse impact.
v3.24.0.1
Variable Interest Entities
 12 Months Ended
Dec. 31, 2023
Variable Interest Entities [Abstract]  
Variable Interest Entities
NOTE 18.     VARIABLE INTEREST ENTITIES
The following table presents the summarized financial information about the Company’s consolidated variable interest entities (“VIEs”) before eliminations, which are included in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022. All of these entities were determined to be VIEs as the Company possesses the power to direct activities through written agreements and is subject to the risks and rewards as a primary beneficiary:
December 31, 2023December 31, 2022
($ in thousands)Cresco Labs Michigan, LLCCresco Labs Michigan, LLC
Current assets$15,485 $17,506 
Non-current assets75,622 63,212 
Current liabilities(1,476)(3,158)
Non-current liabilities(124,793)(108,113)
Non-controlling interests258 — 
Deficit attributable to Cresco Labs Inc.34,904 30,553 
The following table presents the summarized financial information about the Company’s consolidated VIEs before eliminations, which are included in the Consolidated Statements of Operations for the years ended December 31, 2023 and 2022:
($ in thousands)Cresco Labs Michigan, LLCCresco Labs Michigan, LLC
Revenue$25,046 $12,659 
Net loss attributable to non-controlling interests(258)— 
Net loss attributable to Cresco Labs Inc.(4,445)(8,617)
Net loss(4,703)(8,617)
v3.24.0.1
Segment Information
 12 Months Ended
Dec. 31, 2023
Disclosure of operating segments [abstract]  
Segment Information
NOTE 19.     SEGMENT INFORMATION
The Company operates in one segment, the cultivation, manufacturing, distribution and sale of cannabis. The Chief Executive Officer, the Chief Financial Officer and the Chief Transformation Officer of the Company have been identified as the Chief Operating Decision Makers (“CODMs”) and manage the Company’s operations as a whole. For the purpose of evaluating financial performance and allocating resources, the CODMs review certain financial information presented on a consolidated basis accompanied by information by customer and geographic region. For both the years ended December 31, 2023 and 2022, the Company generated 100.0% of its revenue in the U.S.
v3.24.0.1
Interest Expense, Net
 12 Months Ended
Dec. 31, 2023
Interest Income (Expense) [Abstract]  
Interest Expense, Net
NOTE 20.     INTEREST EXPENSE, NET
Interest expense, net consisted of the following for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Interest expense – notes and loans payable(43,575)(38,528)
Interest expense – financing activities(11,739)(11,887)
Accretion of debt discount and amortization of deferred financing fees(4,416)(3,951)
Interest expense – leases$(3,513)$(3,952)
Interest income2,148 679 
Other interest income (expense)1
276 (198)
Total Interest expense, net$(60,819)$(57,837)
1During the year ended December 31, 2023, the Company recorded $1.2 million of reductions in interest expense related to Valley Ag operating cash flows deferred consideration. See Note 11 for additional information.
See Note 5 for additional information regarding Interest expense – leases and Note 12 for additional information on Interest expense – notes and loans payable, Accretion of debt discount and amortization of deferred financing fees, and Interest expense – financing activities.
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Provision For Income Taxes And Deferred Income Taxes
NOTE 21.     PROVISION FOR INCOME TAXES AND DEFERRED INCOME TAXES
As the Company operates in the cannabis industry, the Company is subject to the limits of Internal Revenue Code (“IRC”) Section 280E for U.S. federal income tax purposes as well as some state income tax purposes. Under IRC Section 280E, 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 IRC Section 280E. However, certain states including Arizona, California, Illinois, Maryland, Massachusetts, Michigan and New York (Adult Use) do not conform to IRC Section 280E and, accordingly, the Company generally deducts all operating expenses on its income tax returns in these states.
During the second quarter of 2023, Illinois decoupled from the application of IRC Section 280E for any cannabis establishment operating in the state of Illinois and licensed under the Cannabis Regulation and Tax Act and/or Compassionate Use of Medical Cannabis Program Act beginning for taxable years beginning on or after January 1, 2023.

The Company is treated as a United States corporation for U.S. federal income tax purposes under IRC Section 7874 and is subject to U.S. federal income tax on its worldwide income. However, for Canadian tax purposes the Company, regardless of any application of IRC Section 7874, is treated as a Canadian resident company, as defined in the Income Tax Act (Canada), for Canadian income tax purposes. As a result, the Company is subject to taxation both in Canada and the United States.

Provision for income taxes consists of the following for the years ended December 31, 2023 and 2022:

($ in thousands)20232022
Current
Federal$55,679 $69,240 
State15,858 24,341 
Foreign— — 
Total current$71,537 $93,581 
Deferred
Federal$(23,771)$(8,332)
State(18,215)(9,858)
Foreign28,749 1,190 
Total deferred$(13,237)$(17,000)
Change in valuation allowance$(25,350)$12,357 
Total$32,950 $88,938 
As of December 31, 2023 and 2022, the components of deferred tax assets and liabilities were as follows:
($ in thousands)20232022
Deferred tax assets
Share-based compensation$3,961 $1,381 
Financing fees453 1,291 
Net operating losses40,580 43,629 
Inventory97 346 
Lease liabilities41,088 28,362 
Tax receivable agreement15,379 315 
Other629 386 
Total deferred tax assets$102,187 $75,711 
Deferred tax liabilities
ROU assets$(13,689)$(9,560)
Property, plant and equipment(11,669)(12,393)
Intangible assets(64,052)(84,099)
Other(23,596)(1,329)
Total deferred tax liabilities$(113,006)$(107,381)
Valuation allowance$(18,091)$(43,442)
Net deferred tax liabilities$(28,910)$(75,112)
As of December 31, 2023, the Company had the following loss carryforwards:
•$41.9 million of non-capital Canadian losses which expire from 2038-2043, which are fully offset by a valuation allowance.
•$55.7 million of U.S. federal net operating losses which have an indefinite carryforward period, a portion of which are not recorded as the Company does not consider these to be more-likely-than-not to be realized. $50.8 million of U.S. federal net operating loss carryforwards are offset by a valuation allowance.
•$204.6 million of state net operating losses, which expire in 2038-2043, a portion of which are not recorded as the Company does not consider these to be more-likely-than-not to be realized. $183.3 million of state net of state net operating loss carryforwards are offset by a valuation allowance.

As of December 31, 2022, the Company had the following loss carryforwards:
•$63.5 million of non-capital Canadian losses which expire from 2038-2042, which are fully offset by valuation allowance.
•$52.2 million of U.S. federal net operating losses which have an indefinite carryforward period, a portion of which are not recorded as the Company does not consider these to be more-likely-than-not to be realized. $45.7 million of U.S. federal net operating loss carryforwards are offset by valuation allowance.
•$184.3 million of state net operating losses, which expire in 2038-2042, a portion of which are not recorded as the Company does not consider these to be more-likely-than-not to be realized. $180.8 million of state net of state net operating loss carryforwards are offset by valuation allowance.

A valuation allowance to reflect management’s estimate of the temporary deductible differences that may expire prior to their utilization has been recorded at December 31, 2023 and 2022. During 2023 and 2022, the Company maintained a full valuation allowance against its net Canadian deferred tax assets, as losses are generated in Canada with no projection of future taxable income.
In 2023, the Company increased its deferred tax asset related to the step-up in basis from shareholder redemptions under the tax receivable agreement for Cresco Labs LLC by $15.4 million. The Company also recognized an increase to the tax receivable agreement liability of $13.5 million related to estimated payables to certain shareholders.
The reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate is as follows:
($ in thousands)20232022
Expected income tax expense at statutory tax rate$(30,711)$(26,650)
Tax rate differences(69)(2,296)
Pass through and non-controlling entities(4,881)(2,183)
State tax expense, net(4,898)17,209
IRC Section 280E disallowance47,04350,521
Uncertain tax treatment (including penalties and interest)7,31112,901
Share-based compensation2,0862,261
Goodwill impairment10,44825,334
Tax penalties and interest5,5524,155
Change in valuation allowance(25,350)12,357
Change in state tax rates10,317(471)
Change in state filing methods(3,940)—
Canadian reorganization basis change28,730—
Tax receivable agreement(2,919)(395)
Adjustments to prior year provisions(7,003)(5,136)
Other1,2351,332
Income tax expense$32,950$88,938
Effective tax rate(22.4 %)(70.1 %)
During 2022, the Company adopted a tax position whereby certain expenses incurred at dispensary locations are treated as inventoriable costs for tax purposes, reducing the impact of IRC Section 280E on the 2021 tax returns and in the current period. The Company determined that the tax benefit associated with this position did not meet the more likely than not criteria under ASC 740 Income Taxes due to the evolving interpretations of IRC Section 280E. As a result, the Company recorded an additional reserve of $6.1 million for unrecognized tax benefits and accrued $1.3 million of penalties and interest related to unrecognized tax benefits as of December 31, 2023.
The Company records unrecognized tax benefits as liabilities in accordance with ASC 740 Income Taxes and adjusts these liabilities when judgment changes as a result of the evaluation of new information not previously available. Because of the complexity of some of these uncertainties, the ultimate resolution may result in a payment that is materially different from our current estimate of the unrecognized tax benefit liabilities. These differences will be reflected as increases or decreases to income tax expense in the period in which new information is available. It is possible that additional tax distribution liabilities may become due to certain non-controlling interest members as a result of unrecognized tax benefits. While the probable amount of any future tax distribution liability cannot reasonably be estimated, the maximum future tax distribution liability associated with these unrecognized tax benefits is estimated to be $7.8 million as of December 31, 2023.
The Company accrued $6.9 million and $5.5 million in tax penalties and interest as of December 31, 2023 and 2022, respectively.
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
($ in thousands)20232022
Balance at January 1$12,746 $— 
Additions based on tax positions related to the current year6,054 7,380 
Additions for tax positions of prior years— 5,366 
Balance at the end of the year$18,800 $12,746 
The Company is currently under examination by U.S. federal, state and Canadian tax authorities. As of December 31, 2023, no additional liabilities are anticipated as a result of these examinations. With few exceptions, the Company is generally not subject to examination by tax authorities for years before 2019.
v3.24.0.1
Subsequent Events
 12 Months Ended
Dec. 31, 2023
Disclosure Of Subsequent Events [Abstract]  
Subsequent Events
NOTE 22.     SUBSEQUENT EVENTS
The Company has evaluated subsequent events through March 15, 2024, which is the date on which these financial statements were issued, and concluded there were no material subsequent events for the period ended December 31, 2023.
v3.24.0.1
Summary of Significant Accounting Policies (Policies)
 12 Months Ended
Dec. 31, 2023
Significant Accounting Policies [Abstract]  
Basis of Preparation Basis of PreparationThe accompanying consolidated financial statements of the Company have been prepared in accordance with generally accepted accounting principles in the United States of America (“GAAP”).
Basis of Measurement Basis of Measurement
The accompanying consolidated financial statements have been prepared on a going concern basis, under the historical cost convention, except for certain loans receivable, investments, and contingent considerations, which are recorded at fair value. Historical cost is generally based upon the fair value of the consideration given in exchange for assets acquired and the contractual obligation for liabilities incurred.
Functional and Presentation Currency Functional and Presentation Currency
The Company’s functional currency and that of the majority of its subsidiaries is the United States (“U.S.”) dollar. The Company’s reporting currency is the U.S. dollar (“USD”). All references to “C$” refer to Canadian dollars. Foreign currency denominated assets and liabilities are re-measured into the functional currency using period-end exchange rates. Gains and losses from foreign currency transactions are included in Other income, net in the Consolidated Statements of Operations.
Assets and liabilities of foreign operations having a functional currency other than USD (e.g., C$) are translated at the rate of exchange prevailing at the reporting date; revenues and expenses are translated at the monthly average rate of exchange during the period. Gains or losses on translation of foreign subsidiaries and net investments in foreign operations are included in Foreign currency translation differences, net of tax in the Consolidated Statements of Comprehensive Loss and Accumulated other comprehensive loss on the Consolidated Balance Sheets.
Basis of Consolidation Basis of Consolidation
The consolidated financial statements include the accounts of the Company and its subsidiaries with intercompany balances and transactions eliminated upon consolidation. Subsidiaries are those entities over which the Company has the power over the investee, is exposed, or has rights, to variable involvement with the investee; and has the ability to use its power to affect its returns. The following are Cresco Labs’ wholly-owned or controlled entities as of December 31, 2023:
EntityLocationPurposePercentage
Held
Cresco Labs Inc.British Columbia, CanadaParent Company
Cali-Antifragile Corp.CaliforniaHolding Company100%
River Distributing Co., LLCCaliforniaHolding Company100%
Sonoma's Finest fka FloraCalCaliforniaCultivation100%
Cub City, LLCCaliforniaCultivation100%
CRHC Holdings Corp.Ontario, CanadaHolding Company100%
Cannroy Delaware Inc.DelawareHolding Company100%
High Road Holdings LLCDelawareHolding Company100%
Laurel Harvest Labs, LLCPennsylvaniaCultivation and Dispensary Facility100%
JDRC Mount Joy, LLCIllinoisHolding Company100%
JDRC Scranton, LLCIllinoisHolding Company100%
Bluma Wellness Inc.British Columbia, CanadaHolding Company100%
Cannabis Cures Investments, LLCFloridaHolding Company100%
3 Boys Farm, LLCFloridaCultivation, Production and Dispensary Facility100%
Farm to Fresh Holdings, LLCFloridaHolding Company100%
Cresco U.S. Corp.IllinoisHolding Company100%
MedMar Inc.IllinoisHolding Company100%
MedMar Lakeview, LLCIllinoisDispensary88%
MedMar Rockford, LLCIllinoisDispensary75%
Gloucester Street Capital, LLCNew YorkHolding Company100%
Valley Agriceuticals, LLCNew YorkCultivation, Production and Dispensary Facility100%
Valley Agriceuticals Real Estate New YorkHolding Company100%
JDRC Ellenville, LLCIllinoisHolding Company100%
CMA Holdings, LLCIllinoisHolding Company100%
BL Real Estate, LLCMassachusettsHolding Company100%
BL Pierce, LLCMassachusettsHolding Company100%
BL Uxbridge, LLCMassachusettsHolding Company100%
BL Main, LLCMassachusettsHolding Company100%
BL Burncoat, LLCMassachusettsHolding Company100%
BL Framingham, LLCMassachusettsHolding Company100%
BL Worcester, LLCMassachusettsHolding Company100%
Cultivate Licensing LLCMassachusettsHolding Company100%
Cultivate Worcester, Inc.MassachusettsDispensary100%
Cultivate Leicester, Inc.MassachusettsCultivation, Production and Dispensary Facility100%
Cultivate Framingham, Inc.MassachusettsDispensary100%
Cultivate Cultivation, LLCMassachusettsCultivation and Production Entity100%
GoodNews Holdings, LLCIllinoisLicensing Company100%
Wonder Holdings, LLCIllinoisLicensing Company100%
JDRC Seed, LLCIllinoisEducational Company100%
CP Pennsylvania Holdings, LLCIllinoisHolding Company100%
Bay, LLCPennsylvaniaDispensary100%
Bay Asset Management, LLCPennsylvaniaHolding Company100%
Ridgeback, LLCColoradoHolding Company100%
Encanto Green Cross Dispensary, LLCArizonaHolding Company100%
Cresco Labs Texas, LLCTexasHolding Company100%
Cresco Labs, LLCIllinoisOperating Entity62%
Cresco Labs Ohio, LLCOhioCultivation, Production and Dispensary Facility99%
EntityLocationPurposePercentage
Held
Cresco Labs Notes Issuer, LLCIllinoisHolding Company
Wellbeings, LLCDelawareCBD Wellness Product Development100%
Cresco Labs SLO, LLCCaliforniaHolding Company100%
SLO Cultivation Inc.CaliforniaHolding Company80%
Cresco Labs Joliet, LLCIllinoisCultivation and Production Facility100%
Cresco Labs Kankakee, LLCIllinoisCultivation and Production Facility100%
Cresco Labs Logan, LLCIllinoisCultivation and Production Facility100%
Cresco Labs PA, LLCIllinoisHolding Company100%
Cresco Yeltrah, LLCPennsylvaniaCultivation, Production and Dispensary Facility100%
Strip District Education CenterPennsylvaniaHolding Company100%
AFS Maryland, LLCMarylandHolding Company100%
JDC Newark, LLCOhioHolding Company100%
Verdant Creations Newark, LLCOhioDispensary100%
Strategic Property Concepts, LLCOhioHolding Company100%
JDC Marion, LLCOhioHolding Company100%
Verdant Creations Marion, LLCOhioDispensary100%
Strategic Property Concepts 4, LLCOhioHolding Company100%
JDC Chillicothe, LLCOhioHolding Company100%
Verdant Creations Chillicothe, LLCOhioDispensary100%
Strategic Property Concepts 5, LLCOhioHolding Company100%
JDC Columbus, LLCOhioHolding Company100%
Care Med Associates, LLCOhioDispensary100%
Arizona Facilities Supply, LLCArizonaHolding Company100%
Cresco Labs TINAD, LLCIllinoisHolding Company100%
TINAD, LLCIllinoisHolding Company100%
PDI Medical III, LLCIllinoisDispensary100%
Cresco Labs Phoenix Farms, LLCIllinoisHolding Company100%
Phoenix Farms Partners, LLCIllinoisHolding Company100%
Phoenix Farms of Illinois Asset Management, LLCIllinoisHolding Company100%
Phoenix Farms of Illinois, LLCIllinoisDispensary100%
JDC Elmwood, LLCIllinoisHolding Company100%
FloraMedex, LLCIllinoisDispensary100%
Cresco Edibles, LLCIllinoisHolding Company100%
TSC Cresco, LLCIllinoisLicensing75%
Cresco HHH, LLCMassachusettsCultivation, Production and Dispensary Facility100%
Cresco Labs Nevada, LLCNevadaHolding Company100%
Cresco Labs Michigan Management, LLCMichiganHolding Company100%
Cresco Labs Missouri Management, LLCMissouriHolding Company100%
JDRC Acquisitions, LLCIllinoisHolding Company100%
JDRC 7841 Grand LLCIllinoisHolding Company100%
JDRC Lincoln, LLCIllinoisHolding Company100%
JDRC Danville, LLCIllinoisHolding Company100%
JDRC Kankakee, LLCIllinoisHolding Company100%
JDRC Brookville, LLCIllinoisHolding Company100%
Cresco Labs Michigan, LLC (a)MichiganCultivation and Production Facility85%
(a) Legally, Cresco Labs Michigan, LLC is 85% owned by related parties of the Company.

Cresco U.S. Corp., which is wholly owned by the Company, is the sole manager of Cresco Labs, LLC; Cresco Labs, LLC is the sole owner and manager of Cresco Labs Notes Issuer, LLC. Therefore, the Company controls Cresco Labs Notes Issuer, LLC and has consolidated its results into the consolidated financial statements.
Non-controlling interests (“NCI”) represent ownership interests in consolidated subsidiaries by parties that are not shareholders of the Company. They are shown as a component of total equity in the Consolidated Balance Sheets, and the share of income attributable to NCI is shown as Net income attributable to non-controlling interests, net of tax in the Consolidated Statements of Operations and in the Consolidated Statements of Comprehensive Loss. Changes in the parent company’s ownership that do not result in a loss of control are accounted for as equity transactions.
Cash and Cash Equivalents Cash and Cash Equivalents
Cash and cash equivalents include cash deposits in financial institutions, other deposits that are readily convertible into cash and cash on hand at retail locations. The Company considers all highly liquid investments with original maturities of three months or less to be cash equivalents and mainly consist of certificates of deposits.
Restricted Cash Restricted CashRestricted cash represents amounts held in escrow related to investments, acquisitions and building improvements.
Accounts Receivable Accounts Receivable
Accounts receivable are recorded net of allowance for doubtful accounts. The Company develops a provision matrix and measures the expected credit losses based on lifetime expected credit losses, taking into consideration historical credit loss experience and financial factors specific to the debtors. The Company also estimates and provides an allowance for doubtful accounts based on contractual payment terms, actual payment history of its customers, current economic conditions and individual customer circumstances. Accounts receivable are evaluated monthly based on expected collections over its life and an adjustment is recorded as needed. When a receivable is uncollectible, it is written off against the provision. Subsequent recoveries of amounts previously written off are credited to the Consolidated Statements of Operations. See Note 17 for further discussion.
Inventory Inventory
Inventory is primarily composed of raw materials (cannabis and non-cannabis), work-in-process and finished goods. Inventory is recorded at the lower of cost or net realizable value, with cost determined using the weighted average cost method. For manufactured inventory, costs incurred during the growing and production of cannabis and cannabis-based products are capitalized, net of yield adjustments, as incurred to the extent that costs are less than net realizable value. These costs include, but are not limited to, materials, labor, overhead and occupancy costs, cannabis taxes and depreciation expense on equipment involved in manufacturing, packaging, labeling, inspection and testing. Fixed costs associated with underutilized facilities are taken as expenses within the current period. Capacities are set using normalized operating capacity as defined by GAAP. Costs related to purchased finished goods are recorded at cost, including freight. The Company reviews inventory for obsolete, redundant and slow-moving goods and any such inventory is written down to net realizable value.
Property and Equipment Property and Equipment
Property and equipment is stated at cost, net of accumulated depreciation. Land is recorded at cost. Depreciation is calculated using the straight-line method over the estimated useful life of the asset. The Company evaluates the recoverability of property, plant and equipment whenever events or changes in circumstances indicate that the carrying value of an asset or asset group may not be recoverable. In those cases, the assets are assessed for impairment based on the estimated future undiscounted cash flows expected to result from the use of the asset and its eventual disposition. If the carrying value of an asset exceeds its estimated future undiscounted cash flows, the Company will determine the fair value of the assets within the asset group and record an impairment loss calculated as the excess in carrying value over fair value. Equipment is derecognized upon disposal or when no future economic benefits are expected from its use. Leasehold improvements are amortized over the lesser of the life of the lease or estimated useful life of the improvement. Any gain or loss arising from derecognition or impairment of the asset (calculated as the difference between the net disposal proceeds and the carrying value of the asset) is included in the accompanying Consolidated Statements of Operations. The Company assesses property and equipment for indicators of impairment throughout the reporting period. See Note 4 for additional details.
CategoryEstimated
Useful Life
Leasehold Improvements 
1 - 15 years
Machinery and Equipment 
5 - 15 years
Furniture and Fixtures 
3 - 7 years
Vehicles 
5 years
Website and Software 
3 years
Computer Equipment 
3 - 5 years
Buildings and Building Improvements 
5 - 39 years
Repairs and maintenance that do not improve efficiency or extend economic life are charged to expense as incurred.
Intangible Assets 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 at the acquisition date or date of consolidation/control. Amortization of definite-lived intangible assets is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any. Costs incurred during the year to renew or extend the term of a recognized intangible asset are included within additions and are amortized on a straight-line basis over the useful lives of the permit or license renewal period. See Note 7 for additional details. Intangible assets are amortized over the following terms:
CategoryEstimated
Useful Life
Customer Relationships
7 - 8 years
Non-Compete Agreements
2 - 5 years
Trade Names
10 years
Permit Application Fees
1 - 2 years
The estimated useful lives and residual values are reviewed at each year end and any changes in estimates are accounted for prospectively. Intangible assets that have an indefinite useful life are not subject to amortization. The Company’s indefinite-lived intangible assets consist of licenses which represent the future benefits associated with the Company’s cultivation, processing and dispensary licenses. Absent such license intangibles, the Company cannot continue as a going concern and as such, there is no foreseeable limit to the period over which these assets are expected to generate future cash inflows to the Company.
Definite-lived intangible assets are tested for impairment when there is an indication of impairment. Indefinite-lived intangible assets are tested for impairment annually, or more frequently, as warranted if events or changes in circumstances indicate impairment.
For the purpose of impairment testing, goodwill and indefinite-lived intangible assets have been allocated to reporting units, determined based on the smallest identifiable group of assets that generate cash inflows and outflows that are largely independent of cash inflows from other assets or group of assets.
Goodwill Goodwill
Goodwill represents the excess of the purchase price paid for the acquisition of a business over the fair value of the net assets acquired. Goodwill is allocated to the reporting unit or reporting units, which are expected to benefit from the synergies of the combination.
Goodwill is not subject to amortization and is tested for impairment annually or more frequently as warranted if events or changes in circumstances indicate impairment may have occurred. For the purpose of impairment testing, goodwill and indefinite-lived intangible assets have been allocated to reporting units or groups of reporting units representing the lowest level at which the assets generate cash inflow and outflow independent of other assets. An impaired asset is written down to its estimated fair value based on the most recent information available. The Company assesses the fair values of its reporting units using an income-based approach. Under the income approach, fair value is based on the present value of estimated future cash flows. The income approach requires management to estimate a number of factors for each reporting unit, including projected future operating results, economic projections, anticipated future cash flows, discount rates, and the allocation of shared or corporate costs. The impairment review, which is performed October 1 of each year, begins with a qualitative assessment of all reporting units. If the Company determines, based on weighing of all available evidence, that a reporting unit’s carrying value may exceed its fair value at the testing date, the Company performs a quantitative impairment assessment. If the carrying value of these intangible assets or the reporting unit exceeds the fair values, the Company would record an impairment charge based on the excess of the carrying value over the fair value. See Note 7 for additional details.
As of December 31, 2023, the Company has no goodwill recorded that is expected to be tax deductible.
Income Taxes Income Taxes
Tax expense recognized in profit or loss is comprised of the sum of current and deferred taxes not recognized in other comprehensive loss or directly in equity.
(i)Current Tax
Current tax assets and/or liabilities are comprised of claims from, or obligations to, fiscal authorities relating to the current or prior reporting periods that are unpaid at the reporting date. Current tax is payable on taxable profit, which differs from profit or loss in the financial statements. Calculation of current tax is based on tax rates and tax laws that have been enacted or substantively enacted by the end of the reporting period.
(ii)Deferred Tax
Deferred taxes are calculated using the asset and liability method on temporary differences between the carrying amounts of assets and liabilities and their tax bases. Deferred tax assets and liabilities are calculated, without discounting, at tax rates that are expected to apply to their respective period of realization, provided they are enacted or substantively enacted by the end of the reporting period. Deferred tax liabilities are always provided for in full. The measurement of deferred tax assets is reduced through a valuation allowance, if necessary, by the amount of any tax benefits that, based on available evidence, are more likely than not expected to be unrealized.
Deferred tax assets and liabilities are offset only when the Company has a right and intention to offset current tax assets and liabilities from the same taxation authority. Changes in deferred tax assets or liabilities are recognized as a component of tax income or expense in profit or loss, except where they relate to items that are recognized in other comprehensive loss or directly in equity, in which case the related deferred tax is also recognized in other comprehensive loss or equity, respectively.
As the Company operates in the cannabis industry, the Company is subject to the limits of Internal Revenue Code (“IRC”) 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 IRC Section 280E. See Note 21 for additional details.
Fair Value of Financial Instruments Fair Value of Financial Instruments
The Company accounts for assets and liabilities measured at fair value on a recurring basis in accordance with Accounting Standards Codification (“ASC”) 820 Fair Value Measurements. 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.
Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the inputs to the fair value measurements. The three levels of the hierarchy are:
–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;
–Level 3 – Inputs for the asset or liability that are not based on observable market data.
See Note 17 for additional details.
Loans Receivable Loans ReceivableThe Company may provide financing to various related and non-related businesses within the cannabis industry. These loans are classified as held for investment and accounted for as financial instruments in accordance with ASC 310 Receivables. At each reporting date, the Company applies its judgment to evaluate the collectability of the Loans receivable balance and records a provision based on the assessed amount of expected credit loss (“ECL”). See Note 17 for additional details.
Leases Leases
The Company has entered into leases primarily for its corporate offices, cultivation and processing facilities and dispensaries. At inception of a contract, the Company determines whether the contract includes a lease. A contract contains a lease if it includes enforceable rights and obligations under which the right to control the use of an identified asset is conveyed for a period of time in exchange for consideration. The Company recognizes a right-of-use (“ROU”) asset and a lease liability at the commencement date – the date when the asset is available for use by the lessee.
The Company assesses at lease commencement whether it is reasonably certain to exercise extension or termination options. The Company reassesses its lease portfolio to determine whether it is reasonably certain to exercise the options if there is a significant event or significant change in circumstances within its control. The extension options, which are considered reasonably certain to be exercised, are mainly those for which operational decisions have been made that make the lease assets vital to the continued relevant business activities.
Liabilities arising from a lease are initially measured at the present value of the lease payments not yet paid, using the Company’s incremental borrowing rate. Lease liabilities include the value of the following payments:
(i)Fixed payments, including in-substance fixed payments, less any lease incentives receivable;
(ii)The exercise price of a purchase option if the Company is reasonably certain to exercise that option; and
(iii)Penalties for early termination of the lease, if the lease term reflects the Company exercising an option to terminate the lease.
The lease liability is subsequently measured at amortized cost using the effective interest method. The lease liability is decreased by cash paid net of interest expense incurred. The lease liability is remeasured when there is a change in future lease payments, or if the Company changes its assessment of whether it will exercise an extension, purchase or termination option.
ROU assets are measured at cost and are comprised of the following:
(i)The amount of the initial measurement of lease liability;
(ii)Lease payments made at or before the commencement date less any lease incentives received;
(iii)Any initial direct costs; and
(iv)An estimate of costs of dismantling and removing the underlying asset, restoring the site on which it is located or the underlying asset, if applicable.
The ROU asset is depreciated on a straight-line basis from the commencement date to the end of the lease term. A fixed amount of rent expense is recognized on a straight-line basis over the lease term for operating leases. For finance leases, depreciation expense on the ROU asset and interest expense on the lease liability are recognized over the lease term. The value of the ROU asset is periodically reduced by impairment losses, if any, and adjusted for certain revaluations of the lease liability.
In accordance with the guidance in ASC 842 Leases, the Company has elected not to recognize ROU assets and lease liabilities where the total lease term is less than or equal to twelve months. The payments for such leases are recognized as rent expense within Selling, general and administrative expenses or Cost of goods sold in the Consolidated Statements of Operations on a straight-line basis over the lease term. See Note 5 for additional information.
(p)Change in Accounting Policy
On October 1, 2023, the Company elected to change its accounting policy related to the computation of short-term versus long-term lease liabilities. Previously, the current portion of the lease liability was determined by summing the present value of lease payments for the next 12 months. Under the new methodology, the current portion of the lease liability is now calculated by summing the next 12 months lease liability reduction. The Company implemented the change to better leverage automated lease accounting software and further streamline its month-end and quarter-end close processes. Both methodologies are allowable under GAAP. The change was applied retrospectively, and all prior periods presented in the consolidated financial statements have been adjusted in accordance with the updated policy.
Revenue Recognition Revenue Recognition
Revenue is recognized by the Company in accordance with ASC 606 Revenue from Contracts with Customers. Through application of ASC 606, the Company recognizes revenue to depict the transfer of promised goods to the customer in an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods.
In order to recognize revenue under ASC 606, the Company applies the following five (5) steps:
•Identify a customer along with a corresponding contract;
•Identify the performance obligation(s) in the contract to transfer goods to a customer;
•Determine the transaction price the Company expects to be entitled to in exchange for transferring promised goods to a customer;
•Allocate the transaction price to the performance obligation(s) in the contract; and
•Recognize revenue when or as the Company satisfies the performance obligation(s).

Revenue consists of wholesale and retail sales of cannabis and other cannabis-derived and related products. Wholesale and retail sales are both generally recognized at a point in time when control over the goods has been transferred to the customer and is recorded net of sales discounts. For retail sales, payment is typically due upon transferring the goods to the customer. For wholesale sales, payment is typically due upon transferring the goods to the customer or within a specified time period permitted under agreed-upon payment terms.
Revenue is recognized upon the satisfaction of the performance obligation. The Company satisfies its performance obligation and transfers control upon delivery and acceptance by the customer. For some of its locations, the Company has customer loyalty programs where retail customers accumulate points based on their level of spending and use these points for discounts on cannabis and cannabis related products. These points are recorded as a contract liability until customers redeem their points for discounts. In addition, the Company records a performance obligation as a reduction of revenue based on the estimated probability of point redemption, which is calculated based on a standalone selling price and using historical redemption rates. Upon redemption, the loyalty program obligation is relieved and the offset is recorded as revenue. In the event of a product recall, the expected value method is utilized to estimate the financial impact and a reduction of revenue is recorded. See Note 13 for additional information on revenue and loyalty programs.
Advertising Costs Advertising Costs
Advertising costs are expensed as incurred and are included in Selling, general and administrative expenses in the accompanying Consolidated Statements of Operations and totaled $7.4 million and $8.1 million for the years ended December 31, 2023 and 2022, respectively.
Excise Tax Excise Tax
The Company recognizes excise tax and community benefit fees as Cost of goods sold or Selling, general and administrative expense based on whether the tax is generated on production of cannabis or as part of selling costs, respectively.
Share-Based Compensation Share-Based Compensation
The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation expense over the vesting period based on the Company’s estimate of equity instruments that will eventually vest. For awards with performance conditions, compensation expense is recognized over the service period of awards and adjusted for the probability of achievement of performance-based goals. Expected forfeitures are applied to awards using an expected forfeiture rate that is calculated annually. The expected forfeiture rate is reviewed quarterly and an updated forfeiture rate will be applied to all outstanding awards if there has been a material change to the rate. The impact of the revision of the original estimate is recognized in profit or loss such that the cumulative expense reflects the revised estimate. For share-based payments granted to non-employees, the compensation expense is measured at the fair value of the equity instrument on the grant date. See Note 9 for additional information on share-based compensation.
Variable Interest Entities Variable Interest Entities
A variable interest entity (“VIE”) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity’s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under ASC 810 Consolidations, where the Company concludes that it is the primary beneficiary of a VIE, the Company consolidates the financial results of the entity. See Note 18 for additional information on VIEs.
Business Combinations and Assets Held for Sale Business Combinations and Assets and Liabilities Held for Sale
A business combination is a transaction or event in which an acquirer obtains control of one or more businesses and is accounted for by applying the acquisition method. The total consideration transferred in a business combination is the sum of the fair values of assets transferred, liabilities assumed, equity interests and other consideration issued by the acquirer in exchange for control of the acquiree. The acquisition date is the date on which the Company obtains control of the acquiree. The identifiable assets acquired, and liabilities assumed are recognized at their acquisition date fair values, except for deferred taxes and share-based payment awards where ASC 805 Business Combinations provides exceptions to recording the amounts at fair value. Preliminary balances recorded are subject to change during the measurement period which will conclude at the earlier of the date the Company receives the information it was seeking about facts and circumstances that existed as of the acquisition date, learns that more information is not obtainable or one year following the acquisition date. Acquisition costs of the acquirer are expensed to profit or loss; acquisition costs of the acquiree paid by the acquirer may comprise a portion of consideration transferred. Non-controlling interest in the acquiree, if any, is recognized at fair value.

The Company classifies an asset or disposal group as held for sale in accordance with ASC 360 Property, Plant and Equipment, when the following criteria are met:
•management, having the authority to approve the action, commits to a plan to sell the asset (disposal group);
•the asset (disposal group) is available for immediate sale in its present condition subject only to terms that are usual and customary for sales of such assets (disposal groups);
•an active program to locate a buyer and other actions required to complete the plan to sell the asset (disposal group) have been initiated;
•the sale of the asset (disposal group) is probable, and transfer of the asset (disposal group) is expected to qualify for recognition as a completed sale, within one year;
•the asset (disposal group) is being actively marketed for sale at a price that is reasonable in relation to its current fair value;
•actions required to complete the plan indicate that it is unlikely that significant changes to the plan will be made or that the plan will be withdrawn.
Disposal groups held for sale are reported at the lower of carrying amount or fair value less costs to sell. Long-lived assets classified as held for sale are not subject to depreciation or amortization, and both the assets and any liabilities directly associated with the disposal group are presented separately within our Consolidated Balance Sheets. Subsequent changes to the estimated fair value less cost to sell are recorded as gains or losses in our Consolidated Statements of Operations, and any subsequent gains are limited to the cumulative losses previously recognized. The Company did not have any assets classified as held for sale as of December 31, 2023 and 2022.
Loss Per Share Loss Per Share
Loss per share (“EPS”) is calculated by dividing the net earnings or loss attributable to shareholders by the weighted-average shares outstanding during the period. The Company presents basic and diluted EPS in the Consolidated Statements of Operations. Basic EPS is calculated by dividing the profit or loss attributable to shareholders by the weighted-average number of shares outstanding during the period. Diluted EPS is determined by adjusting the profit or loss attributable to shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential shares, which are comprised of redeemable Cresco Labs, LLC shares (“Redeemable Units”); stock options, and restricted stock units (“RSUs”) issued. Shares with anti-dilutive impacts are excluded from the calculation. The number of shares included with respect to Redeemable Units, stock options, and RSUs is computed using the treasury stock method. See Note 10 for additional information on Loss Per Share.
Use of Estimates Use of Estimates
The preparation of the Company’s consolidated financial statements under GAAP requires management to make estimates, judgments and assumptions about the carrying amounts of certain assets and liabilities. Estimates and related assumptions are based on historical experience and other relevant factors. Actual results may differ from these estimates.
Estimates and underlying assumptions are reviewed on an ongoing basis for reasonableness and relevancy. Where revisions are required, they are recognized in the period in which the estimate is revised for the current as well as future periods that are affected
Newly Adopted Accounting Pronouncements Newly Adopted Accounting Pronouncements
The Company did not adopt any new accounting pronouncements during the year ended December 31, 2023.
Recently Issued Accounting Standards Recently Issued Accounting Standards
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740) — Improvements to Income Tax Disclosures. The ASU expands disclosures in an entity’s income tax rate reconciliation table and regarding cash taxes paid both in the U.S. and foreign jurisdictions. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. Early adoption is permitted. The amendments should be applied on a prospective basis with retrospective application permitted. The Company is currently assessing the impact of the disclosure requirements on our consolidated financial statements.
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280) — Improvements to Reportable Segment Disclosures. This ASU improves reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses. This ASU is effective for fiscal years beginning after December 15, 2023, and interim periods beginning after December 15, 2024. Early adoption is permitted. A public entity should apply the amendments in this ASU retrospectively to all prior periods presented in the financial statements. The Company is currently assessing the impact of the disclosure requirements on its consolidated financial statements.
In October 2023, the FASB issued ASU 2023-06, Disclosure Improvements: Codification Amendments in Response to the Securities and Exchange Commission's (“SEC”) Disclosure Update and Simplification Initiative. The amendments in this update represent changes to clarify or improve disclosure and presentation requirements of a variety of Topics in the ASC. The amendments should be applied on a prospective basis and allow users to more easily compare entities subject to SEC's existing disclosure with those entities that were not previously subject to the SEC's requirements. The effective date for each amendment will be the date on which the SEC’s removal of that related disclosure requirement from Regulation S-X or Regulation S-K becomes effective, with early adoption prohibited. The Company is currently accessing the impact on our consolidated financial statements.
Reclassifications Reclassifications
As of December 31, 2022, $17.2 million of current portion lease liabilities were reclassified to non-current leases liabilities, and $7.8 million of short-term borrowings of financing liabilities were reclassified to long-term notes and loans payable as disclosed on the Consolidated Balance Sheets and the notes hereto. Certain amounts from unaudited prior interim periods have also been reclassified to conform with the report classifications of the current period. The current portion of lease liabilities were reduced by $17.4 million, $17.1 million and $15.9 million, as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively. Non-current lease liabilities were increased by the same amounts for each respective period. Short-term borrowings were reduced by $7.5 million, $7.2 million and $6.8 million as of March 31, 2023, June 30, 2023, and September 30, 2023, respectively. Long-term notes and loans payable were increased by the same amounts for each respective period. The reclassifications had no effect on previously reported total current assets, total liabilities, total shareholders' equity, retained earnings, Consolidated Statements of Operations or Consolidated Statements of Cash Flows.
Separately presented, as of December 31, 2022, the Company broke out Additional paid-in-capital balances previously included in Share Capital on the Consolidated Balance Sheets and Consolidated Statements of Changes in Shareholders' Equity. The reclassifications had no effect on total liabilities and shareholders' equity.
v3.24.0.1
Summary of Significant Accounting Policies (Tables)
 12 Months Ended
Dec. 31, 2023
Significant Accounting Policies [Abstract]  
Summary of Significant Investments in Subsidiaries The following are Cresco Labs’ wholly-owned or controlled entities as of December 31, 2023:
EntityLocationPurposePercentage
Held
Cresco Labs Inc.British Columbia, CanadaParent Company
Cali-Antifragile Corp.CaliforniaHolding Company100%
River Distributing Co., LLCCaliforniaHolding Company100%
Sonoma's Finest fka FloraCalCaliforniaCultivation100%
Cub City, LLCCaliforniaCultivation100%
CRHC Holdings Corp.Ontario, CanadaHolding Company100%
Cannroy Delaware Inc.DelawareHolding Company100%
High Road Holdings LLCDelawareHolding Company100%
Laurel Harvest Labs, LLCPennsylvaniaCultivation and Dispensary Facility100%
JDRC Mount Joy, LLCIllinoisHolding Company100%
JDRC Scranton, LLCIllinoisHolding Company100%
Bluma Wellness Inc.British Columbia, CanadaHolding Company100%
Cannabis Cures Investments, LLCFloridaHolding Company100%
3 Boys Farm, LLCFloridaCultivation, Production and Dispensary Facility100%
Farm to Fresh Holdings, LLCFloridaHolding Company100%
Cresco U.S. Corp.IllinoisHolding Company100%
MedMar Inc.IllinoisHolding Company100%
MedMar Lakeview, LLCIllinoisDispensary88%
MedMar Rockford, LLCIllinoisDispensary75%
Gloucester Street Capital, LLCNew YorkHolding Company100%
Valley Agriceuticals, LLCNew YorkCultivation, Production and Dispensary Facility100%
Valley Agriceuticals Real Estate New YorkHolding Company100%
JDRC Ellenville, LLCIllinoisHolding Company100%
CMA Holdings, LLCIllinoisHolding Company100%
BL Real Estate, LLCMassachusettsHolding Company100%
BL Pierce, LLCMassachusettsHolding Company100%
BL Uxbridge, LLCMassachusettsHolding Company100%
BL Main, LLCMassachusettsHolding Company100%
BL Burncoat, LLCMassachusettsHolding Company100%
BL Framingham, LLCMassachusettsHolding Company100%
BL Worcester, LLCMassachusettsHolding Company100%
Cultivate Licensing LLCMassachusettsHolding Company100%
Cultivate Worcester, Inc.MassachusettsDispensary100%
Cultivate Leicester, Inc.MassachusettsCultivation, Production and Dispensary Facility100%
Cultivate Framingham, Inc.MassachusettsDispensary100%
Cultivate Cultivation, LLCMassachusettsCultivation and Production Entity100%
GoodNews Holdings, LLCIllinoisLicensing Company100%
Wonder Holdings, LLCIllinoisLicensing Company100%
JDRC Seed, LLCIllinoisEducational Company100%
CP Pennsylvania Holdings, LLCIllinoisHolding Company100%
Bay, LLCPennsylvaniaDispensary100%
Bay Asset Management, LLCPennsylvaniaHolding Company100%
Ridgeback, LLCColoradoHolding Company100%
Encanto Green Cross Dispensary, LLCArizonaHolding Company100%
Cresco Labs Texas, LLCTexasHolding Company100%
Cresco Labs, LLCIllinoisOperating Entity62%
Cresco Labs Ohio, LLCOhioCultivation, Production and Dispensary Facility99%
EntityLocationPurposePercentage
Held
Cresco Labs Notes Issuer, LLCIllinoisHolding Company
Wellbeings, LLCDelawareCBD Wellness Product Development100%
Cresco Labs SLO, LLCCaliforniaHolding Company100%
SLO Cultivation Inc.CaliforniaHolding Company80%
Cresco Labs Joliet, LLCIllinoisCultivation and Production Facility100%
Cresco Labs Kankakee, LLCIllinoisCultivation and Production Facility100%
Cresco Labs Logan, LLCIllinoisCultivation and Production Facility100%
Cresco Labs PA, LLCIllinoisHolding Company100%
Cresco Yeltrah, LLCPennsylvaniaCultivation, Production and Dispensary Facility100%
Strip District Education CenterPennsylvaniaHolding Company100%
AFS Maryland, LLCMarylandHolding Company100%
JDC Newark, LLCOhioHolding Company100%
Verdant Creations Newark, LLCOhioDispensary100%
Strategic Property Concepts, LLCOhioHolding Company100%
JDC Marion, LLCOhioHolding Company100%
Verdant Creations Marion, LLCOhioDispensary100%
Strategic Property Concepts 4, LLCOhioHolding Company100%
JDC Chillicothe, LLCOhioHolding Company100%
Verdant Creations Chillicothe, LLCOhioDispensary100%
Strategic Property Concepts 5, LLCOhioHolding Company100%
JDC Columbus, LLCOhioHolding Company100%
Care Med Associates, LLCOhioDispensary100%
Arizona Facilities Supply, LLCArizonaHolding Company100%
Cresco Labs TINAD, LLCIllinoisHolding Company100%
TINAD, LLCIllinoisHolding Company100%
PDI Medical III, LLCIllinoisDispensary100%
Cresco Labs Phoenix Farms, LLCIllinoisHolding Company100%
Phoenix Farms Partners, LLCIllinoisHolding Company100%
Phoenix Farms of Illinois Asset Management, LLCIllinoisHolding Company100%
Phoenix Farms of Illinois, LLCIllinoisDispensary100%
JDC Elmwood, LLCIllinoisHolding Company100%
FloraMedex, LLCIllinoisDispensary100%
Cresco Edibles, LLCIllinoisHolding Company100%
TSC Cresco, LLCIllinoisLicensing75%
Cresco HHH, LLCMassachusettsCultivation, Production and Dispensary Facility100%
Cresco Labs Nevada, LLCNevadaHolding Company100%
Cresco Labs Michigan Management, LLCMichiganHolding Company100%
Cresco Labs Missouri Management, LLCMissouriHolding Company100%
JDRC Acquisitions, LLCIllinoisHolding Company100%
JDRC 7841 Grand LLCIllinoisHolding Company100%
JDRC Lincoln, LLCIllinoisHolding Company100%
JDRC Danville, LLCIllinoisHolding Company100%
JDRC Kankakee, LLCIllinoisHolding Company100%
JDRC Brookville, LLCIllinoisHolding Company100%
Cresco Labs Michigan, LLC (a)MichiganCultivation and Production Facility85%
(a) Legally, Cresco Labs Michigan, LLC is 85% owned by related parties of the Company.
Summary of Property and Equipment
CategoryEstimated
Useful Life
Leasehold Improvements 
1 - 15 years
Machinery and Equipment 
5 - 15 years
Furniture and Fixtures 
3 - 7 years
Vehicles 
5 years
Website and Software 
3 years
Computer Equipment 
3 - 5 years
Buildings and Building Improvements 
5 - 39 years
Property and equipment consisted of the following:
($ in thousands)December 31, 2023December 31, 2022
Land and Buildings$207,194 $176,594 
Machinery and Equipment41,928 39,928 
Furniture and Fixtures37,912 28,724 
Leasehold Improvements173,614 142,880 
Website, Computer Equipment and Software11,124 10,232 
Vehicles2,892 3,552 
Construction In Progress14,483 55,507 
Total property and equipment, gross489,147 457,417 
Less: Accumulated depreciation(120,839)(77,695)
Total property and equipment, net$368,308 $379,722 
Summary of Intangible Assets Intangible assets are amortized over the following terms:
CategoryEstimated
Useful Life
Customer Relationships
7 - 8 years
Non-Compete Agreements
2 - 5 years
Trade Names
10 years
Permit Application Fees
1 - 2 years
Intangible assets consisted of the following as of:
December 31, 2023
($ in thousands)Gross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets
Customer Relationships$31,000 $(11,623)$19,377 
Trade Names2,100 (1,680)420 
Permit Application Costs17,351 (15,980)1,371 
Other Intangibles(a)
6,013 (5,886)127 
Indefinite-Lived Intangible Assets
Licenses275,671 — 275,671 
Total Intangible Assets$332,135 $(35,169)$296,966 
(a) Other Intangibles includes non-compete agreements, non-solicitation agreements and related amortization.

December 31, 2022
($ in thousands)Gross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets
Customer Relationships$31,879 $(8,127)$23,752 
Trade Names2,100 (1,610)490 
Permit Application Costs15,027 (13,897)1,130 
Other Intangibles(a)
6,284 (5,573)711 
Indefinite-Lived Intangible Assets
Licenses381,507 — 381,507 
Total Intangible Assets$436,797 $(29,207)$407,590 
(a) Other Intangibles includes non-compete agreements, non-solicitation agreements and related amortization.
The following table reflects the amortization expense related to intangible assets for the years ended December 31, 2023 and 2022:

($ in thousands)20232022
Amortization expense included in selling, general and administrative expense$3,699 $6,915 
Amortization expense included in cost of goods sold and ending inventory3,347 3,444 
Total amortization expense$7,046 $10,359 
v3.24.0.1
Inventory (Tables)
 12 Months Ended
Dec. 31, 2023
Inventory [Abstract]  
Summary of Inventory
Inventory as of December 31, 2023 and 2022, consisted of the following:
December 31,December 31,
($ in thousands)20232022
Raw materials$12,649 $36,233 
Raw materials - non-cannabis17,937 26,709 
Work-in-process51,538 41,164 
Finished goods25,665 30,502 
Total Inventory$107,789 $134,608 
v3.24.0.1
Property And Equipment (Tables)
 12 Months Ended
Dec. 31, 2023
Property, plant and equipment [abstract]  
Summary of Property and Equipment
CategoryEstimated
Useful Life
Leasehold Improvements 
1 - 15 years
Machinery and Equipment 
5 - 15 years
Furniture and Fixtures 
3 - 7 years
Vehicles 
5 years
Website and Software 
3 years
Computer Equipment 
3 - 5 years
Buildings and Building Improvements 
5 - 39 years
Property and equipment consisted of the following:
($ in thousands)December 31, 2023December 31, 2022
Land and Buildings$207,194 $176,594 
Machinery and Equipment41,928 39,928 
Furniture and Fixtures37,912 28,724 
Leasehold Improvements173,614 142,880 
Website, Computer Equipment and Software11,124 10,232 
Vehicles2,892 3,552 
Construction In Progress14,483 55,507 
Total property and equipment, gross489,147 457,417 
Less: Accumulated depreciation(120,839)(77,695)
Total property and equipment, net$368,308 $379,722 
Depreciation Expense Related To Property And Equipment
The following table reflects depreciation expense related to property and equipment:

($ in thousands)December 31, 2023December 31, 2022
Depreciation expense included in selling, general and administrative expense$18,475 $11,255 
Depreciation expense included in cost of goods sold and ending inventory35,716 29,847 
Total depreciation expense$54,191 $41,102 
v3.24.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2023
Lease liabilities [abstract]  
Summary of Lease Balances
The following table reflects the Company’s lease balances within the Consolidated Balance Sheets:

($ in thousands)December 31, 2023December 31, 2022
ROU assets$117,882 $128,264 
Current portion of lease liabilities(a)
9,416 8,959 
Non-current lease liabilities(a)
163,811 173,345 
(a) December 31, 2022 balances have been reclassified to reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.
Summary of Lease Expense
The following tables reflects the components of lease expense included in the Consolidated Statements of Operations:

($ in thousands)December 31, 2023December 31, 2022
Lease depreciation expense included in selling, general and administrative expense$2,364 $2,466 
Lease depreciation expense included in cost of goods sold and ending inventory50 289 
Total finance lease depreciation expense$2,414 $2,755 
Rent expense included in selling, general and administrative expense$12,523 $9,919 
Rent expense included in cost of goods sold15,492 12,808 
Total rent expense - operating leases$28,015 $22,727 
Short-term rent expense included in selling, general and administrative expense$465 $627 
Interest expense - leases$3,513 $3,952 
Summary of Maturities of Lease Liabilities As of December 31, 2023, maturities of lease liabilities were as follows:
($ in thousands)TotalOperating LeasesFinance
Leases
2024$33,299 $28,417 $4,882 
202533,973 28,953 5,020 
202634,365 29,219 5,146 
202734,606 29,373 5,233 
202834,477 29,353 5,124 
Thereafter179,586 161,249 18,337 
Total lease payments$350,306 $306,564 $43,742 
Less: imputed interest(173,769)(154,594)(19,175)
Less: tenant improvement allowance(3,310)(2,865)(445)
Present value of lease liabilities173,227 149,105 24,122 
Less: current lease liabilities(9,416)(7,677)(1,739)
Present value of long-term lease liabilities$163,811 $141,428 $22,383 
Summary of Maturities of Financial Liabilities
As of December 31, 2023, maturities of financing liabilities were as follows:
($ in thousands)Financing Liabilities
2024$13,534 
202513,873 
202614,221 
202714,578 
202814,944 
Thereafter96,893 
Total financing payments$168,043 
Less: interest(72,432)
Less: tenant improvement allowance(94)
Present value of financing liabilities$95,517 
Less: short-term financing liabilities(2,004)
Present value of long-term financing liabilities$93,513 
Summary of Other Information Related To Leases
Other information related to leases as of and for the years ended December 31, 2023 and 2022 was as follows:                     
2023
2022
($ in thousands)Operating LeasesFinance LeasesOperating LeasesFinance Leases
Right-of-use assets$100,249$17,633$106,127$22,137
Lease liabilities (current)1
$7,677$1,739$7,274$1,685
Lease liabilities (non-current)1
$141,428$22,383$145,445$27,900
 
Weighted- average remaining lease term2
11.09.611.910.4
Weighted-average discount rate15.0 %14.0 %14.5 %13.6 %
1 December 31, 2022 balances have been updated to reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.
2 Weighted-average remaining lease term does not include extensions which the Company is not reasonably certain to enter into.
Summary of Lease Cost
Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2023 and 2022 are as follows:
($ in thousands)2023
2022
Interest paid on finance leases$3,470 $3,877 
v3.24.0.1
Investments (Tables)
 12 Months Ended
Dec. 31, 2023
Investment property [abstract]  
Summary of Investments at Fair Value
The following is a summary of the investments held at fair value as of December 31, 2023 and December 31, 2022:

December 31,December 31,
($ in thousands)20232022
420 Capital$68 $68 
Lighthouse81 339 
Two Roots Brewing Co.— 93 
Old Pal532 592 
IMC49 136 
Total Investments$730 $1,228 
v3.24.0.1
Intangible Assets and Goodwill (Tables)
 12 Months Ended
Dec. 31, 2023
Intangible assets and goodwill [abstract]  
Summary of Intangible Assets Intangible assets are amortized over the following terms:
CategoryEstimated
Useful Life
Customer Relationships
7 - 8 years
Non-Compete Agreements
2 - 5 years
Trade Names
10 years
Permit Application Fees
1 - 2 years
Intangible assets consisted of the following as of:
December 31, 2023
($ in thousands)Gross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets
Customer Relationships$31,000 $(11,623)$19,377 
Trade Names2,100 (1,680)420 
Permit Application Costs17,351 (15,980)1,371 
Other Intangibles(a)
6,013 (5,886)127 
Indefinite-Lived Intangible Assets
Licenses275,671 — 275,671 
Total Intangible Assets$332,135 $(35,169)$296,966 
(a) Other Intangibles includes non-compete agreements, non-solicitation agreements and related amortization.

December 31, 2022
($ in thousands)Gross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets
Customer Relationships$31,879 $(8,127)$23,752 
Trade Names2,100 (1,610)490 
Permit Application Costs15,027 (13,897)1,130 
Other Intangibles(a)
6,284 (5,573)711 
Indefinite-Lived Intangible Assets
Licenses381,507 — 381,507 
Total Intangible Assets$436,797 $(29,207)$407,590 
(a) Other Intangibles includes non-compete agreements, non-solicitation agreements and related amortization.
The following table reflects the amortization expense related to intangible assets for the years ended December 31, 2023 and 2022:

($ in thousands)20232022
Amortization expense included in selling, general and administrative expense$3,699 $6,915 
Amortization expense included in cost of goods sold and ending inventory3,347 3,444 
Total amortization expense$7,046 $10,359 
Estimated amortization expense of intangible assets
The following table outlines the estimated amortization expense related to intangible assets as of December 31, 2023:

($ in thousands)Estimated Amortization
2024$5,339 
20254,173 
20263,877 
20273,272 
20282,962 
Thereafter1,672 
Total estimated amortization$21,295 
Changes In Carrying Amount Of Goodwill
The changes in carrying amount of goodwill are as follows:
($ in thousands)Total
Balance at January 1, 2022$446,767 
Impairment(117,024)
Measurement period adjustments812 
Balance at December 31, 2022330,555 
Impairment(50,858)
Balance at December 31, 2023$279,697 
v3.24.0.1
Share Capital (Tables)
 12 Months Ended
Dec. 31, 2023
Share Capital [Abstract]  
Summary of Issued And Outstanding Shares
As of December 31, 2023 and 2022, issued and outstanding shares and units consisted of the following:
(shares in thousands)Redeemable
 Units		SVS*PVS**MVSSSVS***
Beginning balance, January 1, 2022
109,441269,97120,6675001
Options and warrants exercised—1,279———
RSUs issued—337———
Issuance of shares related to acquisitions—5,339———
Cresco LLC redemptions(3,335)3,335———
PVS converted to SVS—585(585)——
Issuances related to employee taxes on certain share-based payment arrangements—148———
Share issuances—————
Ending balance, December 31, 2022106,106280,99420,0825001
RSUs issued—1,727——
Issuance of shares related to settlement of acquisition contingent consideration—27,091———
Cresco LLC redemptions(9,407)9,407———
PVS converted to SVS—1,132(1,132)——
Issuances related to employee taxes on certain share-based payment arrangements—406———
Share issuances————1
Ending balance, December 31, 2023
96,699320,75718,9505002
*SVS includes shares pending issuance or cancellation
**PVS presented on an “as-converted” basis to SVS (1-to-200)
***SSVS presented on an “as-converted” basis to SVS (1-to-0.00001)
Summary of Company Issued Shares In Conjunction With Acquisitions
During the years ended December 31, 2023 and 2022, the Company issued shares in conjunction with certain acquisitions* as follows:
(in thousands)Acquisition dateSVS shares issuedEquity-based consideration
Year Ended December 31, 2023
Laurel Harvest - Contingent ConsiderationDecember 09, 202127,091 $47,238 
Year Ended December 31, 2022
Cultivate - Contingent ConsiderationSeptember 02, 20215,340 $34,708 
*Laurel Harvest, LLC (“Laurel Harvest”) and Cultivate Licensing, LLC (“Cultivate”)
Summary Of Warrants Outstanding A summary of the status of the warrants outstanding is as follows:
($ in thousands)Number of warrants*Weighted average exercise price
Balance as of January 1, 2022
9,842$9.63 
Exercised(12)4.24 
Forfeited(9,830)9.54 
Balance as of December 31, 2022
—$— 
*PVS presented on an “as-converted” basis to SVS (1-to-200)
Summary of Noncontrolling Interest And Intercompany Eliminations
As of and for the year ended December 31, 2023, non-controlling interest included the following amounts:
($ in thousands)TSC Cresco, LLCMedMar 
Inc. (Lakeview)		MedMar 
Inc. (Rockford)		Cresco 
Labs 
Ohio, LLC		SLO Cultivation
Inc.
Cresco Labs Michigan, LLC4
Cresco Labs, LLC1,3
Non-current assets$2,943$28,678$22,594$14,703$1,045$30,508$255,947
Current assets(8,159)84,571132,1986,54411,50215,300(157,691)
Non-current liabilities—(10,787)(3,551)(13,674)—(26,015)(562,580)
Current liabilities45,054(47,928)(57,388)(8,213)(49,954)(49,812)329,160
Net assets$39,838$54,534$93,853$(640)$(37,407)$(30,019)$(135,164)
Net assets attributable to NCI$2,401$4,150$10,368$(156)$(12,824)$(258)$(81,306)
Revenue$1,664$11,701$18,657$2,567$—$6,271$92,266
Gross profit8637,62312,323(473)(335)1,50348,207
Net income (loss)
$188$4,768$10,060$(2,450)$(246)$43$(1,794)
Net income (loss) allocated to NCI
$47$591$2,515$(29)$(49)$6$(879)
NCI percentage at December 31, 2023
25.0 %
1
12.4 %
2
25.0 %
2
1.2 %
1
20.0 %
1
15.0 %
1
38.3 %
1 The NCI percentage reflects the NCI that exists at Cresco Labs, LLC. There is a further 38.3% NCI related to NCI for Cresco Labs Inc.
2 The NCI percentage reflects the NCI that exists at Cresco Labs Inc.
3 Includes the effect of LLC unit redemptions and other adjustments.
4 As of June 30, 2023, Cresco Labs Michigan, LLC net assets grew to a balance that exceeded the life-to-date capital contributions made by Cresco Labs Inc. As a result, the Company began recording NCI related to Cresco Labs Michigan, LLC.

As of and for the year ended December 31, 2022, non-controlling interest included the following amounts:
($ in thousands)TSC Cresco, LLCMedMar 
Inc. (Lakeview)		MedMar 
Inc. (Rockford)		Cresco 
Labs 
Ohio, LLC		SLO Cultivation Inc.
Cresco Labs, LLC1,3
Non-current assets$4,788$31,151$22,700$16,736$5,376$286,360
Current assets(6,875)34,706114,8438,14413,097802,774
Non-current liabilities—(10,889)(3,850)(12,515)(2,728)(538,816)
Current liabilities26,600(13,438)(41,111)(5,768)(50,722)(594,052)
Net assets$24,513$41,530$92,582$6,597$(34,977)$(43,734)
Net assets attributable to NCI$4,190$3,979$7,468$(32)$(12,434)$(42,527)
Revenue$10,582$53,259$88,645$8,650$(24)$469,505
Gross profit12,50035,48562,5031,338(10,769)248,472
Net income (loss)$19,290$13,322$43,500$(4,933)$(16,458)$(38,863)
Net income (loss) allocated to NCI$4,822$1,652$10,875$(49)$(3,292)$(16,323)
NCI percentage at
December 31, 2022		25.0 %
1
12.4 %
2
25.0 %
2
1.2 %
1
20.0 %
1
42.0 %
1 The NCI percentage reflects the NCI that exists at Cresco Labs, LLC. There is a further 42.0% NCI related to NCI for Cresco Labs Inc.
2 The NCI percentage reflects the NCI that exists at Cresco Labs Inc.
3 Includes the effect of LLC unit redemptions and other adjustments.
The effects of changes in the Company's ownership interests in less than 100% owned subsidiaries during the years ended December 31, 2023 and 2022 were as follows:
($ in thousands)20232022
Net loss attributable to Cresco Labs Inc.$(175,522)$(212,047)
Changes in Cresco Labs Inc. equity due to redemptions of Cresco Labs, LLC shares:
Share Capital16,027 17,438 
Accumulated Deficit(21,815)(17,169)
Total change from net loss attributable to Cresco Labs Inc. and change in ownership interest in Cresco Labs, LLC.
$(181,310)$(211,778)
v3.24.0.1
Share-Based Compensation (Tables)
 12 Months Ended
Dec. 31, 2023
Share-Based Payment Arrangements [Abstract]  
Summary of the status of the stock options outstanding
A summary of the status of the stock options outstanding consisted of the following:
(Options and intrinsic value in thousands)Number of stock options outstandingWeighted-average exercise priceWeighted average remaining contractual life (years)Aggregate intrinsic value
Outstanding – January 1, 202325,528 $5.00 7.54$921 
Granted3,478 1.72 
Exercised— — 
Forfeited(4,903)5.43 
Outstanding - December 31, 2023
24,103 $4.45 6.60$328 
Exercisable - December 31, 2023
15,989 $4.27 5.75$328 
Summary of weighted average grant date fair value and intrinsic value of options exercised
The following table summarizes the weighted average grant date fair value and total intrinsic value of options exercised for the years ended December 31, 2023 and 2022:
(Per share)20232022
Weighted average grant date fair value of stock option units granted$1.21 $2.59 
Intrinsic value of stock option units exercised, using market price at exercise date$— $5,106 
Summary of fair value of stock options granted under the plan
The fair value of stock options granted under the Plan during the years ended December 31, 2023 and 2022, was determined using the Black-Scholes option-pricing model with the following range of assumptions at the time of the grant:
20232022
Risk-free annual interest rate
3.7% to 4.0%
1.4% to 3.0%
Expected annual dividend yield0%
0%
Expected stock price volatility
77.0% to 82.8%
74.9% to 80.4%
Expected life of stock options
5.0 to 7.0 years
5.5 to 7.0 years
Forfeiture rate
7.2% to 34.0%
7.2% to 28.0%
Fair value at grant date
$0.94 to $1.52
$1.23 to $4.90
Stock price at grant date
$1.35 to $2.01
$1.81 to $6.91
Exercise price range
$1.35 to $2.01
$1.81 to $6.91
Summary of outstanding restricted stock units
A summary of outstanding RSUs is provided below:
(Shares in thousands)Number of RSUs outstandingWeighted-average fair value
Outstanding – January 1, 20234,258 $5.71 
Granted6,3471.77 
Vested and settled(1,769)1.91 
Forfeited(1,974)3.20 
Outstanding - December 31, 2023
6,862 $2.91 
Summary of total fair value of restricted stock units vested
The following table summarizes the total fair value of RSUs vested for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Total fair value of RSUs vested, using market price at vest date$3,373 $2,396 
Summary of expense from share-based payment transactions with employees
The following table sets forth the classification of share-based compensation expense related to options awards for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Cost of goods sold$1,059 $1,984 
Selling, general and administrative expense6,025 11,749 
Total share-based compensation expense for option awards
$7,084 $13,733 
The following table sets forth the classification of share-based compensation expense related to RSU awards for years ended December 31, 2023 and 2022:

($ in thousands)20232022
Cost of goods sold$1,352 $2,097 
Selling, general and administrative expense6,899 7,914 
Total share-based compensation expense for RSU awards
$8,251 $10,011 
v3.24.0.1
Loss Per Share (Tables)
 12 Months Ended
Dec. 31, 2023
Earnings per share [abstract]  
Earnings per share
The following is a reconciliation for the calculation of basic and diluted loss per share:
December 31, 2023December 31, 2022
($ in thousands, except shares and per share amounts)
Numerator:
Net loss$(179,852)$(215,843)
Less: Net income attributable to non-controlling interests, net of tax(4,330)(3,796)
Net loss attributable to Cresco Labs Inc.$(175,522)$(212,047)
Denominator:
Weighted-average basic and diluted shares outstanding323,819,766298,161,665
Loss per Share:
Basic and diluted loss per share$(0.54)$(0.71)
Antidilutive securities Potentially dilutive shares as of December 31, 2023 and 2022, consisted of the following:    
Year Ended
December 31,
(shares in thousands)20232022
Redeemable Units96,699 107,443 
Options24,103 25,528 
RSUs6,862 4,182 
Total potentially dilutive shares127,664 137,153 
v3.24.0.1
Acquisitions And Dispositions (Tables)
 12 Months Ended
Dec. 31, 2023
Business Combinations And Discontinued Operations [Abstract]  
Summary of deferred consideration and contingent consideration classified as short term
The following is a summary of Deferred consideration, short-term balances as of December 31, 2023 and December 31, 2022:
($ in thousands)December 31, 2023December 31, 2022
Laurel Harvest deferred consideration, short-term$— $47,821 
Total Deferred consideration, short-term$— $47,821 
Summary of long-term deferred consideration
The following is a summary of Deferred consideration, long-term as of December 31, 2023 and December 31, 2022:
($ in thousands)December 31, 2023December 31, 2022
Valley Agriceuticals, LLC (“Valley Ag”) operating cash flows deferred consideration
$6,577 $7,770 
Total Deferred consideration, long-term$6,577 $7,770 
v3.24.0.1
Long-term Notes and Loans Payable, Net - (Tables)
 12 Months Ended
Dec. 31, 2023
Borrowings [abstract]  
Summary of Loans Payable Balances is Follows
The following table represents the Company’s Long-term notes and loans payable, net balances as of December 31, 2023 and December 31, 2022:
($ in thousands)20232022
Senior Loan$400,000 $400,000 
Mortgage Loans20,160 — 
Short-term borrowings and interest payable9,813 9,500 
Financing liability95,698 96,917 
Total borrowings and interest payable$525,671 $506,417 
Less: Unamortized debt issuance costs(16,141)(18,550)
Less: Short-term borrowings and interest payable(9,813)(9,500)
Less: Current portion of financing liability1
(2,004)(1,476)
Total Long-term notes and loans payable, net$497,713 $476,891 
1 December 31, 2022 balance have been updated to reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.
v3.24.0.1
Revenues and Loyalty Programs (Tables)
 12 Months Ended
Dec. 31, 2023
Revenue [abstract]  
Summary of Disaggregated Revenue by Source
The following table represents the Company’s disaggregated revenue by source, due to the Company’s contracts with its customers, for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Wholesale$306,363 $367,222 
Dispensary464,522 475,459 
Total Revenues$770,885 $842,681 
v3.24.0.1
Other Income , Net (Tables)
 12 Months Ended
Dec. 31, 2023
Other Operating Income (Expense) [Abstract]  
Summary of Other Income (Expense), Net
For the years ended December 31, 2023 and 2022, Other income, net consisted of the following:
($ in thousands)20232022
Unrealized gain on derivative liabilities - warrants$— $1,184 
Realized loss on financial instruments(94)(5,698)
(Loss) gain on provision - loan receivable(314)572 
Unrealized loss on investments held at fair value(406)(4,609)
Gain on disposal of assets762 14,711 
Gain on conversion of investment— 22 
(Loss) gain on foreign currency(303)931 
Gain on lease termination1,263 4,876 
Other income, net832 3,238 
Total Other income, net$1,740 $15,227 
v3.24.0.1
Related Party Transactions (Tables)
 12 Months Ended
Dec. 31, 2023
Related party transactions [abstract]  
Summary of Expense Resulting from the Related Party Transactions
Below is a summary of the expense resulting from the related party lease liabilities for the years ended December 31, 2023 and 2022:
($ in thousands)Classification20232022
Operating Leases
Lessor has minority interest in SLORent expense$— $513 
Lessor has minority interest in MedMarRent expense288 288 
Lessor is an MVS shareholderRent expense1,187 1,187 
Finance Leases
Lessor has minority interest in MedMarDepreciation expense$306 $306 
Lessor has minority interest in MedMarInterest expense246 270 
Lessor is an MVS shareholderDepreciation expense90 81 
Lessor is an MVS shareholderInterest expense69 76 
Summary of ROU Assets and Lease Liabilities Attributable to Related Party Transactions
Additionally, below is a summary of the ROU assets and lease liabilities attributable to related party leases as of December 31, 2023 and 2022:
December 31, 2023
December 31, 2022
($ in thousands)ROU AssetLease LiabilityROU AssetLease Liability
Operating Leases
Lessor has minority interest in MedMar$1,294 $1,345 $1,415 $1,456 
Lessor is an MVS shareholder5,332 5,429 5,849 5,907 
Finance Leases
Lessor has minority interest in MedMar$1,729 $2,210 $2,034 $2,452 
Lessor is an MVS shareholder583 502 596 555 
v3.24.0.1
Financial Instruments And Financial Risk Management (Tables)
 12 Months Ended
Dec. 31, 2023
Financial Instruments [Abstract]  
Financial assets measured at fair value
The following tables summarize the Company’s financial instruments as of December 31, 2023 and December 31, 2022:

December 31, 2023
($ in thousands)Amortized CostLevel 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents$103,429 $— $— $— $103,429 
Restricted cash1
5,091 — — — 5,091 
Security deposits2
4,408 — — — 4,408 
Accounts receivable, net51,070 — — — 51,070 
Loans receivable, short-term1,421 — — — 1,421 
Loans receivable, long-term826 — — — 826 
Investments— 49 81 600 730 
Financial Liabilities:
Accounts payable$27,587 $— $— $— $27,587 
Accrued liabilities69,079 — — — 69,079 
Short-term borrowings11,817 — — — 11,817 
Current portion of lease liabilities9,416 — — — 9,416 
Lease liabilities163,811 — — — 163,811 
Deferred consideration, long-term— — — 6,577 6,577 
Long-term notes and loans payable, net497,713 — — — 497,713 
Other long-term liabilities21,600 — — — 21,600 
1Restricted cash balances include various escrow accounts related to investments, acquisitions and facility licensing requirements.
2Security deposits are included in “Other non-current assets” on the Consolidated Balance Sheets.
December 31, 2022
($ in thousands)Amortized CostLevel 1Level 2Level 3Total
Financial Assets:     
Cash and cash equivalents$119,341 $— $— $— $119,341 
Restricted cash1
2,169 — — — 2,169 
Security deposits2
4,367 — — — 4,367 
Accounts receivable, net56,492 — — — 56,492 
Loans receivable, short-term447 — — — 447 
Loans receivable, long-term823 — — — 823 
Investments— 136 432 660 1,228 
Financial Liabilities:
Accounts payable$28,093 $— $— $— $28,093 
Accrued liabilities65,161 — — — 65,161 
Short-term borrowings3
10,976 — — — 10,976 
Current portion of lease liabilities3
8,959 — — — 8,959 
Deferred consideration and other payables, short-term6 7 — 47,821 47,834 
Lease liabilities3
173,345 — — — 173,345 
Deferred consideration, long-term— — — 7,770 7,770 
Long-term notes and loans payable, net3
476,891 — — — 476,891 
Other long-term liabilities7,000 — — — 7,000 
1Restricted cash balances include various escrow accounts related to investments, acquisitions and facility licensing requirements.
2Security deposits are included in “Other non-current assets” on the Consolidated Balance Sheets.
3Balances reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.

The following table presents a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on inputs for assets or liabilities that are not based on observable market data.
Year Ended December 31, 2023
Level 3 Fair Value Measurements
($ in thousands)InvestmentsDeferred consideration, and other payables, short-termDeferred consideration and contingent, long-term
Balance as of December 31, 2022$660 $47,821 $7,770 
Change in fair value recorded in Interest expense, net— 1,953 — 
Change in fair value recorded in Other income, net(60)— (895)
Payments1
— (50,072)— 
Other2
— 298 (298)
Balance as of December 31, 2023
$600 $— $6,577 
1 See Note 8 and Note 11 for additional details related to payments.
2 Other relates to reclassifications from short-term to long-term due to expecting timing of payment. See Note 11.
Year Ended December 31, 2022
Level 3 Fair Value Measurements
($ in thousands)Loans receivable, short-termInvestmentsDeferred consideration, contingent consideration, and other payables, short-termDerivative liabilities, short-termDeferred consideration and contingent, long-term
Balance as of December 31, 2021
$565 $660 $71,816 $1,172 $17,651 
Change in fair value recorded in Interest expense, net— — 900 — (881)
Change in fair value recorded in Other income, net— — 5,647 (1,172)— 
Payments1
(1,837)— (39,542)— — 
Change in fair value recorded in Selling, general and administrative1,272 — — — — 
Other2
— — 9,000 — (9,000)
Balance as of December 31, 2022
$— $660 $47,821 $— $7,770 
1 $39.5 million payment related to the Cultivate contingent consideration earnout. The $1.8 million payment related to Lighthouse outstanding loan receivable.
2 $9.0 million related to reclassifications from long-term to short-term due to the projected dispensary opening dates.
The following is a summary of Loans receivable, short-term balances and valuation classifications (discussed further below) as of December 31, 2023 and December 31, 2022:
($ in thousands)Valuation
classification		December 31, 2023December 31, 2022
Short-term loans receivable - Kurvana, net of ECLAmortized cost$493 $447 
Short-term loans receivable - 280E, net of ECLAmortized cost928 — 
Total Loans receivable, short-term$1,421 $447 
($ in thousands)Valuation
classification		December 31, 2023December 31, 2022
Long-term loans receivable - Illinois Incubator, net of ECLAmortized cost$826 $823 
Total Loans receivable, long-term$826 $823 
Financial liabilities measured at fair value
The following tables summarize the Company’s financial instruments as of December 31, 2023 and December 31, 2022:

December 31, 2023
($ in thousands)Amortized CostLevel 1Level 2Level 3Total
Financial Assets:
Cash and cash equivalents$103,429 $— $— $— $103,429 
Restricted cash1
5,091 — — — 5,091 
Security deposits2
4,408 — — — 4,408 
Accounts receivable, net51,070 — — — 51,070 
Loans receivable, short-term1,421 — — — 1,421 
Loans receivable, long-term826 — — — 826 
Investments— 49 81 600 730 
Financial Liabilities:
Accounts payable$27,587 $— $— $— $27,587 
Accrued liabilities69,079 — — — 69,079 
Short-term borrowings11,817 — — — 11,817 
Current portion of lease liabilities9,416 — — — 9,416 
Lease liabilities163,811 — — — 163,811 
Deferred consideration, long-term— — — 6,577 6,577 
Long-term notes and loans payable, net497,713 — — — 497,713 
Other long-term liabilities21,600 — — — 21,600 
1Restricted cash balances include various escrow accounts related to investments, acquisitions and facility licensing requirements.
2Security deposits are included in “Other non-current assets” on the Consolidated Balance Sheets.
December 31, 2022
($ in thousands)Amortized CostLevel 1Level 2Level 3Total
Financial Assets:     
Cash and cash equivalents$119,341 $— $— $— $119,341 
Restricted cash1
2,169 — — — 2,169 
Security deposits2
4,367 — — — 4,367 
Accounts receivable, net56,492 — — — 56,492 
Loans receivable, short-term447 — — — 447 
Loans receivable, long-term823 — — — 823 
Investments— 136 432 660 1,228 
Financial Liabilities:
Accounts payable$28,093 $— $— $— $28,093 
Accrued liabilities65,161 — — — 65,161 
Short-term borrowings3
10,976 — — — 10,976 
Current portion of lease liabilities3
8,959 — — — 8,959 
Deferred consideration and other payables, short-term6 7 — 47,821 47,834 
Lease liabilities3
173,345 — — — 173,345 
Deferred consideration, long-term— — — 7,770 7,770 
Long-term notes and loans payable, net3
476,891 — — — 476,891 
Other long-term liabilities7,000 — — — 7,000 
1Restricted cash balances include various escrow accounts related to investments, acquisitions and facility licensing requirements.
2Security deposits are included in “Other non-current assets” on the Consolidated Balance Sheets.
3Balances reflect current year presentation changes. See “Reclassifications” in Note 2 for further discussion.

The following table presents a rollforward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on inputs for assets or liabilities that are not based on observable market data.
Year Ended December 31, 2023
Level 3 Fair Value Measurements
($ in thousands)InvestmentsDeferred consideration, and other payables, short-termDeferred consideration and contingent, long-term
Balance as of December 31, 2022$660 $47,821 $7,770 
Change in fair value recorded in Interest expense, net— 1,953 — 
Change in fair value recorded in Other income, net(60)— (895)
Payments1
— (50,072)— 
Other2
— 298 (298)
Balance as of December 31, 2023
$600 $— $6,577 
1 See Note 8 and Note 11 for additional details related to payments.
2 Other relates to reclassifications from short-term to long-term due to expecting timing of payment. See Note 11.
Year Ended December 31, 2022
Level 3 Fair Value Measurements
($ in thousands)Loans receivable, short-termInvestmentsDeferred consideration, contingent consideration, and other payables, short-termDerivative liabilities, short-termDeferred consideration and contingent, long-term
Balance as of December 31, 2021
$565 $660 $71,816 $1,172 $17,651 
Change in fair value recorded in Interest expense, net— — 900 — (881)
Change in fair value recorded in Other income, net— — 5,647 (1,172)— 
Payments1
(1,837)— (39,542)— — 
Change in fair value recorded in Selling, general and administrative1,272 — — — — 
Other2
— — 9,000 — (9,000)
Balance as of December 31, 2022
$— $660 $47,821 $— $7,770 
1 $39.5 million payment related to the Cultivate contingent consideration earnout. The $1.8 million payment related to Lighthouse outstanding loan receivable.
2 $9.0 million related to reclassifications from long-term to short-term due to the projected dispensary opening dates.
Summary of Aging Accounts Receivables
The Company’s aging of Accounts receivables as of December 31, 2023 and December 31, 2022 was as follows:
($ in thousands)December 31, 2023December 31, 2022
0 to 60 days$41,820 $49,303 
61 to 120 days8,117 6,118 
120 days +9,097 3,698 
Total accounts receivable, gross59,034 59,119 
Allowance for doubtful accounts7,964 2,627 
Total accounts receivable, net$51,070 $56,492 
Summary of Contractual Obligations
In addition to the commitments outlined in Note 16, the Company has the following contractual obligations as of December 31, 2023:
($ in thousands)< 1 Year1 to 3 Years3 to 5 Years> 5 YearsTotal
Accounts payable & Accrued liabilities$95,817 $— $— $— $95,817 
Operating leases liabilities28,417 58,172 58,726 161,249 306,564 
Finance lease liabilities4,882 10,166 10,357 18,337 43,742 
Deferred consideration, long-term— 6,577 — — 6,577 
Long-term notes and loans payable and Short-term borrowings23,347 428,276 29,522 122,112 603,257 
Tax receivable agreement liability1,065 2,587 3,199 7,713 14,564 
Other long-term liabilities— 7,886 — — 7,886 
Total obligations as of December 31, 2023
$153,528 $513,664 $101,804 $309,411 $1,078,407 
v3.24.0.1
Variable Interest Entities (Tables)
 12 Months Ended
Dec. 31, 2023
Variable Interest Entities [Abstract]  
Summary of Assets Liabilities and Networth of Variable Interest Entities
The following table presents the summarized financial information about the Company’s consolidated variable interest entities (“VIEs”) before eliminations, which are included in the Consolidated Balance Sheets as of December 31, 2023 and December 31, 2022. All of these entities were determined to be VIEs as the Company possesses the power to direct activities through written agreements and is subject to the risks and rewards as a primary beneficiary:
December 31, 2023December 31, 2022
($ in thousands)Cresco Labs Michigan, LLCCresco Labs Michigan, LLC
Current assets$15,485 $17,506 
Non-current assets75,622 63,212 
Current liabilities(1,476)(3,158)
Non-current liabilities(124,793)(108,113)
Non-controlling interests258 — 
Deficit attributable to Cresco Labs Inc.34,904 30,553 
Summary of Income Expenses and Net Income Loss of Variable Interest Entities
The following table presents the summarized financial information about the Company’s consolidated VIEs before eliminations, which are included in the Consolidated Statements of Operations for the years ended December 31, 2023 and 2022:
($ in thousands)Cresco Labs Michigan, LLCCresco Labs Michigan, LLC
Revenue$25,046 $12,659 
Net loss attributable to non-controlling interests(258)— 
Net loss attributable to Cresco Labs Inc.(4,445)(8,617)
Net loss(4,703)(8,617)
v3.24.0.1
Interest Expense, Net (Tables)
 12 Months Ended
Dec. 31, 2023
Interest Income (Expense) [Abstract]  
Summary of Interest expense, net
Interest expense, net consisted of the following for the years ended December 31, 2023 and 2022:
($ in thousands)20232022
Interest expense – notes and loans payable(43,575)(38,528)
Interest expense – financing activities(11,739)(11,887)
Accretion of debt discount and amortization of deferred financing fees(4,416)(3,951)
Interest expense – leases$(3,513)$(3,952)
Interest income2,148 679 
Other interest income (expense)1
276 (198)
Total Interest expense, net$(60,819)$(57,837)
1During the year ended December 31, 2023, the Company recorded $1.2 million of reductions in interest expense related to Valley Ag operating cash flows deferred consideration. See Note 11 for additional information.
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes (Tables)
 12 Months Ended
Dec. 31, 2023
Income Taxes [Abstract]  
Summary of provision for income taxes
Provision for income taxes consists of the following for the years ended December 31, 2023 and 2022:

($ in thousands)20232022
Current
Federal$55,679 $69,240 
State15,858 24,341 
Foreign— — 
Total current$71,537 $93,581 
Deferred
Federal$(23,771)$(8,332)
State(18,215)(9,858)
Foreign28,749 1,190 
Total deferred$(13,237)$(17,000)
Change in valuation allowance$(25,350)$12,357 
Total$32,950 $88,938 
Summary of components of deferred tax assets and liabilities
As of December 31, 2023 and 2022, the components of deferred tax assets and liabilities were as follows:
($ in thousands)20232022
Deferred tax assets
Share-based compensation$3,961 $1,381 
Financing fees453 1,291 
Net operating losses40,580 43,629 
Inventory97 346 
Lease liabilities41,088 28,362 
Tax receivable agreement15,379 315 
Other629 386 
Total deferred tax assets$102,187 $75,711 
Deferred tax liabilities
ROU assets$(13,689)$(9,560)
Property, plant and equipment(11,669)(12,393)
Intangible assets(64,052)(84,099)
Other(23,596)(1,329)
Total deferred tax liabilities$(113,006)$(107,381)
Valuation allowance$(18,091)$(43,442)
Net deferred tax liabilities$(28,910)$(75,112)
Summary of reconciliation between the effective tax rate
The reconciliation between the effective tax rate on income from continuing operations and the statutory tax rate is as follows:
($ in thousands)20232022
Expected income tax expense at statutory tax rate$(30,711)$(26,650)
Tax rate differences(69)(2,296)
Pass through and non-controlling entities(4,881)(2,183)
State tax expense, net(4,898)17,209
IRC Section 280E disallowance47,04350,521
Uncertain tax treatment (including penalties and interest)7,31112,901
Share-based compensation2,0862,261
Goodwill impairment10,44825,334
Tax penalties and interest5,5524,155
Change in valuation allowance(25,350)12,357
Change in state tax rates10,317(471)
Change in state filing methods(3,940)—
Canadian reorganization basis change28,730—
Tax receivable agreement(2,919)(395)
Adjustments to prior year provisions(7,003)(5,136)
Other1,2351,332
Income tax expense$32,950$88,938
Effective tax rate(22.4 %)(70.1 %)
Summary of Reconciliation of Unrecognized Tax Benefits
A reconciliation of the beginning and ending amount of unrecognized tax benefits is as follows:
($ in thousands)20232022
Balance at January 1$12,746 $— 
Additions based on tax positions related to the current year6,054 7,380 
Additions for tax positions of prior years— 5,366 
Balance at the end of the year$18,800 $12,746 
v3.24.0.1
Nature of Operations - Additional Information (Detail)
 12 Months Ended
Dec. 31, 2023
Nature Of Operations [Abstract]  
Date of incorporation Jul. 06, 1990
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Significant Investments in Subsidiaries (Detail)
 12 Months Ended
Dec. 31, 2023
Cali-Antifragile Corp.  
Disclosure of subsidiaries [line items]  
Location California
Purpose Holding Company
Percentage Held 100.00%
River Distributing Co., LLC  
Disclosure of subsidiaries [line items]  
Location California
Purpose Holding Company
Percentage Held 100.00%
Sonoma's Finest fka FloraCal  
Disclosure of subsidiaries [line items]  
Location California
Purpose Cultivation
Percentage Held 100.00%
Cub City, LLC  
Disclosure of subsidiaries [line items]  
Location California
Purpose Cultivation
Percentage Held 100.00%
CRHC Holdings Corp.  
Disclosure of subsidiaries [line items]  
Location Ontario, Canada
Purpose Holding Company
Percentage Held 100.00%
Cannroy Delaware Inc.  
Disclosure of subsidiaries [line items]  
Location Delaware
Purpose Holding Company
Percentage Held 100.00%
High Road Holdings LLC  
Disclosure of subsidiaries [line items]  
Location Delaware
Purpose Holding Company
Percentage Held 100.00%
Laurel Harvest Labs, LLC  
Disclosure of subsidiaries [line items]  
Location Pennsylvania
Purpose Cultivation and Dispensary Facility
Percentage Held 100.00%
JDRC Mount Joy, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
JDRC Scranton, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Bluma Wellness Inc.  
Disclosure of subsidiaries [line items]  
Location British Columbia, Canada
Purpose Holding Company
Percentage Held 100.00%
Cannabis Cures Investments, LLC  
Disclosure of subsidiaries [line items]  
Location Florida
Purpose Holding Company
Percentage Held 100.00%
3 Boys Farm, LLC  
Disclosure of subsidiaries [line items]  
Location Florida
Purpose Cultivation, Production and Dispensary Facility
Percentage Held 100.00%
Farm to Fresh Holdings, LLC  
Disclosure of subsidiaries [line items]  
Location Florida
Purpose Holding Company
Percentage Held 100.00%
Cresco U.S. Corp.  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
MedMar Inc.  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
MedMar Lakeview, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Dispensary
Percentage Held 88.00%
MedMar Rockford, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Dispensary
Percentage Held 75.00%
Gloucester Street Capital, LLC  
Disclosure of subsidiaries [line items]  
Location New York
Purpose Holding Company
Percentage Held 100.00%
Valley Agriceuticals, LLC  
Disclosure of subsidiaries [line items]  
Location New York
Purpose Cultivation, Production and Dispensary Facility
Percentage Held 100.00%
Valley Agriceuticals Real Estate  
Disclosure of subsidiaries [line items]  
Location New York
Purpose Holding Company
Percentage Held 100.00%
JDRC Ellenville, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
CMA Holdings, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
BL Real Estate, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
BL Pierce, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
BL Uxbridge, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
BL Main, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
BL Burncoat, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
BL Framingham, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
BL Worcester, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
Cultivate Licensing LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Holding Company
Percentage Held 100.00%
Cultivate Worcester, Inc.  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Dispensary
Percentage Held 100.00%
Cultivate Leicester, Inc.  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Cultivation, Production and Dispensary Facility
Percentage Held 100.00%
Cultivate Framingham, Inc.  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Dispensary
Percentage Held 100.00%
Cultivate Cultivation, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Cultivation and Production Entity
Percentage Held 100.00%
GoodNews Holdings, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Licensing Company
Percentage Held 100.00%
Wonder Holdings, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Licensing Company
Percentage Held 100.00%
JDRC Seed, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Educational Company
Percentage Held 100.00%
CP Pennsylvania Holdings, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Bay, LLC  
Disclosure of subsidiaries [line items]  
Location Pennsylvania
Purpose Dispensary
Percentage Held 100.00%
Bay Asset Management, LLC  
Disclosure of subsidiaries [line items]  
Location Pennsylvania
Purpose Holding Company
Percentage Held 100.00%
Ridgeback, LLC  
Disclosure of subsidiaries [line items]  
Location Colorado
Purpose Holding Company
Percentage Held 100.00%
Encanto Green Cross Dispensary, LLC  
Disclosure of subsidiaries [line items]  
Location Arizona
Purpose Holding Company
Percentage Held 100.00%
Cresco Labs Texas, LLC  
Disclosure of subsidiaries [line items]  
Location Texas
Purpose Holding Company
Percentage Held 100.00%
Cresco Labs, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Operating Entity
Percentage Held 62.00%
Cresco Labs Ohio, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Cultivation, Production and Dispensary Facility
Percentage Held 99.00%
Cresco Labs Notes Issuer, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held
Wellbeings, LLC  
Disclosure of subsidiaries [line items]  
Location Delaware
Purpose CBD Wellness Product Development
Percentage Held 100.00%
Cresco Labs SLO, LLC  
Disclosure of subsidiaries [line items]  
Location California
Purpose Holding Company
Percentage Held 100.00%
SLO Cultivation Inc.  
Disclosure of subsidiaries [line items]  
Location California
Purpose Holding Company
Percentage Held 80.00%
Cresco Labs Joliet, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Cultivation and Production Facility
Percentage Held 100.00%
Cresco Labs Kankakee, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Cultivation and Production Facility
Percentage Held 100.00%
Cresco Labs Logan, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Cultivation and Production Facility
Percentage Held 100.00%
Cresco Labs PA, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Cresco Yeltrah, LLC  
Disclosure of subsidiaries [line items]  
Location Pennsylvania
Purpose Cultivation, Production and Dispensary Facility
Percentage Held 100.00%
Strip District Education Center  
Disclosure of subsidiaries [line items]  
Location Pennsylvania
Purpose Holding Company
Percentage Held 100.00%
AFS Maryland, LLC  
Disclosure of subsidiaries [line items]  
Location Maryland
Purpose Holding Company
Percentage Held 100.00%
JDC Newark, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
Verdant Creations Newark, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Dispensary
Percentage Held 100.00%
Strategic Property Concepts, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
JDC Marion, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
Verdant Creations Marion, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Dispensary
Percentage Held 100.00%
Strategic Property Concepts 4, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
JDC Chillicothe, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
Verdant Creations Chillicothe, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Dispensary
Percentage Held 100.00%
Strategic Property Concepts 5, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
JDC Columbus, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Holding Company
Percentage Held 100.00%
Care Med Associates, LLC  
Disclosure of subsidiaries [line items]  
Location Ohio
Purpose Dispensary
Percentage Held 100.00%
Arizona Facilities Supply, LLC  
Disclosure of subsidiaries [line items]  
Location Arizona
Purpose Holding Company
Percentage Held 100.00%
Cresco Labs TINAD, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
TINAD, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
PDI Medical III, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Dispensary
Percentage Held 100.00%
Cresco Labs Phoenix Farms, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Phoenix Farms Partners, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Phoenix Farms of Illinois Asset Management, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Phoenix Farms of Illinois, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Dispensary
Percentage Held 100.00%
JDC Elmwood, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
FloraMedex, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Dispensary
Percentage Held 100.00%
Cresco Edibles, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
TSC Cresco, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Licensing
Percentage Held 75.00%
Cresco HHH, LLC  
Disclosure of subsidiaries [line items]  
Location Massachusetts
Purpose Cultivation, Production and Dispensary Facility
Percentage Held 100.00%
Cresco Labs Nevada, LLC  
Disclosure of subsidiaries [line items]  
Location Nevada
Purpose Holding Company
Percentage Held 100.00%
Cresco Labs Michigan Management, LLC  
Disclosure of subsidiaries [line items]  
Location Michigan
Purpose Holding Company
Percentage Held 100.00%
Cresco Labs Missouri Management, LLC  
Disclosure of subsidiaries [line items]  
Location Missouri
Purpose Holding Company
Percentage Held 100.00%
JDRC Acquisitions, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
JDRC 7841 Grand LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
JDRC Lincoln, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
JDRC Danville, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
JDRC Kankakee, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
JDRC Brookville, LLC  
Disclosure of subsidiaries [line items]  
Location Illinois
Purpose Holding Company
Percentage Held 100.00%
Cresco Labs Michigan, LLC  
Disclosure of subsidiaries [line items]  
Location Michigan
Purpose Cultivation and Production Facility
Percentage Held 85.00%
Cresco Labs Michigan, LLC | Within the Management of the Company  
Disclosure of subsidiaries [line items]  
Percentage Held 85.00%
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Useful Lives of Property And Equipment (Detail)
 12 Months Ended
Dec. 31, 2023
Leasehold Improvements | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 1 year
Leasehold Improvements | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 15 years
Machinery and Equipment | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 5 years
Machinery and Equipment | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 15 years
Furniture and Fixtures | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 3 years
Furniture and Fixtures | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 7 years
Vehicles  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 5 years
Website and Software | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 3 years
Computer Equipment | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 3 years
Computer Equipment | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 5 years
Buildings and Building Improvements | Bottom of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 5 years
Buildings and Building Improvements | Top of range  
Disclosure of detailed information about property, plant and equipment [line items]  
Useful life measured as period of time, property, plant and equipment 39 years
v3.24.0.1
Summary of Significant Accounting Policies - Summary of Useful Lives of Finite Lived Intangible Assets Other Than Goodwill (Detail)
 12 Months Ended
Dec. 31, 2023
Customer Relationships | Bottom of range  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 7 years
Customer Relationships | Top of range  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 8 years
Non-Compete Agreements | Bottom of range  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 2 years
Non-Compete Agreements | Top of range  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 5 years
Trade Names  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 10 years
Permit Application Fees | Bottom of range  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 1 year
Permit Application Fees | Top of range  
Disclosure of detailed information about intangible assets [line items]  
Useful life measured as period of time, intangible assets other than goodwill 2 years
v3.24.0.1
Summary of Significant Accounting Policies - Narrative (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Sep. 30, 2023
Jun. 30, 2023
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Significant Accounting Policies [Line Items]          
Advertising costs       $ 7.4 $ 8.1
Current Portion Lease Liabilities Reclassified To Non-Current          
Disclosure Of Significant Accounting Policies [Line Items]          
Amount of reclassifications or changes in presentation $ 15.9 $ 17.1 $ 17.4   17.2
Short-Term Borrowings Of Financing Liabilities Reclassified To Long-Term Notes And Loans Payable          
Disclosure Of Significant Accounting Policies [Line Items]          
Amount of reclassifications or changes in presentation $ 6.8 $ 7.2 $ 7.5   $ 7.8
v3.24.0.1
Inventory - Summary of Inventory (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Detailed Information About Inventories [Line Items]    
Work-in-process $ 51,538 $ 41,164
Finished goods 25,665 30,502
Total Inventory 107,789 134,608
Cannabis    
Disclosure of Detailed Information About Inventories [Line Items]    
Raw materials 12,649 36,233
Non-Cannabis    
Disclosure of Detailed Information About Inventories [Line Items]    
Raw materials $ 17,937 $ 26,709
v3.24.0.1
Inventory - Additional Information (Detail) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Inventory [Abstract]    
Write-downs (reversals of write-downs) of inventories $ 3.8 $ 7.4
Adjustment for write-downs of inventories $ 0.7  
v3.24.0.1
Property And Equipment - Summary of Property and Equipment (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment $ 368,308 $ 379,722
Gross Carrying Amount    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 489,147 457,417
Gross Carrying Amount | Land and Buildings    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 207,194 176,594
Gross Carrying Amount | Machinery and Equipment    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 41,928 39,928
Gross Carrying Amount | Furniture and Fixtures    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 37,912 28,724
Gross Carrying Amount | Leasehold Improvements    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 173,614 142,880
Gross Carrying Amount | Website, Computer Equipment and Software    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 11,124 10,232
Gross Carrying Amount | Vehicles    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 2,892 3,552
Gross Carrying Amount | Construction In Progress    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment 14,483 55,507
Accumulated Amortization    
Disclosure of detailed information about property, plant and equipment [line items]    
Property, plant and equipment $ (120,839) $ (77,695)
v3.24.0.1
Property And Equipment - Depreciation Expense Related To Property And Equipment (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]    
Depreciation, property, plant and equipment $ 54,191 $ 41,102
Selling, general and administrative expense    
Disclosure of detailed information about property, plant and equipment [line items]    
Depreciation, property, plant and equipment 18,475 11,255
Cost of goods sold and ending inventory    
Disclosure of detailed information about property, plant and equipment [line items]    
Depreciation, property, plant and equipment $ 35,716 $ 29,847
v3.24.0.1
Property And Equipment - Additional Information (Detail) - USD ($)
 1 Months Ended 3 Months Ended 12 Months Ended
Sep. 01, 2022
Jul. 31, 2022
Dec. 31, 2022
Jun. 30, 2022
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment         $ 54,191,000 $ 41,102,000
Property, plant and equipment     $ 379,722,000   368,308,000 379,722,000
Mendota Facility            
Disclosure of detailed information about property, plant and equipment [line items]            
Write-downs (reversals of write-downs) of property, plant and equipment         100,000  
Gains on disposals of non-current assets         100,000  
Encanto Green Cross Dispensary, LLC            
Disclosure of detailed information about property, plant and equipment [line items]            
Disposals, property, plant and equipment         2,500,000  
Depreciation expense         700,000  
Brookville, Pennsylvania Facility            
Disclosure of detailed information about property, plant and equipment [line items]            
Gains on disposals of non-current assets $ 14,700,000          
Proceeds from sales of property, plant and equipment 43,700,000          
Ending Inventories            
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment         12,800,000 10,900,000
Ending Inventories | Cost of goods sold            
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment         33,900,000 28,000,000
Ending Inventories | Previously stated | Cost of goods sold            
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment         10,800,000 9,100,000
Land and Buildings | Florida Cultivation And Manufacturing Facility            
Disclosure of detailed information about property, plant and equipment [line items]            
Gains on disposals of non-current assets         900,000  
Disposals, property, plant and equipment         2,100,000  
Land and Buildings | Brookville, Pennsylvania Facility            
Disclosure of detailed information about property, plant and equipment [line items]            
Gains on disposals of non-current assets 14,700,000          
Non-current assets or disposal groups classified as held for sale or as held for distribution to owners $ 29,700,000          
Leasehold Improvements | Impacted California Facilities            
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment         $ 1,100,000  
Leasehold Improvements | Cultivation Facility And Production Facility, California            
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment       $ 2,700,000    
Property, plant and equipment       0    
Construction In Progress, Materials Not Used            
Disclosure of detailed information about property, plant and equipment [line items]            
Non-current assets or disposal groups classified as held for sale     900,000 $ 2,400,000   900,000
Proceeds from sales of property, plant and equipment   $ 900,000        
Gains (losses) arising from sale of property, plant and equipment   $ (1,500,000) 600,000      
Proceeds from sales of property, plant and equipment     $ 300,000      
Other property, plant and equipment | Cultivation Facility And Production Facility, California            
Disclosure of detailed information about property, plant and equipment [line items]            
Depreciation, property, plant and equipment           $ 500,000
v3.24.0.1
Leases - Additional Information (Details) - USD ($)
 12 Months Ended
Sep. 01, 2022
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Leases [Line Items]      
Lease depreciation capitalized   $ 0 $ 100,000
Finance lease depreciation expense   2,414,000 2,755,000
ROU Asset   117,882,000 128,264,000
Lease Liability   173,227,000  
Reimbursements of tenant improvement allowance, finance and operating lease   2,500,000 3,600,000
Reimbursements of tenant improvement allowance, other financing transactions   100,000 600,000
Reimbursements of tenant improvement allowance in future periods, finance and operating lease   3,300,000  
Reimbursements of tenant improvement allowance in future periods, other financing transactions   700,000  
Present value of long-term financing liabilities   93,513,000 95,400,000
Interest payable   13,200,000 12,900,000
Interest expense – financing activities and sale and leasebacks   11,700,000 11,900,000
Cost of goods sold      
Disclosure of Leases [Line Items]      
Finance lease depreciation expense   100,000 300,000
Depreciation capitalized in inventory   100,000 100,000
Arizona Reporting Unit      
Disclosure of Leases [Line Items]      
Impairment of right-of-use assets     800,000
California Reporting Unit      
Disclosure of Leases [Line Items]      
Impairment of right-of-use assets     1,000,000
Impacted California Facilities      
Disclosure of Leases [Line Items]      
Gain (loss) on termination of lease   $ 1,100,000  
Cultivation Facility And Production Facility, California      
Disclosure of Leases [Line Items]      
Gain (loss) on termination of lease     $ 4,900,000
Brookville, Pennsylvania Facility      
Disclosure of Leases [Line Items]      
Lease term (in years) 10 years    
Proceeds from sales of property, plant and equipment $ 43,700,000    
Gains on disposals of non-current assets 14,700,000    
ROU Asset 29,700,000    
Lease Liability $ 29,700,000    
Bottom of range      
Disclosure of Leases [Line Items]      
Lease term (in years)   1 year  
Lease renewal term (in years)   3 years  
Lease exercise renewal options term (in years) (less than for bottom of range)   1 year  
Top of range      
Disclosure of Leases [Line Items]      
Lease term (in years)   20 years  
Lease renewal term (in years)   25 years  
Lease exercise renewal options term (in years) (less than for bottom of range)   10 years  
v3.24.0.1
Leases - Lease Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Lease liabilities [abstract]    
ROU Asset $ 117,882 $ 128,264
Current portion of lease liabilities 9,416 8,959
Non-current lease liabilities $ 163,811 $ 173,345
v3.24.0.1
Leases - Components of Lease Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Leases [Line Items]    
Finance lease depreciation expense $ 2,414 $ 2,755
Rent expense 28,015 22,727
Interest expense - leases 3,513 3,952
Selling, general and administrative expense    
Disclosure of Leases [Line Items]    
Finance lease depreciation expense 2,364 2,466
Rent expense 12,523 9,919
Short-term rent expense 465 627
Cost of goods sold and ending inventory    
Disclosure of Leases [Line Items]    
Finance lease depreciation expense 50 289
Cost of goods sold    
Disclosure of Leases [Line Items]    
Finance lease depreciation expense 100 300
Rent expense $ 15,492 $ 12,808
v3.24.0.1
Leases - Summary of Maturities of Lease Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments $ 350,306  
Less: imputed interest (173,769)  
Less: tenant improvement allowance (3,310)  
Present value of lease liabilities 173,227  
Less: current lease liabilities (9,416) $ (8,959)
Lease liabilities 163,811 173,345
Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 306,564  
Less: imputed interest (154,594)  
Less: tenant improvement allowance (2,865)  
Present value of lease liabilities 149,105  
Less: current lease liabilities (7,677) (7,274)
Lease liabilities 141,428 145,445
Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 43,742  
Less: imputed interest (19,175)  
Less: tenant improvement allowance (445)  
Present value of lease liabilities 24,122  
Less: current lease liabilities (1,739) (1,685)
Lease liabilities 22,383 $ 27,900
2024    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 33,299  
2024 | Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 28,417  
2024 | Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 4,882  
2025    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 33,973  
2025 | Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 28,953  
2025 | Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 5,020  
2026    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 34,365  
2026 | Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 29,219  
2026 | Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 5,146  
2027    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 34,606  
2027 | Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 29,373  
2027 | Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 5,233  
2028    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 34,477  
2028 | Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 29,353  
2028 | Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 5,124  
Thereafter    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 179,586  
Thereafter | Operating Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments 161,249  
Thereafter | Finance Leases    
Disclosure of Maturity Analysis of Lease Payments [Line Items]    
Total lease payments $ 18,337  
v3.24.0.1
Leases - Summary of Maturities of Financing Liabilities (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments $ 168,043  
Less: interest (72,432)  
Less: tenant improvement allowance (94)  
Present value of financing liabilities 95,517  
Less: short-term financing liabilities (2,004) $ (1,476)
Present value of long-term financing liabilities 93,513 $ 95,400
2024    
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments 13,534  
2025    
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments 13,873  
2026    
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments 14,221  
2027    
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments 14,578  
2028    
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments 14,944  
Thereafter    
Disclosure of maturity analysis for derivative financial liabilities [line items]    
Total financing payments $ 96,893  
v3.24.0.1
Leases - Other Information Related To Leases (Detail)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Lease Cost [Line Items]    
Right-of-use assets $ 117,882 $ 128,264
Current lease liabilities 9,416 8,959
Non-current lease liabilities 163,811 173,345
Operating Leases    
Lease Cost [Line Items]    
Right-of-use assets 100,249 106,127
Current lease liabilities 7,677 7,274
Non-current lease liabilities $ 141,428 $ 145,445
Weighted average remaining lease term (in years) 11 years 11 years 10 months 24 days
Weighted-average discount rate (in percent) 0.150 0.145
Finance Leases    
Lease Cost [Line Items]    
Right-of-use assets $ 17,633 $ 22,137
Current lease liabilities 1,739 1,685
Non-current lease liabilities $ 22,383 $ 27,900
Weighted average remaining lease term (in years) 9 years 7 months 6 days 10 years 4 months 24 days
Weighted-average discount rate (in percent) 0.140 0.136
v3.24.0.1
Leases - Cash Paid For Amounts Included In Measurement Of Lease Liabilities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Lease liabilities [abstract]    
Interest paid on finance leases $ 3,470 $ 3,877
v3.24.0.1
Investments - Additional Information (Detail)
$ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
entity
Dec. 31, 2022
USD ($)
Disclosure Of Significant Investments [Line Items]    
Number of entities where investments are held | entity 4  
Two Roots Brewing Co.    
Disclosure Of Significant Investments [Line Items]    
Decrease through write-off, financial assets   $ 0.1
Ownership interest (in percent) 0.80%  
Market risk    
Disclosure Of Significant Investments [Line Items]    
Mark to market loss of investments held $ (0.3) $ (4.6)
v3.24.0.1
Investments - Summary of Investments at Fair Value (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Investments Measured At Fair Value [Line Items]    
Total Investments $ 730 $ 1,228
420 Capital    
Disclosure Of Investments Measured At Fair Value [Line Items]    
Total Investments 68 68
Lighthouse    
Disclosure Of Investments Measured At Fair Value [Line Items]    
Total Investments 81 339
Two Roots Brewing Co.    
Disclosure Of Investments Measured At Fair Value [Line Items]    
Total Investments 0 93
Old Pal    
Disclosure Of Investments Measured At Fair Value [Line Items]    
Total Investments 532 592
IMC    
Disclosure Of Investments Measured At Fair Value [Line Items]    
Total Investments $ 49 $ 136
v3.24.0.1
Intangible Assets and Goodwill - Summary Of Intangible Assets (Detail) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets $ 296,966 $ 407,590
Licenses    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 275,671 381,507
Customer Relationships    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 19,377 23,752
Trade Names    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 420 490
Permit Application Costs    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 1,371 1,130
Other Intangibles    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 127 711
Gross Carrying Amount    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 332,135 436,797
Gross Carrying Amount | Licenses    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 275,671 381,507
Gross Carrying Amount | Customer Relationships    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 31,000 31,879
Gross Carrying Amount | Trade Names    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 2,100 2,100
Gross Carrying Amount | Permit Application Costs    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 17,351 15,027
Gross Carrying Amount | Other Intangibles    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 6,013 6,284
Accumulated Amortization    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets (35,169) (29,207)
Accumulated Amortization | Licenses    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets 0 0
Accumulated Amortization | Customer Relationships    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets (11,623) (8,127)
Accumulated Amortization | Trade Names    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets (1,680) (1,610)
Accumulated Amortization | Permit Application Costs    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets (15,980) (13,897)
Accumulated Amortization | Other Intangibles    
Disclosure of detailed information about intangible assets [line items]    
Total Intangible Assets $ (5,886) $ (5,573)
v3.24.0.1
Intangible Assets and Goodwill - Additional Information (Detail) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Dec. 31, 2023
Jun. 30, 2023
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Increase (decrease) in intangible assets other than goodwill     $ (104,700) $ (19,700)
Ending inventory $ 1,000   1,000 1,600
Total amortization expense     7,046 10,359
Impairment     50,858 117,024
Encanto Green Cross Dispensary, LLC        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
 Impairment charge     $ 200  
Bottom of range        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Growth rate used to extrapolate cash flow projections (in percent) 2.00%   2.00%  
Discount rate applied to cash flow projections (in percent) 13.00%   13.00%  
Top of range        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Growth rate used to extrapolate cash flow projections (in percent) 3.00%   3.00%  
Discount rate applied to cash flow projections (in percent) 18.50%   18.50%  
California Reporting Unit        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Impairment $ 9,900     89,500
Florida Reporting Unit        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Impairment 79,400      
New York Reporting Unit        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Impairment 40,000      
Massachusetts Reporting Unit        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
 Impairment charge       21,800
Impairment   $ 21,500   16,500
Arizona Reporting Unit        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Impairment       10,100
Maryland Reporting Unit        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Impairment       900
Cost of goods sold        
Disclosure of Detailed Information About Intangible Assets And Goodwill [Line Items]        
Total amortization expense     $ 4,000 2,900
Amortization capitalized to inventory in prior years $ 1,600   $ 1,600 $ 1,100
v3.24.0.1
Intangible Assets and Goodwill - Amortization Expense (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of detailed information about intangible assets [line items]    
Total amortization expense $ 7,046 $ 10,359
Selling, general and administrative expense    
Disclosure of detailed information about intangible assets [line items]    
Total amortization expense 3,699 6,915
Cost of goods sold and ending inventory    
Disclosure of detailed information about intangible assets [line items]    
Total amortization expense $ 3,347 $ 3,444
v3.24.0.1
Intangible Assets and Goodwill - Estimated Amortization Expense Of Intangible Assets (Detail)
$ in Thousands
Dec. 31, 2023
USD ($)
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization $ 21,295
2024  
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization 5,339
2025  
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization 4,173
2026  
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization 3,877
2027  
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization 3,272
2028  
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization 2,962
Thereafter  
Disclosure Of Estimated Amortization Expense Of Intangible Assets Other Than Goodwill [Line Items]  
Total estimated amortization $ 1,672
v3.24.0.1
Intangible Assets and Goodwill - Changes In Carrying Amount Of Goodwill (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of changes in goodwill [abstract]    
Beginning balance $ 330,555 $ 446,767
Impairment (50,858) (117,024)
Measurement period adjustments   812
Ending balance $ 279,697 $ 330,555
v3.24.0.1
Share Capital - Additional Information (Details)
$ in Thousands, $ in Millions
 1 Months Ended 3 Months Ended 12 Months Ended
Apr. 30, 2021
USD ($)
Dec. 31, 2019
CAD ($)
Jun. 30, 2023
USD ($)
Dec. 31, 2023
USD ($)
vote
shares
Dec. 31, 2022
USD ($)
shares
Share Capital [Line Items]          
Warrant exercises into share capital         $ 100
Redeemable units, redeemed during period (in shares) | shares       9,400,000 3,300,000
Decrease in noncontrolling interest (in percent)       3.70% 1.30%
2023 and 2022 Unit and Other Minority Holders          
Share Capital [Line Items]          
Accrued dividends recognised as distributions to unit holders       $ 15,200 $ 4,900
Dividends recognised as distributions to owners       $ 38,900  
2022 and 2021 Unit and Other Minority Interest Holders          
Share Capital [Line Items]          
Required tax distribution amounts         $ 83,600
Selling, general and administrative expense          
Share Capital [Line Items]          
Capitalized fees     $ 200    
Subordinate Voting Shares (SVS)          
Share Capital [Line Items]          
Voting rights | vote       1  
Issued (in shares) | shares       320,757,119 281,147,586
Subordinate Voting Shares (SVS) | Canacord Genuity Corp.          
Share Capital [Line Items]          
Proceeds from issue of ordinary shares $ 100,000        
Number of shares issued during period (in shares) | shares       0 0
Subordinate Voting Shares (SVS) | Canacord Genuity Corp. | ATM Offering          
Share Capital [Line Items]          
Proceeds from issue of ordinary shares   $ 55.0      
Proportionate Voting Shares (PVS)          
Share Capital [Line Items]          
Voting rights | vote       1  
Voting rights conversion | vote       200  
Issued (in shares) | shares [1]       18,949,596 20,082,384
Description of stock conversion ratio       0.005  
MVS          
Share Capital [Line Items]          
Voting rights | vote       2,000  
Issued (in shares) | shares       500,000 500,000
Special Subordinate Voting Shares (SSVS)          
Share Capital [Line Items]          
Voting rights | vote       0.00001  
Issued (in shares) | shares       1,589 [2] 639
Description of stock conversion ratio       100,000  
[1]
1 Proportionate Voting Shares (“PVS”) presented on an “as-converted” basis to Subordinate Voting Shares (“SVS”) (1-to-200)
[2]
2 Special Subordinate Voting Shares (“SSVS”) presented on an “as-converted” basis to SVS (1-to-0.00001)
v3.24.0.1
Share Capital - Summary of Issued And Outstanding Shares (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Redeemable  Units    
Disclosure of classes of share capital [line items]    
Beginning balance 106,106 109,441
Ending balance 96,699 106,106
Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Beginning balance 280,994 269,971
Ending balance 320,757 280,994
Proportionate Voting Shares (PVS)    
Disclosure of classes of share capital [line items]    
Beginning balance 20,082 20,667
Ending balance 18,950 20,082
MVS    
Disclosure of classes of share capital [line items]    
Beginning balance 500 500
Ending balance 500 500
Special Subordinate Voting Shares (SSVS)    
Disclosure of classes of share capital [line items]    
Beginning balance 1 1
Ending balance 2 1
Options and warrants exercised | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding   1,279
Issuance of shares related to settlement of acquisition contingent consideration | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding 27,091  
RSUs issued | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding 1,727 337
Issuance of shares related to acquisitions | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding   5,339
Cresco LLC redemptions | Redeemable  Units    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding (9,407) (3,335)
Cresco LLC redemptions | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding 9,407 3,335
PVS converted to SVS | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding 1,132 585
PVS converted to SVS | Proportionate Voting Shares (PVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding (1,132) (585)
Issuances related to employee taxes on certain share-based payment arrangements | Subordinate Voting Shares (SVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding 406 148
Share issuances | Special Subordinate Voting Shares (SSVS)    
Disclosure of classes of share capital [line items]    
Increase (decrease) in number of shares outstanding 1  
v3.24.0.1
Share Capital - Summary Of Company Issued Shares In Conjunction Acquisitions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Laurel Harvest - Contingent Consideration    
Disclosure Of Shares Issued During Acquisition [Line Items]    
Acquisition date Dec. 09, 2021  
SVS shares issued 27,091,000  
Equity-based consideration $ 47,238  
Cultivate - Contingent Consideration    
Disclosure Of Shares Issued During Acquisition [Line Items]    
Acquisition date   Sep. 02, 2021
SVS shares issued   5,340,000
Equity-based consideration   $ 34,708
v3.24.0.1
Share Capital - Summary Of Warrants Outstanding (Details)
 12 Months Ended
Dec. 31, 2022
$ / shares
shares
Share Capital [Abstract]  
Number of warrants, beginning balance (in shares) | shares 9,842
Number of warrants, exercised (in shares) | shares (12)
Number of warrants, forfeited (in shares) | shares (9,830)
Number of warrants, ending balance (in shares) | shares 0
Weighted average exercise price, beginning balance (in dollars per share) | $ / shares $ 9.63
Weighted average exercise price, exercised (in dollars per share) | $ / shares 4.24
Weighted average exercise price, forfeited (in dollars per share) | $ / shares 9.54
Weighted average exercise price, ending balance (in dollars per share) | $ / shares $ 0
v3.24.0.1
Share Capital - Summary Of Changes In Ownership And Noncontrolling Interests (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets $ 1,080,380 $ 1,257,646
Current assets 278,087 326,046
Non-current liabilities (730,158) (740,144)
Current liabilities (200,242) (255,865)
Revenue 770,885 842,681
Net (loss) income (179,852) (215,843)
Net income (loss) allocated to NCI (4,330) (3,796)
Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net (loss) income (4,330) (3,796)
TSC Cresco, LLC    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 2,943 4,788
Current assets, including adjustments (8,159) (6,875)
Non-current liabilities 0 0
Current liabilities, including adjustments (45,054) 26,600
Net assets 39,838 24,513
Revenue 1,664 10,582
Gross profit 863 12,500
Net (loss) income 188 19,290
Net income (loss) allocated to NCI $ 47 $ 4,822
NCI percentage 25.00% 25.00%
TSC Cresco, LLC | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ 2,401 $ 4,190
MedMar Lakeview, LLC    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 28,678 31,151
Current assets 84,571 34,706
Non-current liabilities (10,787) (10,889)
Current liabilities (47,928) (13,438)
Net assets 54,534 41,530
Revenue 11,701 53,259
Gross profit 7,623 35,485
Net (loss) income 4,768 13,322
Net income (loss) allocated to NCI $ 591 $ 1,652
NCI percentage 12.40% 12.40%
MedMar Lakeview, LLC | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ 4,150 $ 3,979
MedMar Rockford, LLC    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 22,594 22,700
Current assets 132,198 114,843
Non-current liabilities (3,551) (3,850)
Current liabilities (57,388) (41,111)
Net assets 93,853 92,582
Revenue 18,657 88,645
Gross profit 12,323 62,503
Net (loss) income 10,060 43,500
Net income (loss) allocated to NCI $ 2,515 $ 10,875
NCI percentage 25.00% 25.00%
MedMar Rockford, LLC | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ 10,368 $ 7,468
Cresco Labs Ohio, LLC    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 14,703 16,736
Current assets 6,544 8,144
Non-current liabilities (13,674) (12,515)
Current liabilities (8,213) (5,768)
Net assets (640) 6,597
Revenue 2,567 8,650
Gross profit (473) 1,338
Net (loss) income (2,450) (4,933)
Net income (loss) allocated to NCI $ (29) $ (49)
NCI percentage 1.20% 1.20%
Cresco Labs Ohio, LLC | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ (156) $ (32)
SLO Cultivation Inc.    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 1,045 5,376
Current assets 11,502 13,097
Non-current liabilities 0 (2,728)
Current liabilities (49,954) (50,722)
Net assets (37,407) (34,977)
Revenue 0 (24)
Gross profit (335) (10,769)
Net (loss) income (246) (16,458)
Net income (loss) allocated to NCI $ (49) $ (3,292)
NCI percentage 20.00% 20.00%
SLO Cultivation Inc. | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ (12,824) $ (12,434)
Cresco Labs Michigan, LLC    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 30,508  
Current assets 15,300  
Non-current liabilities (26,015)  
Current liabilities (49,812)  
Net assets (30,019)  
Revenue 6,271  
Gross profit 1,503  
Net (loss) income 43  
Net income (loss) allocated to NCI $ 6  
NCI percentage 15.00%  
Cresco Labs Michigan, LLC | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ (258)  
Cresco Labs, LLC    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Non-current assets 255,947 286,360
Current assets, including adjustments (157,691)  
Current assets   802,774
Non-current liabilities (562,580) (538,816)
Current liabilities, including adjustments 329,160  
Current liabilities   (594,052)
Net assets (135,164) (43,734)
Revenue 92,266 469,505
Gross profit 48,207 248,472
Net (loss) income (1,794) (38,863)
Net income (loss) allocated to NCI $ (879) $ (16,323)
NCI percentage 38.30% 42.00%
Cresco Labs, LLC | Non-controlling interests    
Disclosure Of Non Controlling Interest And Intercompany Eliminations [Line Items]    
Net assets $ (81,306) $ (42,527)
v3.24.0.1
Share Capital - Summary Of Effects Of Changes In Ownership Interest (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share Capital [Line Items]    
Net loss attributable to Cresco Labs Inc. $ (175,522) $ (212,047)
Increase (decrease) in Cresco Labs Inc. equity due to redemptions of Cresco Labs, LLC shares 0 0
Total change from net loss attributable to Cresco Labs Inc. and change in ownership interest in Cresco Labs, LLC. (181,310) (211,778)
Share capital    
Share Capital [Line Items]    
Increase (decrease) in Cresco Labs Inc. equity due to redemptions of Cresco Labs, LLC shares 16,027 17,438
Accumulated deficit    
Share Capital [Line Items]    
Increase (decrease) in Cresco Labs Inc. equity due to redemptions of Cresco Labs, LLC shares $ (21,815) $ (17,169)
v3.24.0.1
Share-Based Compensation - Additional Information (Details)
$ / shares in Units, $ in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
shares
$ / shares
Dec. 31, 2022
USD ($)
$ / shares
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Stock option expiration period (in years) 10 years  
Proceeds from exercise of options   $ 2.9
Number of stock options exercised (in shares) | shares 0  
Weighted average exercise price, exercised | $ / shares $ 0  
Unrecognized compensation expense $ 5.4  
Unrecognized compensation expense of option awards, period of recognition 4 years  
Capitalized compensation expense $ 0.7 1.7
Expense from share-based payment transactions, including opening balance 1.7 1.2
Restricted share units (RSUs)    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Unrecognized compensation expense $ 5.8  
Unrecognized compensation expense of other equity awards, period of recognition 4 years  
Cost of goods sold    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Expense from share-based payment transactions $ 3.4 $ 3.6
Top of range    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Vesting period (in years) 4 years  
Number of shares issued under the plan not exceed the percentage of issued and outstanding shares 10.00%  
Weighted average    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Weighted average exercise price, exercised | $ / shares   $ 4.64
v3.24.0.1
Share-Based Compensation - Summary of the Status of the Stock Options Outstanding (Details)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
USD ($)
shares
$ / shares
Dec. 31, 2022
USD ($)
shares
$ / shares
Share-Based Payment Arrangements [Abstract]    
Number of stock options outstanding, beginning balance (in shares) | shares 25,528,000  
Number of stock options granted (in shares) | shares 3,478,000  
Number of stock options forfeited (in shares) | shares (4,903,000)  
Number of stock options outstanding, ending balance (in shares) | shares 24,103,000 25,528,000
Number of stock options exercisable (in shares) | shares 15,989,000  
Weighted average exercise price of stock options outstanding, beginning balance (in dollars per share) | $ / shares $ 5.00  
Weighted average exercise price of stock options granted (in dollars per share) | $ / shares 1.72  
Weighted average exercise price of stock options forfeited (in dollars per share) | $ / shares 5.43  
Weighted average exercise price of stock options outstanding, ending balance (in dollars per share) | $ / shares 4.45 $ 5.00
Weighted average exercise price of stock options exercisable (in dollars per share) | $ / shares $ 4.27  
Weighted average remaining contractual life of outstanding share options 6 years 7 months 6 days 7 years 6 months 14 days
Weighted average remaining contractual life of exercisable stock options 5 years 9 months  
Aggregate intrinsic value of outstanding stock options | $ $ 328 $ 921
Aggregate intrinsic value of outstanding of exercisable stock options | $ $ 328  
v3.24.0.1
Share-Based Compensation - Summary of Weighted Average Grant Date Fair Value and Intrinsic Value of Options Exercised (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Share-Based Payment Arrangements [Abstract]    
Weighted average fair value at measurement date, share options granted (in dollars per share) $ 1.21 $ 2.59
Intrinsic value of stock option units exercised, using market price at exercise date $ 0 $ 5,106
v3.24.0.1
Share-Based Compensation - Summary Of Fair Value Of Stock Options Granted Under the Plan (Details) - $ / shares
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period [Line Items]    
Expected annual dividend yield (in percent) 0.00% 0.00%
Bottom of range    
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period [Line Items]    
Risk-free annual interest rate (in percent) 3.70% 1.40%
Expected stock price volatility (in percent) 77.00% 74.90%
Expected life of stock options (in years) 5 years 5 years 6 months
Forfeiture rate (in percent) 7.20% 7.20%
Fair value at grant date (in dollars per share) $ 0.94 $ 1.23
Stock price at grant date (in dollars per share) 1.35 1.81
Exercise price range (in dollars per share) $ 1.35 $ 1.81
Top of range    
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period [Line Items]    
Risk-free annual interest rate (in percent) 4.00% 3.00%
Expected stock price volatility (in percent) 82.80% 80.40%
Expected life of stock options (in years) 7 years 7 years
Forfeiture rate (in percent) 34.00% 28.00%
Fair value at grant date (in dollars per share) $ 1.52 $ 4.90
Stock price at grant date (in dollars per share) 2.01 6.91
Exercise price range (in dollars per share) $ 2.01 $ 6.91
v3.24.0.1
Share-Based Compensation - Summary of Outstanding Restricted Stock Units (Details) - Restricted share units (RSUs)
 12 Months Ended
Dec. 31, 2023
shares
$ / shares
Disclosure Of Number And Weighted Average Exercise Prices Of Other Equity Instruments [Line Items]  
Number of RSUs outstanding, beginning balance (in shares) | shares 4,258,000
Number of RSUs granted (in shares) | shares 6,347,000
Number of RSUs vested and settled (in shares) | shares (1,769,000)
Number of RSUs forfeited (in shares) | shares (1,974,000)
Number of RSUs outstanding, ending balance (in shares) | shares 6,862,000
Weighted average fair value of RSUs, beginning balance (in dollars per share) | $ / shares $ 5.71
Weighted average fair value of RSUs, granted (in dollars per share) | $ / shares 1.77
Weighted average fair value of RSUs, vested and settled (in dollars per share) | $ / shares 1.91
Weighted average fair value of RSUs, forfeited (in dollars per share) | $ / shares 3.20
Weighted average fair value of RSUs, ending balance (in dollars per share) | $ / shares $ 2.91
v3.24.0.1
Share-Based Compensation - Summary of Total Fair Value of Restricted Stock Units Vested (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Restricted share units (RSUs)    
Total Fair Value Of Units Vested Other Equity Instruments [line Items]    
Total fair value of RSUs vested, using market price at vest date $ 3,373 $ 2,396
v3.24.0.1
Share-Based Compensation - Summary Of Classification Of Share-Based Compensation Expense (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Stock Options    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Share-based compensation expense for option awards $ 7,084 $ 13,733
Stock Options | Cost of goods sold    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Share-based compensation expense for option awards 1,059 1,984
Stock Options | Selling, general and administrative expense    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Share-based compensation expense for option awards 6,025 11,749
Restricted share units (RSUs)    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Share-based compensation expense for option awards 8,251 10,011
Restricted share units (RSUs) | Cost of goods sold    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Share-based compensation expense for option awards 1,352 2,097
Restricted share units (RSUs) | Selling, general and administrative expense    
Disclosure of terms and conditions of share-based payment arrangement [line items]    
Share-based compensation expense for option awards $ 6,899 $ 7,914
v3.24.0.1
Loss Per Share - Basic And Diluted Loss Per Share (Details) - USD ($)
$ / shares in Units, $ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Earnings per share [abstract]    
Net loss $ (179,852) $ (215,843)
Net loss attributable to non-controlling interests, net of tax (4,330) (3,796)
Net loss attributable to Cresco Labs Inc. $ (175,522) $ (212,047)
Weighted-average basic shares outstanding (in shares) 323,819,766 298,161,665
Weighted-average diluted shares outstanding (in shares) 323,819,766 298,161,665
Basic loss per share (in dollars per share) $ (0.54) $ (0.71)
Diluted loss per share (in dollars per share) $ (0.54) $ (0.71)
v3.24.0.1
Loss Per Share - Antidilutive Shares (Details) - shares
shares in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Earnings per share [line items]    
Total potentially dilutive shares 127,664 137,153
Redeemable  Units    
Earnings per share [line items]    
Total potentially dilutive shares 96,699 107,443
Options    
Earnings per share [line items]    
Total potentially dilutive shares 24,103 25,528
RSUs    
Earnings per share [line items]    
Total potentially dilutive shares 6,862 4,182
v3.24.0.1
Acquisitions And Dispositions - Summary of Deferred and Contingent Consideration Balances (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of Detailed Information Of Deferred Consideration Contingent And Consideration [Line Items]    
Total Deferred consideration, short-term $ 0 $ 47,821
Laurel Harvest    
Disclosure of Detailed Information Of Deferred Consideration Contingent And Consideration [Line Items]    
Laurel Harvest deferred consideration, short-term $ 0 $ 47,821
v3.24.0.1
Acquisitions And Dispositions - Additional Information (Details)
$ in Thousands
 3 Months Ended 12 Months Ended
Jun. 30, 2023
USD ($)
Mar. 31, 2023
USD ($)
Dec. 31, 2023
USD ($)
dispensary
Dec. 31, 2022
USD ($)
Dec. 31, 2021
USD ($)
Disclosure of detailed information about business combination [line items]          
Cash payments of deferred consideration     $ 701 $ 0  
Valley Agriceuticals, LLC (“Valley Ag”) operating cash flows deferred consideration     6,577 7,770  
Encanto Green Cross Dispensary, LLC          
Disclosure of detailed information about business combination [line items]          
 Impairment charge     200    
Discontinued operations | AFS Maryland, LLC          
Disclosure of detailed information about business combination [line items]          
Consideration paid (received)     (3,300)    
Gain (loss) on disposal of business     1,400    
Discontinued operations | Encanto Green Cross Dispensary, LLC          
Disclosure of detailed information about business combination [line items]          
Consideration paid (received)     (6,500)    
Gain (loss) on disposal of business     $ (1,000)    
Laurel Harvest          
Disclosure of detailed information about business combination [line items]          
Total deferred consideration         $ 46,900
Total deferred consideration, payable period     18 months    
Accelerated payment of deferred consideration required on each number of dispensaries opened (in dispensaries) | dispensary     5    
Total deferred payment       47,800  
Payment of deferred consideration $ 38,600 $ 10,000      
Stock issuance as payment of deferred consideration 37,500 9,700      
Cash payments of deferred consideration 1,100 300      
Valley Agriceuticals, LLC          
Disclosure of detailed information about business combination [line items]          
Valley Agriceuticals, LLC (“Valley Ag”) operating cash flows deferred consideration     $ 6,600    
Long-term deferred consideration reclassified to short-term   $ 300      
Decrease in deferred consideration     $ (400)    
Deferred consideration expense       $ 100  
Columbia Care Inc.          
Disclosure of detailed information about business combination [line items]          
Write-off of consent fee $ 5,000        
v3.24.0.1
Acquisitions And Dispositions - Summary of Long-Term Deferred Consideration (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Business Combinations And Discontinued Operations [Abstract]    
Valley Agriceuticals, LLC (“Valley Ag”) operating cash flows deferred consideration $ 6,577 $ 7,770
Total Long-term deferred and contingent consideration $ 6,577 $ 7,770
v3.24.0.1
Long-term Notes and Loans Payable, Net - Summary of Loans Payable Balances as Follows (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Aug. 12, 2021
Disclosure of detailed information about borrowings [line items]      
Short-term borrowings and interest payable $ 9,813 $ 9,500  
Financing liability 95,698 96,917  
Total borrowings and interest payable 525,671 506,417  
Less: Unamortized debt issuance costs (16,141) (18,550)  
Less: Short-term borrowings and interest payable (9,813) (9,500)  
Less: Current portion of financing liability1 (2,004) (1,476)  
Total Long-term notes and loans payable, net 497,713 476,891  
Senior Loan      
Disclosure of detailed information about borrowings [line items]      
Borrowings 400,000 400,000 $ 400,000
Mortgage Loans      
Disclosure of detailed information about borrowings [line items]      
Borrowings $ 20,160 $ 0  
v3.24.0.1
Long-term Notes and Loans Payable, Net - Additional Information (Details) - USD ($)
$ in Thousands
 12 Months Ended
Aug. 12, 2021
Dec. 31, 2023
Dec. 31, 2022
Sep. 26, 2023
Disclosure of detailed information about borrowings [line items]        
Adjustments for finance income (cost)   $ (4,416) $ (3,951)  
Payments for debt issue costs   $ 1,947 0  
Bottom of range        
Disclosure of detailed information about borrowings [line items]        
Weighted average lessee's incremental borrowing rate (in percent)   11.30%    
Weighted average remaining lease term (in years)   6 years 1 month 6 days    
Top of range        
Disclosure of detailed information about borrowings [line items]        
Weighted average lessee's incremental borrowing rate (in percent)   17.50%    
Weighted average remaining lease term (in years)   16 years 6 months    
Senior Loan        
Disclosure of detailed information about borrowings [line items]        
Borrowings $ 400,000 $ 400,000 400,000  
Adjustments for finance income (cost) $ (13,000)      
Borrowings, interest rate (in percent) 9.50%      
Borrowings, maturity August 12, 2026      
Borrowings, effective interest rate (in percent) 11.00%      
Borrowing costs capitalised $ 10,900      
Principal repayment of the Senior Loan $ 7,000      
Minimum cash balance required to be maintained   50,000    
Mortgage Loans        
Disclosure of detailed information about borrowings [line items]        
Borrowings   20,160 $ 0  
Mortgage Loans | JDRC Ellenville, LLC        
Disclosure of detailed information about borrowings [line items]        
Borrowings       $ 25,300
Borrowings, interest rate (in percent)       8.40%
Borrowings, effective interest rate (in percent)       10.20%
Borrowings, adjustment to interest rate basis       3.75%
Undrawn borrowing facilities   5,100    
Payments for debt issue costs   2,000    
Borrowings, capitalized interest   $ 300    
v3.24.0.1
Revenues and Loyalty Programs - Summary of Disaggregated Revenue by Source (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of disaggregation of revenue from contracts with customers [line items]    
Total Revenues $ 770,885 $ 842,681
Wholesale    
Disclosure of disaggregation of revenue from contracts with customers [line items]    
Total Revenues 306,363 367,222
Dispensary    
Disclosure of disaggregation of revenue from contracts with customers [line items]    
Total Revenues $ 464,522 $ 475,459
v3.24.0.1
Revenues and Loyalty Programs - Additional Information (Details)
 12 Months Ended
Dec. 31, 2023
USD ($)
Dec. 31, 2022
USD ($)
Disclosure of disaggregation of revenue from contracts with customers [line items]    
Sales discounts (in percent) 0.170 0.107
Discount on future purchases $ 0.03  
Loyalty points outstanding 71,200,000 126,100,000
Loyalty points outstanding value $ 1,200,000 $ 2,100,000
Loyalty point expected redemption period 1 year  
Bottom of range    
Disclosure of disaggregation of revenue from contracts with customers [line items]    
Revenue reduction per loyalty point 0.01  
Top of range    
Disclosure of disaggregation of revenue from contracts with customers [line items]    
Revenue reduction per loyalty point 0.02  
v3.24.0.1
Other Income , Net - Summary of Other Income, Net (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Other Operating Income (Expense) [Abstract]    
Unrealized gain on derivative liabilities - warrants $ 0 $ 1,184
Realized loss on financial instruments (94) (5,698)
(Loss) gain on provision - loan receivable (314) 572
Unrealized loss on investments held at fair value (406) (4,609)
Gain on disposal of assets 762 14,711
Gain on conversion of investment 0 22
(Loss) gain on foreign currency (303) 931
Gain on lease termination 1,263 4,876
Other income, net 832 3,238
Total Other income, net $ 1,740 $ 15,227
v3.24.0.1
Related Party Transactions - Additional Information (Details)
redeemableUnit in Millions
 12 Months Ended
Dec. 31, 2023
USD ($)
redeemableUnit
Dec. 31, 2022
USD ($)
Disclosure of transactions between related parties [line items]    
Non-controlling interests $ (77,625,000) $ (39,356,000)
Interest expense - leases $ 3,513,000 $ 3,952,000
Key management personnel of entity or parent    
Disclosure of transactions between related parties [line items]    
Number of redeemable units held by related party | redeemableUnit 85.1  
Non-controlling interests $ 71,500,000  
Tax distribution payments to related party (in percent) 71.20% 74.40%
Reimbursements of tenant improvement allowance $ 0 $ 1,400,000
Expected reimbursements of tenant improvement allowance 700,000  
MVS shareholder    
Disclosure of transactions between related parties [line items]    
Interest expense - leases 300,000 300,000
Finance liabilities $ 1,400,000 $ 1,500,000
v3.24.0.1
Related Party Transactions - Summary of Expense Resulting From The Related Party Transactions (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of transactions between related parties [line items]    
Interest expense - leases $ 3,513 $ 3,952
MVS shareholder    
Disclosure of transactions between related parties [line items]    
Interest expense - leases 300 300
MVS shareholder | Operating Leases    
Disclosure of transactions between related parties [line items]    
Rent expense 1,187 1,187
MVS shareholder | Finance Leases    
Disclosure of transactions between related parties [line items]    
Depreciation expense 90 81
Interest expense - leases 69 76
SLO Cultivation Inc. | Subsidiaries | Operating Leases    
Disclosure of transactions between related parties [line items]    
Rent expense 0 513
MedMar Inc. | Subsidiaries | Operating Leases    
Disclosure of transactions between related parties [line items]    
Rent expense 288 288
MedMar Inc. | Subsidiaries | Finance Leases    
Disclosure of transactions between related parties [line items]    
Depreciation expense 306 306
Interest expense - leases $ 246 $ 270
v3.24.0.1
Related Party Transactions - Summary of ROU Assets And Lease Liabilities Attributable To Related Party Transactions (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of transactions between related parties [line items]    
ROU Asset $ 117,882 $ 128,264
Lease Liability 173,227  
Finance Leases    
Disclosure of transactions between related parties [line items]    
ROU Asset 17,633 22,137
Lease Liability 24,122  
MVS shareholder | Operating Leases    
Disclosure of transactions between related parties [line items]    
ROU Asset 5,332 5,849
Lease Liability 5,429 5,907
MVS shareholder | Finance Leases    
Disclosure of transactions between related parties [line items]    
ROU Asset 583 596
Lease Liability 502 555
MedMar Inc. | Subsidiaries | Operating Leases    
Disclosure of transactions between related parties [line items]    
ROU Asset 1,294 1,415
Lease Liability 1,345 1,456
MedMar Inc. | Subsidiaries | Finance Leases    
Disclosure of transactions between related parties [line items]    
ROU Asset 1,729 2,034
Lease Liability $ 2,210 $ 2,452
v3.24.0.1
Commitments and Contingencies - Additional Information (Details) - USD ($)
$ in Millions
 3 Months Ended 12 Months Ended
Mar. 31, 2022
Dec. 31, 2023
Commitments And Contingencies [Line Items]    
Severance costs   $ 3.1
Construction projects    
Commitments And Contingencies [Line Items]    
Total commitments   $ 2.3
Illinois Company, Secured Craft Grower Licenses    
Commitments And Contingencies [Line Items]    
Loans issued $ 0.2  
Groups Identified by State of Illinois, Opportunity To Receive Conditional Adult Use Dispensing Organization Licenses    
Commitments And Contingencies [Line Items]    
Loans issued $ 1.0  
v3.24.0.1
Financial Instruments And Financial Risk Management - Summary Of Financial Instruments (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Dec. 31, 2021
Accounts payable      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost $ 27,587 $ 28,093  
Financial liabilities, fair value 27,587 28,093  
Accrued liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 69,079 65,161  
Financial liabilities, fair value 69,079 65,161  
Short-term borrowings      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 11,817 10,976  
Financial liabilities, fair value 11,817 10,976  
Current portion of lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 9,416 8,959  
Financial liabilities, fair value 9,416 8,959  
Deferred consideration and other payables, short-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost   6  
Financial liabilities, fair value   47,834  
Lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 163,811 173,345  
Financial liabilities, fair value 163,811 173,345  
Deferred consideration, long-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 0 0  
Financial liabilities, fair value 6,577 7,770  
Long-term notes and loans payable, net      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 497,713 476,891  
Financial liabilities, fair value 497,713 476,891  
Other long-term liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, amortised cost 21,600 7,000  
Financial liabilities, fair value 21,600 7,000  
Level 1 | Accounts payable      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Accrued liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Short-term borrowings      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Current portion of lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Deferred consideration and other payables, short-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value   7  
Level 1 | Lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Deferred consideration, long-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Long-term notes and loans payable, net      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 1 | Other long-term liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Accounts payable      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Accrued liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Short-term borrowings      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Current portion of lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Deferred consideration and other payables, short-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value   0  
Level 2 | Lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Deferred consideration, long-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Long-term notes and loans payable, net      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 2 | Other long-term liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Accounts payable      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Accrued liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Short-term borrowings      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Current portion of lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Deferred consideration and other payables, short-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 47,821  
Level 3 | Lease liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Deferred consideration, long-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 6,577 7,770 $ 17,651
Level 3 | Long-term notes and loans payable, net      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Level 3 | Other long-term liabilities      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial liabilities, fair value 0 0  
Cash and cash equivalents      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 103,429 119,341  
Financial assets, fair value 103,429 119,341  
Cash and cash equivalents | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Cash and cash equivalents | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Cash and cash equivalents | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Restricted cash      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 5,091 2,169  
Financial assets, fair value 5,091 2,169  
Restricted cash | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Restricted cash | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Restricted cash | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Security deposits      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 4,408 4,367  
Financial assets, fair value 4,408 4,367  
Security deposits | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Security deposits | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Security deposits | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Accounts receivable, net      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 51,070 56,492  
Financial assets, fair value 51,070 56,492  
Accounts receivable, net | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Accounts receivable, net | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Accounts receivable, net | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Loans receivable, short-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 1,421 447  
Financial assets, fair value 1,421 447  
Loans receivable, short-term | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Loans receivable, short-term | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Loans receivable, short-term | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0 565
Loans receivable, long-term      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 826 823  
Financial assets, fair value 826 823  
Loans receivable, long-term | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Loans receivable, long-term | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Loans receivable, long-term | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 0 0  
Investments      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, amortized cost 0 0  
Financial assets, fair value 730 1,228  
Investments | Level 1      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 49 136  
Investments | Level 2      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value 81 432  
Investments | Level 3      
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]      
Financial assets, fair value $ 600 $ 660 $ 660
v3.24.0.1
Financial Instruments And Financial Risk Management - Rollforward of Level 3 Amounts Measured At Fair Value On Recurring Basis (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 31, 2023
Dec. 31, 2023
Dec. 31, 2022
Deferred consideration and other payables, short-term      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Beginning balance $ 47,834 $ 47,834  
Ending balance     $ 47,834
Deferred consideration, long-term      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Beginning balance 7,770 7,770  
Ending balance   6,577 7,770
Level 3      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Reclassifications from long-term to short-term 9,000    
Level 3 | Deferred consideration and other payables, short-term      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Beginning balance 47,821 47,821  
Change in fair value   1,953  
Payments   (50,072)  
Other   298  
Ending balance   0 47,821
Level 3 | Deferred consideration and other payables, short-term | Other Income      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value   0  
Level 3 | Deferred consideration and other payables, short-term      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Beginning balance 47,821 47,821 71,816
Change in fair value     900
Payments     (39,542)
Other     9,000
Ending balance     47,821
Level 3 | Deferred consideration and other payables, short-term | Other Income      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value     5,647
Level 3 | Deferred consideration and other payables, short-term | Selling, general and administrative expense      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value     0
Level 3 | Derivative liabilities, short-term      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Beginning balance 0 0 1,172
Change in fair value     0
Payments     0
Other     0
Ending balance     0
Level 3 | Derivative liabilities, short-term | Other Income      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value     (1,172)
Level 3 | Derivative liabilities, short-term | Selling, general and administrative expense      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value     0
Level 3 | Deferred consideration, long-term      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Beginning balance 7,770 7,770 17,651
Change in fair value   0 (881)
Payments   0 0
Other   (298) (9,000)
Ending balance   6,577 7,770
Level 3 | Deferred consideration, long-term | Other Income      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value   (895) 0
Level 3 | Deferred consideration, long-term | Selling, general and administrative expense      
Reconciliation of changes in fair value measurement, liabilities [abstract]      
Change in fair value     0
Loans receivable, short-term      
Changes in fair value measurement, assets [abstract]      
Beginning balance 447 447  
Ending balance   1,421 447
Loans receivable, short-term | Level 3      
Changes in fair value measurement, assets [abstract]      
Beginning balance 0 0 565
Change in fair value     0
Payments     (1,837)
Other     0
Ending balance   0 0
Loans receivable, short-term | Level 3 | Other Income      
Changes in fair value measurement, assets [abstract]      
Change in fair value     0
Loans receivable, short-term | Level 3 | Selling, general and administrative expense      
Changes in fair value measurement, assets [abstract]      
Change in fair value     1,272
Loans receivable, long-term      
Changes in fair value measurement, assets [abstract]      
Beginning balance 823 823  
Ending balance   826 823
Loans receivable, long-term | Level 3      
Changes in fair value measurement, assets [abstract]      
Beginning balance 0 0  
Ending balance   0 0
Investments      
Changes in fair value measurement, assets [abstract]      
Beginning balance 1,228 1,228  
Ending balance   730 1,228
Investments | Level 3      
Changes in fair value measurement, assets [abstract]      
Beginning balance $ 660 660 660
Change in fair value   0 0
Payments   0 0
Other   0 0
Ending balance   600 660
Investments | Level 3 | Other Income      
Changes in fair value measurement, assets [abstract]      
Change in fair value   $ (60) 0
Investments | Level 3 | Selling, general and administrative expense      
Changes in fair value measurement, assets [abstract]      
Change in fair value     $ 0
v3.24.0.1
Financial Instruments And Financial Risk Management - Summary of Loans Receivable (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Loans receivable, short-term    
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]    
Financial assets, amortized cost $ 1,421 $ 447
Financial assets 1,421 447
Loans receivable, long-term    
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]    
Financial assets, amortized cost 826 823
Financial assets 826 823
Kurvana, Net Of ECL | Loans receivable, short-term    
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]    
Financial assets, amortized cost 493 447
280E, Net Of ECL | Loans receivable, short-term    
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]    
Financial assets, amortized cost 928 0
Illinois Incubator, Net Of ECL | Loans receivable, long-term    
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items]    
Financial assets, amortized cost $ 826 $ 823
v3.24.0.1
Financial Instruments And Financial Risk Management - Additional Information (Details) - USD ($)
$ in Thousands
 3 Months Ended 12 Months Ended
Mar. 21, 2022
Jul. 20, 2021
Jun. 30, 2023
Mar. 31, 2023
Mar. 31, 2022
Dec. 31, 2023
Dec. 31, 2022
Sep. 26, 2023
Aug. 12, 2021
Disclosure of detailed information about financial instruments [line items]                  
Total accounts receivable, net           $ 51,070 $ 56,492    
Expenses for bad and doubtful debt           4,900 400    
Bad debts write-offs           5,500 1,900    
Increase (decrease) in net loss           (36,000)      
(Loss) gain on foreign currency           (303) 931    
One Customer                  
Disclosure of detailed information about financial instruments [line items]                  
Total accounts receivable, net           $ 7,200      
Entity's accounts receivable (in percent)           12.00%      
Two Customers                  
Disclosure of detailed information about financial instruments [line items]                  
Total accounts receivable, net             $ 13,900    
Entity's accounts receivable (in percent)             23.00%    
Senior Loan                  
Disclosure of detailed information about financial instruments [line items]                  
Borrowings, interest rate (in percent)                 9.50%
Borrowings, effective interest rate (in percent)                 11.00%
Mortgage Loans | JDRC Ellenville, LLC                  
Disclosure of detailed information about financial instruments [line items]                  
Borrowings, interest rate (in percent)               8.40%  
Borrowings, effective interest rate (in percent)               10.20%  
Liquidity risk                  
Disclosure of detailed information about financial instruments [line items]                  
Working capital           $ 77,800      
Currency risk                  
Disclosure of detailed information about financial instruments [line items]                  
Average rate of hedging instrument           0.00% 0.00%    
California Reporting Unit                  
Disclosure of detailed information about financial instruments [line items]                  
Accounts receivable reserve       $ 100          
Cash payments received after implementations of plans to reduce operations           $ 2,000      
Illinois Company, Secured Craft Grower Licenses                  
Disclosure of detailed information about financial instruments [line items]                  
Loans issued         $ 200        
Groups Identified by State of Illinois, Opportunity To Receive Conditional Adult Use Dispensing Organization Licenses                  
Disclosure of detailed information about financial instruments [line items]                  
Loans issued         $ 1,000        
Loans receivable, short-term                  
Disclosure of detailed information about financial instruments [line items]                  
Issuance of financial assets     $ 1,000            
Term of financial assets (in years)     1 year            
Interest rate of financial assets (in percent)     9.50%            
Financial assets at amortised cost, category | Loans and receivables, category                  
Disclosure of detailed information about financial instruments [line items]                  
Loans issued, fully funded $ 1,200                
Financial assets at amortised cost, category | Illinois Company, Secured Craft Grower Licenses | Loans and receivables, category                  
Disclosure of detailed information about financial instruments [line items]                  
Loans issued             $ 300    
Loans issued, fully funded   $ 100              
Financial assets at amortised cost, category | Groups Identified by State of Illinois, Opportunity To Receive Conditional Adult Use Dispensing Organization Licenses | Loans and receivables, category                  
Disclosure of detailed information about financial instruments [line items]                  
Loans issued             $ 1,000    
v3.24.0.1
Financial Instruments And Financial Risk Management - Summary of Aging Accounts Receivables (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Aging Trade Receivable [Line Items]    
Total accounts receivable, gross $ 59,034 $ 59,119
Allowance for doubtful accounts 7,964 2,627
Total accounts receivable, net 51,070 56,492
One Customer    
Disclosure Of Aging Trade Receivable [Line Items]    
Total accounts receivable, net 7,200  
0 to 60 days    
Disclosure Of Aging Trade Receivable [Line Items]    
Total accounts receivable, gross 41,820 49,303
61 to 120 days    
Disclosure Of Aging Trade Receivable [Line Items]    
Total accounts receivable, gross 8,117 6,118
120 days +    
Disclosure Of Aging Trade Receivable [Line Items]    
Total accounts receivable, gross $ 9,097 $ 3,698
v3.24.0.1
Financial Instruments And Financial Risk Management - Summary of Contractual Obligations (Details)
$ in Thousands
Dec. 31, 2023
USD ($)
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations $ 1,078,407
Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 153,528
1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 513,664
3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 101,804
More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 309,411
Accounts payable & Accrued liabilities  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 95,817
Accounts payable & Accrued liabilities | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 95,817
Accounts payable & Accrued liabilities | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Accounts payable & Accrued liabilities | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Accounts payable & Accrued liabilities | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Operating leases liabilities  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 306,564
Operating leases liabilities | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 28,417
Operating leases liabilities | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 58,172
Operating leases liabilities | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 58,726
Operating leases liabilities | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 161,249
Finance lease liabilities  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 43,742
Finance lease liabilities | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 4,882
Finance lease liabilities | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 10,166
Finance lease liabilities | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 10,357
Finance lease liabilities | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 18,337
Deferred consideration, long-term  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 6,577
Deferred consideration, long-term | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Deferred consideration, long-term | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 6,577
Deferred consideration, long-term | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Deferred consideration, long-term | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Long-term notes and loans payable and Short-term borrowings  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 603,257
Long-term notes and loans payable and Short-term borrowings | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 23,347
Long-term notes and loans payable and Short-term borrowings | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 428,276
Long-term notes and loans payable and Short-term borrowings | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 29,522
Long-term notes and loans payable and Short-term borrowings | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 122,112
Tax receivable agreement liability  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 14,564
Tax receivable agreement liability | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 1,065
Tax receivable agreement liability | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 2,587
Tax receivable agreement liability | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 3,199
Tax receivable agreement liability | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 7,713
Other long-term liabilities  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 7,886
Other long-term liabilities | Less Than 1 Year  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Other long-term liabilities | 1 to 3 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 7,886
Other long-term liabilities | 3 to 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations 0
Other long-term liabilities | More than 5 Years  
Disclosure Of Contractual Obligations [Line Items]  
Contractual Obligations $ 0
v3.24.0.1
Variable Interest Entities - Summary of Assets Liabilities and Networth of Variable Interest Entities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Summary of Assets Liabilities and Networth of Variable Interest Entities [line Items]    
Current assets $ 278,087 $ 326,046
Non-current assets 1,080,380 1,257,646
Current liabilities (200,242) (255,865)
Non-current liabilities (730,158) (740,144)
Non-controlling interests (77,625) (39,356)
Deficit attributable to Cresco Labs Inc. 505,692 627,039
Cresco Labs Michigan, LLC    
Summary of Assets Liabilities and Networth of Variable Interest Entities [line Items]    
Current assets 15,485 17,506
Non-current assets 75,622 63,212
Current liabilities (1,476) (3,158)
Non-current liabilities (124,793) (108,113)
Non-controlling interests 258 0
Deficit attributable to Cresco Labs Inc. $ 34,904 $ 30,553
v3.24.0.1
Variable Interest Entities - Summary of Income Expenses and Net Income Loss of Variable Interest Entities (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Summary of Income Expenses and Net Income Loss of Variable Interest Entities [line Items]    
Revenue $ 770,885 $ 842,681
Net loss attributable to non-controlling interests, net of tax (4,330) (3,796)
Net loss attributable to Cresco Labs Inc. (175,522) (212,047)
Net (loss) income (179,852) (215,843)
Cresco Labs Michigan, LLC    
Summary of Income Expenses and Net Income Loss of Variable Interest Entities [line Items]    
Revenue 25,046 12,659
Net loss attributable to non-controlling interests, net of tax (258) 0
Net loss attributable to Cresco Labs Inc. (4,445) (8,617)
Net (loss) income $ (4,703) $ (8,617)
v3.24.0.1
Segment Information - Additional Information (Detail) - segment
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of operating segments [line items]    
Number of operating segments 1  
USA    
Disclosure of operating segments [line items]    
Percentage of entity's revenue 100.00% 100.00%
v3.24.0.1
Interest Expense, Net - Summary of Interest Expense, Net (Detail) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure Of Interest Income (Expense) [Line Items]    
Interest expense – notes and loans payable $ (43,575) $ (38,528)
Interest expense – financing activities (11,739) (11,887)
Accretion of debt discount and amortization of deferred financing fees (4,416) (3,951)
Interest expense – leases (3,513) (3,952)
Other interest income 276  
Other interest (expense)   (198)
Interest income 2,148 679
Total Interest expense, net (60,819) $ (57,837)
Valley Agriceuticals, LLC    
Disclosure Of Interest Income (Expense) [Line Items]    
Reduction of interest expense $ 1,200  
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes - Summary of Provision for Income Taxes (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Current $ 71,537 $ 93,581
Deferred (13,237) (17,000)
Change in valuation allowance (25,350) 12,357
Total 32,950 88,938
Federal    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Current 55,679 69,240
Deferred (23,771) (8,332)
State    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Current 15,858 24,341
Deferred (18,215) (9,858)
Foreign    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Current 0 0
Deferred $ 28,749 $ 1,190
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes - Summary of Components of Deferred Tax Assets And Liabilities (Details) - USD ($)
$ in Thousands
Dec. 31, 2023
Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets $ 102,187 $ 75,711
Deferred tax liabilities (113,006) (107,381)
Valuation allowance (18,091) (43,442)
Net deferred tax liabilities (28,910) (75,112)
Share-based compensation    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 3,961 1,381
Financing fees    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 453 1,291
Net operating losses    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 40,580 43,629
Inventory    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 97 346
Lease liabilities    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 41,088 28,362
Tax receivable agreement    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 15,379 315
Other    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax assets 629 386
Deferred tax liabilities (23,596) (1,329)
ROU assets    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liabilities (13,689) (9,560)
Property, plant and equipment    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liabilities (11,669) (12,393)
Intangible assets    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Deferred tax liabilities $ (64,052) $ (84,099)
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes - Additional Information (Details) - USD ($)
$ in Millions
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Increase (decrease) through business combinations, deferred tax liability (asset) $ 15.4  
Deferred tax liability (asset) 13.5 $ 7.8
Unrecognized tax benefits reserve   6.1
Unrecognized tax benefits, penalties and interest 1.3  
Accrued tax penalties and interest 6.9 5.5
Canadian non-capital    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Operating loss carryforward, offset by valuation allowance 41.9 63.5
U.S Federal    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Operating loss carryforward, offset by valuation allowance 50.8 45.7
Operating loss carryforward 55.7 52.2
State and Local Jurisdiction    
Disclosure of temporary difference, unused tax losses and unused tax credits [line items]    
Operating loss carryforward, offset by valuation allowance 183.3 180.8
Operating loss carryforward $ 204.6 $ 184.3
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes - Summary of Reconciliation Between The Effective Tax Rate (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation of accounting profit multiplied by applicable tax rates [abstract]    
Expected income tax expense at statutory tax rate $ (30,711) $ (26,650)
Tax rate differences (69) (2,296)
Pass through and non-controlling entities (4,881) (2,183)
State tax expense, net (4,898) 17,209
IRC Section 280E disallowance 47,043 50,521
Uncertain tax treatment (including penalties and interest) 7,311 12,901
Share-based compensation 2,086 2,261
Goodwill impairment 10,448 25,334
Tax penalties and interest 5,552 4,155
Change in valuation allowance (25,350) 12,357
Change in state tax rates 10,317 (471)
Change in state filing methods (3,940) 0
Canadian reorganization basis change 28,730 0
Tax receivable agreement (2,919) (395)
Adjustments to prior year provisions (7,003) (5,136)
Other 1,235 1,332
Total $ 32,950 $ 88,938
Effective tax rate (22.40%) (70.10%)
v3.24.0.1
Provision For Income Taxes And Deferred Income Taxes - Schedule Of Reconciliation Of Unrecognized Tax Benefits (Details) - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2023
Dec. 31, 2022
Reconciliation Of Unrecognized Tax Benefits [Roll Forward]    
Balance at January 1 $ 12,746 $ 0
Additions based on tax positions related to the current year 6,054 7,380
Additions for tax positions of prior years 0 5,366
Balance at the end of the year $ 18,800 $ 12,746