Quarterly report pursuant to Section 13 or 15(d)

SEGMENT INFORMATION

v3.22.2.2
SEGMENT INFORMATION
 6 Months Ended
Jun. 30, 2022
Segment Reporting [Abstract]  
SEGMENT INFORMATION SEGMENT INFORMATIONThe Company operates in two segments: (i) cannabis retail and (ii) cannabis cultivation and distribution. Our reportable segments are as follows:
(in thousands) (in thousands)
Total Revenue % of Total Revenue Total Revenue % of Total Revenue
Three Months Ended June 30, Six Months Ended June 30,
Segment 2022 2021 2022 2021 2022 2021 2022 2021
Cannabis Retail $ 10,947  $ 2,318  62.4  % 80.7  % $ 23,056  $ 4,017  60.2  % 81.5  %
Cannabis Cultivation & Distribution 6,609  554  37.6  % 19.3  % 15,224  911  39.8  % 18.5  %
Total $ 17,556  $ 2,872  100.0  % 100.0  % $ 38,280  $ 4,928  100.0  % 100.0  %
Cannabis Retail
Either independently or in conjunction with third parties, we operate medical marijuana and adult use cannabis dispensaries in California. All our retail dispensaries offer a broad selection of medical and adult use cannabis products including flower, concentrates and edibles.
Cannabis Cultivation and Distribution
We operate distribution centers in California and Oregon that distribute our own branded products as well as third party products to our own dispensaries and to other non-affiliated medical marijuana and/or adult use cannabis dispensaries.
(in thousands) (in thousands)
Six Months Ended June 30, 2022 Six Months Ended June 30, 2021
Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total
Total revenues $ 23,056  $ 15,224  $ —  $ 38,280  $ 4,017  $ 911  $ —  $ 4,928 
Cost of goods sold 12,311  11,267  —  23,578  2,110  (97) —  2,013 
Gross profit 10,745  3,957  —  14,702  1,907  1,008  —  2,915 
Selling, general and administrative expenses 11,452  8,486  17,899  37,837  2,664  874  13,809  17,347 
Impairment of assets —  —  55,726  55,726  —  —  —  — 
Loss (gain) on sale of assets 542  —  (199) 343  —  —  —  — 
Income (loss) from operations (1,249) (4,529) (73,426) (79,204) (757) 134  (13,809) (14,432)
Other income (expense):
Interest expense —  (176) (2,034) (2,210) —  —  (112) (112)
Gain (loss) on extinguishment of debt —  —  542  542  —  —  (6,161) (6,161)
Realized and unrealized gain on investments —  —  963  963  —  —  5,337  5,337 
Other income 200  527  750  1,477  80  —  282  362 
Total other income (loss) 200  351  222  773  80  —  (654) (574)
Income (loss) before provision for income taxes $ (1,049) $ (4,178) $ (73,204) $ (78,432) $ (677) $ 134  $ (14,463) $ (15,006)
Total assets $ 51,164  $ (73) $ 133,018  $ 180,255  $ 18,950  $ (3,522) $ 91,373  $ 106,801 
(in thousands) (in thousands)
Three Months Ended June 30, 2022 Three Months Ended June 30, 2021
Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total Cannabis Retail Cannabis Cultivation & Distribution Corporate & Other Total
Total revenues $ 10,947  $ 6,609  $ —  $ 17,556  $ 2,318  $ 554  $ —  $ 2,872 
Cost of goods sold 5,430  3,856  —  9,286  1,154  (1,007) —  147 
Gross profit 5,517  2,753  —  8,270  1,164  1,561  —  2,725 
Selling, general and administrative expenses 6,427  3,886  8,757  19,070  1,416  512  2,770  4,698 
Impairment of assets —  —  55,726  55,726  —  —  —  — 
Loss on sale of assets 542  —  —  542  —  —  —  — 
Income (loss) from operations (1,452) (1,133) (64,483) (67,068) (252) 1,049  (2,770) (1,973)
Other income (expense):
Interest expense —  (11) (432) (443) —  —  (39) (39)
Realized and unrealized gain (loss) on investments —  —  963  963  —  —  (874) (874)
Other income (loss) 122  112  209  443  80  —  (63) 17 
Total other income (loss) 122  101  740  963  80  —  (976) (896)
Income (loss) before provision for income taxes $ (1,330) $ (1,032) $ (63,743) $ (66,105) $ (172) $ 1,049  $ (3,746) $ (2,869)
Total assets $ 51,164  $ (73) $ 133,018  $ 180,255  $ 18,950  $ (3,522) $ 91,373  $ 106,801