10-Q
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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, DC 20549

 

FORM 10-Q

 

(Mark One)

QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 31, 2023

OR

TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from __to __

Commission File Number: 000-56294

 

https://cdn.kscope.io/a77b8b0859c935e728933cc505f9794f-img244501846_0.jpg 

COLUMBIA CARE INC.

(Exact Name of Registrant as Specified in its Charter)

 

 

British Columbia

98-1488978

(State or other jurisdiction of

incorporation or organization)

(I.R.S. Employer
Identification No.)

680 Fifth Ave., 24th Floor

New York, New York

10019

 

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (212) 634-7100

 

Securities registered pursuant to Section 12(b) of the Act: None

 

Title of each class

 

Trading

Symbol(s)

 

Name of each exchange on which registered

 

 

 

 

 

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes No

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

 

Large accelerated filer

Accelerated filer

 

 

 

 

Non-accelerated filer

Smaller reporting company

 

 

 

 

 

 

 

Emerging growth company

 

 

 

 

 

 

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes No

Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court. Yes No

As of May 11, 2023, there were 406,779,180 shares of common stock, no par value per share (the “Common Shares”), outstanding.

G

 


Table of Contents

 

 

 

Page

FORWARD-LOOKING STATEMENTS

2

PART I.

FINANCIAL INFORMATION

 

Item 1.

Financial Statements (Unaudited)

 

Condensed Consolidated Balance Sheets

3

Condensed Consolidated Statements of Operations and Comprehensive Loss

4

 

Condensed Consolidated Statements of Changes in Equity

5

Condensed Consolidated Statements of Cash Flows

6

Notes to Unaudited Condensed Consolidated Financial Statements

7

Item 2.

Management’s Discussion and Analysis of Financial Condition and Results of Operations

18

Item 3.

Quantitative and Qualitative Disclosures About Market Risk

25

Item 4.

Controls and Procedures

25

PART II.

OTHER INFORMATION

26

Item 1.

Legal Proceedings

26

Item 1A.

Risk Factors

26

Item 2.

Unregistered Sales of Equity Securities and Use of Proceeds

26

Item 3.

Defaults Upon Senior Securities

26

Item 4.

Mine Safety Disclosures

26

Item 5.

Other Information

26

Item 6.

Exhibits

26

Signatures

28

 

 

 

 

 

i


FORWARD-LOOKING STATEMENTS

This Quarterly Report on Form 10-Q contains “forward-looking statements” regarding Columbia Care Inc. and its subsidiaries (collectively referred to as “Columbia Care,” “we,” “us,” “our,” or the “Company”). We make forward-looking statements related to future expectations, estimates, and projections that are uncertain and often contain words such as, but not limited to, “may”, “would”, “could”, “should”, “will”, “intend”, “plan”, “anticipate”, “believe”, “estimate”, “expect” or other similar words or phrases. These statements are not guarantees of future performance and are subject to known and unknown risks, uncertainties, and assumptions that are difficult to predict. Particular risks and uncertainties that could cause our actual results to be materially different from those expressed in our forward-looking statements include those listed below:

the satisfaction of the conditions precedent to the closing of the Cresco Transaction (as defined herein);
the receipt of any necessary regulatory approvals in connection with the Cresco Transaction (as defined herein);
the impact of the Cresco Transaction (as defined herein) on the Company’s current and future operations, financial condition and prospects;
the value of the Cresco Labs Shares (as defined herein);
the costs of the Cresco Transaction (as defined herein) and potential payment of a termination fee in connection with the Cresco Transaction (as defined herein);
the ability to successfully integrate with the operations of Cresco Labs (as defined herein) and realize the expected benefits of the Cresco Transaction (as defined herein);
the fact that marijuana remains illegal under federal law;
the application of anti-money laundering laws and regulations to the Company;
legal, regulatory, or political change to the cannabis industry;
access to the services of banks for the Company, Cresco Labs or buyers of divestiture assets in relation to the Cresco Transaction (as defined herein);
the ability to complete divestitures in connection with the Cresco Transaction, including the closing of the Combs Transaction (as defined herein);
access to public and private capital;
unfavorable publicity or consumer perception of the cannabis industry;
expansion to the adult-use markets;
the impact of laws, regulations, and guidelines;
the impact of Section 280E of the Internal Revenue Code;
the impact of state laws pertaining to the cannabis industry;
the Company’s reliance on key inputs, suppliers and skilled labor;
the difficulty of forecasting the Company’s sales;
constraints on marketing products;
potential cyber-attacks and security breaches;
net operating loss and other tax attribute limitations;
the impact of changes in tax laws;
the volatility of the market price of the Common Shares;
reliance on management;
litigation;
future results and financial projections; and
the impact of global financial conditions

 

The list of factors above is illustrative and by no means exhaustive. Additional information regarding these risks and other risks and uncertainties we face is contained in this Quarterly Report on Form 10-Q and our Annual Report on Form 10-K for the year ended December 31, 2022. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated, or intended.

We urge readers to consider these risks and uncertainties in evaluating our forward-looking statements. We caution readers not to place undue reliance upon any such forward-looking statements, which speak only as of the date made. We undertake no obligation to publicly update any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law.

 

2


 

COLUMBIA CARE INC.

CONDENSED CONSOLIDATED INTERIM BALANCE SHEETS

(Unaudited)

(Expressed in thousands of U.S. dollars, except share data)

 

 

 

 

March 31, 2023

 

 

December 31, 2022

 

Assets

 

 

 

 

 

 

Current assets:

 

 

 

 

 

 

Cash

 

$

40,159

 

 

$

48,154

 

Accounts receivable, net of allowances of $2,642 and, $2,504, respectively

 

 

12,250

 

 

 

10,087

 

Inventory

 

 

132,624

 

 

 

127,905

 

Prepaid expenses and other current assets

 

 

24,339

 

 

 

21,942

 

Assets held for sale

 

 

29,107

 

 

 

29,089

 

Total current assets

 

 

238,479

 

 

 

237,177

 

 

 

 

 

 

 

Property and equipment, net

 

 

348,581

 

 

 

357,993

 

Right of use assets - operating leases, net

 

 

168,370

 

 

 

174,472

 

Right of use assets - finance leases, net

 

 

42,381

 

 

 

45,423

 

Goodwill

 

 

19,274

 

 

 

19,274

 

Intangible assets, net

 

 

140,461

 

 

 

145,265

 

Other non-current assets

 

 

15,475

 

 

 

15,122

 

Total assets

 

$

973,021

 

 

$

994,726

 

 

 

 

 

 

 

Liabilities and Equity

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

 

Accounts payable

 

$

29,917

 

 

$

23,775

 

Accrued expenses and other current liabilities

 

 

58,130

 

 

 

64,574

 

Income tax payable

 

 

42,628

 

 

 

33,961

 

Current portion of lease liability - operating leases

 

 

7,342

 

 

 

6,762

 

Current portion of lease liability - finance leases

 

 

6,572

 

 

 

6,552

 

Current portion of long-term debt, net

 

 

7,595

 

 

 

47,315

 

Liabilities held for sale

 

 

20,179

 

 

 

20,179

 

Total current liabilities

 

$

172,363

 

 

$

203,118

 

 

 

 

 

 

 

Long-term debt, net

 

 

323,147

 

 

 

281,705

 

Deferred taxes

 

 

3,774

 

 

 

2,903

 

Long-term lease liability - operating leases

 

 

168,309

 

 

 

174,312

 

Long-term lease liability - finance leases

 

 

48,603

 

 

 

50,586

 

Derivative liability

 

 

265

 

 

 

235

 

Other long-term liabilities

 

 

75,235

 

 

 

74,964

 

Total liabilities

 

 

791,696

 

 

 

787,823

 

 

 

 

 

 

 

Stockholders' Equity:

 

 

 

 

 

 

Common Stock, no par value, unlimited shares authorized as of March 31, 2023 and
   December 31, 2022, respectively,
393,409,586 and 391,238,484 shares issued and outstanding
   as of March 31, 2022 and December 31, 2022, respectively

 

 

 

 

 

 

Preferred Stock, no par value, unlimited shares authorized as of March 31, 2023 and
   December 31, 2022, respectively,
none issued and outstanding as of March 31, 2023 and
   December 31, 2022

 

 

 

 

 

 

Proportionate voting shares, no par value, unlimited shares authorized as of March 31, 2023
   and December 31, 2022, respectively;
9,955,661 and 10,009,819 shares issued and outstanding
   as of March 31, 2023 and December 31, 2022, respectively

 

 

 

 

 

 

Additional paid-in-capital

 

 

1,123,898

 

 

 

1,117,287

 

Accumulated deficit

 

 

(941,343

)

 

 

(904,003

)

Equity attributable to Columbia Care Inc.

 

 

182,555

 

 

 

213,284

 

Non-controlling interest

 

 

(1,230

)

 

 

(6,381

)

Total equity

 

 

181,325

 

 

 

206,903

 

Total liabilities and equity

 

$

973,021

 

 

$

994,726

 

The accompanying notes are an integral part of these Condensed Consolidated Interim Balance Sheets.

 

 

3


 

COLUMBIA CARE INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS

(Unaudited)

(Expressed in thousands of U.S. dollars, except for number of shares and per share amounts)

 

 

 

Three months ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Revenues, net of discounts

 

$

124,535

 

 

$

123,087

 

Cost of sales related to inventory production

 

 

(77,454

)

 

 

(66,460

)

Gross Margin

 

 

47,081

 

 

 

56,627

 

Selling, general and administrative expenses

 

$

(55,350

)

 

 

(71,292

)

Total operating costs

 

 

(55,350

)

 

 

(71,292

)

Loss from operations

 

 

(8,269

)

 

 

(14,665

)

Other expense:

 

 

 

 

 

 

Interest expense on leases

 

 

(1,098

)

 

 

(1,426

)

Interest expense

 

 

(12,573

)

 

 

(11,244

)

Other (expense) income, net

 

 

(3,943

)

 

 

61

 

Total other expense

 

 

(17,614

)

 

 

(12,609

)

 

 

 

 

 

 

Loss before provision for income taxes

 

 

(25,883

)

 

 

(27,274

)

Income tax expense

 

 

(10,689

)

 

 

(632

)

Net loss and comprehensive loss

 

 

(36,572

)

 

 

(27,906

)

Net (income) loss attributable to non-controlling interests

 

 

768

 

 

 

(1,270

)

Net loss attributable to shareholders

 

$

(37,340

)

 

$

(26,636

)

 

 

 

 

 

 

Weighted-average number of shares used in earnings per
   share - basic and diluted

 

 

401,438,546

 

 

 

376,397,260

 

Loss attributable to shares (basic and diluted)

 

$

(0.09

)

 

 

(0.07

)

The accompanying notes are an integral part of these unaudited Condensed Consolidated Statements of Operations and Comprehensive Loss.

4


 

COLUMBIA CARE INC.

CONDENSED CONSOLIDATED INTERIM STATEMENTS OF CHANGES IN EQUITY

(Unaudited)

(Expressed in thousands of U.S. dollars, except for number of shares)

 

 

 

 

Units

 

 

Common
Shares

 

 

Proportionate
Voting Shares

 

 

Additional
Paid-in Capital

 

 

Accumulated
Deficit

 

 

Total Columbia Care Inc.
Shareholders' Equity

 

 

Non-Controlling
Interest

 

 

Total
Equity

 

Balance as of December 31, 2021

 

 

 

 

 

361,423,270

 

 

 

14,729,636

 

 

$

1,039,726

 

 

$

(468,335

)

 

$

571,391

 

 

$

(20,568

)

 

$

550,823

 

Equity-based compensation(1)

 

 

 

 

 

237,486

 

 

 

 

 

 

6,358

 

 

 

 

 

 

6,358

 

 

 

 

 

 

6,358

 

Warrants exercised

 

 

 

 

 

180,000

 

 

 

 

 

 

425

 

 

 

 

 

 

425

 

 

 

 

 

 

425

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(26,636

)

 

 

(26,636

)

 

 

(1,270

)

 

 

(27,906

)

Balance as of March 31, 2022

 

 

 

 

 

361,840,756

 

 

 

14,729,636

 

 

$

1,046,509

 

 

$

(494,971

)

 

$

551,538

 

 

$

(21,838

)

 

$

529,700

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Units

 

 

Common
Shares

 

 

Proportionate
Voting Shares

 

 

Additional
Paid-in Capital

 

 

Accumulated
Deficit

 

 

Total Columbia Care Inc.
Shareholders' Equity

 

 

Non-Controlling
Interest

 

 

Total
Equity

 

Balance as of December 31, 2022

 

 

 

 

 

391,238,484

 

 

 

10,009,819

 

 

$

1,117,287

 

 

$

(904,003

)

 

$

213,284

 

 

$

(6,381

)

 

$

206,903

 

Equity-based compensation (1)

 

 

 

 

 

2,116,944

 

 

 

 

 

 

6,611

 

 

 

 

 

 

6,611

 

 

 

 

 

 

6,611

 

Conversion between classes of shares

 

 

 

 

 

54,158

 

 

 

(54,158

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Deconsolidation of subsidiary

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

4,383

 

 

 

4,383

 

Net loss

 

 

 

 

 

 

 

 

 

 

 

 

 

 

(37,340

)

 

 

(37,340

)

 

 

768

 

 

 

(36,572

)

Balance as of March 31, 2023

 

 

 

 

 

393,409,586

 

 

 

9,955,661

 

 

$

1,123,898

 

 

$

(941,343

)

 

$

182,555

 

 

$

(1,230

)

 

 

181,325

 

 

(1)
The amounts shown are net of any shares withheld by the Company to satisfy certain tax withholdings in connection with vesting of equity-based awards.

 

The accompanying notes are an integral part of these unaudited Condensed Consolidated Statements of Changes in Equity.

 

 

 

5


 

COLUMBIA CARE INC.

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(expressed in thousands of U.S. dollars)

 

 

 

 

Three months ended

 

 

 

March 31, 2023

 

 

March 31, 2022

 

Cash flows from operating activities:

 

 

 

 

 

 

Net loss

 

$

(36,572

)

 

$

(27,906

)

Adjustments to reconcile net loss to net cash (used in) operating activities:

 

 

 

 

 

 

Depreciation and amortization

 

 

15,063

 

 

 

21,210

 

Equity-based compensation

 

 

6,515

 

 

 

6,374

 

Debt amortization expense

 

 

2,291

 

 

 

1,936

 

Loss on deconsolidation of subsidiary

 

 

2,473

 

 

 

 

Provision for obsolete inventory and other assets

 

 

615

 

 

 

156

 

Deferred taxes

 

 

766

 

 

 

(4,560

)

Change in fair value of derivative liability

 

 

30

 

 

 

683

 

Other

 

 

134

 

 

 

217

 

Changes in operating assets and liabilities, net of acquisitions

 

 

 

 

 

 

Accounts receivable

 

 

(2,322

)

 

 

1,726

 

Inventory

 

 

(6,315

)

 

 

(14,851

)

Prepaid expenses and other current assets

 

 

(2,442

)

 

 

1,942

 

Other assets

 

 

6,126

 

 

 

(6,111

)

Accounts payable

 

 

8,134

 

 

 

(12,072

)

Accrued expenses and other current liabilities

 

 

(4,874

)

 

 

(8,037

)

Income taxes payable

 

 

9,194

 

 

 

5,172

 

Other long-term liabilities

 

 

(2,221

)

 

 

6,299

 

Net cash used in operating activities

 

 

(3,405

)

 

 

(27,822

)

Cash flows from investing activities:

 

 

 

 

 

 

Purchases of property and equipment

 

 

(5,724

)

 

 

(29,511

)

Proceeds from sale of plant, property and equipment

 

 

 

 

 

179

 

Proceeds from deconsolidation of MO entity

 

 

3,040

 

 

 

 

Cash received (paid) on deposits, net

 

 

132

 

 

 

(223

)

Net cash used in investing activities

 

 

(2,552

)

 

 

(29,555

)

Cash flows from financing activities:

 

 

 

 

 

 

Proceeds from issuance of debt and warrants

 

 

 

 

 

153,250

 

Payment of debt issuance costs

 

 

 

 

 

(7,266

)

Repayment of debt

 

 

(170

)

 

 

(122

)

Payment of lease liabilities

 

 

(1,588

)

 

 

(1,642

)

Repayment of sellers note

 

 

(375

)

 

 

(375

)

Exercise of warrants

 

 

 

 

 

424

 

Taxes paid on equity based compensation

 

 

96

 

 

 

(16

)

Net cash (used in)/provided by financing activities

 

 

(2,037

)

 

 

144,253

 

 

 

 

 

 

 

 

Net (decrease)/increase in cash

 

 

(7,994

)

 

 

86,876

 

Cash and restricted cash at beginning of the period

 

 

49,488

 

 

 

82,533

 

Cash and restricted cash at end of period

 

$

41,494

 

 

$

169,409

 

Reconciliation of cash and cash equivalents and restricted cash:

 

 

 

 

 

 

Cash

 

$

40,159

 

 

$

168,424

 

Restricted cash

 

$

1,335

 

 

$

985

 

Cash and restricted cash, end of period

 

$

41,494

 

 

$

169,409

 

Supplemental disclosure of cash flow information:

 

 

 

 

 

 

Cash paid for amounts included in the measurement of lease liabilities:

 

 

 

 

 

 

Operating cash flows from operating leases

 

$

5,716

 

 

$

6,209

 

Operating cash flows from finance leases

 

$

1,081

 

 

$

1,457

 

Financing cash flows from finance leases

 

$

1,588

 

 

$

1,642

 

Cash paid for interest on other obligations

 

$

12,607

 

 

$

5,302

 

Cash paid for income taxes

 

$

729

 

 

$

70

 

Lease liabilities arising from the recognition of finance right-of-use assets

 

$

24

 

 

$

1,597

 

Lease liabilities arising from the recognition of operating right-of-use assets

 

$

3,264

 

 

$

551

 

Supplemental disclosure of non-cash investing and financing activities:

 

 

 

 

 

 

Non-cash fixed asset additions within accounts payable and accrued expenses

 

$

478

 

 

$

11,010

 

Non-cash equity issuance costs within accrued expenses and accounts payable

 

$

 

 

$

223

 

 

6


 

 

COLUMBIA CARE INC.

NOTES TO THE CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE three months ended March 31, 2023, and 2022

(Expressed in thousands of U.S. dollars, except for share and per share amounts)

(Unaudited)

 

 

1.
OPERATIONS OF THE COMPANY

Columbia Care Inc. (“the Company” or “the Parent”), was incorporated under the laws of the Province of Ontario on August 13, 2018. The Company's principal mission is to improve lives by providing cannabis-based health and wellness solutions and derivative products to qualified patients and consumers. The Company’s head office and principal address is 680 Fifth Ave. 24th Floor, New York, New York 10019. The Company’s registered and records office address is 666 Burrard St #1700, Vancouver, British Columbia V6C 2X8.

On April 26, 2019, the Company completed a reverse takeover (“RTO”) transaction and private placement. Following the RTO, the Company’s Common Shares were listed on the Aequitas NEO exchange, trading under the symbol “CCHW”. As of the time of this report, the Company’s Common Shares are also listed on the Canadian Securities Exchange (the “CSE”) under the symbol “CCHW”, the OTCQX Best Market under the symbol “CCHWF” and on the Frankfurt Stock Exchange under the symbol “3LP”.

On March 23, 2022, the Company jointly announced with Cresco Labs LLC (“Cresco Labs”) that the Company and Cresco Labs have entered into a definitive arrangement agreement (the “Arrangement Agreement”) pursuant to which Cresco Labs will acquire all of the issued and outstanding shares (the “Company Shares”) of the Company (the “Cresco Transaction”). Subject to closing conditions and necessary regulatory approvals, closure of the Cresco Transaction must occur no later than June 30, 2023 per the terms of the Arrangement Agreement, as amended. Under the terms of the Arrangement Agreement, shareholders of the Company (the “Company Shareholders”) will receive 0.5579 of a subordinate voting share of Cresco Labs (each whole share, a “Cresco Labs Share”) for each Company common share (or equivalent) held, subject to adjustment, representing total consideration enterprise value of approximately US$2.0 billion based on the closing price of Cresco Labs Shares on the CSE as of March 22, 2022. After giving effect to the Cresco Transaction, Company Shareholders will hold approximately 35% of the pro forma Cresco Labs Shares (on a fully diluted in-the-money, treasury method basis).

2.
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES

Basis of preparation

The accompanying unaudited condensed interim consolidated financial statements of the Company have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP” or “GAAP”) for interim financial information and the rules and regulations of the Securities and Exchange Commission (the “SEC”).

The accompanying unaudited condensed interim consolidated financial statements contain all normal and recurring adjustments necessary to state fairly the consolidated financial condition, results of operations, comprehensive income, statement of shareholders’ equity, and cash flows of the Company for the interim periods presented. Except as otherwise disclosed, all such adjustments consist only of those of a normal recurring nature. Operating results for the three months ended March 31, 2023 are not necessarily indicative of the results that may be expected for the current year ending December 31, 2023. The financial data presented herein should be read in conjunction with the audited consolidated financial statements and accompanying notes as of and for the years ended December 31, 2022, and 2021 included in the Annual Report on Form 10-K for the year ended December 31, 2022 (the “2022 Form 10-K”).

The preparation of these unaudited condensed interim consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities as of the date of the financial statements, and the reported amounts of revenues and expenses during the reporting periods. Actual results could differ materially from those estimates.

Certain information and footnote disclosures normally included in financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to the rules and regulations of the SEC and the instructions to Form 10-Q.

Significant Accounting Judgments, Estimates and Assumptions

The Company’s significant accounting policies are described in Note 2 to the Company’s 2022 Form 10-K, filed with the SEC, on March 29, 2023. There have been no material changes to the Company’s significant accounting policies.

7


 

Revenue

The Company’s revenues are disaggregated as follows:

 

 

 

 

Three months ended

 

 

 

 

March 31, 2023

 

 

March 31, 2022

 

 

Dispensary

 

$

109,156