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INTANGIBLE ASSETS AND GOODWILL (Tables)
 12 Months Ended
Dec. 31, 2025
Goodwill and Intangible Assets Disclosure [Abstract]  
Schedule of Finite-Lived Intangible Assets
CategoryEstimated
Useful Life
Customer Relationships
7 - 8 years
Permit Application Fees
1 - 2 years
Intangible assets consisted of the following as of December 31, 2025 and December 31, 2024:

December 31, 2025December 31, 2024
($ in thousands)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets:
Customer Relationships$30,600 $(19,150)$11,450 $31,300 $(15,736)$15,564 
Trade Names1,400 (1,400)— 2,100 (1,750)350 
Permit Application Costs4,488 (3,123)1,365 20,699 (18,270)2,429 
Other Intangibles
4,917 (4,917)— 6,013 (6,013)— 
Indefinite-Lived Intangible Assets:
Licenses262,527 — 262,527 275,651 — 275,651 
Total Intangible Assets$303,932 $(28,590)$275,342 $335,763 $(41,769)$293,994 
Schedule of Indefinite-Lived Intangible Assets
Intangible assets consisted of the following as of December 31, 2025 and December 31, 2024:

December 31, 2025December 31, 2024
($ in thousands)Gross Carrying AmountAccumulated AmortizationNetGross Carrying AmountAccumulated AmortizationNet
Definite-Lived Intangible Assets:
Customer Relationships$30,600 $(19,150)$11,450 $31,300 $(15,736)$15,564 
Trade Names1,400 (1,400)— 2,100 (1,750)350 
Permit Application Costs4,488 (3,123)1,365 20,699 (18,270)2,429 
Other Intangibles
4,917 (4,917)— 6,013 (6,013)— 
Indefinite-Lived Intangible Assets:
Licenses262,527 — 262,527 275,651 — 275,651 
Total Intangible Assets$303,932 $(28,590)$275,342 $335,763 $(41,769)$293,994 
Schedule of Finite-Lived Intangible Assets Amortization Expense
The following table reflects the amortization expense related to definite-lived intangible assets for the years ended December 31, 2025 and 2024:

Year Ended December 31,
($ in thousands)20252024
Amortization expense included in cost of goods sold and ending inventory$2,991 $3,245 
Amortization expense included in selling, general, and administrative expense3,397 3,861 
Total amortization expense$6,388 $7,106 
The following table reflects amortization expense capitalized to cost of goods sold and amortization expense capitalized to ending inventory for the years ended December 31, 2025 and 2024:

Year Ended December 31,
($ in thousands)20252024
Capitalized expense included in cost of goods sold$2,927 $3,058 
Capitalized expense to inventory for prior periods237 977 
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense
The following table outlines the estimated amortization expense related to intangible assets for each of the next five years:

($ in thousands)Estimated Amortization Expense
2026$5,070 
20273,214 
20282,893 
20291,638 
2030— 
Total estimated amortization expense$12,815 
Schedule of Goodwill
The changes in carrying amount of goodwill by segment are as follows for the year ended December 31, 2024 and the year ended December 31, 2025:

($ in thousands)WholesaleRetailTotal
Balance at January 1, 2024$77,330 $202,367 $279,697 
Additions from acquisitions1,006 2,631 3,637 
Measurement period adjustments41 109 150 
Balance at December 31, 2024$78,377 $205,107 $283,484 
Impairment loss(20,822)(54,489)(75,311)
Balance at December 31, 2025$57,555 $150,618 $208,173 
(c)Impairment

During the year ended December 31, 2025, the Company recorded impairment to indefinite-lived intangible assets related to the following:

•During the fourth quarter of 2025, management determined it is more likely than not that the carrying value of the New York reporting unit exceeded its fair value due to updated forecasts and projections. As a result, $18.2 million of impairment charges reducing the carrying value of licenses and $75.3 million of goodwill impairment was recognized in the Consolidated Statements of Operations.

•During the year ended December 31, 2025, the Company recorded a fair value adjustment of $11.6 million in the Consolidated Statements of Operations based on the shutdown of Cub City and proceeds of the sale of Sonoma’s Finest, see Note 10 “Acquisitions and Dispositions” for additional information. This included $4.2 million of impairment of intangible assets.

During the year ended December 31, 2024, the Company recorded impairment to indefinite-lived intangible assets related to the following:

•During the third quarter of 2024, management determined it is more likely than not that the carrying value of the California reporting unit exceeded its fair value due to updated forecasts and projections. As a result, $2.3 million of impairment charges reducing the carrying value of licenses was recognized in the Consolidated Statements of Operations.
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 and reporting segment. Cash flows beyond the long-term business plan were projected to grow at a perpetual growth rate, which was estimated at 2.0%.

•Discount rates applied in determining the recoverable amount of the reporting units and reporting segments noted above range between 12.0% and 15.0% 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.