v3.25.4
FINANCIAL INSTRUMENTS AND FINANCIAL RISK MANAGEMENT (Tables)
 12 Months Ended
Dec. 31, 2025
Fair Value Disclosures [Abstract]  
Fair Value, Assets Measured on Recurring and Nonrecurring Basis
The following tables summarize the Company’s financial instruments as of December 31, 2025 and December 31, 2024:
December 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Financial Assets:
Loans receivable, short-term1
$— $— $1,119 $1,119 
Loans receivable, long-term1
— — 480 480 
Investments2
33 — 600 633 
Financial Liabilities:
Deferred and contingent consideration, short-term$— $— $2,566 $2,566 
Deferred and contingent consideration, long-term— — 5,815 5,815 
Unsecured promissory note3
— — 1,138 1,138 
1Loans receivable, short-term and Loans receivable, long-term are included in “Other current assets” and “Other non-current assets” respectively, on the Consolidated Balance Sheets.
2Investments are included in “Other non-current assets” on the Consolidated Balance Sheets.
3Unsecured promissory note included in “Long-term notes and loans payable, net” on the Consolidated Balance Sheets.

December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Financial Assets:    
Loans receivable, short-term1
$— $— $— $545 
Loans receivable, long-term1
— — — 1,695 
Investments2
53 — 600 653 
Financial Liabilities:
Deferred and contingent consideration, short-term$— $— $2,486 $2,486 
Deferred and contingent consideration, long-term— — 7,736 7,736 
1Loans receivable, short-term and Loans receivable, long-term are included in “Other current assets” and “Other non-current assets” respectively, on the Consolidated Balance Sheets.
2Investments are included in “Other non-current assets” on the Consolidated Balance Sheets.
Fair Value, Liabilities Measured on Recurring and Nonrecurring Basis
The following tables summarize the Company’s financial instruments as of December 31, 2025 and December 31, 2024:
December 31, 2025
($ in thousands)Level 1Level 2Level 3Total
Financial Assets:
Loans receivable, short-term1
$— $— $1,119 $1,119 
Loans receivable, long-term1
— — 480 480 
Investments2
33 — 600 633 
Financial Liabilities:
Deferred and contingent consideration, short-term$— $— $2,566 $2,566 
Deferred and contingent consideration, long-term— — 5,815 5,815 
Unsecured promissory note3
— — 1,138 1,138 
1Loans receivable, short-term and Loans receivable, long-term are included in “Other current assets” and “Other non-current assets” respectively, on the Consolidated Balance Sheets.
2Investments are included in “Other non-current assets” on the Consolidated Balance Sheets.
3Unsecured promissory note included in “Long-term notes and loans payable, net” on the Consolidated Balance Sheets.

December 31, 2024
($ in thousands)Level 1Level 2Level 3Total
Financial Assets:    
Loans receivable, short-term1
$— $— $— $545 
Loans receivable, long-term1
— — — 1,695 
Investments2
53 — 600 653 
Financial Liabilities:
Deferred and contingent consideration, short-term$— $— $2,486 $2,486 
Deferred and contingent consideration, long-term— — 7,736 7,736 
1Loans receivable, short-term and Loans receivable, long-term are included in “Other current assets” and “Other non-current assets” respectively, on the Consolidated Balance Sheets.
2Investments are included in “Other non-current assets” on the Consolidated Balance Sheets.
The following is a summary of Loans receivable, long-term balances and valuation classifications (discussed further below) as of December 31, 2025 and December 31, 2024:
($ in thousands)Valuation
classification		December 31, 2025December 31, 2024
Long-term loans receivable - Illinois Incubator, net of ECLAmortized cost$832 $829 
Long-term loans receivable - Kurvana, net of ECLAmortized cost603 — 
Long-term loans receivable - Kolaboration, net of ECL
Level 3 fair value
480 — 
Long-term loans receivable - Spark’d, net of ECLAmortized cost— 866 
Total Loans receivable, long-term$1,915 $1,695 
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation
The following table presents a roll-forward of the balance sheet amounts measured at fair value on a recurring basis and classified as Level 3. The classification of an item as Level 3 is based on inputs for assets or liabilities that are not based on observable market data.
Year Ended December 31, 2025
Level 3 Fair Value Measurements
($ in thousands)Loans receivable, short-termLoans receivable, long-termDeferred and contingent consideration, short-termDeferred and contingent consideration, long-term
Unsecured promissory note
Balance as of December 31, 2024
$— $— $2,486 $7,736 $— 
Additions1
1,332 466 — — 1,135 
Change in fair value recorded in Other expense, net— 14 (1,433)342 3 
Payments2
(213)— (750)— — 
Other3
— — 2,263 (2,263)— 
Balance as of December 31, 2025
$1,119 $480 $2,566 $5,815 $1,138 
1See Note 10 “Acquisitions and Dispositions” for additional details on the Unsecured promissory note related to the Springfield dispensary acquisition.
2See Note 7 “Share Capital” for additional information of payments of contingent equity-based consideration.
3Other relates to reclassifications from long-term to short-term due to expected timing of payment. See Note 10 “Acquisitions and Dispositions” for additional details.

Year Ended December 31, 2024
Level 3 Fair Value Measurements
($ in thousands)Deferred and contingent consideration, short-termDeferred and contingent consideration, long-term
Balance as of December 31, 2023
$— $6,577 
Additions1
— 2,304 
Change in fair value recorded in Other expense, net40 1,301 
Other2
2,446 (2,446)
Balance as of December 31, 2024
$2,486 $7,736 
1See Note 10 “Acquisitions and Dispositions” for additional details related to the Keystone contingent consideration.
2Other relates to reclassifications from long-term to short-term due to expected timing of payment. See Note 10 “Acquisitions and Dispositions” for additional details.
Fair Value Measurement Inputs and Valuation Techniques
The following table presents information about the significant unobservable inputs for financial assets and liabilities measured at fair value:
Financial asset
Valuation techniquesSignificant unobservable inputsRelationship of unobservable inputs to fair value
Loans receivable
Discounted cash flow
1) Discount Rate
Increase or decrease in the discount rate will result in a lower or higher fair value, respectively.
Financial liabilities
Valuation techniquesSignificant unobservable inputsRelationship of unobservable inputs to fair value
Deferred considerationDiscounted cash flow1) Expected future cash flowsIncrease or decrease in expected future cash flows will result in an increase or decrease in fair value.
2) Discount rateIncrease or decrease in the discount rate will result in a lower or higher fair value, respectively.
Contingent considerationDiscounted cash flow
1) Probability and timing of consideration payment
Increase or decrease in probability of consideration payment and earlier or later timing of payment will result in an increase or decrease in fair value.
2) Discount rateIncrease or decrease in the discount rate will result in a lower or higher fair value, respectively.
Unsecured promissory note
Discounted cash flow
1) Discount Rate
Increase or decrease in the discount rate will result in a lower or higher fair value, respectively.
Accounts Receivable, Allowance for Credit Loss
The Company’s summary of activity for allowance for expected credit losses for the years ended December 31, 2025 and 2024 was as follows:
($ in thousands)20252024
Balance at January 1$8,308 $7,964 
Provision (recovery) expense(994)781 
Write-offs(2,293)(437)
Balance at December 31$5,021 $8,308