Quarterly report pursuant to Section 13 or 15(d)

DEBT (Tables)

v3.23.2
DEBT (Tables)
6 Months Ended
Jun. 30, 2023
Debt Disclosure [Abstract]  
Components of Debt
The components of the Company’s debt are as follows:
Effective Interest Rate Maturity Date June 30, 2023 December 31, 2022
Principal amounts:
Second Lien Notes 15% December 2026 $ 74,330  $ 73,182 
Acquisition Facility 15% December 2024 65,000  65,000 
Acquisition-related promissory notes payable
8% - 23%
August 2024 - April 2027
35,716  35,716 
Mortgage loans
6% - 9%
January 2027 - April 2028
29,552  7,770 
Total debt subject to scheduled repayments 204,598  181,668 
Promissory notes payable to Sammartino (1)
11%
September 2024 - September 2026
21,500  21,500 
Jushi Europe debt (2)
n/a March 2022 3,254  3,190 
Total debt 229,352  206,358 
Less: debt issuance costs and original issue discounts (15,920) (17,096)
Total debt, net $ 213,432  $ 189,262 
Debt, net - current portion $ 14,791  $ 8,704 
Debt, net - non-current portion $ 198,641  $ 180,558 
(1)This amount is related to the promissory notes issued to Sammartino in connection with the acquisition of Nature's Remedy in September 2021. Any repayment of principal and interest are currently on hold until the resolution of the Sammartino Matter. Refer to Note 18 - Commitments and Contingencies for more information.
(2)On February 16, 2022, Jushi Europe SA, a company organized under the laws of Switzerland (“Jushi Europe”), filed a notice of over-indebtedness with the Swiss courts. Then, the Swiss courts declared Jushi Europe’s bankruptcy on May 19, 2022. As a result, Jushi Europe updated its corporate name to Jushi Europe SA in liquidation, which is still on-going. This debt balance will be adjusted, including the extinguishment of any outstanding debt, upon the final liquidation of Jushi Europe. Refer to Note 17 - Related Party Transactions for more information.
Schedule of Future Contractual Debt Maturities
As of June 30, 2023, aggregate future scheduled repayments of the Company’s debt are as follows:
Remainder of the year 2024 2025 2026 2027 Thereafter Total
Second Lien Notes $ —  $ —  $ —  $ 74,330  $ —  $ —  $ 74,330 
Acquisition Facility 4,875  60,125  —  —  —  —  65,000 
Acquisition-related promissory notes payable 3,448  5,885  1,970  1,971  22,442  —  35,716 
Mortgage loans 101  485  658  669  9,399  18,240  29,552 
Total debt subject to scheduled repayments $ 8,424  $ 66,495  $ 2,628  $ 76,970  $ 31,841  $ 18,240  $ 204,598 
Schedule of Interest Expense
Interest expense, net is comprised of the following:
Three Months Ended June 30, Six Months Ended June 30,
2023 2022 2023 2022
Interest expense
Interest and accretion - 10% Senior Notes
$ —  $ 5,838  $ —  $ 11,236 
Interest and accretion - Second Lien Notes 2,584  —  4,928  — 
Interest and accretion - Finance lease liabilities 2,598  3,013  4,947  5,914 
Interest and accretion - Promissory notes 1,542  1,347  3,078  2,084 
Interest and accretion - Acquisition Facility 2,671  1,854  4,967  3,294 
Interest and accretion - Mortgage loans and other financing activities 625  221  810  620 
Capitalized interest (222) (1,303) (410) (2,047)
Total interest expense 9,798  10,970  18,320  21,101 
Interest income (8) (23) (10) (38)
Total interest expense, net $ 9,790  $ 10,947  $ 18,310  $ 21,063