DEBT (Tables)
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9 Months Ended |
Sep. 30, 2024 |
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| Debt Disclosure [Abstract] |
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| Schedule of Components of Debt |
The components of the Company’s debt are as follows:
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Effective Interest Rate |
Maturity Date |
September 30, 2024 (unaudited) |
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December 31, 2023 |
| Principal amounts: |
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| Second Lien Notes |
15% |
December 2026 |
$ |
81,253 |
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$ |
75,497 |
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Term Loans |
26% |
September 2026 (2)
|
48,500 |
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|
— |
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| Acquisition Facility |
n/a |
n/a |
— |
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|
60,125 |
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| Acquisition-related promissory notes payable |
8% - 12% |
April 2027 |
22,114 |
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|
35,716 |
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| Mortgage loans |
6% - 11% |
January 2027 - April 2028 |
29,192 |
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|
29,456 |
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| Total debt subject to scheduled repayments |
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|
181,059 |
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|
200,794 |
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Promissory notes payable to Sammartino (1)
|
10% |
September 2024 - September 2026 |
21,500 |
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|
21,500 |
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Jushi Europe debt |
n/a |
n/a |
— |
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3,298 |
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| Total debt |
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202,559 |
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|
225,592 |
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| Less: debt issuance costs and original issue discounts |
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(17,068) |
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(13,037) |
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| Total debt, net |
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$ |
185,491 |
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$ |
212,555 |
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| Debt, net - current portion |
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$ |
1,781 |
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$ |
86,514 |
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| Debt, net - non-current portion |
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$ |
183,710 |
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$ |
126,041 |
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(1)This amount is related to the promissory notes issued to Sammartino in connection with the acquisition of Nature's Remedy in September 2021. The Company currently has no obligation to pay the principal and interest. See further discussion of the Sammartino Matter in Note 16 - Commitments and Contingencies for more information.
(2)Matures the earlier of (a) January 31, 2027 and (b) the date that is 91 days prior to the final maturity of the Second Lien Notes.
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| Schedule of Future Contractual Debt Maturities |
As of September 30, 2024, aggregate future scheduled repayments of the Company’s debt were as follows:
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Remainder of the year |
2025 |
2026 |
2027 |
2028 |
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Total |
| Second Lien Notes |
$ |
— |
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$ |
— |
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$ |
81,253 |
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$ |
— |
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$ |
— |
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$ |
81,253 |
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| Acquisition-related promissory notes payable |
— |
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— |
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— |
|
22,114 |
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— |
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|
22,114 |
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| Mortgage loans |
160 |
|
647 |
|
658 |
|
9,440 |
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18,287 |
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|
29,192 |
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Term Loans |
— |
|
2,425 |
|
46,075 |
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— |
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— |
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|
48,500 |
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| Total debt subject to scheduled repayments |
$ |
160 |
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$ |
3,072 |
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$ |
127,986 |
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$ |
31,554 |
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$ |
18,287 |
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$ |
181,059 |
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| Schedule of Interest Expense |
Interest expense, net is comprised of the following:
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Three Months Ended September 30, |
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Nine Months Ended September 30, |
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2024 |
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2023 |
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2024 |
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2023 |
| Interest expense |
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| Interest and accretion - Second Lien Notes |
$ |
2,838 |
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$ |
2,640 |
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$ |
8,513 |
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$ |
7,568 |
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Interest and accretion - Term Loans |
1,832 |
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— |
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|
1,832 |
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— |
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| Interest and accretion - Finance lease liabilities |
2,478 |
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|
2,335 |
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|
7,550 |
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|
7,282 |
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Interest and accretion - Promissory notes |
1,043 |
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1,547 |
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3,699 |
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|
4,625 |
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| Interest and accretion - Acquisition Facility |
658 |
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2,298 |
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4,845 |
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7,265 |
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| Interest and accretion - Mortgage loans and other financing activities |
661 |
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|
612 |
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2,037 |
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|
1,422 |
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| Capitalized interest |
— |
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(54) |
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— |
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(464) |
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| Total interest expense |
9,510 |
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9,378 |
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28,476 |
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27,698 |
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| Interest income |
(128) |
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(33) |
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(479) |
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(43) |
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| Total interest expense, net |
$ |
9,382 |
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$ |
9,345 |
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$ |
27,997 |
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$ |
27,655 |
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