Annual report [Section 13 and 15(d), not S-K Item 405]

CONSOLIDATED STATEMENTS OF CASH FLOWS

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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
 12 Months Ended
Dec. 31, 2024
Dec. 31, 2023
CASH FLOWS FROM OPERATING ACTIVITIES:    
Net loss $ (48,777) $ (65,102)
Adjustments to reconcile net loss to net cash provided by (used in) operating activities:    
Depreciation and amortization, including amounts in cost of goods sold 29,889 26,588
Share-based compensation 4,222 8,092
Fair value changes in derivatives (6,275) (9,589)
Non-cash interest expense, including amortization of deferred financing costs 7,044 6,498
Deferred income taxes and uncertain tax positions 28,900 25,874
Loss on debt modification/extinguishment/redemption 362 0
Asset impairments 432 8,574
Gain on deconsolidation of Jushi Europe (1,896) 0
Other non-cash items, net 1,480 7,207
Changes in operating assets and liabilities, net of acquisitions:    
Accounts receivable 1,863 (2,366)
Inventory (4,006) (4,687)
Prepaid expenses and other current and non-current assets (1,514) 404
Accounts payable, accrued expenses and other current liabilities 9,845 (4,811)
Net cash flows provided by (used in) operating activities 21,569 (3,318)
CASH FLOWS FROM INVESTING ACTIVITIES:    
Payments for property, plant and equipment (4,708) (10,743)
Proceeds from sale of assets 2,848 4,351
Payments for investments, net of cash of $218 (5,207) 0
Net cash flows used in investing activities (7,067) (6,392)
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from exercise of options 39 0
Payments of promissory notes (6,350) 0
Payments on acquisition related credit facility (60,125) (4,875)
Payments of finance leases (2,091) (3,526)
Payments of mortgage loans (408) (211)
Payments of loan financing costs (2,689) (250)
Proceeds from other financing activities 1,633 3,862
Payments of other financing activities (2,000) (3,031)
Net cash flows (used in) provided by financing activities (24,461) 13,869
NET CHANGE IN CASH, CASH EQUIVALENTS AND RESTRICTED CASH (9,959) 4,159
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, BEGINNING OF YEAR 31,305 27,146
CASH, CASH EQUIVALENTS AND RESTRICTED CASH, END OF YEAR 21,346 31,305
SUPPLEMENTAL CASH FLOW INFORMATION:    
Cash paid for interest (excluding capitalized interest) 30,050 29,363
Cash (received) paid for income taxes, net (4,389) 2,780
NON-CASH INVESTING AND FINANCING ACTIVITIES:    
Capital expenditures 2,897 1,475
Right of use assets from finance lease liabilities 2,030 681
Issuance of second lien notes for settlement of accrued bonus 1,382 1,900
Issuance of second lien notes for debt exchange 4,750 0
Warrants issued for debt exchange 863 0
Warrants issued for term loans 6,765 0
Issuance of debt to acquire non-controlling interest in Northern Cardinal 175 0
Note receivable issued for sale of business license 300 0
Term loans    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured debt 47,530 0
Mortgage loans    
CASH FLOWS FROM FINANCING ACTIVITIES:    
Proceeds from secured debt $ 0 $ 21,900