	Hemp			Cannabis			Total
Balance as of December 31, 2019	$	133,314		$	29,937		$	163,251
Foreign currency translation adjustment		(2,971	)		(685	)		(3,656	)
Balance as of September 30, 2020	$	130,343		$	29,252		$	159,595

Goodwill is tested for impairment annually, or more frequently when events or circumstances indicate that impairment may have occurred. At the end of the first quarter of 2020, the Company determined the hemp reporting unit, representing $130,343 of the $159,595 total goodwill, was at risk of having a carrying value exceeding the fair value. As a result, a quantitative test was performed to determine if impairment exists. In performing the Company’s impairment analysis, the fair value of the hemp reporting unit was determined primarily by discounting estimated future cash flows, which were determined based on revenue and expense growth assumptions ranging from 9% to 38%, at a weighted average cost of capital (discount rate) ranging from 10% to 12%. The discounted future cash flow model also made the key assumption that Cannabidiol (“CBD”) revenue will commence to build in the third quarter of 2021. The fair value of the hemp reporting unit was determined to exceed the carrying value by $76,998, or 26%, and no impairment was recorded. No triggers have been identified in subsequent quarters to perform additional quantitative tests.

A relatively small change in the underlying assumptions, including a 1% change in the weighted average cost of capital, continued lack of clarity from the Food and Drug Administration regarding approval of CBD, or the financial performance of the reporting unit in future years, may cause a change in the results of the impairment assessment in future periods and, as such, could result in an impairment of goodwill.