Property and Equipment

9 Months Ended

Sep. 30, 2024

Property, Plant and Equipment [Abstract]

Property and Equipment

Property and Equipment

Property and equipment, net consisted of the following:

	September 30,		December 31,
	2024		2023
	(in thousands)
Land	$	19,253	$	19,253
Machinery and equipment	113,798		44,169
Greenhouses, buildings and leasehold improvements	251,191		66,754
Construction-in-progress	10,767		196,324
Less: Accumulated depreciation	(23,641)		(13,334)
Property and equipment, net	$	371,368	$	313,166

Depreciation expense related to property and equipment was $5.0 million and $1.7 million for the three months ended September 30, 2024 and 2023, respectively, and $10.3 million and $5.2 million for the nine months ended September 30, 2024 and 2023, respectively.