INTANGIBLE ASSETS AND GOODWILL

3 Months Ended

Mar. 31, 2024

Goodwill and Intangible Assets Disclosure [Abstract]

INTANGIBLE ASSETS AND GOODWILL

Intangible assets are recorded at cost less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value as of the acquisition date. Amortization of definite life intangible assets is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods for intangible assets are reviewed by the Company at each year end, and any changes in estimates are accounted for prospectively.

As of March 31, 2024, intangible assets consisted of the following:

	Licenses		Tradenames		Technology		Total
Cost
Balance as of January 1, 2024	$	1,269,326	$	54,166	$	6,431	$	1,329,923
Balance as of March 31, 2024	$	1,269,326	$	54,166	$	6,431	$	1,329,923
Accumulated Amortization
Balance as of January 1, 2024	225,751		15,001		3,025		243,777
Amortization	21,173		1,355		259		22,787
Balance as of March 31, 2024	$	246,924	$	16,356	$	3,284	$	266,564
Net Book Value
Balance as of January 1, 2024	1,043,575		39,165		3,406		1,086,146
Balance as of March 31, 2024	$	1,022,402	$	37,810	$	3,147	$	1,063,359

The following table outlines the estimated annual amortization expense related to intangible assets as of March 31, 2024:

Year Ending December 31,	Estimated Amortization
2024 (Remaining)	$	68,361
2025	91,149
2026	90,434
2027	90,360
2028	90,342
Thereafter	632,713
Total	$	1,063,359

The changes in the carrying amount of goodwill, by reportable segment, for the three months ended March 31, 2024 were as follows:

	January 1, 2024		Impairment		Adjustments to purchase price allocation		Acquisitions		March 31, 2024
Cultivation	$	49,318	$	—	$	—	$	—	$	49,318
Retail	181,973		—		—		—		181,973
Total	$	231,291	$	—	$	—	$	—	$	231,291