Quarterly report [Sections 13 or 15(d)]

PROPERTY, PLANT AND EQUIPMENT

v3.26.3
PROPERTY, PLANT AND EQUIPMENT
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
PROPERTY, PLANT AND EQUIPMENT
 5. PROPERTY, PLANT AND EQUIPMENT
The components of property, plant and equipment (“PPE”) are as follows:
September 30, 2026 (unaudited) December 31, 2025
Buildings and building components $ 90,438  $ 91,225 
Land 11,698  12,956 
Leasehold improvements 59,789  55,775 
Machinery and equipment 25,282  24,946 
Furniture, fixtures and office equipment
 24,615  23,769 
Construction-in-process 5,727  4,808 
Total property, plant and equipment - gross
 217,549  213,479 
Less: Accumulated depreciation (81,398) (70,158)
Total property, plant and equipment - net
 $ 136,151  $ 143,321 
Construction-in-process represents assets under construction for manufacturing and retail build-outs not yet ready for use.
Depreciation was $3,840 and $4,214 for the three months ended September 30, 2026 and 2025, respectively, and $12,947 and $13,151 for the nine months ended September 30, 2026 and 2025, respectively. Interest expense capitalized to PPE totaled $115 and $149 for the three months ended September 30, 2026 and 2025, respectively, and $361 and $254 for the nine months ended September 30, 2026 and 2025, respectively.

Long-lived Asset Impairment
During the nine months ended September 30, 2026, the Company determined that indicators of impairment existed at certain dispensaries pending relocation. As a result, the Company recorded a non-cash impairment charge of $1,334 related to long-lived assets associated with these dispensaries, which is included in operating expenses in the condensed consolidated statements of operations. The impairment charge was determined based on estimated fair values using Level 3 inputs, including cash flows over the remaining asset lives.