Quarterly report pursuant to Section 13 or 15(d)

PROPERTY, PLANT AND EQUIPMENT

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PROPERTY, PLANT AND EQUIPMENT
 3 Months Ended
Mar. 31, 2024
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:
March 31, 2024 (unaudited) December 31, 2023
Buildings and building components $ 88,134  $ 88,527 
Land 12,956  12,956 
Leasehold improvements 47,589  46,660 
Machinery and equipment 27,128  27,050 
Furniture, fixtures and office equipment (including computer) 21,870  21,146 
Construction-in-process 318  1,968 
Property, plant and equipment, gross 197,995  198,307 
Less: Accumulated depreciation (43,854) (39,039)
Property, plant and equipment, net $ 154,141  $ 159,268 
Construction-in-process represents assets under construction for manufacturing and retail build-outs not yet ready for use.
Depreciation was $4,909 and $4,812 for the three months ended March 31, 2024 and 2023, respectively. Interest expense capitalized to PPE was not material for the three months ended March 31, 2024 and 2023.

As of December 31, 2023, the Company reclassified $1,647 from Property, plant and equipment, net to assets held for sale. Refer to Note 4 - Prepaid Expenses and Other Current Assets for additional information.