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Property and Equipment
6 Months Ended
Jun. 30, 2023
Property, Plant and Equipment [Abstract]  
Property and Equipment
8.
Property and equipment

Property and equipment consisted of:

 

 

 

June 30, 2023

 

 

December 31, 2022

 

Land

 

$

6,713

 

 

$

6,512

 

Assets in process

 

 

26,181

 

 

 

28,416

 

Buildings & improvements

 

 

159,356

 

 

 

154,742

 

Machinery & equipment

 

 

33,337

 

 

 

30,973

 

Office furniture & equipment

 

 

8,727

 

 

 

7,576

 

Assets under finance leases

 

 

2,530

 

 

 

7,277

 

Total cost

 

 

236,844

 

 

 

235,496

 

Less: accumulated depreciation

 

 

(27,849

)

 

 

(19,684

)

Property and equipment, net

 

$

208,995

 

 

$

215,812

 

 

Assets in process represent construction in progress related to both cultivation and dispensary facilities not yet completed, or otherwise not placed in service.

 

As of June 30, 2023 and December 31, 2022, borrowing costs were not capitalized because the assets in process did not meet the criteria of a qualifying asset.

 

Depreciation expense was $3,395 and $6,652 for the three and six months ended June 30, 2023, respectively ($2,023 and $4,040 included in cost of sales) and $3,027 and $4,684 for the three and six months ended June 30, 2022, respectively ($1,670 and $3,171 included in cost of sales).