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INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
Intangible Assets

Intangible assets and related amortization are summarized in the table below:
LicensesCustomer RelationshipsNon-Competition AgreementsTradenames and TrademarksKnow-HowTotal
Gross Carrying Amount, December 31, 2021$20,146 $2,900 $249 $100 $9,700 $33,095 
Acquisitions12,000 — — 1 — 12,001 
Impairment(6,485)— — — — (6,485)
Gross Carrying Amount, December 31, 2022$25,661 $2,900 $249 $101 $9,700 $38,611 
Acquisitions— — — — — — 
Impairment— — — — — — 
Gross Carrying Amount, December 31, 2023$25,661 $2,900 $249 $101 $9,700 $38,611 
Accumulated Amortization, December 31, 2021$— $(1,811)$(250)$(100)$(4,688)$(6,849)
Amortization Expense— (581)— (1)(1,940)(2,522)
Accumulated Amortization, December 31, 2022$— $(2,392)$(250)$(101)$(6,628)$(9,371)
Amortization Expense— (508)— — (1,939)(2,447)
Accumulated Amortization, December 31, 2023$— $(2,900)$(250)$(101)$(8,567)$(11,818)

During the year ended December 31, 2022, the Company acquired intangible assets related to the New England Cannabis Company and Bloom Farms transactions. During the year ended December 31, 2023, the Company entered into agreements to acquire dispensary licenses from Euphoria, LLC and Westside Visionaries. Refer to Note 7 for further discussion.

During the year ended December 31, 2022, management noted indicators of impairment of its acquired long-lived assets due to recent cannabis market conditions in the state of Michigan. The Company used various Level 3 inputs and a discounted cash flow model to determine the fair value of these asset groups. Accordingly, the Company recorded an impairment loss of $6.5 million in the consolidated statements of operations for the year ended December 31, 2022.

For the purpose of the annual impairment test on October 31, 2023, the Company performed a qualitative assessment and noted no impairment of its indefinite-lived intangible assets as of October 31, 2023.
Amortization expense related to continuing operations for the year ended December 31, 2023 and 2022 was $2.4 million and $2.5 million respectively. Expected annual amortization expense for intangible assets subject to amortization at December 31, 2023 is as follows for each of the next five fiscal years:

Year Ending December 31,
2024$1,134 
2025— 
2026— 
2027— 
2028— 
Thereafter— 
Total Future Amortization Expense$1,134 

Goodwill

Balance, December 31, 2021$23,155 
Acquisitions18,652 
Balance, December 31, 2022$41,807 
Balance, December 31, 2023$41,807 

Goodwill as of December 31, 2023 is related to the THC Cannabis segment in which there is no accumulated impairment within this segment. Goodwill related to the CBD Wellness segment has an accumulated impairment charge of $13.4 million, which represented the entire balance and occurred during the year ended December 31, 2020. As of December 31, 2023 and 2022, all goodwill and intangibles are attributable to the THC Cannabis segment.

For the purpose of the annual impairment test on October 31, 2023, the Company performed a qualitative assessment and noted no impairment of goodwill as of October 31, 2023. As of December 31, 2023, the THC Cannabis reporting unit had negative carrying amounts of which $41.8 million of goodwill is allocated to the reporting unit.

Refer to Note 18 for discussion of intangible assets and goodwill related to the Company's operations in California classified as discontinued operations.