Property and Equipment

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment

3. PROPERTY AND EQUIPMENT

At September 30, 2023 and December 31, 2022, property and equipment consisted of the following:

		September 30, 2023		December 31, 2022
		(in thousands)
Buildings and Improvements	$	340,641	$	176,874
Equipment, Computers and Furniture		158,327		122,568
Leasehold Improvements		186,354		135,524
Land Improvements		995		847
Capitalized Interest		30,517		16,934
Total Property and Equipment		716,834		452,747
Less: Accumulated Depreciation		(113,507)		(80,702)
Property and Equipment, net		603,327		372,045
Land		33,725		29,106
Assets Under Construction		55,615		156,722
Property and Equipment, net	$	692,667	$	557,873

Assets under construction represent construction in progress related to both cultivation and retail store facilities not yet completed or otherwise not ready for use.

Depreciation expense for the three and nine months ended September 30, 2023 totaled $12,885 thousand and $35,266 thousand, respectively, of which $8,298 thousand and $23,348 thousand, respectively, is included in cost of goods sold. Depreciation expense for the three and nine months ended September 30, 2022 totaled $9,695 thousand and $26,844 thousand, respectively, of which $6,393 thousand and $17,357 thousand, respectively, is included in cost of goods sold.