Property and Equipment, Net

9 Months Ended

Sep. 30, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

Property and Equipment, Net

Property and equipment, net consist of the following:

(in thousands)	September 30, 2023		December 31, 2022
Land	$	731	$	731
Building	58,688		—
Leasehold improvements	15,482		15,482
Processing equipment	12,135		4,227
Furniture and equipment	8,697		5,316
Projects in process	6,122		63,703
Finance lease right-of-use assets	131		131
Property and equipment, at cost	101,986		89,590
Less: accumulated depreciation and amortization	(12,956)		(10,296)
Property and equipment, net	$	89,030	$	79,294

Depreciation expense is as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2023		2022		2023		2022
Depreciation expense	$	1,154	$	764	$	2,660	$	2,182