Annual report pursuant to Section 13 and 15(d)

Intangible Assets

v3.24.1
Intangible Assets
12 Months Ended
Dec. 31, 2023
Goodwill and Intangible Assets Disclosure [Abstract]  
Intangible Assets

Note 8 – Intangible Assets

 

 

 

As of December 31, 2023

 

 

 

Cost

 

 

Accumulated Amortization

 

 

Net Book Value

 

Licenses

 

$

 

139,920

 

 

$

 

44,777

 

 

$

 

95,143

 

Trademarks

 

 

 

29,100

 

 

 

 

20,497

 

 

 

 

8,603

 

Other

 

 

 

3,430

 

 

 

 

1,804

 

 

 

 

1,626

 

 

 

$

 

172,450

 

 

$

 

67,078

 

 

$

 

105,372

 

 

 

 

As of December 31, 2022

 

 

 

Cost

 

 

Accumulated Amortization

 

 

Net Book Value

 

Licenses

 

$

 

138,174

 

 

$

 

35,867

 

 

$

 

102,307

 

Trademarks

 

 

 

29,100

 

 

 

 

16,340

 

 

 

 

12,760

 

Other

 

 

 

3,460

 

 

 

 

1,480

 

 

 

 

1,980

 

 

 

$

 

170,734

 

 

$

 

53,687

 

 

$

 

117,047

 

During the year ended December 31, 2023, the Company recorded $2.5 million in intangible asset additions (December 31, 2022—$19.2 million), which is primarily attributable to the Company's adult use licenses in Maryland and New Jersey. The remainder of the intangible asset additions relates to internal-use software. The weighted average remaining amortization period for these additions is 14 years as of December 31, 2023.

Amortization expense for the years ended December 31, 2023 and 2022 was $13.9 million and $16.4 million, respectively.

The estimated amortization expense for each of the years ended December 31, as follows:

 

2024

 

 

 

 

 

 

 

$

 

13,989

 

2025

 

 

 

 

 

 

 

 

 

13,989

 

2026

 

 

 

 

 

 

 

 

 

10,121

 

2027

 

 

 

 

 

 

 

 

 

9,397

 

2028

 

 

 

 

 

 

 

 

 

9,397

 

Thereafter

 

 

 

 

 

 

 

 

 

48,479