SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)
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3 Months Ended |
Mar. 31, 2022 |
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| Accounting Policies [Abstract] |
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| Property, Plant and Equipment |
The approximate useful lives for depreciation of our property, equipment and leasehold improvements are as follows:
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|
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| Buildings |
32 years |
| Furniture and equipment |
3 to 8 years |
| Computer and software |
3 to 5 years |
| Vehicles |
5 years |
| Leasehold improvements |
Shorter of lease term or economic life |
Property, equipment, and leasehold improvements as of March 31, 2022 and December 31, 2021 consisted of the following:
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March 31,
2022 |
|
December 31,
2021 |
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|
|
| Land and building |
$ |
7,581 |
|
|
$ |
7,787 |
|
| Furniture and equipment |
4,508 |
|
|
3,873 |
|
| Computer hardware |
407 |
|
|
348 |
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| Leasehold improvements |
14,518 |
|
|
14,409 |
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| Vehicles |
1,142 |
|
|
1,142 |
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| Construction in progress |
1,910 |
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|
1,832 |
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| Subtotal |
30,066 |
|
|
29,391 |
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| Less accumulated depreciation |
(6,609) |
|
|
(5,663) |
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| Property, equipment and leasehold improvements, net |
$ |
23,457
|
|
|
$ |
23,728
|
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| Schedule of Finite-Lived Intangible Assets |
The approximate useful lives for amortization of our intangible assets are as follows:
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| Customer relationships |
3 to 5 years |
| Trademark and patent |
2 to 8 years |
| Dispensary licenses |
14 years |
Intangible assets, net consisted of the following as of March 31, 2022 and December 31, 2021:
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(in thousands) |
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March 31, 2022 |
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December 31, 2021 |
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Estimated
Useful
Life in
Years |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Net
Carrying
Value |
|
Gross
Carrying
Amount |
|
Accumulated
Amortization |
|
Net
Carrying
Value |
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| Amortizing Intangible Assets: |
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| Customer Relationships |
3 to 5 |
|
$ |
7,400 |
|
|
$ |
(7,400) |
|
|
$ |
— |
|
|
$ |
7,400 |
|
|
$ |
(7,400) |
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|
$ |
— |
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| Trademarks and Patent |
2 to 8 |
|
4,500 |
|
|
(1,303) |
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|
3,197 |
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|
4,500 |
|
|
(750) |
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|
3,750 |
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| Operating Licenses |
14 |
|
100,701 |
|
|
(8,654) |
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|
92,047 |
|
|
100,701 |
|
|
(6,864) |
|
|
93,837 |
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| Total Amortizing Intangible Assets |
|
|
112,601
|
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|
(17,357) |
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|
95,244
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|
112,601
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(15,014) |
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97,587
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| Non-Amortizing Intangible Assets: |
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| Trade Name |
Indefinite |
|
32,050 |
|
|
— |
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|
32,050 |
|
|
32,050 |
|
|
— |
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|
32,050 |
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| Total Non-Amortizing Intangible Assets |
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|
32,050
|
|
|
—
|
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|
32,050
|
|
|
32,050
|
|
|
—
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|
|
32,050
|
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| Total Intangible Assets, Net |
|
|
$ |
144,651
|
|
|
$ |
(17,357) |
|
|
$ |
127,294
|
|
|
$ |
144,651
|
|
|
$ |
(15,014) |
|
|
$ |
129,637
|
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| Disaggregation of Revenue |
The table below includes revenue disaggregated by geographic location for the three months ended March 31, 2022 and 2021:
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(in thousands) |
|
2022 |
|
2021 |
| California |
$ |
18,445 |
|
|
$ |
2,057 |
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| Oregon |
2,280 |
|
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— |
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| Total |
$ |
20,725
|
|
|
$ |
2,057
|
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| Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share |
Potentially dilutive securities that are not included in the calculation of diluted net loss per share because their effect is anti-dilutive are as follows (in common equivalent shares):
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Three Months Ended
March 31, |
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2022 |
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2021 |
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| Common stock warrants |
24,945,055 |
|
|
16,076,556 |
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| Common stock options |
87,851,618 |
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|
11,937,987 |
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112,796,673
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28,014,543
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