Annual report pursuant to Section 13 and 15(d)

Basis of Presentation and Summary of Significant Accounting Policies (Tables)

v3.24.1
Basis of Presentation and Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2023
Basis of Presentation and Summary of Significant Accounting Policies  
Schedule of estimated useful lives and depreciation of property, plant and equipment

Depreciation of property, plant and equipment is dependent upon estimates of useful lives which are determined through the exercise of judgment. Depreciation is provided on a straight-line basis over the following estimated useful lives:

Machinery and equipment

2 – 7 years

Furniture and fixtures

3 – 10 years

Autos and trucks

5 years

Buildings and land improvements

5 – 39 years

Leasehold improvements

Lesser of useful life or lease term

Greenhouse - agricultural structure

5 – 15 years

Land

Not depreciated

Schedule Of estimated useful lives of intangible assets

Intangible assets are recorded at cost, less accumulated amortization and impairment losses, if any. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization is recorded on a straight-line basis over their estimated useful lives, which do not exceed the contractual period, if any, over the following terms:

Customer relationships

10 – 13 years

Trademarks

7 – 10 years

License rights (1)

9 years

Management agreements

Over the term of the agreement

Patents and technologies

10 years

Backlog and non-competition agreements

4 – 14 years

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(1) Licenses to cultivate, process, or dispense cannabis are considered to have indefinite lives as they can be renewed in perpetuity.