Intangible assets are recorded at cost less accumulated amortization and impairment losses. Intangible assets acquired in a business combination are measured at fair value at the acquisition date. Amortization of definite life intangibles is provided on a straight-line basis over their estimated useful lives. The estimated useful lives, residual values, and amortization methods are reviewed at each year end, and any changes in estimates are accounted for prospectively.

At June 30, 2026 and December 31, 2025, intangible assets consisted of the following:


		June 30, 2026						December 31, 2025
		Gross Carrying Amount		Accumulated Amortization		Net Book Value		Gross Carrying Amount		Accumulated Amortization		Net Book Value
		(in thousands)						(in thousands)
Licenses and permits	$	704,859	$	269,593	$	435,266	$	682,639	$	246,669	$	435,970
Trademarks		1,430		1,111		319		1,430		1,027		403
Customer relationships		15,140		15,140		—		15,140		14,832		308
Total intangible assets	$	721,429	$	285,844	$	435,585	$	699,209	$	262,528	$	436,681

The Company recorded amortization expense for the three and six months ended June 30, 2026 of $11,633 thousand and $23,316 thousand, respectively. The Company recorded amortization expense for the three and six months ended June 30, 2025 of $12,437 thousand and $25,011 thousand, respectively. As of June 30, 2026 and December 31, 2025, intangible assets are carried net of accumulated impairment losses of $31,131 thousand as of each period then ended.

The following table outlines the estimated annual amortization expense related to intangible assets as of June 30, 2026:


		Estimated Amortization
Year Ending December 31,		(in thousands)
Remainder of 2026	$	23,604
2027		47,207
2028		47,110
2029		47,041
2030		46,999
2031 and thereafter		223,624
	$	435,585

As of June 30, 2026, the weighted average amortization period remaining for intangible assets was 9.63 years.

At June 30, 2026 and December 31, 2025 the balances of goodwill, by segment, consisted of the following:


		June 30, 2026		December 31, 2025
		(in thousands)
Retail	$	286,670	$	277,342
Consumer packaged goods		314,809		314,809
Total	$	601,479	$	592,151

Goodwill is recognized net of accumulated impairment losses of $57,372 thousand as of June 30, 2026 and December 31, 2025. During the three and six months ended June 30, 2026 and 2025, there were no conditions present that would require consideration as to whether an impairment test was necessary.