v3.26.3
Property, plant and equipment, net
 9 Months Ended
Sep. 30, 2026
Property, Plant, and Equipment [Abstract]  
Property, plant and equipment, net
Note 10 — Property, plant and equipment, net
Property, plant and equipment, net consist of the following as of September 30, 2026 and December 31, 2025:
As of
September 30, 2026December 31, 2025
Land$12,937 $12,937 
Building and improvements573,238 548,388 
Furniture and fixtures115,085 108,750 
Machinery and equipment146,921 133,648 
Information technology1,117 27,668 
Construction in progress21,897 22,618 
Property, plant and equipment, gross871,195 854,009 
Less: Accumulated depreciation(370,140)(333,623)
Property, plant and equipment, net$501,055 $520,386 
Assets included in construction in progress represent projects related to the Company's dispensary, cultivation, manufacturing, and corporate office facilities not yet completed or otherwise not ready for use.
For the three and nine months ended September 30, 2026 and 2025, depreciation expense was as follows:
Three months ended September 30, Nine months ended September 30,
2026202520262025
Depreciation expense(1):
Cost of goods sold$12,911 $12,217 $38,256 $35,985 
Operating expenses8,445 8,654 22,821 27,117 
Total depreciation expense$21,356 $20,871 $61,077 $63,102 
(1) Includes depreciation expense associated with assets under failed sale and leaseback obligations. See Note 12 — Failed sale and leaseback arrangements for further detail.
Asset specific impairment
2026
The Company did not recognize an impairment loss on Property, plant and equipment, net during the three and nine months ended September 30, 2026.
2025
During the three and nine months ended September 30, 2025 in a continued effort to optimize cultivation operations, additional assets with no future benefits to the Company were identified, the Company recognized an impairment loss of $0.8 million and $3.3 million, respectively, within Loss on impairment on the Condensed Consolidated Statements of Operations (Unaudited), inclusive of $0.0 million and $0.8 million, respectively, of cultivation assets assigned to failed sale and leaseback arrangements. See Note 12 — Failed sale and leaseback arrangements for further details.