MariMed Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

INTANGIBLE ASSETS AND GOODWILL

INTANGIBLE ASSETS AND GOODWILL

12 Months Ended

Dec. 31, 2023

Goodwill and Intangible Assets Disclosure [Abstract]

The Company's acquired intangible assets at December 31, 2023 and 2022 consisted of the following (in thousands):


December 31, 2023	Weighted average amortization period (years)	Cost		Accumulated amortization		Net carrying value

Trade name and trademarks	7.11	$	3,104	$	1,335	$	1,769
Licenses and customer base	9.15	18,033		2,797		15,236
Non-compete agreements	2.00	42		35		7
	8.84	$	21,179	$	4,167	$	17,012


December 31, 2022	Weighted average amortization period (years)	Cost		Accumulated amortization		Net carrying value

Trade name and trademarks	3.00	$	2,041	$	453	$	1,588
Licenses and customer base	8.94	13,260		675		12,585
Non-compete agreements	2.00	42		14		28
	8.13	$	15,343	$	1,142	$	14,201

Estimated future amortization expense for the Company’s intangible assets at December 31, 2023 was as follows (in thousands):


Year ending December 31,
2024	$	3,254
2025	2,772
2026	2,344
2027	2,191
2028	2,191
Thereafter	4,260
Total	$	17,012

The changes in the carrying value of the Company’s goodwill in the years ended December 31, 2023 and 2022 were as follows (in thousands):


	Year ended December 31,
	2023		2022
Balance at January 1,	$	8,079	$	2,068
Ermont Acquisition	3,914		—
Kind Acquisition	—		6,011
Balance at December 31,	$	11,993	$	8,079

Goodwill is tested on an annual basis for impairment. The Company performs its annual goodwill impairment test as of December 31. Based on these tests, the Company determined that there was no goodwill impairment in the years ended December 31, 2023 and 2022.