Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET

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PROPERTY AND EQUIPMENT, NET
 3 Months Ended
Mar. 31, 2024
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The Company’s property and equipment, net, at March 31, 2024 and December 31, 2023 was comprised of the following (in thousands):
March 31,
2024		 December 31,
2023
Land $ 4,819  $ 4,819 
Buildings and building improvements 54,958  54,737 
Tenant improvements 26,122  25,451 
Furniture and fixtures 2,191  2,191 
Machinery and equipment 17,685  16,394 
Construction in progress 1,574  427 
107,349  104,019 
Less: accumulated depreciation (16,584) (14,916)
Property and equipment, net $ 90,765  $ 89,103 

The Company recorded depreciation expense related to property and equipment of $1.9 million and $1.0 million in the three months ended March 31, 2024 and 2023, respectively,

In the first quarter of 2023, the Company disposed of equipment it had previously purchased in connection with its planned acquisition of The Harvest Foundation LLC ("Harvest") in Nevada as a result of the Company's withdrawal from the agreement to purchase Harvest. The Company recorded a loss on the disposal of assets aggregating $0.9 million, which is included as a component of Other (expense) income, net, in the condensed consolidated statement of operations for the three months ended March 31, 2023.