Annual report [Section 13 and 15(d), not S-K Item 405]

INTANGIBLE ASSETS AND GOODWILL

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INTANGIBLE ASSETS AND GOODWILL
 12 Months Ended
Dec. 31, 2024
Goodwill and Intangible Assets Disclosure [Abstract]  
INTANGIBLE ASSETS AND GOODWILL INTANGIBLE ASSETS AND GOODWILL
The Company's acquired intangible assets at December 31, 2024 and 2023 consisted of the following (in thousands):

December 31, 2024 Weighted
average
amortization
period (years)		 Cost Accumulated
amortization		 Net
carrying
value
Trade name and trademarks 7.38 $ 3,159  $ 2,466  $ 693 
Licenses and customer base 7.96 22,553  4,607  17,946 
Non-compete agreements 2.00 42  42  — 
7.89 $ 25,754  $ 7,115  $ 18,639 


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 
Estimated future amortization expense for the Company’s intangible assets at December 31, 2024 was as follows (in thousands):

Year ending December 31,
2025 $ 3,077 
2026 2,570 
2027 2,477 
2028 2,477 
2029 2,029 
Thereafter 6,009 
Total $ 18,639 

The changes in the carrying value of the Company’s goodwill in the years ended December 31, 2024 and 2023 were as follows (in thousands):
Year ended December 31,
2024 2023
Balance at January 1, $ 11,993  $ 8,079 
Ermont Acquisition and subsequent adjustments to the purchase price allocation 3,819  3,914 
Balance at December 31, $ 15,812  $ 11,993 

Goodwill is tested on an annual basis for impairment. The Company performs its annual goodwill impairment test as of November 30 of each respective year. Based on these tests, the Company determined that there was no goodwill impairment in the years ended December 31, 2024 and 2023.