Quarterly report pursuant to Section 13 or 15(d)

PROPERTY AND EQUIPMENT, NET

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PROPERTY AND EQUIPMENT, NET
 9 Months Ended
Sep. 30, 2023
Property, Plant and Equipment [Abstract]  
PROPERTY AND EQUIPMENT, NET PROPERTY AND EQUIPMENT, NET
The Company’s property and equipment, net, at September 30, 2023 and December 31, 2022 was comprised of the following (in thousands):
September 30,
2023		 December 31,
2022
Land $ 6,446  $ 4,450 
Buildings and building improvements 44,202  43,542 
Tenant improvements 19,600  17,016 
Furniture and fixtures 2,079  2,009 
Machinery and equipment 13,993  10,087 
Construction in progress 12,321  4,761 
98,641  81,865 
Less: accumulated depreciation (13,446) (10,224)
Property and equipment, net $ 85,195  $ 71,641 
The Company recorded depreciation expense related to property and equipment of $1.6 million and $0.9 million in the three months ended September 30, 2023 and 2022, respectively, and $3.8 million and $2.5 million in the nine months ended September 30, 2023 and 2022, 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 nine months ended September 30, 2023.