iAnthus Capital Holdings, Inc. Annual report pursuant to Section 13 and 15(d)

Annual report pursuant to Section 13 and 15(d)

Property, Plant and Equipment

Property, Plant and Equipment

12 Months Ended

Dec. 31, 2021

Property, Plant and Equipment [Abstract]

Property, Plant and Equipment

Note 6—Property

, Plant and Equipment


	As of December 31, 2021
	Cost		Accumulated Depreciation		Net Book Value
Buildings	$	21,502	$	1,930	$	19,572
Leasehold improvements		101,966		24,221		77,745
Production equipment		7,678		3,512		4,166
Processing equipment		4,773		3,022		1,751
Sales equipment		1,344		574		770
Office equipment		3,798		1,754		2,044
Land		4,293		—		4,293
Construction in progress		2,293		—		2,293

Total	$	147,647	$	35,013	$	112,634


	As of December 31, 2020
	Cost		Accumulated Depreciation		Net Book Value
Buildings	$	3,619	$	754	$	2,865
Leasehold improvements		82,356		14,325		68,031
Production equipment		6,308		2,292		4,016
Processing equipment		4,369		1,635		2,734
Sales equipment		1,139		421		718
Office equipment		3,504		1,002		2,502
Land		4,293		—		4,293
Construction in progress		21,838		—		21,838

Total	$	127,426	$	20,429	$	106,997

For the year ended December 31, 2021, the Company recorded a depreciation expense of $13.5 million (December 31, 2020—$10.7 million). During the year ended December 31, 2021, the Company disposed of property, plant and equipment, amounting to $0.2 million (December 31, 2020—$3.5 million), with net consideration of $0.3 million and a gain of $0.1 million (December 31, 2020—loss of $2.7 million).

As a result of declining performance of the Company’s CBD business during the year ended December 31, 2021, an impairment test was performed for iA CBD’s long-lived assets as of December 31, 2021 (Note 2). The Company concluded that the carrying amount of the long-lived assets exceeded the imputed fair value and recorded an impairment loss on property, plant, and equipment of less than

$0.1

million for the year ended December 31, 2021 (December 31, 2020

—$Nil).