As a result of declining performance of GMNV’s business during the year ended December 31, 2022, an impairment test was performed for GMNV’s long-lived assets as of December 31, 2022 (Refer to Note 2(l)). The Company concluded that the carrying amount of the long-lived assets exceeded the fair value and recorded an impairment loss on intangible assets of

On November 1, 2022, the Company entered into a non-binding term sheet to sell its Vermont . Subsequently, on February 6, 2023, the Company through its wholly-owned subsidiary, ICM, entered into the MIPA, pursuant to which the Company agreed to sell its Vermont business for proceeds of less than the carrying amount of the asset group (refer to Note 18). As of December 31, 2022, the Company concluded that the asset group met the criteria for assets held for sale. In accordance with ASC Subtopic 360-10, the Company performed an impairment assessment prior to reclassifying the asset group as held for sale. During the year ended December 31, 2022, the Company recorded an impairment loss of

 

million was allocated to intangible assets for the year ended December 31, 2022 (December 31, 2021—impairment loss of less than $

million was allocated to intangible assets related to the Company’s CBD business).

internal-use

The estimated amortization expense for each of the years ended December 31, as follows: