Annual reports filed by certain Canadian issuers pursuant to Section 15(d) and Rule 15d-4

GOODWILL AND INTANGIBLE ASSETS

v3.22.1
GOODWILL AND INTANGIBLE ASSETS
12 Months Ended
Dec. 31, 2021
GOODWILL AND INTANGIBLE ASSETS  
GOODWILL AND INTANGIBLE ASSETS

7. GOODWILL AND INTANGIBLE ASSETS

Goodwill

There were no indicators of impairment during the years presented. As of December 31, 2021 and 2020, the Company’s goodwill is as follows:

    

Total

As of January 1, 2020

$

54,948,360

Acquired through business combinations

 

3,015,000

As of December 31, 2020

$

57,963,360

Acquired through business combinations

 

171,946,202

As of December 31, 2021

$

229,909,562

Intangible Assets

Amortization expense is recorded within cost of goods sold and total expenses. The amount in cost of goods sold for the years ended December 31, 2021 and 2020, was $12,047,224 and $1,691,787, respectively. The following table represents intangible assets:

    

    

Right-to-use

Host community

  

Trade name /

    

  

    

Licenses/Permits

licenses

agreements

brand

 

Useful life (# of years)

    

15

    

15

    

15

    

5

    

Total

 

Cost

  

  

  

  

  

  

As of January 1, 2020

 

$

22,000,000

 

$

138,550,000

 

$

35,000,000

$

2,390,000

$

197,940,000

  

As of December 31, 2020

$

97,172,043

$

139,650,000

$

35,000,000

$

2,390,000

$

274,212,043

As of December 31, 2021

$

999,833,782

 

$

13,255,000

 

$

36,000,000

$

2,390,000

$

1,051,478,782

  

Accumulated Amortization

 

 

 

 

 

 

 

  

As of January 1, 2020

$

883,154

 

$

5,561,864

 

$

1,405,018

$

287,828

$

8,137,864

  

Amortization

 

1,668,503

 

 

9,236,666

 

 

2,333,333

 

478,000

 

13,716,502

  

As of December 31, 2020

$

2,551,657

$

14,798,530

$

3,738,351

$

765,828

$

21,854,366

Amortization

40,247,931

7,633,028

2,350,000

478,000

50,708,959

As of December 31, 2021

$

64,568,396

 

$

662,750

 

$

6,088,351

$

1,243,828

$

72,563,325

  

Net book value

 

 

 

 

 

 

 

  

As of January 1, 2020

$

21,116,846

$

132,988,136

$

33,594,982

$

2,102,172

$

189,802,136

As of December 31, 2020

$

94,620,386

 

$

124,851,470

 

$

31,261,649

$

1,624,172

$

252,357,677

  

As of December 31, 2021

$

935,265,386

 

$

12,592,250

 

$

29,911,649

$

1,146,172

$

978,915,457

  

The anticipated amortization expense over the next five years is as follows:

Amortization

    

2022

    

2023

    

2024

    

2025

    

2026

    

2027 and beyond

Expense

$

70,350,585

$

70,417,252

$

70,129,424

$

69,939,252

$

69,939,252

$

634,793,003