Quarterly report pursuant to Section 13 or 15(d)

INVENTORIES, NET

v3.22.2.2
INVENTORIES, NET
 9 Months Ended
Sep. 30, 2022
Inventory Disclosure [Abstract]  
INVENTORIES, NET INVENTORIES, NET
Inventories are comprised of the following items as of the periods presented:
September 30,
2022		   December 31,
2021
Raw materials $ 1,471  $ 1,477 
Work in progress – cultivated cannabis
3,331  1,241 
Work in progress – harvested cannabis and extracts
466  1,070 
Finished goods – cannabis extracts
10,640  11,432 
Finished goods – other
745  188 
Total
$ 16,653  $ 15,408 

During the three and nine months ended September 30, 2022, the Company recorded inventory provisions for approximately $1,696 and $3,822, respectively, to cost of sales to write-down obsolete inventories. During the three and nine months ended September 30, 2021, the Company recorded inventory provisions for approximately $693 and $1,496, respectively, to cost of
sales to write-down obsolete inventory.

The Company also has inventory consignment agreements in which revenue is recognized at a point in time, when the customer or distributors sells finished products from consignment inventory. Delivery and transfer of control occur at that point, when title and risk of loss transfers and the customer or distributor becomes obligated to pay for the products pulled from consigned inventory. As of September 30, 2022 and December 31, 2021, the Company had $196 and $66, respectively in consignment inventory.