1. DESCRIPTION OF BUSINESS
Canopy Growth Corporation is a publicly traded corporation, incorporated in Canada, with its head office located at 1 Hershey Drive, Smiths Falls, Ontario. References herein to \u201cCanopy Growth\u201d or \u201cthe Company\u201d refer to Canopy Growth Corporation and its subsidiaries.
The principal activities of the Company are the production, distribution and sale of a diverse range of cannabis and cannabinoid-based products for both adult-use and medical purposes under a portfolio of distinct brands in Canada pursuant to the Cannabis Act, SC 2018, c 16 (the \"Cannabis Act\"), which came into effect on October 17, 2018 and regulates both the medical and adult-use cannabis markets in Canada. The Company has also expanded to jurisdictions outside of Canada where cannabis and/or hemp is federally lawful, permissible and regulated, and the Company, through its subsidiaries, operates in the United States, Australia, Germany, and certain other global markets. Additionally, the Company produces, distributes and sells vaporizers and similar cannabis accessories.
"}]},{"name":"rpt:f-488","factDimensions":{"xbrl:concept":"us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"2. BASIS OF PRESENTATION
These condensed interim consolidated financial statements have been presented in Canadian dollars and are prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d). Canopy Growth has determined that the Canadian dollar is the most relevant and appropriate reporting currency as, despite continuing shifts in the relative size of the Company's operations across multiple geographies, the majority of its operations are conducted in Canadian dollars and its financial results are prepared and reviewed internally by management in Canadian dollars. The Company's condensed interim consolidated financial statements, and the financial information contained herein, are reported in thousands of Canadian dollars, except share and per share amounts or as otherwise stated.
Certain information and footnote disclosures normally included in the audited annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted or condensed. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 31, 2023 (the \u201cAnnual Report\u201d) and have been prepared on a basis consistent with the accounting policies as described in the Annual Report.
These condensed interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with U.S. GAAP.
The results reported in these condensed interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire fiscal year. The policies set out below are consistently applied to all periods presented, unless otherwise noted.
Going Concern
The condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
As reflected in the condensed interim consolidated financial statements, the Company has certain material debt obligations coming due in the short-term, has suffered recurring losses from operations and requires additional financing to fund its business and operations. If the Company is unable to raise additional capital, it is possible that it will be unable to meet certain of its financial obligations.
These matters, when considered in the aggregate, raise substantial doubt about the Company\u2019s ability to continue as a going concern for at least twelve months from the issuance of these condensed interim consolidated financial statements.
In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company\u2019s ability to meet its financial requirements and to raise additional capital, and the success of its future operations. The condensed interim consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.
Management plans to fund the operations and debt obligations of the Company through existing cash positions. The Company is also currently evaluating several different strategies and intends to pursue actions that are expected to increase its liquidity position, including, but not limited to, pursuing additional actions under the Company's cost-savings plan, seeking additional financing from both the public and private markets through the issuance of equity and/or debt securities, and monetizing additional assets.
The Company's management cannot provide assurances that the Company will be successful in accomplishing any of its proposed financing plans. Management also cannot provide any assurance as to unforeseen circumstances that could occur within the next twelve months or, if the Company raises capital, thereafter, which could increase the Company\u2019s need to raise additional capital on an immediate basis, which capital may not be available to the Company.
Principles of consolidation
These condensed interim consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation. Information on the Company\u2019s subsidiaries with noncontrolling interests is included in Note 22.
Use of estimates
The preparation of these condensed interim consolidated financial statements and notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates.
Share Consolidation
On December 13, 2023, the Company announced that the Company\u2019s board of directors (the \u201cBoard\u201d) had approved the consolidation of the Company\u2019s issued and outstanding common shares on the basis of post-consolidation common share for every 10 pre-consolidation common shares (the \u201cShare Consolidation\u201d). The Share Consolidation was implemented to ensure that the Company continues to comply with the listing requirements of the Nasdaq Global Select Market.
The Share Consolidation was approved by the Company\u2019s shareholders at the annual general and special meeting of shareholders held on September 25, 2023. The Share Consolidation became effective on December 15, 2023. No fractional common shares were issued in connection with the Share Consolidation. Any fractional common shares arising from the Share Consolidation were deemed to have been tendered by its registered owner to the Company for cancellation for no consideration. In addition, the exercise or conversion price and/or the number of common shares issuable under any of the Company\u2019s outstanding convertible securities, were proportionately adjusted in connection with the Share Consolidation.
All issued and outstanding common shares, per share amounts, and outstanding equity instruments and awards exercisable into common shares, as well as the exchange ratios for the Fixed Shares (as defined below) and the Floating Shares (as defined below) in connection with the Acreage Amending Arrangement and the Floating Share Arrangement (as defined below), respectively, contained in the condensed interim consolidated financial statements of the Company and notes thereto have been retroactively adjusted to reflect the Share Consolidation for all prior periods presented.
New accounting policies
Recently Adopted Accounting Pronouncements
Convertible Instruments and Contracts in an Entity\u2019s Own Equity
In August 2020, the Financial Accounting Standards Board (the \"FASB\") issued , Debt\u2014Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging\u2014Contracts in Entity\u2019s Own Equity (Subtopic 815-40):Accounting for Convertible Instruments and Contracts in an Entity\u2019s Own Equity (\u201cASU 2020-06\u201d), which simplifies the accounting for convertible instruments by removing the separation models for convertible debt instruments and convertible preferred stock with (1) cash conversion features, and (2) beneficial conversion features. In addition, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance and amends the guidance for the derivatives scope exception for contracts in an entity\u2019s own equity to reduce form-over-substance-based accounting conclusions.
The Company adopted the guidance on April 1, 2022, using the modified retrospective approach with the cumulative effect recognized as an adjustment to the opening deficit balance, and, accordingly, prior period balances and disclosures have not been restated. Upon adoption of ASU 2020-06, the Supreme Debentures (as defined below) will be accounted for under the separation model for a substantial premium instead of a beneficial conversion feature resulting in an increased debt discount to be amortized over the life of the instrument. The adoption of this guidance resulted in increased additional paid-in capital by $4,452, decreased long-term debt by $3,723, and decreased accumulated deficit by $729 for non-cash accretion expense prior to April 1, 2022.
Accounting Guidance Not Yet Adopted
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (\u201cASU 2023-07\u201d), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2023-07 for our fiscal year ending March 31, 2025.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (\u201cASU 2023-09\u201d), which enhances income tax disclosures, primarily through changes to the rate reconciliation and disaggregation of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2023-09 for our fiscal year ending March 31, 2026.
Going Concern
The condensed interim consolidated financial statements have been prepared in accordance with generally accepted accounting principles on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
As reflected in the condensed interim consolidated financial statements, the Company has certain material debt obligations coming due in the short-term, has suffered recurring losses from operations and requires additional financing to fund its business and operations. If the Company is unable to raise additional capital, it is possible that it will be unable to meet certain of its financial obligations.
These matters, when considered in the aggregate, raise substantial doubt about the Company\u2019s ability to continue as a going concern for at least twelve months from the issuance of these condensed interim consolidated financial statements.
In view of these matters, continuation as a going concern is dependent upon continued operations of the Company, which in turn is dependent upon the Company\u2019s ability to meet its financial requirements and to raise additional capital, and the success of its future operations. The condensed interim consolidated financial statements do not include any adjustments to the amount and classification of assets and liabilities that may be necessary should the Company not continue as a going concern.
Management plans to fund the operations and debt obligations of the Company through existing cash positions. The Company is also currently evaluating several different strategies and intends to pursue actions that are expected to increase its liquidity position, including, but not limited to, pursuing additional actions under the Company's cost-savings plan, seeking additional financing from both the public and private markets through the issuance of equity and/or debt securities, and monetizing additional assets.
The Company's management cannot provide assurances that the Company will be successful in accomplishing any of its proposed financing plans. Management also cannot provide any assurance as to unforeseen circumstances that could occur within the next twelve months or, if the Company raises capital, thereafter, which could increase the Company\u2019s need to raise additional capital on an immediate basis, which capital may not be available to the Company.
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These condensed interim consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation. Information on the Company\u2019s subsidiaries with noncontrolling interests is included in Note 22.
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The preparation of these condensed interim consolidated financial statements and notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates.
"}]},{"name":"rpt:f-492","factDimensions":{"xbrl:concept":"cgc:ShareConsolidationPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Share Consolidation
On December 13, 2023, the Company announced that the Company\u2019s board of directors (the \u201cBoard\u201d) had approved the consolidation of the Company\u2019s issued and outstanding common shares on the basis of post-consolidation common share for every 10 pre-consolidation common shares (the \u201cShare Consolidation\u201d). The Share Consolidation was implemented to ensure that the Company continues to comply with the listing requirements of the Nasdaq Global Select Market.
The Share Consolidation was approved by the Company\u2019s shareholders at the annual general and special meeting of shareholders held on September 25, 2023. The Share Consolidation became effective on December 15, 2023. No fractional common shares were issued in connection with the Share Consolidation. Any fractional common shares arising from the Share Consolidation were deemed to have been tendered by its registered owner to the Company for cancellation for no consideration. In addition, the exercise or conversion price and/or the number of common shares issuable under any of the Company\u2019s outstanding convertible securities, were proportionately adjusted in connection with the Share Consolidation.
All issued and outstanding common shares, per share amounts, and outstanding equity instruments and awards exercisable into common shares, as well as the exchange ratios for the Fixed Shares (as defined below) and the Floating Shares (as defined below) in connection with the Acreage Amending Arrangement and the Floating Share Arrangement (as defined below), respectively, contained in the condensed interim consolidated financial statements of the Company and notes thereto have been retroactively adjusted to reflect the Share Consolidation for all prior periods presented.
"}]},{"name":"rpt:f-493","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityReverseStockSplit","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"On December 13, 2023, the Company announced that the Company\u2019s board of directors (the \u201cBoard\u201d) had approved the consolidation of the Company\u2019s issued and outstanding common shares on the basis of one post-consolidation common share for every 10 pre-consolidation common shares (the \u201cShare Consolidation\u201d)."}]},{"name":"rpt:f-494","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"New accounting policies
Recently Adopted Accounting Pronouncements
Convertible Instruments and Contracts in an Entity\u2019s Own Equity
In August 2020, the Financial Accounting Standards Board (the \"FASB\") issued , Debt\u2014Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging\u2014Contracts in Entity\u2019s Own Equity (Subtopic 815-40):Accounting for Convertible Instruments and Contracts in an Entity\u2019s Own Equity (\u201cASU 2020-06\u201d), which simplifies the accounting for convertible instruments by removing the separation models for convertible debt instruments and convertible preferred stock with (1) cash conversion features, and (2) beneficial conversion features. In addition, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance and amends the guidance for the derivatives scope exception for contracts in an entity\u2019s own equity to reduce form-over-substance-based accounting conclusions.
The Company adopted the guidance on April 1, 2022, using the modified retrospective approach with the cumulative effect recognized as an adjustment to the opening deficit balance, and, accordingly, prior period balances and disclosures have not been restated. Upon adoption of ASU 2020-06, the Supreme Debentures (as defined below) will be accounted for under the separation model for a substantial premium instead of a beneficial conversion feature resulting in an increased debt discount to be amortized over the life of the instrument. The adoption of this guidance resulted in increased additional paid-in capital by $4,452, decreased long-term debt by $3,723, and decreased accumulated deficit by $729 for non-cash accretion expense prior to April 1, 2022.
Accounting Guidance Not Yet Adopted
Segment Reporting
In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures (\u201cASU 2023-07\u201d), which expands reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses that are regularly provided to the chief operating decision maker and included within each reported measure of segment profit or loss. ASU 2023-07 is effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2023-07 for our fiscal year ending March 31, 2025.
Income Taxes
In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740): Improvements to Income Tax Disclosures (\u201cASU 2023-09\u201d), which enhances income tax disclosures, primarily through changes to the rate reconciliation and disaggregation of income taxes paid. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, with early adoption permitted. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2023-09 for our fiscal year ending March 31, 2026.
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\u00a0
Reorganization - Creation of Canopy USA
\u00a0
On October 24, 2022, Canopy Growth completed a number of strategic transactions in connection with the creation of Canopy USA, LLC (\"Canopy USA\"), a new U.S.-domiciled holding company (the \u201cReorganization\u201d). Following the implementation of the Reorganization, Canopy USA, as of October 24, 2022, holds certain U.S. cannabis investments previously held by Canopy Growth, which is expected to enable Canopy USA, following, among other things, the Meeting (as defined below) and the exercise of the Acreage Option (as defined below), including the issuance of the Fixed Shares to Canopy USA, to consummate the acquisitions of Acreage Holdings, Inc. (\"Acreage\"), Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, \"Wana\" and each, a \"Wana Entity\"), and Lemurian, Inc. (\"Jetty\"). There were no changes recorded in the estimated fair values of the U.S. cannabis investments described below upon implementation of the Reorganization, and their transfer from Canopy Growth to Canopy USA.
Following the implementation of the Reorganization, as of October 24, 2022, Canopy USA holds an ownership interest in the following assets, among others:
Canopy Growth currently retains the option to acquire the issued and outstanding Class E subordinate voting shares (the \u201cFixed Shares\u201d) of Acreage (the \u201cAcreage Option\u201d), representing approximately 70% of the total shares of Acreage, at a fixed share exchange ratio of 0.03048 of a common share of Canopy Growth per Fixed Share. Concurrently with the closing of the acquisition of the Fixed Shares pursuant to the exercise of the Acreage Option, the Fixed Shares will be issued to Canopy USA. In addition, Canopy USA has agreed to acquire all of the issued and outstanding Class D subordinate voting shares of Acreage (the \u201cFloating Shares\u201d) by way of a court-approved plan of arrangement (the \u201cFloating Share Arrangement\u201d) in exchange for 0.045 of a common share of Canopy Growth for each Floating Share held. Acreage is a leading vertically-integrated multi-state cannabis operator, with its main operations in densely populated states across the Northeast U.S. including New Jersey and New York.
In addition, as of October 24, 2022, Canopy USA held direct and indirect interests in the capital of TerrAscend Corp. (\u201cTerrAscend\u201d), a leading North American cannabis operator with vertically integrated operations and a presence in Pennsylvania, New Jersey, Michigan and California as well as licensed cultivation and processing operations in Maryland. Canopy USA\u2019s direct and indirect interests in TerrAscend included: (i) 38,890,570 exchangeable shares in the capital of TerrAscend (the \u201cTerrAscend Exchangeable Shares\u201d), an option to purchase 1,072,450 TerrAscend common shares (the \u201cTerrAscend Common Shares\u201d) for an aggregate purchase price of $1.00 (the \u201cTerrAscend Option\u201d) and 22,474,130 TerrAscend Common Share purchase warrants previously held by Canopy Growth (the \u201cTerrAscend Warrants\u201d); and (ii) the debentures and loan agreement between Canopy Growth and certain TerrAscend subsidiaries.
On December 9, 2022, Canopy USA and certain limited partnerships that are controlled by Canopy USA entered into a debt settlement agreement with TerrAscend, TerrAscend Canada Inc. and Arise BioScience, Inc., whereby $125,467 in aggregate loans, including accrued interest thereon, payable by certain subsidiaries of TerrAscend were extinguished and 22,474,130 TerrAscend Warrants, being all of the previously issued TerrAscend Warrants controlled by Canopy USA (the \u201cPrior Warrants\u201d) were cancelled in
exchange for: (i) 24,601,467 TerrAscend Exchangeable Shares at a notional price of $5.10 per TerrAscend Exchangeable Share; and (ii) 22,474,130 new TerrAscend Warrants (the \"New Warrants\" and, together with the TerrAscend Exchangeable Shares, the \"New TerrAscend Securities\") with a weighted average exercise price of $6.07 per TerrAscend Common Share and expiring on December 31, 2032. Following the issuance of the New TerrAscend Securities, Canopy USA beneficially owns: (i) 63,492,037 TerrAscend Exchangeable Shares; (ii) 22,474,130 New Warrants; and (iii) the TerrAscend Option. The TerrAscend Exchangeable Shares can be converted into TerrAscend Common Shares at Canopy USA's option, subject to the terms of the A&R Protection Agreement (as defined below).
Following the implementation of the Reorganization, Canopy USA was determined to be a variable interest entity pursuant to ASC 810 - Consolidations (\"ASC 810\") and prior to the completion of the Reorganization Amendments (as defined below), Canopy Growth was determined to be the primary beneficiary of Canopy USA. As a result of such determination and in accordance with ASC 810, Canopy Growth consolidated the financial results of Canopy USA.
Amendments to Canopy USA Structure
Following the creation of Canopy USA, the Nasdaq Stock Market LLC (\"Nasdaq\") communicated its position to the Company stating that companies that consolidate \u201cthe assets and revenues generated from activities in violation under federal law cannot continue to list on Nasdaq\u201d. Since the Company is committed to compliance with the listing requirements of the Nasdaq, the Company and Canopy USA effectuated certain changes to the initial structure of the Company\u2019s interest in Canopy USA that were intended to facilitate the deconsolidation of the financial results of Canopy USA within the Company\u2019s financial statements. These changes included, among other things, modifying the terms of the Protection Agreement between the Company, its wholly-owned subsidiary and Canopy USA as well as the terms of Canopy USA\u2019s limited liability company agreement and amending the terms of certain agreements with third-party investors in Canopy USA to eliminate any rights to guaranteed returns (collectively, the \u201cReorganization Amendments\u201d).
On May 19, 2023, the Company and Canopy USA implemented the Reorganization Amendments, which included, entering into the First A&R Protection Agreement (as defined below) and amending and restating Canopy USA\u2019s limited liability company agreement (the \u201cA&R LLC Agreement\u201d) in order to: (i) eliminate certain negative covenants that were previously granted by Canopy USA in favor of the Company as well as delegating to the managers of the Canopy USA Board (as defined below) not appointed by Canopy Growth the authority to approve the following key decisions (collectively, the \u201cKey Decisions\u201d): (a) the annual business plan of Canopy USA; (b) decisions regarding the executive officers of Canopy USA and any of its subsidiaries; (c) increasing the compensation, bonus levels or other benefits payable to any current, former or future employees or managers of Canopy USA or any of its subsidiaries; (d) any other executive compensation plan matters of Canopy USA or any of its subsidiaries; and (e) the exercise of the Wana Options or the Jetty Options, which for greater certainty means that the Company\u2019s nominee on the Canopy USA Board will not be permitted to vote on any Key Decisions while the Company owns Non-Voting Shares (as defined below); (ii) reduce the number of managers on the Canopy USA Board from four to three, including, reducing the Company\u2019s nomination right to a single manager; (iii) amend the share capital of Canopy USA to, among other things, (a) create a new class of Canopy USA Class B Shares (as defined below), which may not be issued prior to the conversion of the Non-Voting Shares or the Canopy USA Common Shares (as defined below) into Canopy USA Class B Shares; (b) amend the terms of the Non-Voting Shares such that the Non-Voting Shares will be convertible into Canopy USA Class B Shares (as opposed to Canopy USA Common Shares); and (c) amend the terms of the Canopy USA Common Shares such that upon conversion of all of the Non-Voting Shares into Canopy USA Class B Shares, the Canopy USA Common Shares will, subject to their terms, automatically convert into Canopy USA Class B Shares, provided that the number of Canopy USA Class B Shares to be issued to the former holders of the Canopy USA Common Shares will be equal to no less than 10% of the total issued and outstanding Canopy USA Class B Shares following such issuance. Accordingly, as a result of the Reorganization Amendments, in no circumstances will the Company, at the time of such conversions, own more than 90% of the Canopy USA Class B Shares.
In connection with the Reorganization Amendments, on May 19, 2023, Canopy USA and Huneeus 2017 Irrevocable Trust (the \u201cTrust\u201d) entered into a share purchase agreement (the \u201cTrust SPA\u201d), which sets out the terms of the Trust\u2019s investment in Canopy USA in the aggregate amount of up to US$20 million (the \"Trust Transaction\"). Agustin Huneeus, Jr. is the trustee of the Trust and is an affiliate of a shareholder of Jetty. Pursuant to the terms of the Trust SPA, the Trust will, subject to certain terms and conditions contained in the Trust SPA be issued Canopy USA Common Shares in two tranches with an aggregate value of up to US$10 million along with warrants of Canopy USA to acquire additional Canopy USA Common Shares. In addition, subject to the terms of the Trust SPA, the Trust has also been granted options to acquire additional Voting Shares (as defined in the A&R LLC Agreement) with a value of up to an additional US$10 million and one such additional option includes the issuance of additional warrants of Canopy USA.
In addition, subject to the terms and conditions of the A&R Protection Agreement and the terms of the option agreements to acquire Wana and Jetty, as applicable, Canopy Growth may be required to issue additional common shares in satisfaction of certain deferred and/or option exercise payments to the shareholders of Wana and Jetty. Canopy Growth will receive additional Non-Voting Shares from Canopy USA as consideration for any Company common shares issued in the future to the shareholders of Wana and Jetty.
On November 3, 2023, the Company received a letter from the staff of the SEC (the \u201cStaff\u201d) in which the Staff indicated that, despite the Reorganization Amendments, it would object to the deconsolidation of the financial results of Canopy USA from the Company's financial statements in accordance with U.S. GAAP once Canopy USA acquires Wana, Jetty or the Fixed Shares of Acreage. The Company subsequently had discussions with the Office of Chief Accountant of the SEC (the \"OCA\") and determined to make certain additional amendments to the structure of Canopy USA (the \u201cAdditional Reorganization Amendments\u201d) to facilitate the deconsolidation of Canopy USA from the financial results of Canopy Growth in accordance with U.S. GAAP upon Canopy USA\u2019s acquisition of Wana, Jetty or Acreage. In that regard, the Company filed a revised preliminary proxy statement with the SEC on each of January 25, 2024 and February 5, 2024 in connection with the Amendment Proposal (as defined below) that discloses these Additional Reorganization Amendments. In connection with the Additional Reorganization Amendments, Canopy USA and its members expect to enter into a second amended and restated limited liability company agreement (the \u201cSecond A&R LLC Agreement\u201d) immediately prior to the completion of the first tranche closing of the Trust Transaction. Upon the effective date of the Second A&R LLC Agreement, the terms of the Non-Voting Shares will be amended such that the Non-Voting Shares will only be convertible into Canopy USA Class B Shares following the date that the NASDAQ Stock Market or The New York Stock Exchange permit the listing of companies that consolidate the financial statements of companies that cultivate, distribute or possess marijuana (as defined in 21 U.S.C 802) in the United States (the \u201cTriggering Event Date\u201d). Based on the Company\u2019s discussions with the OCA, upon effectuating the Additional Reorganization Amendments, the Company believes that the Staff would not object to the deconsolidation of the financial results of Canopy USA from the Company\u2019s financial statements in accordance with U.S. GAAP once Canopy USA acquires Wana, Jetty or the Fixed Shares of Acreage.
Ownership of U.S. Cannabis Investments
Following the implementation of the Reorganization, the shares and interests in Acreage, Wana, Jetty and TerrAscend are held, directly or indirectly, by Canopy USA, and Canopy Growth no longer holds a direct interest in any shares or interests in such entities, other than the Acreage Option. Canopy Growth holds non-voting and non-participating shares (the \u201cNon-Voting Shares\u201d) in the capital of Canopy USA. The Non-Voting Shares do not carry voting rights, rights to receive dividends or other rights upon dissolution of Canopy USA. Following the Reorganization Amendments, the Non-Voting Shares are convertible into Class B shares of Canopy USA (the \u201cCanopy USA Class B Shares\u201d), provided that following the execution of the Second A&R LLC Agreement, such conversion shall only be permitted following the Triggering Event Date. The Company also has the right (regardless of the fact that its Non-Voting Shares are non-voting and non-participating) to appoint one member to the Canopy USA board of managers (the \"Canopy USA Board\").
As of December 31, 2023, a third party investor owned all of the issued and outstanding Class A shares of Canopy USA (the \u201cCanopy USA Common Shares\u201d) and a wholly-owned subsidiary of the Company holds Non-Voting Shares in the capital of Canopy USA, representing approximately more than 99% of the issued and outstanding shares in Canopy USA on an as-converted basis.
On October 24, 2022, Canopy USA and the Company also entered into an agreement with, among others, Nancy Whiteman, the controlling shareholder of Wana, which was amended and restated on May 19, 2023, whereby subsidiaries of Canopy USA agreed to pay additional consideration in order to acquire the Wana Options and the future payments owed in connection with the exercise of the Wana Options (as described in Note 11) will be reduced to US$3.00 in exchange for the issuance of Canopy USA Common Shares and Canopy Growth common shares (the \u201cWana Amending Agreement\u201d). In accordance with the terms of the Wana Amending Agreement, Canopy USA Common Shares and Canopy Growth common shares will be issued to the shareholders of Wana, each with a value equal to 7.5% of the fair market value of Wana as of the later of: (i) the date that the Wana Options are exercised; and (ii) the closing date of the first tranche of the Trust Transaction (the \u201cWana Valuation Date\u201d) less any net debt of Wana as of the Wana Valuation Date plus any net cash of Wana as of Wana Valuation Date. The value of Wana and the number of Canopy USA Common Shares will be determined based on the fair market value of Wana and the Canopy USA Common Shares, respectively, as determined by an appraiser appointed by the Company and an appraiser appointed by the shareholders of Wana (and, if required, a third appraiser to be appointed by the initial two appraisers). The Canopy USA Common Shares and Canopy Growth common shares will only be issued to Ms. Whiteman, or entities controlled by Ms. Whiteman, on the later of: (i) the date of exercise of the Wana Options and (ii) the date that CBG Holdings LLC (\u201cCBG\u201d) and Greenstar Canada Investment Limited Partnership (\u201cGreenstar\u201d), indirect, wholly-owned subsidiaries of Constellation Brands, Inc. (\u201cCBI\u201d), have converted their Canopy Growth common shares into Exchangeable Shares. The Wana Amending Agreement may be terminated and no Canopy USA Common Shares or Canopy Growth common shares will be issued to Ms. Whiteman, or entities controlled by Ms. Whiteman in the event that CBG and Greenstar have not converted their Canopy Growth common shares into Exchangeable Shares by the later of: (i) sixty days after the Meeting; or (ii) December 31, 2023. The Canopy USA Common Shares issuable to Ms. Whiteman, or entities controlled by Ms. Whiteman, will also be subject to a repurchase right exercisable at any time after the 36 month anniversary of the closing of the transaction contemplated by the Wana Amending Agreement (the \u201cWana Repurchase Right\u201d) to repurchase all Canopy USA Common Shares that have been issued at a price per Canopy USA Common Share equal to the fair market value as determined by an appraiser. As part of this agreement, Canopy USA has granted Ms. Whiteman the right to appoint one member to the Canopy USA Board and a put right on the same terms and conditions as the Wana Repurchase Right.
Canopy Growth and Canopy USA have also entered into a protection agreement (the \"Protection Agreement\") to provide for certain covenants in order to preserve the value of the Non-Voting Shares held by Canopy Growth until such time as the Non-Voting
Shares are converted in accordance with their terms, provided that following the execution of the Second A&R LLC Agreement, such conversion shall only be permitted following the Triggering Event Date, but does not provide Canopy Growth with the ability to direct the business, operations or activities of Canopy USA. The Protection Agreement was amended and restated in connection with: (a) the Reorganization Amendments (the \u201cFirst A&R Protection Agreement\u201d); and (b) the Additional Reorganization Amendments (the \u201cSecond A&R Protection Agreement\u201d and together with the First A&R Protection Agreement, the \u201cA&R Protection Agreement\u201d).
Upon closing of Canopy USA\u2019s acquisition of Acreage, Canopy Growth will receive additional Non-Voting Shares from Canopy USA in consideration for the issuance of common shares of the Company that shareholders of Acreage will receive in accordance with the terms of the Existing Acreage Arrangement Agreement (as defined below) and the Floating Share Arrangement Agreement (as defined below).
Until such time as Canopy Growth converts the Non-Voting Shares into Canopy USA Class B Shares following the Triggering Event Date, Canopy Growth will have no economic or voting interest in Canopy USA, Wana, Jetty, TerrAscend, or Acreage. Canopy USA, Wana, Jetty, TerrAscend, and Acreage will continue to operate independently of Canopy Growth.
Acreage Agreements
On October 24, 2022, Canopy Growth entered into an arrangement agreement with Canopy USA and Acreage, as amended (the \u201cFloating Share Arrangement Agreement\u201d), pursuant to which, subject to approval of the holders of the Floating Shares and the terms and conditions of the Floating Share Arrangement Agreement, Canopy USA will acquire all of the issued and outstanding Floating Shares by way of a court-approved plan on arrangement under the Business Corporations Act (British Columbia) (the \u201cFloating Share Arrangement\u201d) in exchange for 0.045 of a Company common share for each Floating Share held. In connection with the Floating Share Arrangement Agreement, Canopy Growth has irrevocably waived the Acreage Floating Option (as defined below) existing under the Existing Acreage Arrangement Agreement.
On October 24, 2022, the Company and Canopy USA entered into a third amendment to tax receivable agreement (the \u201cAmended TRA\u201d) with, among others, certain current or former unitholders (the \u201cHolders\u201d) of High Street Capital Partners, LLC, a subsidiary of Acreage (\u201cHSCP\u201d), pursuant to HSCP\u2019s amended tax receivable agreement (the \u201cTRA\u201d) and related tax receivable bonus plans with Acreage. Pursuant to the Amended TRA, the Company, on behalf of Canopy USA, agreed to issue common shares of the Company with a value of US$30.4 million to certain Holders as consideration for the assignment of such Holder\u2019s rights under the TRA to Canopy USA. As a result of the Amended TRA, Canopy USA is the sole member and beneficiary under the TRA. In connection with the foregoing, the Company issued: (i) 564,893 common shares with a value of $20.6 million (US$15.2 million) to certain Holders on November 4, 2022 as the first installment under the Amended TRA; and (ii) 710,208 common shares with a value of $20.6 million (US$15.2 million) to certain Holders on March 17, 2023, as the second installment under the Amended TRA. The Company, on behalf of Canopy USA, also agreed to issue common shares of the Company with a value of approximately US$19.6 million to certain eligible participants pursuant to HSCP\u2019s existing tax receivable bonus plans to be issued immediately prior to completion of the Floating Share Arrangement.
On October 24, 2022, Canopy Growth and Canopy USA entered into voting support agreements with certain of Acreage\u2019s directors, officers and consultants pursuant to which such persons have agreed, among other things, to vote their Floating Shares in favor of the Floating Share Arrangement, representing approximately 7.3% of the issued and outstanding Floating Shares.
In addition to shareholder and court approvals, the Floating Share Arrangement is subject to approval of the Amendment Proposal (as defined below) and applicable regulatory approvals including, but not limited to, Toronto Stock Exchange (\u201cTSX\u201d) approval and the satisfaction of certain other closing conditions customary in transactions of this nature. The Floating Share Arrangement received the requisite approval from the holders of Floating Shares at the special meeting of Acreage shareholders held on March 15, 2023 and on March 20, 2023 Acreage obtained a final order from the Supreme Court of British Columbia approving the Floating Share Arrangement. The Floating Share Arrangement Agreement has been amended several times to extend the Exercise Outside Date (as defined in the Floating Share Arrangement Agreement), which was initially March 31, 2023. The most recent amendment to the Floating Share Arrangement Agreement extended the Exercise Outside Date to March 31, 2024. The completion of the Floating Share Arrangement is subject to satisfaction or, if permitted, waiver of certain closing conditions, including, among others, approval of the Amendment Proposal on or prior to the Exercise Outside Date.
It is intended that Canopy Growth\u2019s existing option to acquire the Fixed Shares on the basis of 0.03048 of a Company common share per Fixed Share will be exercised after the Meeting in accordance with the terms of the arrangement agreement dated April 18, 2019, as amended on May 15, 2019, September 23, 2020 and November 17, 2020 (the \u201cExisting Acreage Arrangement Agreement\u201d). Canopy Growth will not hold any Fixed Shares or Floating Shares. Completion of the acquisition of the Fixed Shares following exercise of the Acreage Option is subject to the satisfaction of certain conditions set forth in the Existing Acreage Arrangement Agreement. The acquisition of the Floating Shares pursuant to the Floating Share Arrangement is anticipated to occur immediately prior to the acquisition of the Fixed Shares pursuant to the Existing Acreage Arrangement Agreement such that 100% of the issued and outstanding shares of Acreage will be owned by Canopy USA on closing of the acquisition of both the Fixed Shares and the Floating Shares.
On November 15, 2022, a wholly-owned subsidiary of Canopy Growth (the \u201cAcreage Debt Optionholder\u201d) and Acreage\u2019s existing lenders (the \u201cLenders\u201d) entered into an option agreement, which superseded the letter agreement dated October 24, 2022 between the parties, pursuant to which the Acreage Debt Optionholder was granted the right to purchase the outstanding principal, including all accrued and unpaid interest thereon, of Acreage\u2019s debt, being an amount up to US$150.0 million (the \u201cAcreage Debt\u201d) from the Lenders in exchange for an option premium payment of $38.0 million (US$28.5 million) (the \u201cOption Premium\u201d), which was deposited into an escrow account on November 17, 2022. The Acreage Debt Optionholder has the right to exercise the option at its discretion, and if the option is exercised, the Option Premium will be used to reduce the purchase price to be paid for the outstanding Acreage Debt. In the event that Acreage repays the Acreage Debt on or prior to maturity, the Option Premium will be returned to the Acreage Debt Optionholder. In the event that Acreage defaults on the Acreage Debt and the Acreage Debt Optionholder does not exercise its option to acquire the Acreage Debt, the Option Premium will be released to the Lenders.
Special Shareholder Meeting
In connection with the Reorganization, Canopy Growth expects to hold a special meeting of shareholders (the \u201cMeeting\u201d) at which Canopy Growth shareholders will be asked to consider and, if deemed appropriate, to pass a special resolution authorizing an amendment to its articles of incorporation, as amended (the \u201cAmendment Proposal\u201d), in order to: (i) create and authorize the issuance of an unlimited number of a new class of non-voting and non-participating exchangeable shares in the capital of Canopy Growth (the \u201cExchangeable Shares\u201d); and (ii) restate the rights of the Company\u2019s common shares to provide for a conversion feature whereby each common share may at any time, at the option of the holder, be converted into one Exchangeable Share. The Exchangeable Shares will not carry voting rights, rights to receive dividends or other rights upon dissolution of Canopy Growth but will be convertible into common shares.
The Amendment Proposal must be approved by at least 66\u2154% of the votes cast on a special resolution by Canopy Growth\u2019s shareholders present in person or represented by proxy at the Meeting.
On October 24, 2022, CBG and Greenstar entered into a voting and support agreement with Canopy Growth (the \u201cVoting and Support Agreement\u201d). Pursuant to the terms of the Voting and Support Agreement, CBG and Greenstar agreed, subject to the terms and conditions thereof, among other things, to vote all of the Canopy Growth common shares beneficially owned, directed or controlled, directly or indirectly, by them for the Amendment Proposal.
In the event the Amendment Proposal is approved, and subject to the conversion by CBI of their Canopy Growth common shares into Exchangeable Shares, Canopy USA is expected to exercise the Wana Options and the Jetty Options. In the event the Amendment Proposal is not approved, Canopy USA will not be permitted to exercise its rights to acquire shares of Wana or Jetty and the Floating Share Arrangement Agreement will be terminated. In such circumstances, Canopy will retain the Acreage Option under the Existing Acreage Arrangement Agreement and Canopy USA will continue to hold the Wana Options and the Jetty Options, as well as the TerrAscend Exchangeable Shares and other securities in the capital of TerrAscend. In addition, the Company is contractually required to cause Canopy USA to exercise its repurchase right to acquire the Canopy USA Common Shares held by the third party investors.
Relationship with CBI
In connection with the Reorganization, CBI has indicated its current intention to convert all of its common shares of the Company into Exchangeable Shares, conditional upon the approval of the Amendment Proposal. However, any decision to convert will be made by CBI in its sole discretion, and CBI is not obligated to effect any such conversion.
In connection with the foregoing, on October 24, 2022, Canopy Growth entered into a consent agreement with CBG and Greenstar (the \u201cThird Consent Agreement\u201d), pursuant to which the parties agreed, among other things, that following the conversion by CBG and Greenstar of their respective Canopy Growth common shares into Exchangeable Shares, other than the Third Consent Agreement and the termination rights contained therein and the 4.25% unsecured senior notes due in 2023 (the \"Canopy Notes\") held by Greenstar, all agreements between Canopy Growth and CBI, including the Second Amended and Restated Investor Rights Agreement, dated as of April 18, 2019, by and among certain wholly-owned subsidiaries of CBI and Canopy Growth (the \u201cSecond Amended and Restated Investor Rights Agreement\u201d), will be terminated. Pursuant to the terms of the Third Consent Agreement, CBG and Greenstar also agreed, among other things, that at the time of the conversion by CBG and Greenstar of their Canopy Growth common shares into Exchangeable Shares, (i) CBG will surrender the warrants held by CBG to purchase 13,974,545 common shares for cancellation for no consideration; and (ii) all nominees of CBI that are currently sitting on the Board will resign from the Board. In addition, pursuant to the Third Consent Agreement and following the Reorganization Amendments, Canopy Growth is contractually required to convert its Non-Voting Shares into Canopy USA Class B Shares, provided that following the execution of the Second A&R LLC Agreement, such conversion shall only be permitted following the Triggering Event Date, and cause Canopy USA to repurchase the Canopy USA Common Shares held by certain third-party investors in Canopy USA in the event CBG and Greenstar have not converted their respective common shares into Exchangeable Shares by sixty days after the Meeting (the \u201cTermination Date\u201d). The Third Consent Agreement will automatically terminate on the Termination Date.
In the event that CBI does not convert its Canopy Growth common shares into Exchangeable Shares, Canopy USA will not be permitted to exercise its rights to acquire the Fixed Shares from the Company or exercise its rights under the Wana Options or Jetty
Options, and the Floating Share Arrangement Agreement will be terminated. In such circumstances, Canopy Growth will retain the Acreage Option under the Existing Acreage Arrangement Agreement and Canopy USA will continue to hold the Wana Options and the Jetty Options, as well as the TerrAscend Exchangeable Shares and other securities in the capital of TerrAscend. If CBI does not convert its Canopy Growth common shares into Exchangeable Shares, the Company is also contractually required to cause Canopy USA to exercise its repurchase right to acquire the Canopy USA Common Shares held by the third party investors.
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Company and Canopy USA effectuated certain changes to the initial structure of the Company\u2019s interest in Canopy USA that were intended to facilitate the deconsolidation of the financial results of Canopy USA within the Company\u2019s financial statements. These changes included, among other things, modifying the terms of the Protection Agreement between the Company, its wholly-owned subsidiary and Canopy USA as well as the terms of Canopy USA\u2019s limited liability company agreement and amending the terms of certain agreements with third-party investors in Canopy USA to eliminate any rights to guaranteed 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BIOSTEEL
On September 14, 2023, following a review of the strategic options for the BioSteel business unit, Canopy Growth ceased funding the operations of BioSteel Sports Nutrition Inc. (\"BioSteel Canada\") and commenced proceedings (the \"CCAA Proceedings\") under the Companies' Creditors Arrangement Act (the \"CCAA\") in the Ontario Superior Court of Justice (Commercial List) (the \"CCAA Court\") and sought and obtained recognition of that proceeding under Chapter 15 of the United States Bankruptcy Code. To assist with the sale process, the Court approved the appointment of a monitor.
As a result of the CCAA Proceedings, the most relevant activity of BioSteel Canada became the liquidation and sale of assets. Management concluded that Canopy Growth ceased to have the power to direct the relevant activity of BioSteel Canada because the liquidation and sale transactions required approval from the CCAA Court. Thus, Canopy Growth no longer has a controlling interest in BioSteel Canada and has deconsolidated the entity effective September 14, 2023. The deconsolidation of BioSteel Canada and related impairment charges are classified under losses from discontinued operations.
The strategic decisions made encompassed all operations of the BioSteel business unit, including those of BioSteel Canada. For this reason, the BioSteel segment results for all periods prior to the September 14, 2023 deconsolidation of BioSteel Canada, including costs to exit, are classified as discontinued operations.
On November 16, 2023, BioSteel Sports Nutrition USA LLC (\"BioSteel US\") and BioSteel Manufacturing LLC (\"BioSteel Manufacturing\" and collectively with BioSteel Canada and BioSteel US, the \u201cBioSteel Entities\u201d) were added as additional applicants in the CCAA Proceedings. As a result, the most relevant activity of both entities became the liquidation and sale of assets and distribution of cash and proceeds to their respective stakeholders and management concluded that Canopy Growth ceased to have the power to direct the relevant activities of BioSteel US and BioSteel Manufacturing because those activities required approval from the CCAA Court. Thus, Canopy Growth no longer has a controlling interest in either entity and has deconsolidated both entities effective November 16, 2023. The deconsolidation of BioSteel US and BioSteel Manufacturing and related impairment charges are classified under losses from discontinued operations.
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n ||||
Net revenue | \n \u00a0 | \n $ | \n 172 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,181 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,610 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,351 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,504 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 145,625 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64,779 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n (726 | \n ) | \n \u00a0 | \n \u00a0 | \n 33,405 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 97,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 143,423 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (1,002 | \n ) | \n \u00a0 | \n \u00a0 | \n (38,728 | \n ) | \n \u00a0 | \n \u00a0 | \n (186,866 | \n ) | \n \u00a0 | \n \u00a0 | \n (157,851 | \n ) | \n
Other income (expense), net1 | \n \u00a0 | \n \u00a0 | \n 14,481 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,521 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,687 | \n ) | \n
Income tax (expense) recovery | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (954 | \n ) | \n \u00a0 | \n \u00a0 | \n 936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (954 | \n ) | \n
Net income (loss) on discontinued operations, net of tax | \n \u00a0 | \n $ | \n 13,479 | \n \u00a0 | \n \u00a0 | \n $ | \n (37,532 | \n ) | \n \u00a0 | \n $ | \n (194,451 | \n ) | \n \u00a0 | \n $ | \n (169,492 | \n ) | \n
1 Included in Other income (expense), net for the three and nine months ended December 31, 2023 is a gain on deconsolidation of $12,417 and loss on deconsolidation of $9,820, respectively.
\u00a0
Investment in BioSteel Entities
\u00a0
Canopy Growth continues to have a 90.4% ownership interest in BioSteel Canada and 100% ownership interests in each of BioSteel US and BioSteel Manufacturing, but has deconsolidated the BioSteel Entities because it no longer has a controlling interest in them. Since the estimated amount of the liabilities of the BioSteel Entities exceeds the estimated fair value of the assets available for distribution to its creditors, the fair value of Canopy Growth's equity investment in the BioSteel Entities approximates zero.
\u00a0
Canopy Growth's Amounts Receivable from BioSteel Entities
\u00a0
Prior to Canopy Growth's deconsolidation of BioSteel Canada, Canopy Growth made significant secured loans to BioSteel Canada for purposes of funding its operations. The secured loans and corresponding interest were considered intercompany transactions and eliminated in Canopy Growth's consolidated financial statements prior to September 14, 2023, being the deconsolidation date. As of the deconsolidation date, the secured loans and corresponding interest are now considered related party transactions and have been recognized in Canopy Growth's consolidated financial statements at their estimated fair value of $29,000.
As of the deconsolidation date for BioSteel US and BioSteel Manufacturing, Canopy Growth has recorded remaining amounts legally receivable from BioSteel US and BioSteel Manufacturing at their estimated fair value.
The remaining amounts legally receivable from the BioSteel Entities are measured at their expected recoverable amounts. The assets and liabilities related to the BioSteel Entities business units are classified as discontinued operations and the major categories are as follows:
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 9,314 | \n \u00a0 | \n
Short-term investments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n
Amounts receivable, net | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,528 | \n \u00a0 | \n
Receivable from BioSteel Entities | \n \u00a0 | \n \u00a0 | \n 29,401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Inventory | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,671 | \n \u00a0 | \n
Prepaid expenses and other assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,709 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,195 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,969 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 405 | \n \u00a0 | \n
Total assets of discontinued operations | \n \u00a0 | \n $ | \n 29,401 | \n \u00a0 | \n \u00a0 | \n $ | \n 172,860 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts payable | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,399 | \n \u00a0 | \n
Other accrued expenses and liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,248 | \n \u00a0 | \n
Other current liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 977 | \n \u00a0 | \n
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 954 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,463 | \n \u00a0 | \n
Total liabilities of discontinued operations | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 71,041 | \n \u00a0 | \n
27. THIS WORKS DIVESTITURE
\u00a0
On December 18, 2023, the Company entered into an agreement to divest all of its interest in This Works to a London-based investment firm (the \u201cThis Works Divestiture\u201d). The Company completed the This Works Divestiture on December 18, 2023, pursuant to which the Company received a cash payment of $2,249 (\u00a31,333) and a loan note of $5,240 (\u00a33,106) with a maturity date of December 18, 2027. The Company may receive an earnout payment of up to $5,905 (\u00a33,500), subject to certain financial targets.
Prior to closing of the This Works Divestiture, the net assets of This Works were recorded as held for sale and the Company recorded asset impairment and restructuring charges of $28,144. Upon the completion of the This Works Divestiture, the Company no longer controls This Works and derecognized the assets and liabilities on the closing date:
| \n | \n | \n | \n | \n |
Current assets1 | \n \u00a0 | \n $ | \n 13,793 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 16,828 | \n \u00a0 | \n
Less: valuation allowance | \n \u00a0 | \n \u00a0 | \n (20,154 | \n ) | \n
Current liabilities | \n \u00a0 | \n \u00a0 | \n (6,661 | \n ) | \n
Cumulative translation adjustment | \n \u00a0 | \n \u00a0 | \n 2,322 | \n \u00a0 | \n
Net assets disposed | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n 2,249 | \n \u00a0 | \n
Future cash consideration | \n \u00a0 | \n \u00a0 | \n 7,286 | \n \u00a0 | \n
Costs to sell | \n \u00a0 | \n \u00a0 | \n (3,407 | \n ) | \n
Total consideration | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
1 Included in current assets is $5,968 of cash.
The gain calculated on the derecognition of the assets and liabilities of This Works is the difference between the carrying amounts of the derecognized assets and liabilities, and the fair value of consideration received, net of costs to sell.
"}]},{"name":"rpt:f-545","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationDescriptionAndTimingOfDisposal","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cgc:BioSteelCanadaMember"},"factValues":[{"value":"As a result of the CCAA Proceedings, the most relevant activity of BioSteel Canada became the liquidation and sale of assets. Management concluded that Canopy Growth ceased to have the power to direct the relevant activity of BioSteel Canada because the liquidation and sale transactions required approval from the CCAA Court. Thus, Canopy Growth no longer has a controlling interest in BioSteel Canada and has deconsolidated the entity effective September 14, 2023. The deconsolidation of BioSteel Canada and related impairment charges are classified under losses from discontinued operations."}]},{"name":"rpt:f-546","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationDescriptionAndTimingOfDisposal","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cgc:BioSteelUSAndBioSteelManufacturingMember"},"factValues":[{"value":"On November 16, 2023, BioSteel Sports Nutrition USA LLC (\"BioSteel US\") and BioSteel Manufacturing LLC (\"BioSteel Manufacturing\" and collectively with BioSteel Canada and BioSteel US, the \u201cBioSteel Entities\u201d) were added as additional applicants in the CCAA Proceedings. As a result, the most relevant activity of both entities became the liquidation and sale of assets and distribution of cash and proceeds to their respective stakeholders and management concluded that Canopy Growth ceased to have the power to direct the relevant activities of BioSteel US and BioSteel Manufacturing because those activities required approval from the CCAA Court. Thus, Canopy Growth no longer has a controlling interest in either entity and has deconsolidated both entities effective November 16, 2023. The deconsolidation of BioSteel US and BioSteel Manufacturing and related impairment charges are classified under losses from discontinued operations."}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n ||||
Net revenue | \n \u00a0 | \n $ | \n 172 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,181 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,610 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,351 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n 1,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,504 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 145,625 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64,779 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n (726 | \n ) | \n \u00a0 | \n \u00a0 | \n 33,405 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 97,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 143,423 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (1,002 | \n ) | \n \u00a0 | \n \u00a0 | \n (38,728 | \n ) | \n \u00a0 | \n \u00a0 | \n (186,866 | \n ) | \n \u00a0 | \n \u00a0 | \n (157,851 | \n ) | \n
Other income (expense), net1 | \n \u00a0 | \n \u00a0 | \n 14,481 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,150 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (8,521 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,687 | \n ) | \n
Income tax (expense) recovery | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (954 | \n ) | \n \u00a0 | \n \u00a0 | \n 936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (954 | \n ) | \n
Net income (loss) on discontinued operations, net of tax | \n \u00a0 | \n $ | \n 13,479 | \n \u00a0 | \n \u00a0 | \n $ | \n (37,532 | \n ) | \n \u00a0 | \n $ | \n (194,451 | \n ) | \n \u00a0 | \n $ | \n (169,492 | \n ) | \n
1 Included in Other income (expense), net for the three and nine months ended December 31, 2023 is a gain on deconsolidation of $12,417 and loss on deconsolidation of $9,820, respectively.
The assets and liabilities related to the BioSteel Entities business units are classified as discontinued operations and the major categories are as follows:\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 9,314 | \n \u00a0 | \n
Short-term investments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 69 | \n \u00a0 | \n
Amounts receivable, net | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,528 | \n \u00a0 | \n
Receivable from BioSteel Entities | \n \u00a0 | \n \u00a0 | \n 29,401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Inventory | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,671 | \n \u00a0 | \n
Prepaid expenses and other assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,709 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,195 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,969 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 405 | \n \u00a0 | \n
Total assets of discontinued operations | \n \u00a0 | \n $ | \n 29,401 | \n \u00a0 | \n \u00a0 | \n $ | \n 172,860 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Accounts payable | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 44,399 | \n \u00a0 | \n
Other accrued expenses and liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,248 | \n \u00a0 | \n
Other current liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 977 | \n \u00a0 | \n
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 954 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,463 | \n \u00a0 | \n
Total liabilities of discontinued operations | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 71,041 | \n \u00a0 | \n
5. LOSS ON ASSET IMPAIRMENT AND RESTRUCTURING
In the three months ended December 31, 2023, the Company recorded a loss on asset impairment and restructuring. The loss for the three months ended December 31, 2023 primarily relates to the This Works Divestiture (as defined below) as This Works was classified as held for sale and measured at its fair value less costs to sell which was lower than its carrying amount (refer to Note 27).
For the nine months ended December 31, 2023, the loss on asset impairment and restructuring was primarily related to: (i) the Company's divestiture of This Works; and (ii) various incremental impairment losses and other costs associated with the restructuring of the Company's Canadian cannabis operations that were initiated in the three months ended March 31, 2023. The loss on asset impairment and restructuring was partially offset by a gain on the sale of the Company's production facility at 1 Hershey Drive in Smiths Falls, Ontario. Such gain was due to the sale proceeds exceeding the carrying value that was previously impaired at March 31, 2023.
As a result, in the three and nine months ended December 31, 2023, the Company recognized a loss on asset impairment and restructuring of $30,413 and $2,452, respectively (three and nine months ended December 31, 2022 \u2013 loss of $22,259 and $1,794,212, respectively).
"}]},{"name":"rpt:f-600","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-30413000","decimals":-3}]},{"name":"rpt:f-601","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-2452000","decimals":-3}]},{"name":"rpt:f-602","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-22259000","decimals":-3}]},{"name":"rpt:f-603","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-1794212000","decimals":-3}]},{"name":"rpt:f-604","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"6. CASH AND CASH EQUIVALENTS
The components of cash and cash equivalents are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 87,621 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,146 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 55,124 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 214,547 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 142,745 | \n \u00a0 | \n \u00a0 | \n $ | \n 667,693 | \n \u00a0 | \n
The components of cash and cash equivalents are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 87,621 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,146 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 55,124 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 214,547 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 142,745 | \n \u00a0 | \n \u00a0 | \n $ | \n 667,693 | \n \u00a0 | \n
7. SHORT-TERM INVESTMENTS
The components of short-term investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Government securities | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 60,157 | \n \u00a0 | \n
Term deposits | \n \u00a0 | \n \u00a0 | \n 43,436 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,000 | \n \u00a0 | \n
Commercial paper and other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,369 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 43,436 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n
\u00a0
The amortized cost of short-term investments at December 31, 2023 is $43,436 (March 31, 2023 \u2013 $107,661).
"}]},{"name":"rpt:f-613","factDimensions":{"xbrl:concept":"cgc:ScheduleOfShortTermInvestmentsTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of short-term investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Government securities | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 60,157 | \n \u00a0 | \n
Term deposits | \n \u00a0 | \n \u00a0 | \n 43,436 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,000 | \n \u00a0 | \n
Commercial paper and other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,369 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 43,436 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n
8. AMOUNTS RECEIVABLE, NET
The components of amounts receivable, net are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 50,957 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,292 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 6,798 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,544 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 360 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,966 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 5,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,657 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 63,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,459 | \n \u00a0 | \n
\u00a0
Included in the accounts receivable, net balance at December 31, 2023 is an allowance for doubtful accounts of $10,694 (March 31, 2023 \u2013 $8,554).
"}]},{"name":"rpt:f-623","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of amounts receivable, net are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 50,957 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,292 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 6,798 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,544 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 360 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,966 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 5,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,657 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 63,924 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,459 | \n \u00a0 | \n
9. INVENTORY
The components of inventory are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 21,218 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,927 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 38,495 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,104 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 27,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,199 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 86,917 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,230 | \n \u00a0 | \n
\u00a0
In the three and nine months ended December 31, 2023, the Company recorded write-downs related to inventory in cost of goods sold of $859 and $8,362, respectively (three and nine months ended December 31, 2022 \u2013 $6,454 and $29,274, respectively).
"}]},{"name":"rpt:f-637","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of inventory are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 21,218 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,927 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 38,495 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,104 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 27,204 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,199 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 86,917 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,230 | \n \u00a0 | \n
10. PREPAID EXPENSES AND OTHER ASSETS
The components of prepaid expenses and other assets are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 11,740 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,963 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 2,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,522 | \n \u00a0 | \n
Prepaid inventory | \n \u00a0 | \n \u00a0 | \n 881 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 690 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 8,759 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,115 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 23,582 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,290 | \n \u00a0 | \n
The components of prepaid expenses and other assets are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 11,740 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,963 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 2,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,522 | \n \u00a0 | \n
Prepaid inventory | \n \u00a0 | \n \u00a0 | \n 881 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 690 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 8,759 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,115 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 23,582 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,290 | \n \u00a0 | \n
The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 23.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Foreign | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n currency | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair value | \n \u00a0 | \n \u00a0 | \n translation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n Additions | \n \u00a0 | \n \u00a0 | \n changes | \n \u00a0 | \n \u00a0 | \n adjustments | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||||
Acreage1 | \n \u00a0 | \n Fixed Shares option and Floating Shares agreement | \n \u00a0 | \n $ | \n 55,382 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (22,296 | \n ) | \n \u00a0 | \n $ | \n (86 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 33,000 | \n \u00a0 | \n
TerrAscend Exchangeable Shares | \n \u00a0 | \n Exchangeable shares | \n \u00a0 | \n \u00a0 | \n 93,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,201 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 101,000 | \n \u00a0 | \n
TerrAscend - December 2022 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 26,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,702 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (702 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,000 | \n \u00a0 | \n |
TerrAscend | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 1,600 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 138 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (38 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,700 | \n \u00a0 | \n
Wana | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 239,078 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (111,783 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,755 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,968 | \n ) | \n \u00a0 | \n \u00a0 | \n 118,572 | \n \u00a0 | \n
Jetty | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n 75,014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27,243 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,089 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,682 | \n \u00a0 | \n
Acreage Hempco1 | \n \u00a0 | \n Debenture | \n \u00a0 | \n \u00a0 | \n 29,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (15,775 | \n ) | \n \u00a0 | \n \u00a0 | \n (112 | \n ) | \n \u00a0 | \n \u00a0 | \n (397 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,978 | \n \u00a0 | \n
Acreage Debt Option Premium | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 35,479 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,470 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (730 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,219 | \n \u00a0 | \n
Acreage Tax Receivable Agreement | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n 3,109 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,399 | \n ) | \n \u00a0 | \n \u00a0 | \n (61 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 649 | \n \u00a0 | \n
Other - at fair value through net income (loss) | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 1,870 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,156 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,125 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,124 | \n \u00a0 | \n
Other - classified as held for investment | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n 8,498 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (98 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,400 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 568,292 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,156 | \n \u00a0 | \n \u00a0 | \n $ | \n (163,860 | \n ) | \n \u00a0 | \n $ | \n (8,801 | \n ) | \n \u00a0 | \n $ | \n (5,463 | \n ) | \n \u00a0 | \n $ | \n 392,324 | \n \u00a0 | \n
1 See Note 28 for information regarding the Acreage Amended Arrangement and Acreage Hempco.
\u00a0
For information regarding the Reorganization, Reorganization Amendments and Additional Reorganization Amendments, see Note 3. Following the implementation of the Reorganization, Canopy USA, as of October 24, 2022, holds an ownership interest in certain U.S. cannabis investments previously held by the Company, including, among others, interests in the Floating Shares of Acreage, Wana, Jetty, and TerrAscend.
"}]},{"name":"rpt:f-663","factDimensions":{"xbrl:concept":"cgc:ScheduleOfOtherFinancialAssetsTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 23.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Foreign | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n currency | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair value | \n \u00a0 | \n \u00a0 | \n translation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n Additions | \n \u00a0 | \n \u00a0 | \n changes | \n \u00a0 | \n \u00a0 | \n adjustments | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||||||
Acreage1 | \n \u00a0 | \n Fixed Shares option and Floating Shares agreement | \n \u00a0 | \n $ | \n 55,382 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (22,296 | \n ) | \n \u00a0 | \n $ | \n (86 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 33,000 | \n \u00a0 | \n
TerrAscend Exchangeable Shares | \n \u00a0 | \n Exchangeable shares | \n \u00a0 | \n \u00a0 | \n 93,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,201 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 101,000 | \n \u00a0 | \n
TerrAscend - December 2022 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 26,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,702 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (702 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,000 | \n \u00a0 | \n |
TerrAscend | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 1,600 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 138 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (38 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,700 | \n \u00a0 | \n
Wana | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 239,078 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (111,783 | \n ) | \n \u00a0 | \n \u00a0 | \n (3,755 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,968 | \n ) | \n \u00a0 | \n \u00a0 | \n 118,572 | \n \u00a0 | \n
Jetty | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n 75,014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27,243 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,089 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,682 | \n \u00a0 | \n
Acreage Hempco1 | \n \u00a0 | \n Debenture | \n \u00a0 | \n \u00a0 | \n 29,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (15,775 | \n ) | \n \u00a0 | \n \u00a0 | \n (112 | \n ) | \n \u00a0 | \n \u00a0 | \n (397 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,978 | \n \u00a0 | \n
Acreage Debt Option Premium | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 35,479 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,470 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (730 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,219 | \n \u00a0 | \n
Acreage Tax Receivable Agreement | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n 3,109 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,399 | \n ) | \n \u00a0 | \n \u00a0 | \n (61 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 649 | \n \u00a0 | \n
Other - at fair value through net income (loss) | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 1,870 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,156 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,125 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (27 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,124 | \n \u00a0 | \n
Other - classified as held for investment | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n 8,498 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (98 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,400 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 568,292 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,156 | \n \u00a0 | \n \u00a0 | \n $ | \n (163,860 | \n ) | \n \u00a0 | \n $ | \n (8,801 | \n ) | \n \u00a0 | \n $ | \n (5,463 | \n ) | \n \u00a0 | \n $ | \n 392,324 | \n \u00a0 | \n
1 See Note 28 for information regarding the Acreage Amended Arrangement and Acreage Hempco.
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PROPERTY, PLANT AND EQUIPMENT
The components of property, plant and equipment are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 306,611 | \n \u00a0 | \n \u00a0 | \n $ | \n 413,832 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 70,990 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 76,760 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 9,170 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,655 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 10,976 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,636 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 8,331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,521 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 5,325 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,781 | \n \u00a0 | \n
Right-of-use-assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n \u00a0 | \n 33,126 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,167 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 591 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,229 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 445,120 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 581,581 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (104,641 | \n ) | \n \u00a0 | \n \u00a0 | \n (110,310 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 340,479 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
\u00a0
Depreciation expense included in cost of goods sold for the three and nine months ended December 31, 2023 is $5,091 and $19,589, respectively (three and nine months ended December 31, 2022 \u2013 $11,611 and $34,001, respectively). Depreciation expense included in selling, general and administrative expenses for the three and nine months ended December 31, 2023 is $826 and $2,896, respectively (three and nine months ended December 31, 2022 \u2013 $1,509 and $8,673, respectively).
"}]},{"name":"rpt:f-717","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of property, plant and equipment are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 306,611 | \n \u00a0 | \n \u00a0 | \n $ | \n 413,832 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 70,990 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 76,760 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 9,170 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,655 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 10,976 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,636 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 8,331 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,521 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 5,325 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,781 | \n \u00a0 | \n
Right-of-use-assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n \u00a0 | \n 33,126 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,167 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 591 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,229 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 445,120 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 581,581 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (104,641 | \n ) | \n \u00a0 | \n \u00a0 | \n (110,310 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 340,479 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
13. INTANGIBLE ASSETS
The components of intangible assets are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n \u00a0 | \n March 31, 2023 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n ||||
Finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Intellectual property | \n \u00a0 | \n $ | \n 82,378 | \n \u00a0 | \n \u00a0 | \n $ | \n 40,603 | \n \u00a0 | \n \u00a0 | \n $ | \n 98,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,333 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n 45,948 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,264 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,231 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n 24,472 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,793 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,012 | \n \u00a0 | \n
Software and domain names | \n \u00a0 | \n \u00a0 | \n 32,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,355 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,177 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,579 | \n \u00a0 | \n
Brands | \n \u00a0 | \n \u00a0 | \n 15,490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,249 | \n \u00a0 | \n
Amortizable intangibles in process | \n \u00a0 | \n \u00a0 | \n 195 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 195 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 200,682 | \n \u00a0 | \n \u00a0 | \n $ | \n 81,534 | \n \u00a0 | \n \u00a0 | \n $ | \n 232,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 114,912 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Acquired brands | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 37,538 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,838 | \n \u00a0 | \n ||
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,072 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 160,750 | \n \u00a0 | \n
Amortization expense included in cost of goods sold for the three and nine months ended December 31, 2023 is $13 and $41, respectively (three and nine months ended December 31, 2022 \u2013 $16 and $45, respectively). Amortization expense included in selling, general and administrative expenses for the three and nine months ended December 31, 2023 is $6,310 and $19,355, respectively (three and nine months ended December 31, 2022 \u2013 $6,172, and $18,013, respectively).
"}]},{"name":"rpt:f-749","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of intangible assets are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, 2023 | \n \u00a0 | \n \u00a0 | \n March 31, 2023 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n \u00a0 | \n Gross | \n \u00a0 | \n \u00a0 | \n Net | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n \u00a0 | \n Carrying | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n \u00a0 | \n Amount | \n \u00a0 | \n ||||
Finite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Intellectual property | \n \u00a0 | \n $ | \n 82,378 | \n \u00a0 | \n \u00a0 | \n $ | \n 40,603 | \n \u00a0 | \n \u00a0 | \n $ | \n 98,383 | \n \u00a0 | \n \u00a0 | \n $ | \n 56,333 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n 45,948 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,264 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,231 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n 24,472 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,793 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,012 | \n \u00a0 | \n
Software and domain names | \n \u00a0 | \n \u00a0 | \n 32,199 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,355 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,177 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,579 | \n \u00a0 | \n
Brands | \n \u00a0 | \n \u00a0 | \n 15,490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,249 | \n \u00a0 | \n
Amortizable intangibles in process | \n \u00a0 | \n \u00a0 | \n 195 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 195 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 200,682 | \n \u00a0 | \n \u00a0 | \n $ | \n 81,534 | \n \u00a0 | \n \u00a0 | \n $ | \n 232,045 | \n \u00a0 | \n \u00a0 | \n $ | \n 114,912 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Acquired brands | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 37,538 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,838 | \n \u00a0 | \n ||
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,072 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 160,750 | \n \u00a0 | \n
14. GOODWILL
The changes in the carrying amount of goodwill are as follows:
\n| \n | \n | \n | \n | \n |
Balance, March 31, 2022 | \n \u00a0 | \n $ | \n 1,866,503 | \n \u00a0 | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n (227 | \n ) | \n
Impairment losses | \n \u00a0 | \n \u00a0 | \n (1,785,080 | \n ) | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n 4,367 | \n \u00a0 | \n
Balance, March 31, 2023 | \n \u00a0 | \n $ | \n 85,563 | \n \u00a0 | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n (326 | \n ) | \n
Balance, December 31, 2023 | \n \u00a0 | \n $ | \n 85,237 | \n \u00a0 | \n
The Company does not believe that an event occurred or circumstances changed during the nine months ended December 31, 2023 that would, more likely than not, reduce the fair value of the Storz & Bickel reporting unit below its carrying value. Therefore, the Company concluded that the quantitative goodwill impairment assessment was not required for the Storz & Bickel reporting unit at December 31, 2023. The carrying value of goodwill associated with the Storz & Bickel reporting unit was $85,237 at December 31, 2023.
The Company is required to perform its next annual goodwill impairment analysis on March 31, 2024, or earlier should there be an event that occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
"}]},{"name":"rpt:f-791","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The changes in the carrying amount of goodwill are as follows:
\n| \n | \n | \n | \n | \n |
Balance, March 31, 2022 | \n \u00a0 | \n $ | \n 1,866,503 | \n \u00a0 | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n (227 | \n ) | \n
Impairment losses | \n \u00a0 | \n \u00a0 | \n (1,785,080 | \n ) | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n 4,367 | \n \u00a0 | \n
Balance, March 31, 2023 | \n \u00a0 | \n $ | \n 85,563 | \n \u00a0 | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n (326 | \n ) | \n
Balance, December 31, 2023 | \n \u00a0 | \n $ | \n 85,237 | \n \u00a0 | \n
15. OTHER ACCRUED EXPENSES AND LIABILITIES
The components of other accrued expenses and liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 17,147 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,322 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 12,148 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,734 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 10,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,967 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 9,643 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,720 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 49,775 | \n \u00a0 | \n \u00a0 | \n $ | \n 53,743 | \n \u00a0 | \n
The components of other accrued expenses and liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 17,147 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,322 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 12,148 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,734 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 10,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,967 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 9,643 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,720 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 49,775 | \n \u00a0 | \n \u00a0 | \n $ | \n 53,743 | \n \u00a0 | \n
16. DEBT
The components of debt are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Maturity Date | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Unsecured senior notes at 4.25% interest with | \n \u00a0 | \n July 15, 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 337,380 | \n \u00a0 | \n
Accrued interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,148 | \n \u00a0 | \n
Non-credit risk fair value adjustment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,214 | \n \u00a0 | \n
Credit risk fair value adjustment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (35,492 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,250 | \n \u00a0 | \n
Supreme convertible debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 30,461 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,503 | \n \u00a0 | \n
Accretion debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 7,650 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,780 | \n \u00a0 | \n
Credit facility | \n \u00a0 | \n March 18, 2026 | \n \u00a0 | \n \u00a0 | \n 487,108 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 840,058 | \n \u00a0 | \n
Equity-settled convertible debentures | \n \u00a0 | \n February 28, 2028 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,228 | \n \u00a0 | \n
Promissory note | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 85,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other revolving debt facility, loan, and financings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,369 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,062 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 612,074 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,306,881 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (91,336 | \n ) | \n \u00a0 | \n \u00a0 | \n (556,890 | \n ) | \n
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 520,738 | \n \u00a0 | \n \u00a0 | \n $ | \n 749,991 | \n \u00a0 | \n
\u00a0
Credit Facility
On March 18, 2021, the Company entered into a term loan credit agreement (the \"Credit Agreement\") providing for a five-year, first lien senior secured term loan facility in an aggregate principal amount of US$750,000 (the \u201cCredit Facility\u201d). The Company had the ability to obtain up to an additional US$500,000 of incremental senior secured debt pursuant to the Credit Agreement. On October
24, 2022, the Company entered into agreements with certain of its lenders under the Credit Agreement pursuant to which the Company agreed to purchase in the aggregate US$187,500 of principal indebtedness outstanding under the Credit Facility at a discounted price of US$930 per US$1,000 or US$174,375 in the aggregate. The first payment, which was oversubscribed, in the amount of $117,528 (US$87,852) was made on November 10, 2022 to reduce the principal indebtedness under the Credit Facility by $126,324 (US$94,427). The second payment of $116,847 (US$87,213) was made on April 17, 2023 to reduce principal indebtedness under the Credit Agreement by $125,606 (US$93,750). Additionally, on October 24, 2022, the Company and certain of its lenders agreed to make certain amendments to the Credit Agreement which, among other things, resulted in: (i) a reduction to the minimum liquidity covenant to no less than US$100,000 following completion of the second principal repurchase on April 17, 2023; (ii) certain changes to the application of net proceeds from asset sales; (iii) the establishment of a new committed delayed draw term credit facility in an aggregate principal amount of US$100,000; and (iv) the elimination of the additional US$500,000 incremental term loan facility.
On July 13, 2023, as part of the Company's balance sheet deleveraging initiatives, the Company entered into agreements with certain of its lenders under the Credit Agreement pursuant to which certain additional amendments were made to the Credit Agreement (the Credit Agreement, as amended as of July 13, 2023, is referred to herein as the \"Amended Credit Agreement\"). The Amended Credit Agreement required the Company to prepay or repurchase principal indebtedness under the Credit Facility in an amount equal to the US dollar equivalent of $93,000 at a discounted price of US$930 per US$1,000 (the \"July 2023 Paydown\"). In addition, the Amended Credit Agreement requires the Company to apply certain net proceeds from asset sales to prepay or repurchase principal indebtedness under the Credit Facility and receive principal reductions at, in certain circumstances, a discounted price of US$950 per US$1,000. The Amended Credit Agreement also includes, among other things, amendments to the minimum liquidity covenant such that the US$100,000 minimum liquidity covenant ceased to apply concurrently with the July 2023 Paydown. The Company made the July 2023 Paydown on July 21, 2023.
On each of August 11, 2023 and September 14, 2023, pursuant to the terms of the Amended Credit Agreement, the Company repurchased additional outstanding principal amounts under the Credit Facility using certain net proceeds from completed asset sales (the \"Second Quarter 2024 Paydowns\"). The Second Quarter 2024 Paydowns resulted in an aggregate principal reduction of $73,313 (US$54,491) for a cash payment of $69,647 (US$51,766).
On each of November 28, 2023 and December 27, 2023, pursuant to the terms of the Amended Credit Agreement, the Company repurchased and repaid, as applicable, additional outstanding principal amounts under the Credit Facility using certain net proceeds from completed asset sales (the \"Third Quarter 2024 Paydowns\"). The Third Quarter 2024 Paydowns resulted in an aggregate principal reduction of $65,379 (US$48,532) for a cash payment of $63,167 (US$46,902).
The Amended Credit Facility continues to mature on March 18, 2026 and through December 26, 2023, had an interest rate of LIBOR + 8.50%. After December 26, 2023, interest on amounts outstanding under the Amended Credit Facility is calculated at either the applicable prime rate plus 7.50% per annum, subject to a prime rate floor of 2.00%, or adjusted term SOFR plus 8.50% per annum, subject to an adjusted term SOFR floor of 1.00%. The Company\u2019s obligations under the Credit Facility are guaranteed by material wholly-owned Canadian and U.S. subsidiaries of the Company. The Credit Facility is secured by substantially all of the assets of the Company and its material wholly-owned Canadian and U.S. subsidiaries, including material real property. The Credit Agreement contains representations and warranties, and affirmative and negative covenants.
Unsecured Senior Notes
On June 20, 2018, the Company issued the Canopy Notes with an aggregate principal amount of $600,000. The Canopy Notes bore interest at a rate of 4.25% per annum, payable semi-annually on January 15th and July 15th of each year commencing from January 15, 2019. The Canopy Notes matured on July 15, 2023. The Canopy Notes were subordinated in right of payment to any existing and future senior indebtedness. The Canopy Notes ranked senior in right of payment to any future subordinated borrowings. The Canopy Notes were effectively junior to any secured indebtedness and the Canopy Notes were structurally subordinated to all indebtedness and other liabilities of the Company\u2019s subsidiaries.
\u00a0
The Canopy Notes were issued pursuant to an indenture dated June 20, 2018, as supplemented on April 30, 2019 and June 29, 2022 (collectively, the \u201cCanopy Notes Indenture\u201d). As a result of the supplement to the Canopy Notes Indenture dated June 29, 2022 (the \u201cSecond Supplemental Indenture\u201d), the Company irrevocably surrendered its right to settle the conversion of any Canopy Note with its common shares. As a result, had there been any conversions of Canopy Notes following the execution of the Second Supplemental Indenture these would have been settled entirely in cash, unless otherwise negotiated.
The Canopy Notes were initially recognized at fair value on the balance sheet and continued to be recorded at fair value until their repayment. All changes in fair value following initial recognition, excluding the impact of the change in fair value related to the Company\u2019s own credit risk, were recorded in other income (expense), net. The changes in fair value related to the Company\u2019s own credit risk were recorded through other comprehensive income (loss). During the three months ended June 30, 2023, the Company entered into privately negotiated exchange agreements (the \"June 2023 Exchange Agreements\") with certain holders of the Canopy Notes (the \"Noteholders\"), pursuant to which the Company acquired and cancelled an aggregate principal amount of Canopy Notes of $12,500 in exchange for cash, including accrued and unpaid interest owing under such Canopy Notes, and the issuance of an aggregate 2,434,274 Canopy Growth common shares.
On July 13, 2023, the Company entered into privately negotiated redemption agreements (collectively, the \"Redemption Agreements\") with certain Noteholders of the Canopy Notes pursuant to which approximately $193,000 aggregate principal amount of the outstanding Canopy Notes held by such Noteholders were redeemed by the Company (the \"Redemption\") for: (i) a cash payment in the aggregate amount of approximately $101,000; (ii) the issuance of an aggregate of 9,043,092 Canopy Growth common shares; and (iii) the issuance of $40,380 aggregate principal amount of unsecured non-interest bearing convertible debentures (the \"Debentures\"). Following the Redemption, the Company settled the remaining aggregate principal amount owing under the outstanding Canopy Notes in cash and, as of the maturity date, there were no Canopy Notes outstanding.
The Debentures were issued pursuant to a debenture indenture dated July 14, 2023 between the Company and Odyssey Trust Company, in its capacity as trustee. The Debentures were convertible into Canopy Growth common shares (the \u201cDebenture Shares\u201d) at the option of the holder at any time or times following approval from the Company\u2019s shareholders for the issuance of all of the Debenture Shares in excess of the Nasdaq threshold of 19.99% and the TSX requirements of 25%, of the issued and outstanding Canopy Growth common shares in accordance with the applicable rules and regulations of the Nasdaq and the TSX (the \u201cShareholder Approval\u201d) until the maturity date of January 15, 2024, at a conversion price equal to $5.50, subject to adjustment in certain events.
The Company obtained Shareholder Approval at its Annual General and Special Meeting of shareholders held on September 25, 2023. As of September 30, 2023, all conversions pursuant to the Debentures had been completed and the amount outstanding under the Debentures was $nil.
The acquisition and cancellation of the Canopy Notes pursuant to the June 2023 Exchange Agreements, Redemption of the Canopy Notes and conversions of the Debentures each resulted in a release of accumulated other comprehensive income into other income (expense), net for the three and nine months ended December 31, 2023 of $nil and $2,373, respectively. The related tax impact of $nil and $13,433, respectively, for the three and nine months ended December 31, 2023, associated with the aggregate principal amount acquired and cancelled was also released from accumulated other comprehensive income into income tax expense. Refer to Note 21.
On April 13, 2023, the Company entered into an exchange agreement (the \u201cApril 2023 Exchange Agreement\u201d) with Greenstar in order to acquire and cancel $100,000 aggregate principal amount of the Canopy Notes. Pursuant to the April 2023 Exchange Agreement, the Company agreed to acquire and cancel $100,000 aggregate principal amount of the Canopy Notes held by Greenstar in exchange for: (i) a cash payment to Greenstar in the amount of the unpaid and accrued interest owing under the Canopy Notes held by Greenstar; and (ii) a promissory note (the \u201cCBI Note\u201d) issuable to Greenstar in the aggregate amount of $100,000 payable on December 31, 2024. The CBI Note bears interest at a rate of 4.25% per year, payable on maturity of the CBI Note. As a result, Greenstar no longer holds any Canopy Notes. At December 31, 2023, the estimated fair value of the CBI Note was $85,486, measured using a discounted cash flow model. See Note 23 for additional details on how the fair value of the CBI Note is calculated on a recurring basis.
The overall change in fair value of the Canopy Notes during the three and nine months ended December 31, 2023 was a decrease of $nil and $331,250, respectively (three and nine months ended December 31, 2022 \u2013 an increase of $4,427 and a decrease of $238,403, respectively), which included contractual interest of $nil and $2,925, respectively (three and nine months ended December 31, 2022 \u2013 $3,583 and $13,370, respectively) and principal redemption of $nil and $337,380, respectively (three and nine months ended December 31, 2022 \u2013 $nil and $262,620, respectively). Upon redemption, the principal redeemed during the three and nine months ended December 31, 2023 had a fair value of $nil and $334,005, respectively (three and nine months ended December 31, 2022 \u2013 $nil and $225,369, respectively). Refer to Note 23 for additional details on how the fair value of the Canopy Notes were calculated.
Supreme Cannabis Convertible Debentures and Accretion Debentures
On October 19, 2018, The Supreme Cannabis Company, Inc. (\u201cSupreme Cannabis\u201d) entered into an indenture with Computershare Trust Company of Canada (the \u201cTrustee\u201d) pursuant to which Supreme Cannabis issued 6.0% senior unsecured convertible debentures (the \u201cSupreme Debentures\u201d) for gross proceeds of $100,000. On September 9, 2020, Supreme Cannabis and the Trustee entered into a supplemental indenture to effect certain amendments to the Supreme Debentures, which included among
other things: (i) the cancellation of $63,500 of principal amount of the Supreme Debentures; (ii) an increase in the interest rate to 8% per annum; (iii) the extension of the maturity date to September 10, 2025; and (iv) a reduction in the conversion price to $2.85.
In addition, on September 9, 2020, Supreme Cannabis issued new senior unsecured non-convertible debentures (the \u201cAccretion Debentures\u201d). The principal amount began at $nil and accreted at a rate of 11.06% per annum based on the remaining principal amount of the Supreme Debentures of $36,500 to a maximum of $13,500, compounding on a semi-annual basis commencing on September 9, 2020, and ending on September 9, 2023. As of September 9, 2023, the principal amount of the Accretion Debentures was finalized as $10,434. The Accretion Debentures are payable in cash, but do not bear cash interest and are not convertible into the common shares of Supreme Cannabis (the \u201cSupreme Shares\u201d). The principal amount of the Accretion Debentures will amortize, or be paid, at 1.0% per month over the 24 months prior to maturity. During the three and nine months ended December 31, 2023 principal payments on Accretion Debentures totaled $1,500 and $2,000, respectively.
As a result of the completion of an arrangement on June 22, 2021 by the Company and Supreme Cannabis, pursuant to which the Company acquired 100% of the issued and outstanding Supreme Shares (the \u201cSupreme Arrangement\u201d), the Supreme Debentures remain outstanding as securities of Supreme Cannabis, which, upon conversion will entitle the holder thereof to receive, in lieu of the number of Supreme Shares to which such holder was theretofore entitled, the consideration payable under the Supreme Arrangement that such holder would have been entitled to be issued and receive if, immediately prior to the effective time of the Supreme Arrangement, such holder had been the registered holder of the number of Supreme Shares to which such holder was theretofore entitled.
In connection with the Supreme Arrangement, the Company, Supreme Cannabis and the Trustee entered into a supplemental indenture whereby the Company agreed to issue common shares upon conversion of any Supreme Debenture. In addition, the Company may force conversion of the Supreme Debentures outstanding with 30 days\u2019 notice if the daily volume weighted average trading price of the Company\u2019s common shares is greater than $385.90 for any 10 consecutive trading days. The Company, Supreme Cannabis and the Trustee entered into a further supplemental indenture whereby the Company agreed to guarantee the obligations of Supreme Cannabis pursuant to the Supreme Debentures and the Accretion Debentures.
Prior to September 9, 2023, the Supreme Debentures were not redeemable. Beginning on and after September 9, 2023, Supreme Cannabis may from time to time, upon providing 60 days prior written notice to the Trustee, redeem the Convertible Debentures outstanding, provided that the Accretion Debentures have already been redeemed in full.
Convertible Debentures
On February 21, 2023, the Company entered into a subscription agreement (the \u201cConvertible Debenture Agreement\u201d) with an institutional investor (the \u201cInstitutional Investor\u201d) pursuant to which the Institutional Investor agreed to purchase up to US$150,000 aggregate principal amount of senior unsecured convertible debentures (\u201cConvertible Debentures\u201d) in a registered direct offering. The Convertible Debentures were issued pursuant to the indenture dated February 21, 2023 (the \u201cIndenture\u201d) between the Company and Computershare Trust Company of Canada, as trustee. Pursuant to the Convertible Debenture Agreement, an initial $135,160 (US$100,000) aggregate principal amount of the Convertible Debentures was sold to the Institutional Investor on February 21, 2023. The conditions with respect to the remaining US$50,000 aggregate principal amount of the Convertible Debentures were neither satisfied nor waived.
In the three months ended June 30, 2023, $93,228 (US$72,800) in aggregate principal amount of the Convertible Debentures were converted for 8,445,894 Canopy Growth common shares. As of June 30, 2023, all conversions pursuant to the Convertible Debentures were completed and the amount outstanding under the Convertible Debentures was $nil.
"}]},{"name":"rpt:f-813","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of debt are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Maturity Date | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Unsecured senior notes at 4.25% interest with | \n \u00a0 | \n July 15, 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 337,380 | \n \u00a0 | \n
Accrued interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,148 | \n \u00a0 | \n
Non-credit risk fair value adjustment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,214 | \n \u00a0 | \n
Credit risk fair value adjustment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (35,492 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,250 | \n \u00a0 | \n
Supreme convertible debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 30,461 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,503 | \n \u00a0 | \n
Accretion debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 7,650 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,780 | \n \u00a0 | \n
Credit facility | \n \u00a0 | \n March 18, 2026 | \n \u00a0 | \n \u00a0 | \n 487,108 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 840,058 | \n \u00a0 | \n
Equity-settled convertible debentures | \n \u00a0 | \n February 28, 2028 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,228 | \n \u00a0 | \n
Promissory note | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n 85,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other revolving debt facility, loan, and financings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,369 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,062 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 612,074 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,306,881 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (91,336 | \n ) | \n \u00a0 | \n \u00a0 | \n (556,890 | \n ) | \n
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 520,738 | \n \u00a0 | \n \u00a0 | \n $ | \n 749,991 | \n \u00a0 | \n
17. OTHER LIABILITIES
The components of other liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n As at March 31, 2023 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||
Lease liabilities | \n \u00a0 | \n $ | \n 14,020 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,176 | \n \u00a0 | \n \u00a0 | \n $ | \n 81,196 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,421 | \n \u00a0 | \n \u00a0 | \n $ | \n 78,367 | \n \u00a0 | \n \u00a0 | \n $ | \n 106,788 | \n \u00a0 | \n
Acquisition consideration | \n \u00a0 | \n \u00a0 | \n 19,473 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 94 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,567 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,945 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,323 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,268 | \n \u00a0 | \n
Refund liability | \n \u00a0 | \n \u00a0 | \n 5,618 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,618 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,434 | \n \u00a0 | \n
Settlement liabilities and | \n \u00a0 | \n \u00a0 | \n 15,286 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,735 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,021 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,950 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,683 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 54,397 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,005 | \n \u00a0 | \n \u00a0 | \n $ | \n 127,402 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,750 | \n \u00a0 | \n \u00a0 | \n $ | \n 122,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 216,173 | \n \u00a0 | \n
The estimated deferred payments associated with the Wana financial instrument (the \"Wana Deferred Payments\") within acquisition consideration and other investment related liabilities at December 31, 2023 is $11,139 (March 31, 2023 \u2013 $26,370). See Note 23 for additional details on how the fair value of the Wana Deferred Payments is calculated on a recurring basis.
"}]},{"name":"rpt:f-942","factDimensions":{"xbrl:concept":"us-gaap:OtherLiabilitiesTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of other liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n As at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n As at March 31, 2023 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||
Lease liabilities | \n \u00a0 | \n $ | \n 14,020 | \n \u00a0 | \n \u00a0 | \n $ | \n 67,176 | \n \u00a0 | \n \u00a0 | \n $ | \n 81,196 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,421 | \n \u00a0 | \n \u00a0 | \n $ | \n 78,367 | \n \u00a0 | \n \u00a0 | \n $ | \n 106,788 | \n \u00a0 | \n
Acquisition consideration | \n \u00a0 | \n \u00a0 | \n 19,473 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 94 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,567 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,945 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,323 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,268 | \n \u00a0 | \n
Refund liability | \n \u00a0 | \n \u00a0 | \n 5,618 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,618 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,434 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,434 | \n \u00a0 | \n
Settlement liabilities and | \n \u00a0 | \n \u00a0 | \n 15,286 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,735 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,021 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,950 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,733 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,683 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 54,397 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,005 | \n \u00a0 | \n \u00a0 | \n $ | \n 127,402 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,750 | \n \u00a0 | \n \u00a0 | \n $ | \n 122,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 216,173 | \n \u00a0 | \n
18. REDEEMABLE NONCONTROLLING INTEREST
The net changes in the redeemable noncontrolling interests are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||
As at March 31, 2023 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Net income (loss) attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n
As at December 31, 2023 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Vert | \n \u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
As at March 31, 2022 | \n \u00a0 | \n $ | \n 1,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,500 | \n \u00a0 | \n
Net income (loss) attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (22,523 | \n ) | \n \u00a0 | \n \u00a0 | \n (22,015 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n (508 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,699 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,191 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,676 | \n ) | \n \u00a0 | \n \u00a0 | \n (11,676 | \n ) | \n
As at December 31, 2022 | \n \u00a0 | \n $ | \n 1,000 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 1,000 | \n \u00a0 | \n
In August 2023, the Company issued 1,520,605 common shares relating to its acquisition of the Vert Mirabel redeemable noncontrolling interest which had closed in March 2023.
"}]},{"name":"rpt:f-974","factDimensions":{"xbrl:concept":"us-gaap:RedeemableNoncontrollingInterestTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The net changes in the redeemable noncontrolling interests are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||
As at March 31, 2023 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Net income (loss) attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n
As at December 31, 2023 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Vert | \n \u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
As at March 31, 2022 | \n \u00a0 | \n $ | \n 1,000 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,500 | \n \u00a0 | \n
Net income (loss) attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (22,523 | \n ) | \n \u00a0 | \n \u00a0 | \n (22,015 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n (508 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,699 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,191 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,676 | \n ) | \n \u00a0 | \n \u00a0 | \n (11,676 | \n ) | \n
As at December 31, 2022 | \n \u00a0 | \n $ | \n 1,000 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 1,000 | \n \u00a0 | \n
19. SHARE CAPITAL
CANOPY GROWTH
Authorized
An unlimited number of common shares.
(i) Equity financings
On September 18, 2023, the Company entered into subscription agreements (the \"Subscription Agreements\") with certain institutional investors (the \"Investors\"). Pursuant to the terms of the Subscription Agreements, the Company issued 2,292,947 units of the Company (the \"Units\") to the Investors at a price per Unit of US$10.90 for aggregate gross proceeds of $33,745 (US$25,000) (the \"Unit Offering\"). Each Unit is comprised of one Canopy Growth common share and one common share purchase warrant (a \"Warrant\"). Each Warrant entitles the holder to acquire one Canopy Growth common share at a price per share equal to US$13.50 for a period of five years from the date of issuance. The Unit Offering closed on September 19, 2023. The Investors also held an over-allotment option to acquire up to an additional 2,292,947 Units at a price per Unit of US$10.90 for aggregate gross proceeds of approximately US$25,000 at the discretion of the Investors at any time on or before November 2, 2023 (the \"Over-Allotment Option\"). The Over-Allotment Option was not exercised by the Investors and expired on November 2, 2023.
The gross proceeds from the Unit Offering were allocated to the Canopy Growth common shares, Warrants, and Over-Allotment Option based on their relative fair values.
(ii) Other issuances of common shares
During the nine months ended December 31, 2023, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares1 | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
Settlement of Convertible Debentures | \n \u00a0 | \n \u00a0 | \n 8,445,894 | \n \u00a0 | \n \u00a0 | \n $ | \n 108,055 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Settlement of Canopy Notes | \n \u00a0 | \n \u00a0 | \n 11,477,366 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Settlement of Debentures | \n \u00a0 | \n \u00a0 | \n 7,341,818 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 87,754 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other issuances and share issue costs | \n \u00a0 | \n \u00a0 | \n 6,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (317 | \n ) | \n \u00a0 | \n \u00a0 | \n (80 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 27,271,243 | \n \u00a0 | \n \u00a0 | \n $ | \n 252,576 | \n \u00a0 | \n \u00a0 | \n $ | \n (80 | \n ) | \n
1 Prior period share amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
During the nine months ended December 31, 2022, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions:
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares1 | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
Jetty Agreements | \n \u00a0 | \n \u00a0 | \n 842,654 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,013 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
HSCP Holders pursuant to Amended TRA | \n \u00a0 | \n \u00a0 | \n 564,893 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Completion of acquisition milestones | \n \u00a0 | \n \u00a0 | \n 22,242 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,379 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,379 | \n ) | \n
Other issuances | \n \u00a0 | \n \u00a0 | \n 23,780 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,209 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (353 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 1,453,569 | \n \u00a0 | \n \u00a0 | \n $ | \n 82,231 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,732 | \n ) | \n
1 Prior year share amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
\u00a0
(iii) Warrants
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \n \u00a0 | \n |||
Balance outstanding at March 31, 20231 | \n \u00a0 | \n \u00a0 | \n 12,819,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 580.40 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,581,788 | \n \u00a0 | \n
Issuance of warrants from private placement | \n \u00a0 | \n \u00a0 | \n 2,292,947 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,977 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n (12,692,731 | \n ) | \n \u00a0 | \n \u00a0 | \n 583.62 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance outstanding at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n 2,419,521 | \n \u00a0 | \n \u00a0 | \n $ | \n 30.34 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,590,765 | \n \u00a0 | \n
1 This balance excludes the Tranche C Warrants (as defined below), which represent a derivative liability and have nominal value. See Note 28.
2 Prior period warrant amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
On November 1, 2023, the Tranche A Warrants (as defined below) expired in accordance with their terms without having been exercised. In accordance with the terms of the Tranche B Warrants (as defined below) and Tranche C Warrants, the vesting of the remaining Tranche B Warrants and Tranche C Warrants, as applicable, is conditioned on the exercise, in full, of the Tranche A Warrants. Accordingly, the Tranche B Warrants and Tranche C Warrants are not, and will not become, exercisable and are considered expired as of November 1, 2023.
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \n \u00a0 | \n |||
Balance outstanding at March 31, 20221 | \n \u00a0 | \n \u00a0 | \n 12,819,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 580.40 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,581,788 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance outstanding at December 31, 20221 | \n \u00a0 | \n \u00a0 | \n 12,819,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 580.40 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,581,788 | \n \u00a0 | \n
1 This balance excludes the Tranche C Warrants, which represent a derivative liability and have nominal value. See Note 28.
2 Prior year warrant amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
During the nine months ended December 31, 2023, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares1 | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
Settlement of Convertible Debentures | \n \u00a0 | \n \u00a0 | \n 8,445,894 | \n \u00a0 | \n \u00a0 | \n $ | \n 108,055 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Settlement of Canopy Notes | \n \u00a0 | \n \u00a0 | \n 11,477,366 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Settlement of Debentures | \n \u00a0 | \n \u00a0 | \n 7,341,818 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 87,754 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other issuances and share issue costs | \n \u00a0 | \n \u00a0 | \n 6,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (317 | \n ) | \n \u00a0 | \n \u00a0 | \n (80 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 27,271,243 | \n \u00a0 | \n \u00a0 | \n $ | \n 252,576 | \n \u00a0 | \n \u00a0 | \n $ | \n (80 | \n ) | \n
1 Prior period share amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
During the nine months ended December 31, 2022, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares1 | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
Jetty Agreements | \n \u00a0 | \n \u00a0 | \n 842,654 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,013 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
HSCP Holders pursuant to Amended TRA | \n \u00a0 | \n \u00a0 | \n 564,893 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,630 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Completion of acquisition milestones | \n \u00a0 | \n \u00a0 | \n 22,242 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,379 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,379 | \n ) | \n
Other issuances | \n \u00a0 | \n \u00a0 | \n 23,780 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,209 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (353 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 1,453,569 | \n \u00a0 | \n \u00a0 | \n $ | \n 82,231 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,732 | \n ) | \n
1 Prior year share amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
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\n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \n \u00a0 | \n |||
Balance outstanding at March 31, 20231 | \n \u00a0 | \n \u00a0 | \n 12,819,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 580.40 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,581,788 | \n \u00a0 | \n
Issuance of warrants from private placement | \n \u00a0 | \n \u00a0 | \n 2,292,947 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18.33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,977 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n (12,692,731 | \n ) | \n \u00a0 | \n \u00a0 | \n 583.62 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance outstanding at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n 2,419,521 | \n \u00a0 | \n \u00a0 | \n $ | \n 30.34 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,590,765 | \n \u00a0 | \n
1 This balance excludes the Tranche C Warrants (as defined below), which represent a derivative liability and have nominal value. See Note 28.
2 Prior period warrant amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \n \u00a0 | \n |||
Balance outstanding at March 31, 20221 | \n \u00a0 | \n \u00a0 | \n 12,819,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 580.40 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,581,788 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance outstanding at December 31, 20221 | \n \u00a0 | \n \u00a0 | \n 12,819,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 580.40 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,581,788 | \n \u00a0 | \n
1 This balance excludes the Tranche C Warrants, which represent a derivative liability and have nominal value. See Note 28.
2 Prior year warrant amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
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SHARE-BASED COMPENSATION
\u00a0
CANOPY GROWTH CORPORATION SHARE-BASED COMPENSATION PLAN
On September 25, 2023, the Company's shareholders approved a new Omnibus Equity Incentive Plan (the \"Omnibus Equity Incentive Plan\") pursuant to which the Company can issue share-based long-term incentives. The Omnibus Equity Incentive Plan replaces the Company\u2019s previous equity incentive plan, which was originally approved by the Company\u2019s shareholders on July 30, 2018 (the \u201cPrevious Equity Incentive Plan\u201d). The approval of the Omnibus Equity Incentive Plan and replacement of the Previous
Equity Incentive Plan are detailed in the Company\u2019s annual definitive proxy statement filed with the Securities and Exchange Commission on August 9, 2023.
All directors, employees and consultants of the Company are eligible to receive awards of common share purchase options (\u201cOptions\u201d), restricted share units (\u201cRSUs\u201d), deferred share units or shares-based awards (collectively, the \u201cAwards\u201d) under the Omnibus Equity Incentive Plan, subject to certain limitations. The Omnibus Equity Incentive Plan allows for a maximum term of each Option to be ten years from the date of grant and the maximum number of common shares available for issuance under the Omnibus Equity Incentive Plan remains at 10% of the issued and outstanding common shares from time to time, less the number of common shares issuable pursuant to other security-based compensation arrangements of the Company (including common shares reserved for issuance under the Previous Equity Incentive Plan).
The Omnibus Equity Incentive Plan was adopted on September 25, 2023. No further awards will be granted under the Previous Equity Incentive Plan and any new Awards will be issued by the Company pursuant to the terms of the Omnibus Equity Incentive Plan. However, outstanding and unvested awards granted under the Previous Equity Incentive Plan will continue to be governed in accordance with the terms of such plan.
The maximum number of common shares reserved for Awards is 8,293,196 at December 31, 2023. As of December 31, 2023, the only Awards issued have been Options, RSUs and performance share units (\"PSUs\") under the Previous Equity Incentive Plan, and Options and RSUs under the Omnibus Equity Incentive Plan.
The Omnibus Equity Incentive Plan is administered by the Corporate Governance, Compensation and Nominating Committee of the Board (the \u201cCGC&N Committee\u201d) which establishes in its discretion, among other things, exercise prices, at not less than the Fair Market Value (as defined in the Omnibus Equity Incentive Plan) at the date of grant, vesting terms and expiry dates (set at up to ten years from issuance) for Awards, subject to the limits contained in the Omnibus Equity Incentive Plan.
Under the Company\u2019s Employee Share Purchase Plan (the \u201cPurchase Plan\u201d) the aggregate number of common shares that may be issued is 60,000, and the maximum number of common shares which may be issued in any one fiscal year shall not exceed 30,000. For the three and nine months ended December 31, 2023, nil and 6,426 common shares were issued under the Purchase Plan (three and nine months ended December 31, 2022 \u2013 nil and 23,780). The Purchase Plan concluded in August 2023 as all of the common shares available have been purchased and the Company does not currently intend to reinstate the Purchase Plan at this time.
The following is a summary of the changes in the Options outstanding during the nine months ended December 31, 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n ||
Balance outstanding at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n 1,375,089 | \n \u00a0 | \n \u00a0 | \n $ | \n 271.20 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 2,438,257 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.22 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (643 | \n ) | \n \u00a0 | \n \u00a0 | \n 0.60 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (782,151 | \n ) | \n \u00a0 | \n \u00a0 | \n 188.33 | \n \u00a0 | \n
Balance outstanding at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n 3,030,552 | \n \u00a0 | \n \u00a0 | \n $ | \n 80.00 | \n \u00a0 | \n
1 Prior period options and exercise price amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
The following is a summary of the Options outstanding as at December 31, 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Options Outstanding | \n \u00a0 | \n \u00a0 | \n Options Exercisable | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Remaining | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Remaining | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Outstanding at | \n \u00a0 | \n \u00a0 | \n Contractual Life | \n \u00a0 | \n \u00a0 | \n Exercisable at | \n \u00a0 | \n \u00a0 | \n Contractual Life | \n \u00a0 | \n ||||
Range of Exercise Prices1 | \n \u00a0 | \n December 31, 20231 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n December 31, 20231 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$0.60\u00a0- $7.50 | \n \u00a0 | \n \u00a0 | \n 2,126,514 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.49 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,971 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.58 | \n \u00a0 | \n
$7.51\u00a0- $56.10 | \n \u00a0 | \n \u00a0 | \n 284,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 98,291 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.55 | \n \u00a0 | \n
$56.11\u00a0- $676.40 | \n \u00a0 | \n \u00a0 | \n 619,503 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.48 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 495,814 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.30 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 3,030,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 596,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.83 | \n \u00a0 | \n
1 Prior period Options and exercise price amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
\u00a0
At December 31, 2023, the weighted average exercise price of the Options outstanding and Options exercisable was $80.00 and $321.19, respectively (March 31, 2023 \u2013 $271.20 and $372.80, respectively).
The Company recorded $2,671 and $7,637 in share-based compensation expense related to Options and Purchase Plan shares issued to employees and contractors for the three and nine months ended December 31, 2023, respectively (three and nine months ended December 31, 2022 \u2013 $1,790 and $5,175, respectively). The share-based compensation expense for the nine months ended December 31, 2023, includes an amount related to 107,874 Options being provided in exchange for services which are subject to performance conditions (for the nine months ended December 31, 2022 \u2013 107,874).
The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended December 31, 2023 and 2022, on their measurement date by applying the following assumptions:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n December 31, | \n
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
Risk-free interest rate | \n \u00a0 | \n 3.95% | \n \u00a0 | \n 3.47% | \n
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n 3\u00a0- 5 | \n
Expected volatility | \n \u00a0 | \n 101.08% | \n \u00a0 | \n 82% | \n
Expected forfeiture rate | \n \u00a0 | \n 21.45% | \n \u00a0 | \n 20% | \n
Expected dividend yield | \n \u00a0 | \n \u00a0 | \n ||
Black-Scholes value of each option1 | \n \u00a0 | \n $5.33 | \n \u00a0 | \n $33.40 | \n
1 Prior year Option value has been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
\u00a0
Volatility was estimated by using the historical volatility of the Company. The expected life in years represents the period of time that Options granted are expected to be outstanding. The risk-free rate was based on zero coupon Canada government bonds with a remaining term equal to the expected life of the Options.
For the three and nine months ended December 31, 2023, the Company recorded $1,022 and $2,490, respectively in share-based compensation expense related to RSUs and PSUs (for the three and nine months ended December 31, 2022 \u2013 $4,265 and $15,718, respectively).
The following is a summary of the changes in the Company\u2019s RSUs and PSUs during the nine months ended December 31, 2023:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n 258,322 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 1,539,859 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (115,968 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (281,023 | \n ) | \n
Balance outstanding at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n 1,401,190 | \n \u00a0 | \n
1 Prior period amounts for RSUs and PSUs (granted pursuant to the Previous Equity Incentive Plan) have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
The following is a summary of the changes in the Options outstanding during the nine months ended December 31, 2023:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n Weighted | \n \u00a0 | \n ||
Balance outstanding at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n 1,375,089 | \n \u00a0 | \n \u00a0 | \n $ | \n 271.20 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 2,438,257 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6.22 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (643 | \n ) | \n \u00a0 | \n \u00a0 | \n 0.60 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (782,151 | \n ) | \n \u00a0 | \n \u00a0 | \n 188.33 | \n \u00a0 | \n
Balance outstanding at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n 3,030,552 | \n \u00a0 | \n \u00a0 | \n $ | \n 80.00 | \n \u00a0 | \n
1 Prior period options and exercise price amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Options Outstanding | \n \u00a0 | \n \u00a0 | \n Options Exercisable | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Remaining | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Remaining | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Outstanding at | \n \u00a0 | \n \u00a0 | \n Contractual Life | \n \u00a0 | \n \u00a0 | \n Exercisable at | \n \u00a0 | \n \u00a0 | \n Contractual Life | \n \u00a0 | \n ||||
Range of Exercise Prices1 | \n \u00a0 | \n December 31, 20231 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n December 31, 20231 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$0.60\u00a0- $7.50 | \n \u00a0 | \n \u00a0 | \n 2,126,514 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.49 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,971 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.58 | \n \u00a0 | \n
$7.51\u00a0- $56.10 | \n \u00a0 | \n \u00a0 | \n 284,535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 98,291 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.55 | \n \u00a0 | \n
$56.11\u00a0- $676.40 | \n \u00a0 | \n \u00a0 | \n 619,503 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.48 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 495,814 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.30 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 3,030,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.58 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 596,076 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.83 | \n \u00a0 | \n
1 Prior period Options and exercise price amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
"}]},{"name":"rpt:f-1078","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"0.6"}]},{"name":"rpt:f-1079","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"7.5"}]},{"name":"rpt:f-1080","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"2126514"}]},{"name":"rpt:f-1081","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"P5Y5M26D"}]},{"name":"rpt:f-1082","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"1971"}]},{"name":"rpt:f-1083","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"P0Y6M29D"}]},{"name":"rpt:f-1084","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"7.51"}]},{"name":"rpt:f-1085","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"56.1"}]},{"name":"rpt:f-1086","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"284535"}]},{"name":"rpt:f-1087","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"P4Y7M9D"}]},{"name":"rpt:f-1088","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"98291"}]},{"name":"rpt:f-1089","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"P4Y6M18D"}]},{"name":"rpt:f-1090","factDi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Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended December 31, 2023 and 2022, on their measurement date by applying the following assumptions:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n December 31, | \n
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n 2022 | \n
Risk-free interest rate | \n \u00a0 | \n 3.95% | \n \u00a0 | \n 3.47% | \n
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n 3\u00a0- 5 | \n
Expected volatility | \n \u00a0 | \n 101.08% | \n \u00a0 | \n 82% | \n
Expected forfeiture rate | \n \u00a0 | \n 21.45% | \n \u00a0 | \n 20% | \n
Expected dividend yield | \n \u00a0 | \n \u00a0 | \n ||
Black-Scholes value of each option1 | \n \u00a0 | \n $5.33 | \n \u00a0 | \n $33.40 | \n
1 Prior year Option value has been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
"}]},{"name":"rpt:f-1111","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.0395","decimals":4}]},{"name":"rpt:f-1112","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.0347","decimals":4}]},{"name":"rpt:f-1113","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-1114","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-1115","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-1116","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-1117","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"1.0108","decimals":4}]},{"name":"rpt:f-1118","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.82","decimals":2}]},{"name":"rpt:f-1119","factDimensions":{"xbrl:concept":"cgc:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.2145","decimals":4}]},{"name":"rpt:f-1120","factDimensions":{"xbrl:concept":"cgc:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-1121","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"5.33","decimals":2}]},{"name":"rpt:f-1122","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"33.4","decimals":2}]},{"name":"rpt:f-1123","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1022000","decimals":-3}]},{"name":"rpt:f-1124","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"2490000","decimals":-3}]},{"name":"rpt:f-1125","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"4265000","decimals":-3}]},{"name":"rpt:f-1126","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"15718000","decimals":-3}]},{"name":"rpt:f-1127","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following is a summary of the changes in the Company\u2019s RSUs and PSUs during the nine months ended December 31, 2023:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n 258,322 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 1,539,859 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (115,968 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (281,023 | \n ) | \n
Balance outstanding at December 31, 2023 | \n \u00a0 | \n \u00a0 | \n 1,401,190 | \n \u00a0 | \n
1 Prior period amounts for RSUs and PSUs (granted pursuant to the Previous Equity Incentive Plan) have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
"}]},{"name":"rpt:f-1128","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"258322"}]},{"name":"rpt:f-1129","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1539859"}]},{"name":"rpt:f-1130","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"115968"}]},{"name":"rpt:f-1131","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"281023"}]},{"name":"rpt:f-1132","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1401190"}]},{"name":"rpt:f-1133","factDimensions":{"xbrl:concept":"us-gaap:ComprehensiveIncomeNoteTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"21. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income includes the following components:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n (30,261 | \n ) | \n \u00a0 | \n \u00a0 | \n 16,401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,860 | \n ) | \n
Settlement of unsecured senior notes, net of deferred income tax | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,060 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,060 | \n \u00a0 | \n
Other comprehensive (loss) income | \n \u00a0 | \n \u00a0 | \n 575 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,824 | \n ) | \n \u00a0 | \n \u00a0 | \n (13,249 | \n ) | \n
As at December 31, 2023 | \n \u00a0 | \n $ | \n (29,686 | \n ) | \n \u00a0 | \n $ | \n 13,637 | \n \u00a0 | \n \u00a0 | \n $ | \n (16,049 | \n ) | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2022 | \n \u00a0 | \n $ | \n (57,468 | \n ) | \n \u00a0 | \n $ | \n 15,186 | \n \u00a0 | \n \u00a0 | \n $ | \n (42,282 | \n ) | \n
Settlement of unsecured senior notes, net of deferred income tax | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (29,507 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,507 | \n ) | \n
Other comprehensive income | \n \u00a0 | \n \u00a0 | \n 24,694 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,847 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,541 | \n \u00a0 | \n
As at December 31, 2022 | \n \u00a0 | \n $ | \n (32,774 | \n ) | \n \u00a0 | \n $ | \n 18,526 | \n \u00a0 | \n \u00a0 | \n $ | \n (14,248 | \n ) | \n
Accumulated other comprehensive income includes the following components:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n (30,261 | \n ) | \n \u00a0 | \n \u00a0 | \n 16,401 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,860 | \n ) | \n
Settlement of unsecured senior notes, net of deferred income tax | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,060 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,060 | \n \u00a0 | \n
Other comprehensive (loss) income | \n \u00a0 | \n \u00a0 | \n 575 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,824 | \n ) | \n \u00a0 | \n \u00a0 | \n (13,249 | \n ) | \n
As at December 31, 2023 | \n \u00a0 | \n $ | \n (29,686 | \n ) | \n \u00a0 | \n $ | \n 13,637 | \n \u00a0 | \n \u00a0 | \n $ | \n (16,049 | \n ) | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2022 | \n \u00a0 | \n $ | \n (57,468 | \n ) | \n \u00a0 | \n $ | \n 15,186 | \n \u00a0 | \n \u00a0 | \n $ | \n (42,282 | \n ) | \n
Settlement of unsecured senior notes, net of deferred income tax | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (29,507 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,507 | \n ) | \n
Other comprehensive income | \n \u00a0 | \n \u00a0 | \n 24,694 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,847 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,541 | \n \u00a0 | \n
As at December 31, 2022 | \n \u00a0 | \n $ | \n (32,774 | \n ) | \n \u00a0 | \n $ | \n 18,526 | \n \u00a0 | \n \u00a0 | \n $ | \n (14,248 | \n ) | \n
22. NONCONTROLLING INTERESTS
The net change in the noncontrolling interests is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n 1,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,587 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 148 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 148 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n (1,595 | \n ) | \n \u00a0 | \n \u00a0 | \n (1 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,596 | \n ) | \n
As at December 31, 2023 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Vert | \n \u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Other non- | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
As at March 31, 2022 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 2,497 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,844 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,341 | \n \u00a0 | \n
Comprehensive income (loss) | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (22,523 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,844 | \n ) | \n \u00a0 | \n \u00a0 | \n (23,859 | \n ) | \n
Net (income) loss attributable to redeemable noncontrolling | \n \u00a0 | \n \u00a0 | \n (508 | \n ) | \n \u00a0 | \n \u00a0 | \n 22,523 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,015 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 495 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 495 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,356 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,356 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interests, net | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,552 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,552 | \n ) | \n
As at December 31, 2022 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 1,440 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,356 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,796 | \n \u00a0 | \n
The net change in the noncontrolling interests is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n 1,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,587 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (18,526 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 148 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 148 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n (1,595 | \n ) | \n \u00a0 | \n \u00a0 | \n (1 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,596 | \n ) | \n
As at December 31, 2023 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Vert | \n \u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Other non- | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (As Restated) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
As at March 31, 2022 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 2,497 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,844 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,341 | \n \u00a0 | \n
Comprehensive income (loss) | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (22,523 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,844 | \n ) | \n \u00a0 | \n \u00a0 | \n (23,859 | \n ) | \n
Net (income) loss attributable to redeemable noncontrolling | \n \u00a0 | \n \u00a0 | \n (508 | \n ) | \n \u00a0 | \n \u00a0 | \n 22,523 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,015 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 495 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 495 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,356 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,356 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interests, net | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,552 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,552 | \n ) | \n
As at December 31, 2022 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 1,440 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,356 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,796 | \n \u00a0 | \n
23. FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:
The fair value measurement is categorized in its entirety by reference to its lowest level of significant input.
The Company records cash, accounts receivable, interest receivable and accounts payable, and other accrued expenses and liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include items such as property, plant and equipment, goodwill and other intangible assets, equity and other investments and other assets. The Company determines the fair value of these items using Level 3 inputs, as described in the related sections below.
The following table represents the Company's financial assets and liabilities measured at estimated fair value on a recurring basis:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fair value measurement using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Quoted | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n prices in | \n \u00a0 | \n \u00a0 | \n other | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n active | \n \u00a0 | \n \u00a0 | \n observable | \n \u00a0 | \n \u00a0 | \n unobservable | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n markets | \n \u00a0 | \n \u00a0 | \n inputs | \n \u00a0 | \n \u00a0 | \n inputs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (Level 1) | \n \u00a0 | \n \u00a0 | \n (Level 2) | \n \u00a0 | \n \u00a0 | \n (Level 3) | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
December 31, 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Short-term investments | \n \u00a0 | \n $ | \n 43,436 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 43,436 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 7,275 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,275 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 3,613 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380,311 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 383,924 | \n \u00a0 | \n
Liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Long-term debt | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 85,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 85,486 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,139 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,139 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
March 31, 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Short-term investments | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 11,765 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,765 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 269 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 559,525 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 559,794 | \n \u00a0 | \n
Liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Unsecured senior notes | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,250 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,250 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,952 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,952 | \n \u00a0 | \n
\u00a0
The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 2 financial instruments:
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n Financial asset / financial liability | \n \u00a0 | \n Valuation techniques | \n \u00a0 | \n Key inputs | \n
\u00a0 | \n Unsecured senior notes | \n \u00a0 | \n Senior note pricing model | \n \u00a0 | \n Quoted prices in over-the-counter broker market | \n
\u00a0
The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Financial asset / financial liability | \n \u00a0 | \n Valuation techniques | \n \u00a0 | \n Significant unobservable inputs | \n \u00a0 | \n Relationship of unobservable inputs to fair value | \n
\u00a0 | \n Acreage financial instrument | \n \u00a0 | \n Probability weighted expected return | \n \u00a0 | \n Probability of each scenario | \n \u00a0 | \n Change in probability of occurrence in each scenario will result in a change in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n model | \n \u00a0 | \n Number of common shares to be issued | \n \u00a0 | \n Increase or decrease in value and number of common shares will result in a decrease or increase in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Intrinsic value of Acreage | \n \u00a0 | \n Increase or decrease in intrinsic value will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Estimated premium on US legalization | \n \u00a0 | \n Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Control premium | \n \u00a0 | \n Increase or decrease in estimated control premium will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Market access premium | \n \u00a0 | \n Increase or decrease in estimated market access premium will result in an increase or decrease in fair value | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n TerrAscend Exchangeable Shares, TerrAscend Option | \n \u00a0 | \n Put option pricing model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n Hempco Debenture | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n TerrAscend warrants - December 2022 | \n \u00a0 | \n Black-Sholes option pricing model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n Wana financial instrument - Call | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Expected future Wana cash flows | \n \u00a0 | \n Increase or decrease in expected future Wana cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n Wana financial instrument - Deferred Payments | \n \u00a0 | \n Monte Carlo simulation model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Volatility of Wana equity | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n Jetty financial instrument - | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Expected future Jetty cash flows | \n \u00a0 | \n Increase or decrease in expected future Jetty cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n Call Options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n Jetty financial instrument - Deferred Payments | \n \u00a0 | \n Monte Carlo simulation model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Volatility of Jetty equity and revenue | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n CBI promissory note | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n BioSteel redeemable noncontrolling | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Expected future BioSteel cash flows | \n \u00a0 | \n Increase or decrease in expected future BioSteel cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n Acreage Debt Option Premium | \n \u00a0 | \n Monte Carlo simulation model | \n \u00a0 | \n Volatility of Acreage share price | \n \u00a0 | \n Increase or decrease in volatility will result in a decrease or increase in fair value | \n
\u00a0 | \n Acreage Tax Receivable | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n Agreement | \n \u00a0 | \n Probability-weighted expected return | \n \u00a0 | \n Probability of each scenario | \n \u00a0 | \n Change in probability of occurrence in each scenario will result in a change in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
The following table represents the Company's financial assets and liabilities measured at estimated fair value on a recurring basis:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fair value measurement using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Quoted | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n prices in | \n \u00a0 | \n \u00a0 | \n other | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n active | \n \u00a0 | \n \u00a0 | \n observable | \n \u00a0 | \n \u00a0 | \n unobservable | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n markets | \n \u00a0 | \n \u00a0 | \n inputs | \n \u00a0 | \n \u00a0 | \n inputs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (Level 1) | \n \u00a0 | \n \u00a0 | \n (Level 2) | \n \u00a0 | \n \u00a0 | \n (Level 3) | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
December 31, 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Short-term investments | \n \u00a0 | \n $ | \n 43,436 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 43,436 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 7,275 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,275 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 3,613 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 380,311 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 383,924 | \n \u00a0 | \n
Liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Long-term debt | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 85,486 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 85,486 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,139 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,139 | \n \u00a0 | \n
| \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
March 31, 2023 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Assets: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Short-term investments | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 11,765 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,765 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 269 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 559,525 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 559,794 | \n \u00a0 | \n
Liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Unsecured senior notes | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,250 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 331,250 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,952 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,952 | \n \u00a0 | \n
The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 2 financial instruments:
\n| \n | \n | \n | \n | \n | \n |
\u00a0 | \n Financial asset / financial liability | \n \u00a0 | \n Valuation techniques | \n \u00a0 | \n Key inputs | \n
\u00a0 | \n Unsecured senior notes | \n \u00a0 | \n Senior note pricing model | \n \u00a0 | \n Quoted prices in over-the-counter broker market | \n
The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments:
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n Financial asset / financial liability | \n \u00a0 | \n Valuation techniques | \n \u00a0 | \n Significant unobservable inputs | \n \u00a0 | \n Relationship of unobservable inputs to fair value | \n
\u00a0 | \n Acreage financial instrument | \n \u00a0 | \n Probability weighted expected return | \n \u00a0 | \n Probability of each scenario | \n \u00a0 | \n Change in probability of occurrence in each scenario will result in a change in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n model | \n \u00a0 | \n Number of common shares to be issued | \n \u00a0 | \n Increase or decrease in value and number of common shares will result in a decrease or increase in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Intrinsic value of Acreage | \n \u00a0 | \n Increase or decrease in intrinsic value will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Estimated premium on US legalization | \n \u00a0 | \n Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Control premium | \n \u00a0 | \n Increase or decrease in estimated control premium will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Market access premium | \n \u00a0 | \n Increase or decrease in estimated market access premium will result in an increase or decrease in fair value | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n TerrAscend Exchangeable Shares, TerrAscend Option | \n \u00a0 | \n Put option pricing model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n Hempco Debenture | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n TerrAscend warrants - December 2022 | \n \u00a0 | \n Black-Sholes option pricing model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n Wana financial instrument - Call | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Expected future Wana cash flows | \n \u00a0 | \n Increase or decrease in expected future Wana cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n Wana financial instrument - Deferred Payments | \n \u00a0 | \n Monte Carlo simulation model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Volatility of Wana equity | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n Jetty financial instrument - | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Expected future Jetty cash flows | \n \u00a0 | \n Increase or decrease in expected future Jetty cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n Call Options | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n Jetty financial instrument - Deferred Payments | \n \u00a0 | \n Monte Carlo simulation model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Volatility of Jetty equity and revenue | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n CBI promissory note | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n BioSteel redeemable noncontrolling | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Expected future BioSteel cash flows | \n \u00a0 | \n Increase or decrease in expected future BioSteel cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n Acreage Debt Option Premium | \n \u00a0 | \n Monte Carlo simulation model | \n \u00a0 | \n Volatility of Acreage share price | \n \u00a0 | \n Increase or decrease in volatility will result in a decrease or increase in fair value | \n
\u00a0 | \n Acreage Tax Receivable | \n \u00a0 | \n Discounted cash flow | \n \u00a0 | \n Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n Agreement | \n \u00a0 | \n Probability-weighted expected return | \n \u00a0 | \n Probability of each scenario | \n \u00a0 | \n Change in probability of occurrence in each scenario will result in a change in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n model | \n \u00a0 | \n Probability and timing of US legalization | \n \u00a0 | \n Increase or decrease in probability of US legalization will result in an increase or decrease in fair value | \n
24. REVENUE
Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Canada cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canadian adult-use cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Business-to-business1 | \n \u00a0 | \n $ | \n 23,386 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,522 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,591 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,379 | \n \u00a0 | \n
Business-to-consumer | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,036 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,243 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 23,386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,558 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71,591 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 109,622 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 15,642 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,059 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,043 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,714 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 39,028 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,617 | \n \u00a0 | \n \u00a0 | \n $ | \n 116,634 | \n \u00a0 | \n \u00a0 | \n $ | \n 151,336 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Rest-of-world cannabis | \n \u00a0 | \n $ | \n 10,527 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,846 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,666 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,179 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n $ | \n 18,453 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,214 | \n \u00a0 | \n \u00a0 | \n $ | \n 48,517 | \n \u00a0 | \n \u00a0 | \n $ | \n 49,351 | \n \u00a0 | \n
This Works | \n \u00a0 | \n $ | \n 8,165 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,289 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,256 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,677 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 2,332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,884 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,285 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,475 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net revenue | \n \u00a0 | \n $ | \n 78,505 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 224,358 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,018 | \n \u00a0 | \n
\u00a0
1Canadian adult-use business-to-business net revenue during the three and nine months ended December 31, 2023 reflects excise taxes of $9,741 and $31,596, respectively (three and nine months ended December 31, 2022 \u2013 $10,797 and $33,754, respectively).
2Canadian medical cannabis net revenue for the three and nine months ended December 31, 2023 reflects excise taxes of $1,815 and $4,827, respectively (three and nine months ended December 31, 2022 \u2013 $1,339 and $3,625, respectively).
\u00a0
The Company recognizes variable consideration related to estimated future product returns and price adjustments as a reduction of the transaction price at the time revenue for the corresponding product sale is recognized. Net revenue reflects actual returns and variable consideration related to estimated returns and price adjustments in the amount of $1,430 and $2,937 for the three and nine months ended December 31, 2023, respectively (three and nine months ended December 31, 2022 \u2013 $5,684 and $7,788, respectively). As of December 31, 2023, the liability for estimated returns and price adjustments was $5,618 (March 31, 2023 \u2013 $6,434).
"}]},{"name":"rpt:f-1284","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Canada cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canadian adult-use cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Business-to-business1 | \n \u00a0 | \n $ | \n 23,386 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,522 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,591 | \n \u00a0 | \n \u00a0 | \n $ | \n 73,379 | \n \u00a0 | \n
Business-to-consumer | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,036 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,243 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 23,386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,558 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 71,591 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 109,622 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 15,642 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,059 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,043 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,714 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 39,028 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,617 | \n \u00a0 | \n \u00a0 | \n $ | \n 116,634 | \n \u00a0 | \n \u00a0 | \n $ | \n 151,336 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Rest-of-world cannabis | \n \u00a0 | \n $ | \n 10,527 | \n \u00a0 | \n \u00a0 | \n $ | \n 5,846 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,666 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,179 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n $ | \n 18,453 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,214 | \n \u00a0 | \n \u00a0 | \n $ | \n 48,517 | \n \u00a0 | \n \u00a0 | \n $ | \n 49,351 | \n \u00a0 | \n
This Works | \n \u00a0 | \n $ | \n 8,165 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,289 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,256 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,677 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 2,332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,884 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,285 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,475 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net revenue | \n \u00a0 | \n $ | \n 78,505 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 224,358 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,018 | \n \u00a0 | \n
\u00a0
1Canadian adult-use business-to-business net revenue during the three and nine months ended December 31, 2023 reflects excise taxes of $9,741 and $31,596, respectively (three and nine months ended December 31, 2022 \u2013 $10,797 and $33,754, respectively).
2Canadian medical cannabis net revenue for the three and nine months ended December 31, 2023 reflects excise taxes of $1,815 and $4,827, respectively (three and nine months ended December 31, 2022 \u2013 $1,339 and $3,625, respectively).
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OTHER INCOME (EXPENSE), NET
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Fair value changes on other financial assets | \n \u00a0 | \n $ | \n (146,672 | \n ) | \n \u00a0 | \n $ | \n (95,815 | \n ) | \n \u00a0 | \n $ | \n (163,860 | \n ) | \n \u00a0 | \n $ | \n (396,755 | \n ) | \n
Fair value changes on liability arising from Acreage | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,000 | \n \u00a0 | \n
Fair value changes on debt | \n \u00a0 | \n \u00a0 | \n (5,400 | \n ) | \n \u00a0 | \n \u00a0 | \n (8,964 | \n ) | \n \u00a0 | \n \u00a0 | \n (30,614 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,365 | \n ) | \n
Fair value changes on warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,252 | \n \u00a0 | \n
Fair value changes on acquisition related contingent | \n \u00a0 | \n \u00a0 | \n 8,629 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,762 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,902 | \n \u00a0 | \n
(Charges) and gain related to settlement of debt | \n \u00a0 | \n \u00a0 | \n (571 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,912 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,124 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,224 | \n \u00a0 | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 2,548 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,048 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,833 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,922 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (24,623 | \n ) | \n \u00a0 | \n \u00a0 | \n (33,286 | \n ) | \n \u00a0 | \n \u00a0 | \n (84,223 | \n ) | \n \u00a0 | \n \u00a0 | \n (90,658 | \n ) | \n
Foreign currency gain (loss) | \n \u00a0 | \n \u00a0 | \n (4,069 | \n ) | \n \u00a0 | \n \u00a0 | \n 814 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 529 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,857 | \n \u00a0 | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (879 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,016 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,043 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,547 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (171,037 | \n ) | \n \u00a0 | \n $ | \n (115,490 | \n ) | \n \u00a0 | \n $ | \n (253,270 | \n ) | \n \u00a0 | \n $ | \n (396,074 | \n ) | \n
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Fair value changes on other financial assets | \n \u00a0 | \n $ | \n (146,672 | \n ) | \n \u00a0 | \n $ | \n (95,815 | \n ) | \n \u00a0 | \n $ | \n (163,860 | \n ) | \n \u00a0 | \n $ | \n (396,755 | \n ) | \n
Fair value changes on liability arising from Acreage | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,000 | \n \u00a0 | \n
Fair value changes on debt | \n \u00a0 | \n \u00a0 | \n (5,400 | \n ) | \n \u00a0 | \n \u00a0 | \n (8,964 | \n ) | \n \u00a0 | \n \u00a0 | \n (30,614 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,365 | \n ) | \n
Fair value changes on warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,252 | \n \u00a0 | \n
Fair value changes on acquisition related contingent | \n \u00a0 | \n \u00a0 | \n 8,629 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,762 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,902 | \n \u00a0 | \n
(Charges) and gain related to settlement of debt | \n \u00a0 | \n \u00a0 | \n (571 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,912 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (13,124 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,224 | \n \u00a0 | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 2,548 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,048 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,833 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,922 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (24,623 | \n ) | \n \u00a0 | \n \u00a0 | \n (33,286 | \n ) | \n \u00a0 | \n \u00a0 | \n (84,223 | \n ) | \n \u00a0 | \n \u00a0 | \n (90,658 | \n ) | \n
Foreign currency gain (loss) | \n \u00a0 | \n \u00a0 | \n (4,069 | \n ) | \n \u00a0 | \n \u00a0 | \n 814 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 529 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,857 | \n \u00a0 | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (879 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,016 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,043 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,547 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (171,037 | \n ) | \n \u00a0 | \n $ | \n (115,490 | \n ) | \n \u00a0 | \n $ | \n (253,270 | \n ) | \n \u00a0 | \n $ | \n (396,074 | \n ) | \n
26. INCOME TAXES
There have been no material changes to income tax matters in connection with normal course operations during the nine months ended December 31, 2023.
The Company is subject to income tax in numerous jurisdictions with varying income tax rates. During the most recent period ended and the fiscal year to date, there were no material changes to the statutory income tax rates in the taxing jurisdictions where the majority of the Company\u2019s income for tax purposes was earned, or where its temporary differences or losses are expected to be realized or settled. Although statutory income tax rates remain stable, the Company\u2019s effective income tax rate may fluctuate, arising as a result of the Company\u2019s evolving footprint, discrete transactions and other factors that, to the extent material, are disclosed in these financial statements.
The Company continues to believe that the amount of unrealized tax benefits appropriately reflects the uncertainty of items that are or may in the future be under discussion, audit, dispute or appeal with a tax authority or which otherwise result in uncertainty in the determination of income for tax purposes. If appropriate, an unrealized tax benefit will be realized in the reporting period in which the Company determines that realization is not in doubt. Where the final determined outcome is different from the Company\u2019s estimate, such difference will impact the Company\u2019s income taxes in the reporting period during which such determination is made.
"}]},{"name":"rpt:f-1379","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"2249000","decimals":-3}]},{"name":"rpt:f-1380","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:GBP","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"1333000","decimals":-3}]},{"name":"rpt:f-1381","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLoans","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"5240000","decimals":-3}]},{"name":"rpt:f-1382","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromLoans","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:GBP","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"3106000","decimals":-3}]},{"name":"rpt:f-1383","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentMaturityDate","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"2027-12-18"}]},{"name":"rpt:f-1384","factDimensions":{"xbrl:concept":"cgc:EarnoutPaymentReceivable","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"5905000"}]},{"name":"rpt:f-1385","factDimensions":{"xbrl:concept":"cgc:EarnoutPaymentReceivable","xbrl:period":"2023-12-18T00:00:00/2023-12-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:GBP","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"3500000"}]},{"name":"rpt:f-1386","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCostsAndAssetImpairmentCharges","xbrl:period":"2023-12-17T00:00:00/2023-12-18T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"28144000","decimals":-3}]},{"name":"rpt:f-1387","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:ThisWorksDivestitureMember"},"factValues":[{"value":"Upon the completion of the This Works Divestiture, the Company no longer controls This Works and derecognized the assets and liabilities on the closing date:\n| \n | \n | \n | \n | \n |
Current assets1 | \n \u00a0 | \n $ | \n 13,793 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 16,828 | \n \u00a0 | \n
Less: valuation allowance | \n \u00a0 | \n \u00a0 | \n (20,154 | \n ) | \n
Current liabilities | \n \u00a0 | \n \u00a0 | \n (6,661 | \n ) | \n
Cumulative translation adjustment | \n \u00a0 | \n \u00a0 | \n 2,322 | \n \u00a0 | \n
Net assets disposed | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n 2,249 | \n \u00a0 | \n
Future cash consideration | \n \u00a0 | \n \u00a0 | \n 7,286 | \n \u00a0 | \n
Costs to sell | \n \u00a0 | \n \u00a0 | \n (3,407 | \n ) | \n
Total consideration | \n \u00a0 | \n $ | \n 6,128 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
1 Included in current assets is $5,968 of cash.
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Acreage Arrangement
On September 23, 2020, the Company and Acreage entered into a second amendment (the \u201cAcreage Amending Agreement\u201d) to the arrangement agreement (the \u201cOriginal Acreage Arrangement Agreement\u201d) and plan of arrangement (the \u201cOriginal Acreage Arrangement\u201d) between the Company and Acreage dated April 18, 2019, as amended on May 15, 2019. In connection with the Acreage Amending Agreement, the Company and Acreage implemented an amended and restated plan of arrangement (the \u201cAcreage Amended Arrangement\u201d) on September 23, 2020. Pursuant to the terms of the Original Acreage Arrangement, shareholders of Acreage and holders of certain securities convertible into the existing Acreage subordinated voting shares as of June 26, 2019, received an immediate aggregate total payment of US$300,000 ($395,190) in exchange for granting Canopy Growth both the right and the obligation to acquire all of the issued and outstanding shares of Acreage following the occurrence or waiver (at the Company's discretion) of changes in U.S. federal law to permit the general cultivation, distribution, and possession of marijuana or to remove the
regulation of such activities from the federal laws of the United States (the \u201cTriggering Event\u201d) and subject to the satisfaction or waiver of the conditions set out in the Original Acreage Arrangement Agreement.
The Acreage Amended Arrangement provides for, among other things, the following:
See Note 3 for information regarding the Reorganization. In connection with the Reorganization and the Floating Share Arrangement Agreement, Canopy Growth irrevocably waived the Acreage Floating Option and subject to, among other things, the terms of the Floating Share Arrangement Agreement, Canopy USA will acquire all of the issued and outstanding Floating Shares. Following the implementation of the Reorganization, Canopy USA, as of October 24, 2022, holds certain U.S. cannabis investments previously held by the Company, which is expected to enable Canopy USA, following, among other things, the Meeting and the exercise of the Acreage Option, including the issuance of the Fixed Shares to Canopy USA, to consummate the acquisitions of Acreage, Wana and Jetty.
At December 31, 2023, the right and the obligation to: (i) acquire the Fixed Shares pursuant to the Existing Acreage Arrangement Agreement; and (ii) acquire the Floating Shares pursuant to the Floating Share Arrangement Agreement (together, the \u201cAcreage financial instrument\u201d), represents a financial asset of $33,000 (March 31, 2023 \u2013 $55,382 asset). At December 31, 2023, the estimated fair value of the Acreage business is more than the estimated fair value of the consideration to be provided upon the exercise of the Acreage financial instrument. Fair value changes on the Acreage financial instrument are recognized in other income (expense), net; see Note 25. The fair value determination includes a high degree of subjectivity and judgment, which results in significant estimation uncertainty. See Note 23 for additional details on how the fair value of the Acreage financial instrument is calculated on a recurring basis. From a measurement perspective, the Company has elected the fair value option under ASC 825 - Financial Instruments (\"ASC 825\").
In connection with the Acreage Amended Arrangement, on September 23, 2020, an affiliate of the Company advanced US$50,000 ($66,995) to Universal Hemp, LLC, a wholly owned subsidiary of Acreage (\u201cAcreage Hempco\u201d) pursuant to a secured debenture (\u201cHempco Debenture\u201d). In accordance with the terms of the Hempco Debenture, the funds advanced to Acreage Hempco cannot be used, directly or indirectly, in connection with or for any cannabis or cannabis-related operations in the United States, unless and until such operations comply with all applicable laws of the United States. The Hempco Debenture bears interest at a rate of 6.1% per annum and matures on September 23, 2030, or such earlier date in accordance with the terms of the Hempco Debenture. All interest payments made pursuant to the Hempco Debenture are payable in cash by Acreage Hempco. The Hempco Debenture is not convertible and is not guaranteed by Acreage. In connection with the Reorganization, as described in Note 3, on October 24, 2022, the Company transferred the Hempco Debenture to Canopy USA.
The amount advanced on September 23, 2020 pursuant to the Hempco Debenture has been recorded in other financial assets (see Note 11), and the Company has elected the fair value option under ASC 825 (see Note 23). At December 31, 2023, the estimated fair value of the Hempco Debenture issued to an affiliate of the Company by Acreage Hempco was $12,978 (March 31, 2023 \u2013
$29,262), measured using a discounted cash flow model (see Note 23). Refer to Note 11 for details on fair value changes, foreign currency translation adjustment, and anticipated interest to be received. An additional US$50,000 may be advanced pursuant to the Hempco Debenture subject to the satisfaction of certain conditions by Acreage Hempco.
\u00a0
Amendment to the CBI Investor Rights Agreement and warrants
On April 18, 2019, certain wholly owned subsidiaries of CBI and Canopy Growth entered into the Second Amended and Restated Investor Rights Agreement (the \"Amended Investor Rights Agreement\") and a consent agreement. In connection with these agreements, on June 27, 2019, Canopy Growth (i) extended the term of the first tranche of warrants, which allow CBI to acquire 8.85 million additional shares of Canopy Growth for a fixed price of $504.00 per share (the \u201cTranche A Warrants\u201d), to November 1, 2023; and (ii) replaced the second tranche of warrants with two new tranches of warrants (the \u201cTranche B Warrants\u201d and the \u201cTranche C Warrants\u201d) as follows:
In connection with the Tranche B Warrants and the Tranche C Warrants, Canopy Growth agreed to provide CBI with a share repurchase credit of up to $1.583 billion on the aggregate exercise price of the Tranche B Warrants and Tranche C Warrants in the event that Canopy Growth does not purchase for cancellation the lesser of (i) 2,737,886 common shares; and (ii) common shares with a value of $1.583 billion, during the period commencing on April 18, 2019 and ending on the date that is 24 months after the date that CBI exercises all of the Tranche A Warrants.
The modifications to the Tranche A Warrants resulted in them meeting the definition of a derivative instrument under ASC 815 - Derivatives and Hedging (\u201cASC 815\u201d). They were classified in equity as the number of shares and exercise price were both fixed at inception. The Tranche B Warrants were accounted for as derivative instruments (the \u201cwarrant derivative liability\u201d) measured at fair value in accordance with ASC 815.
On November 1, 2023, the Tranche A Warrants expired in accordance with their terms without having been exercised. In accordance with the terms of the Tranche B Warrants and Tranche C Warrants, the vesting of the remaining Tranche B Warrants and Tranche C Warrants, as applicable, is conditioned on the exercise, in full, of the Tranche A Warrants. Accordingly, the Tranche B Warrants and Tranche C Warrants are not, and will not become, exercisable and are considered expired as of November 1, 2023.
As described in Note 3, in connection with the Reorganization, the Company entered into the Third Consent Agreement, pursuant to which CBG and Greenstar agreed, among other things, that in the event that CBG and Greenstar convert their ownership in the Company's common shares into Exchangeable Shares, CBG will surrender the warrants held by CBG to purchase 13,974,545 common shares of the Company for cancellation for no consideration. In addition, following such conversion by CBG and Greenstar of their common shares into Exchangeable Shares, other than the Third Consent Agreement and the termination rights contained therein and the CBI Note (as defined below), all agreements between the Company and CBI will terminate, including the Amended Investor Rights Agreement. In such circumstances it is expected that the CBI nominees that are currently sitting on the Board will resign as directors of the Company following the termination of the Amended Investor Rights Agreement.
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COMMITMENTS AND CONTINGENCIES
Legal proceedings
In the ordinary course of business, the Company is at times subject to various legal proceedings and disputes, including the proceedings specifically discussed below. The Company assesses the liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, a liability is recorded in the consolidated financial statements. Where a loss is only reasonably possible or the amount of the loss cannot be reasonably estimated, no liability is recorded in the consolidated financial statements, but disclosures, as necessary, are provided.
For the purposes of these condensed interim consolidated financial statements, there have been no material changes with respect to legal proceedings that the Company is subject to since our Annual Report on Form 10-K for the fiscal year ended March 31, 2023, except with respect to certain aspects of the legal proceedings disclosed below:
Request for arbitration
On December 29, 2023, a request for arbitration was made to the Company. Damages are being sought in the amount of US$32,667 against the Company based on alleged breaches of a Share Purchase Agreement (\u201cSPA\u201d), including breaches of the duty of good faith and honest performance in relation to certain milestone payments in the SPA. The Company denies the allegations,
believes that the respondents have meritorious defenses, and expects to vigorously defend the claims, although the Company cannot predict when or how the arbitration will be resolved or estimate what the potential loss or range of loss would be, if any.
"}]},{"name":"rpt:f-1426","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesAwardedValue","xbrl:period":"2023-12-29T00:00:00/2023-12-30T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:TypeOfArrangementAxis":"cgc:SharePurchaseAgreementMember"},"factValues":[{"value":"32667000","decimals":-3}]},{"name":"rpt:f-1427","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"30. SEGMENT INFORMATION
Reportable segments
Prior to the three months ended September 30, 2022, the Company had the following two reportable segments: (i) global cannabis; and (ii) other consumer products. Following the completion of certain restructuring actions which were initiated in the three months ended March 31, 2022, and which were aligned with the Company's strategic review of its business, the Company has changed the structure of its internal management financial reporting. Accordingly, in the three months ended September 30, 2022, the Company began reporting its financial results for the following four reportable segments:
\u00a0
\u00a0
These segments reflect how the Company's operations are managed, how the Company's Chief Executive Officer, who is the Chief Operating Decision Maker (\u201cCODM\u201d), allocates resources and evaluates performance, and how the Company's internal management financial reporting is structured. The Company's CODM evaluates the performance of these segments, with a focus on (i) segment net revenue, and (ii) segment gross margin as the measure of segment profit or loss. Accordingly, information regarding segment net revenue and segment gross margin for the comparative periods has been restated to reflect the aforementioned change in reportable segments. The remainder of the Company's operations include revenue derived from, and cost of sales associated with, the Company's non-cannabis extraction activities and other ancillary activities; these are included within \"other\".
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Segmented net revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canada cannabis | \n \u00a0 | \n $ | \n 39,028 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,617 | \n \u00a0 | \n \u00a0 | \n $ | \n 116,634 | \n \u00a0 | \n \u00a0 | \n $ | \n 151,336 | \n \u00a0 | \n
Rest-of-world cannabis | \n \u00a0 | \n \u00a0 | \n 10,527 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,846 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,666 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,179 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 18,453 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,214 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,351 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 8,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,289 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,256 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,677 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 2,332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,884 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,285 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,475 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 78,505 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 224,358 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,018 | \n \u00a0 | \n
Segmented gross margin: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canada cannabis | \n \u00a0 | \n $ | \n 11,113 | \n \u00a0 | \n \u00a0 | \n $ | \n (5,281 | \n ) | \n \u00a0 | \n $ | \n 24,739 | \n \u00a0 | \n \u00a0 | \n $ | \n (25,467 | \n ) | \n
Rest-of-world cannabis | \n \u00a0 | \n \u00a0 | \n 4,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,184 | \n ) | \n \u00a0 | \n \u00a0 | \n 10,364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,676 | \n ) | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 9,449 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,186 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,074 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,809 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 4,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,032 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,534 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,982 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n (781 | \n ) | \n \u00a0 | \n \u00a0 | \n (525 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,297 | \n ) | \n \u00a0 | \n \u00a0 | \n 144 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 28,226 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,228 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,414 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 792 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 54,436 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,604 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174,810 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 271,425 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 3,693 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,055 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,893 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 30,413 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,452 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,794,212 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (60,316 | \n ) | \n \u00a0 | \n \u00a0 | \n (112,690 | \n ) | \n \u00a0 | \n \u00a0 | \n (121,975 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,085,738 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (171,037 | \n ) | \n \u00a0 | \n \u00a0 | \n (115,490 | \n ) | \n \u00a0 | \n \u00a0 | \n (253,270 | \n ) | \n \u00a0 | \n \u00a0 | \n (396,074 | \n ) | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (231,353 | \n ) | \n \u00a0 | \n $ | \n (228,180 | \n ) | \n \u00a0 | \n $ | \n (375,245 | \n ) | \n \u00a0 | \n $ | \n (2,481,812 | \n ) | \n
\u00a0
Asset information by segment is not provided to, or reviewed by, the Company\u2019s CODM as it is not used to make strategic decisions, allocate resources, or assess performance.
\u00a0
Entity-wide disclosures
Disaggregation of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Canada | \n \u00a0 | \n $ | \n 41,024 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,333 | \n \u00a0 | \n \u00a0 | \n $ | \n 123,724 | \n \u00a0 | \n \u00a0 | \n $ | \n 163,002 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 13,460 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,287 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,383 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 10,334 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,102 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,825 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 13,687 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,298 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,245 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,808 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 78,505 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 224,358 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,018 | \n \u00a0 | \n
\u00a0
Disaggregation of property, plant and equipment by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 285,941 | \n \u00a0 | \n \u00a0 | \n $ | \n 361,129 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 3,561 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,226 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 50,951 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,341 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 26 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 575 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 340,479 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
\u00a0
For the three months ended December 31, 2023, one customer represented more than 10% of the Company\u2019s net revenue (three months ended December 31, 2022 \u2013 one).
\u00a0
For the nine months ended December 31, 2023, one customer represented more than 10% of the Company's net revenue (nine months ended December 31, 2022 \u2013 none).
"}]},{"name":"rpt:f-1428","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2022-07-01T00:00:00/2022-10-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Segment"},"factValues":[{"value":"2"}]},{"name":"rpt:f-1429","factDimensions":{"xbrl:concept":"us-gaap:ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":" \n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Segmented net revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canada cannabis | \n \u00a0 | \n $ | \n 39,028 | \n \u00a0 | \n \u00a0 | \n $ | \n 46,617 | \n \u00a0 | \n \u00a0 | \n $ | \n 116,634 | \n \u00a0 | \n \u00a0 | \n $ | \n 151,336 | \n \u00a0 | \n
Rest-of-world cannabis | \n \u00a0 | \n \u00a0 | \n 10,527 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,846 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,666 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,179 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 18,453 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,214 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,351 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 8,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,289 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,256 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,677 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 2,332 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,884 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,285 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,475 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 78,505 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 224,358 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,018 | \n \u00a0 | \n
Segmented gross margin: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canada cannabis | \n \u00a0 | \n $ | \n 11,113 | \n \u00a0 | \n \u00a0 | \n $ | \n (5,281 | \n ) | \n \u00a0 | \n $ | \n 24,739 | \n \u00a0 | \n \u00a0 | \n $ | \n (25,467 | \n ) | \n
Rest-of-world cannabis | \n \u00a0 | \n \u00a0 | \n 4,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,184 | \n ) | \n \u00a0 | \n \u00a0 | \n 10,364 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,676 | \n ) | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 9,449 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,186 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,074 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,809 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 4,253 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,032 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,534 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,982 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n (781 | \n ) | \n \u00a0 | \n \u00a0 | \n (525 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,297 | \n ) | \n \u00a0 | \n \u00a0 | \n 144 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 28,226 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,228 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,414 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 792 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 54,436 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,604 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174,810 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 271,425 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 3,693 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,055 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,893 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 30,413 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,259 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,452 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,794,212 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (60,316 | \n ) | \n \u00a0 | \n \u00a0 | \n (112,690 | \n ) | \n \u00a0 | \n \u00a0 | \n (121,975 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,085,738 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (171,037 | \n ) | \n \u00a0 | \n \u00a0 | \n (115,490 | \n ) | \n \u00a0 | \n \u00a0 | \n (253,270 | \n ) | \n \u00a0 | \n \u00a0 | \n (396,074 | \n ) | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (231,353 | \n ) | \n \u00a0 | \n $ | \n (228,180 | \n ) | \n \u00a0 | \n $ | \n (375,245 | \n ) | \n \u00a0 | \n $ | \n (2,481,812 | \n ) | \n
Disaggregation of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Nine months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n ||||
Canada | \n \u00a0 | \n $ | \n 41,024 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,333 | \n \u00a0 | \n \u00a0 | \n $ | \n 123,724 | \n \u00a0 | \n \u00a0 | \n $ | \n 163,002 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 13,460 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,287 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,383 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 10,334 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,447 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,102 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,825 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 13,687 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,298 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,245 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,808 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 78,505 | \n \u00a0 | \n \u00a0 | \n $ | \n 84,850 | \n \u00a0 | \n \u00a0 | \n $ | \n 224,358 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,018 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-1503","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"41024000","decimals":-3}]},{"name":"rpt:f-1504","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"50333000","decimals":-3}]},{"name":"rpt:f-1505","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"123724000","decimals":-3}]},{"name":"rpt:f-1506","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"163002000","decimals":-3}]},{"name":"rpt:f-1507","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:DE"},"factValues":[{"value":"13460000","decimals":-3}]},{"name":"rpt:f-1508","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:DE"},"factValues":[{"value":"12772000","decimals":-3}]},{"name":"rpt:f-1509","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:DE"},"factValues":[{"value":"35287000","decimals":-3}]},{"name":"rpt:f-1510","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:DE"},"factValues":[{"value":"36383000","decimals":-3}]},{"name":"rpt:f-1511","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"10334000","decimals":-3}]},{"name":"rpt:f-1512","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"9447000","decimals":-3}]},{"name":"rpt:f-1513","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"28102000","decimals":-3}]},{"name":"rpt:f-1514","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"country:US"},"factValues":[{"value":"29825000","decimals":-3}]},{"name":"rpt:f-1515","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"cgc:OtherGeographicalAreaMember"},"factValues":[{"value":"13687000","decimals":-3}]},{"name":"rpt:f-1516","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"cgc:OtherGeographicalAreaMember"},"factValues":[{"value":"12298000","decimals":-3}]},{"name":"rpt:f-1517","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"cgc:OtherGeographicalAreaMember"},"factValues":[{"value":"37245000","decimals":-3}]},{"name":"rpt:f-1518","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:StatementGeographicalAxis":"cgc:OtherGeographicalAreaMember"},"factValues":[{"value":"35808000","decimals":-3}]},{"name":"rpt:f-1519","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"78505000","decimals":-3}]},{"name":"rpt:f-1520","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"84850000","decimals":-3}]},{"name":"rpt:f-1521","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"224358000","decimals":-3}]},{"name":"rpt:f-1522","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2022-04-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"265018000","decimals":-3}]},{"name":"rpt:f-1523","factDimensions":{"xbrl:concept":"us-gaap:LongLivedAssetsByGeographicAreasTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Disaggregation of property, plant and equipment by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n December 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 285,941 | \n \u00a0 | \n \u00a0 | \n $ | \n 361,129 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 3,561 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,226 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 50,951 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,341 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 26 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 575 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 340,479 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
31. SUBSEQUENT EVENTS
January 2024 Private Placement
On January 18, 2024, the Company entered into subscription agreements (the \"January 2024 Subscription Agreements\") with certain institutional investors (the \"January 2024 Investors\"). Pursuant to the terms of the January 2024 Subscription Agreements, the Company issued 8,158,510 units of the Company (the \"January 2024 Units\") to the January 2024 Investors at a price per January 2024 Unit of US$4.29 for aggregate gross proceeds of approximately $47,117 (US$35,000) (the \"January 2024 Unit Offering\"). Each January 2024 Unit is comprised of (a) one Canopy Growth common share and (b)(i) one Series A common share purchase warrant (a \"Series A Warrant\") or (ii) one Series B common share purchase warrant (a \"Series B Warrant\" and, together with the Series A Warrants, the \"January 2024 Warrants\"). Each January 2024 Warrant entitles the holder to acquire one Canopy Growth common share from the Company at a price per share equal to US$4.83. The Series A Warrants are currently exercisable and will remain exercisable until January 19, 2029, and the Series B Warrants will be exercisable for a period commencing on July 19, 2024 until July 19, 2029. The January 2024 Unit Offering closed on January 19, 2024.
\u00a0
Expiration of Supreme January 2021 Warrants
On January 29, 2024, the warrants governed by the warrant indenture dated January 29, 2021 between Supreme Cannabis and Computershare Trust Company of Canada, in its capacity as warrant agent (the \u201cWarrant Agent\u201d), as supplemented by the supplemental indenture dated June 22, 2021 between Supreme Cannabis, the Company and the Warrant Agent expired in accordance with their terms without having been exercised.
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