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 in these consolidated financial statements 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 \u201cCannabis Act\u201d), 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-521","factDimensions":{"xbrl:concept":"us-gaap:BusinessDescriptionAndBasisOfPresentationTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"2. BASIS OF PRESENTATION
The consolidated financial statements as of and for the years ended March 31, 2024, 2023, and 2022 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 our operations across multiple geographies, the majority of our operations are conducted in Canadian dollars and our financial results are prepared and reviewed internally by management in Canadian dollars. Our 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.
Going Concern
The consolidated financial statements have been prepared in accordance with U.S. GAAP on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
In the Company\u2019s condensed interim consolidated financial statements for the period ended December 31, 2023, the Company raised substantial doubt about the Company\u2019s ability to continue as a going concern for at least twelve months from the issuance of those condensed interim consolidated financial statements, due to certain material debt obligations coming due in the short-term, recurring losses from operations and additional required financing to fund its business and operations.
As of this filing, the Company has been able to successfully mitigate the substantial doubt by completing several actions including: (i) the completion of a US$35 million private placement unit offering in January 2024; (ii) the receipt of $25 million of proceeds in March 2024 from the BioSteel Canada asset sale; (iii) the exchange of the $100 million promissory note held by a subsidiary of Constellation Brands into Exchangeable Shares of Canopy Growth; (iv) the receipt of gross proceeds of approximately US$50 million and the exchange of approximately $27.5 million of existing debt maturing in in exchange for a new senior unsecured convertible debenture of the Company, maturing and the issuance of warrants of the Company. Following the completion of the above actions, the Company does not have any material debt obligation coming due until March 2026.
The Company is also currently evaluating several different strategies and intends to pursue actions that are expected to further increase its liquidity position, including, but not limited to, pursuing additional actions under its cost-savings plan and seeking additional financing from both the public and private markets through the issuance of equity and/or debt securities.
As a result of management's plans above, management concludes that the substantial doubt about the Company\u2019s ability to continue as a going concern has been alleviated.
Principles of consolidation
The accompanying 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.
Variable interest entities
A variable interest entity (\u201cVIE\u201d) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity\u2019s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest
in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE\u2019s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under ASC 810 \u2013 Consolidations, where the Company concludes that it is the primary beneficiary of a VIE, the Company consolidates the accounts of that VIE.
Equity method investments
Investments accounted for using the equity method include those investments where the Company: (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, and subsequently adjusted for the Company\u2019s share of net income (loss), comprehensive income (loss) and distributions received from the investee. If the current fair value of an investment falls below its carrying amount, this may indicate that an impairment loss should be recorded. Any impairment losses recognized are not reversed in subsequent periods.
Use of estimates
The preparation of these consolidated financial statements and accompanying 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. Financial statement areas that require significant judgements and estimates are as follows:
Allowance for credit losses - The assessment involves judgement and incorporates estimates of loss based on available information relevant to considering the collectability and includes consideration of economic and business conditions, default trends and other internal and external factors. The amount is subject to change based on experience and new information which could result in outcomes that require adjustment to the carrying amounts affecting future periods.
Inventory reserves - The Company records inventory reserves based on the Company\u2019s estimated forecast of product demand, production requirements, market conditions and regulatory environment. Actual losses may differ from management\u2019s estimates.
Estimated useful lives, impairment considerations, and amortization of property, plant and equipment and intangible assets - Amortization of capital and intangible assets is dependent upon estimates of useful lives based on management\u2019s judgment.
Goodwill and indefinite lived intangible asset impairment testing requires management to make estimates in the impairment testing model. On at least an annual basis, the Company tests whether goodwill and indefinite lived intangible assets are impaired. The reporting unit's fair value is determined using a discounted future cash flow model, which incorporate assumptions regarding future events, specifically future cash flows, growth rates and discount rates.
Impairment of long-lived assets is influenced by judgment in defining an asset group and determining the indicators of impairment, and estimates used to measure impairment losses.
Legal proceedings - Judgement is used in determining the probability of incurring a loss in addition to determining the estimated amount. Amounts recorded are based on management\u2019s judgement and actual amounts recorded may not be realized.
Fair value measurement of financial instruments - The use of various valuation approaches described in Note 25 may involve uncertainties and determinations based on the Company\u2019s judgment and any value estimated from these techniques may not be realized or realizable.
Consolidation of variable interest entities - The determination of whether the Company is the primary beneficiary of a variable interest entity requires significant judgement. The assessment requires a qualitative analysis of power and benefits of the variable interest entity.
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 consolidated financial statements of the Company and notes thereto have been retroactively adjusted to reflect the Share Consolidation for all prior periods presented.
Going Concern
The consolidated financial statements have been prepared in accordance with U.S. GAAP on a going concern basis, which contemplates the realization of assets and the satisfaction of liabilities in the normal course of business.
In the Company\u2019s condensed interim consolidated financial statements for the period ended December 31, 2023, the Company raised substantial doubt about the Company\u2019s ability to continue as a going concern for at least twelve months from the issuance of those condensed interim consolidated financial statements, due to certain material debt obligations coming due in the short-term, recurring losses from operations and additional required financing to fund its business and operations.
As of this filing, the Company has been able to successfully mitigate the substantial doubt by completing several actions including: (i) the completion of a US$35 million private placement unit offering in January 2024; (ii) the receipt of $25 million of proceeds in March 2024 from the BioSteel Canada asset sale; (iii) the exchange of the $100 million promissory note held by a subsidiary of Constellation Brands into Exchangeable Shares of Canopy Growth; (iv) the receipt of gross proceeds of approximately US$50 million and the exchange of approximately $27.5 million of existing debt maturing in in exchange for a new senior unsecured convertible debenture of the Company, maturing and the issuance of warrants of the Company. Following the completion of the above actions, the Company does not have any material debt obligation coming due until March 2026.
The Company is also currently evaluating several different strategies and intends to pursue actions that are expected to further increase its liquidity position, including, but not limited to, pursuing additional actions under its cost-savings plan and seeking additional financing from both the public and private markets through the issuance of equity and/or debt securities.
As a result of management's plans above, management concludes that the substantial doubt about the Company\u2019s ability to continue as a going concern has been alleviated.
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The accompanying 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.
"}]},{"name":"rpt:f-529","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationVariableInterestEntityPolicy","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Variable interest entities
A variable interest entity (\u201cVIE\u201d) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity\u2019s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest
in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE\u2019s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under ASC 810 \u2013 Consolidations, where the Company concludes that it is the primary beneficiary of a VIE, the Company consolidates the accounts of that VIE.
"}]},{"name":"rpt:f-530","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Equity method investments
Investments accounted for using the equity method include those investments where the Company: (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, and subsequently adjusted for the Company\u2019s share of net income (loss), comprehensive income (loss) and distributions received from the investee. If the current fair value of an investment falls below its carrying amount, this may indicate that an impairment loss should be recorded. Any impairment losses recognized are not reversed in subsequent periods.
"}]},{"name":"rpt:f-531","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Use of estimates
The preparation of these consolidated financial statements and accompanying 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. Financial statement areas that require significant judgements and estimates are as follows:
Allowance for credit losses - The assessment involves judgement and incorporates estimates of loss based on available information relevant to considering the collectability and includes consideration of economic and business conditions, default trends and other internal and external factors. The amount is subject to change based on experience and new information which could result in outcomes that require adjustment to the carrying amounts affecting future periods.
Inventory reserves - The Company records inventory reserves based on the Company\u2019s estimated forecast of product demand, production requirements, market conditions and regulatory environment. Actual losses may differ from management\u2019s estimates.
Estimated useful lives, impairment considerations, and amortization of property, plant and equipment and intangible assets - Amortization of capital and intangible assets is dependent upon estimates of useful lives based on management\u2019s judgment.
Goodwill and indefinite lived intangible asset impairment testing requires management to make estimates in the impairment testing model. On at least an annual basis, the Company tests whether goodwill and indefinite lived intangible assets are impaired. The reporting unit's fair value is determined using a discounted future cash flow model, which incorporate assumptions regarding future events, specifically future cash flows, growth rates and discount rates.
Impairment of long-lived assets is influenced by judgment in defining an asset group and determining the indicators of impairment, and estimates used to measure impairment losses.
Legal proceedings - Judgement is used in determining the probability of incurring a loss in addition to determining the estimated amount. Amounts recorded are based on management\u2019s judgement and actual amounts recorded may not be realized.
Fair value measurement of financial instruments - The use of various valuation approaches described in Note 25 may involve uncertainties and determinations based on the Company\u2019s judgment and any value estimated from these techniques may not be realized or realizable.
Consolidation of variable interest entities - The determination of whether the Company is the primary beneficiary of a variable interest entity requires significant judgement. The assessment requires a qualitative analysis of power and benefits of the variable interest entity.
"}]},{"name":"rpt:f-532","factDimensions":{"xbrl:concept":"cgc:ShareConsolidationPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 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-533","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityReverseStockSplit","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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-534","factDimensions":{"xbrl:concept":"us-gaap:SignificantAccountingPoliciesTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"3. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES
Foreign currency translation
In preparing the financial statements of individual entities, transactions in currencies other than the entity\u2019s functional currency are recognized at exchange rates in effect on the date of the transactions. At each reporting date monetary assets and liabilities denominated in foreign currencies are re-translated at the exchange rates applicable at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized through net income (loss).
For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates applicable at the balance sheet date. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in accumulated other comprehensive income (loss). Transactional exchange gains and losses are included in other income (expense), net.
Cash equivalents and short-term investments
Cash and cash equivalents consist of cash and highly liquid investments that are readily convertible into known amounts of cash with original maturities of three months or less.
Investments with maturities or redemption dates greater than 90 days at the date of purchase are included in short-term investments. The Company\u2019s investments in debt securities, if any, have been classified and accounted for using the fair value option. Unrealized gain and losses on debt securities, if any, are recognized in net income (loss). All other short-term investments are recorded at fair value with gains or losses recognized in net income (loss).
Restricted short-term investments
The Company considers short-term investments to be restricted when withdrawal or general use is legally restricted.
Accounts receivable
Accounts receivables are recorded at the invoiced amount and arise out of the sales to customers. The Company is exposed to credit losses primarily through sales of products and maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in its accounts receivable portfolio as of the reporting dates based on the projection of expected credit losses. The allowance for credit losses represents management's best estimate of probable credit losses in accounts receivable, taking into account a combination of past events, current conditions, and supportable forecasts. The Company estimates and reserves for its allowance for credit losses based on its experience with past due accounts and collectability, write-off history, the aging of accounts receivable and an analysis of customer data.
Inventory
Inventory consists of raw materials, supplies and consumables used in the inventory process, merchandise for sale, finished goods and work-in-process such as pre-harvested cannabis plants, by-products to be extracted, oils, gel capsules and edible products. Inventory is valued at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined using standard costs, approximating average costs, and include direct and indirect labor, consumables, materials, packaging supplies, utilities, facilities costs, quality and testing costs, production related depreciation and other overhead costs. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, age of inventory, historical experience and application of the specific identification method. The Company classifies cannabis inventory as a current asset, although part of such inventory, because of the duration of the cultivation, drying, and conversion process, ordinarily would not be utilized within one year.
Property, plant and equipment
Property, plant and equipment is recorded at cost less accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized in net income (loss).
Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows:
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years | \n
Buildings and greenhouses | \n \u00a0 | \n 20\u00a0- 50 | \n
Production and warehouse equipment | \n \u00a0 | \n 5\u00a0- 30 | \n
Office and lab equipment | \n \u00a0 | \n 3 - 10 | \n
Computer equipment | \n \u00a0 | \n 3\u00a0- 5 | \n
Leasehold improvements | \n \u00a0 | \n
Depreciation commences upon the property, plant and equipment becoming available for its intended use. Construction in progress is measured at cost and upon completion reclassified to one of the Company\u2019s five classes of property, plant and equipment as noted in the above table, depending on the nature of the associated assets.
Estimates of useful life and residual value, and the method of depreciation, are reviewed only when events or changes in circumstances indicate that the current estimates or depreciation method are no longer appropriate. Any changes are accounted for on a prospective basis as a change in estimate.
Intangible assets
Finite lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are recognized at fair value at the date of acquisition, while intangible assets that are internally generated are recognized at cost.
Amortization is provided on a straight-line basis over the following terms:
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years | \n
Intellectual property | \n \u00a0 | \n 5\u00a0- 15 | \n
Distribution channel | \n \u00a0 | \n 5\u00a0- 11 | \n
Operating licenses | \n \u00a0 | \n 5\u00a0- 8 | \n
Software and domain names | \n \u00a0 | \n 3 - 5 | \n
Brands | \n \u00a0 | \n 2\u00a0- 5 | \n
The estimated useful life and amortization method are reviewed at the end of each reporting year, with the effect of any changes in estimate being accounted for on a prospective basis.
Goodwill and indefinite lived intangible assets
Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company reviews goodwill and indefinite lived intangible assets annually for impairment in the fourth quarter, or sooner, if events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If factors indicate this is the case, then a quantitative test is performed and an impairment is recorded for any excess carrying value above the reporting unit\u2019s fair value, not to exceed the amount of goodwill.
Year ended March 31, 2022
In the three months ended March 31, 2022, the Company changed the composition of its reporting units within the global cannabis segment as a result of: (i) the completion of the Company\u2019s divestiture of its interest in C3 (the \u201cC3 Divestiture\u201d) (see Note 30(b)); and (ii) a strategic shift in the Company\u2019s KeyLeaf Life Sciences (\u201cKeyLeaf\u201d) business to focus on non-cannabis extraction activities. Accordingly, goodwill was reassigned to the KeyLeaf reporting unit from the cannabis operations reporting unit, using the relative fair value allocation approach. There were no changes to the reporting units included in the Company\u2019s other consumer products segment in the year ended March 31, 2022.
The Company performed its annual goodwill impairment test in the three months ended March 31, 2022, and recognized impairment losses in relation to its KeyLeaf and This Works reporting units.
Year ended March 31, 2023
In the three months ended June 30, 2022, the Company recognized a goodwill impairment loss in relation to the cannabis operations reporting unit in the global cannabis segment, representing the entirety of the goodwill assigned to the cannabis operations reporting unit. In the three months ended September 30, 2022, 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\u2019s strategic review of its business, the Company changed the structure of its internal management financial reporting and began reporting its financial results for the following five reportable segments: (i) Canada cannabis; (ii) International markets cannabis; (iii) Storz & Bickel; (iv) BioSteel; and
(v) This Works. There were no changes to the composition of the Company\u2019s reporting units to which goodwill remains assigned resulting from the change in reportable segments.
The Company recognized goodwill impairment losses in the three months ended September 30, 2022 in relation to its This Works reporting unit (continuing operations) and BioSteel reporting unit (discontinued operations). In the three months ended March 31, 2023, the Company performed its annual goodwill impairment test and noted no additional impairments. Refer to Note 16 for further details.
Year ended March 31, 2024
For the year-end March 31, 2024, the Company deconsolidated BioSteel and classified its results as discontinued operations, (see Note 6). As a result, the Company now reports its financial results for the following four reportable segments: (i) Canada cannabis; (ii) International markets cannabis; (iii) Storz & Bickel; and (iv) This Works. On December 18, 2023, the Company completed the sale of This Works and as of such date, the results of This Works are no longer included in the Company's financial results (see Note 35). In the three months ended March 31, 2024, the Company performed its annual goodwill impairment test and recognized impairment losses in relation to its Storz & Bickel reporting unit. Refer to Note 16 for further details.
Indefinite lived intangible assets are comprised of certain acquired brand names and operating licenses, which are carried at cost less accumulated impairment losses. The Company reviews the classification each reporting period to decide whether the assessment made about the useful life as indefinite or finite is still appropriate. Any change is accounted for on a prospective basis as a change in estimate.
Impairment of long-lived assets
The Company evaluates the recoverability of long-lived assets, including property, plant and equipment and finite lived intangible assets whenever events or changes in circumstances indicate a potential impairment exists. The Company groups assets at the lowest level for which cash flows are separately identifiable, referred to as an asset group. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flow is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any.
Redeemable noncontrolling interest
Redeemable noncontrolling interest is presented as mezzanine equity. The balance of the redeemable noncontrolling interest is reported at the greater of the initial carrying amount adjusted for the redeemable noncontrolling interest\u2019s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The Company adjusts the carrying amount of the redeemable interest to the redemption amount each period, assuming the interest was redeemable at the balance sheet date with changes in fair value recorded in equity.
Revenue recognition
The Company\u2019s cannabis revenue is comprised of sales of: (i) adult-use cannabis products in Canada, either to government agencies or third-party retailers under a \u201cbusiness-to-business\u201d wholesale model; and (ii) medical and other cannabis products in Canada and certain other countries. The Company\u2019s revenue is also comprised of sales of vaporizers and similar cannabis accessories, merchandise, and revenue from other sources.
The Company\u2019s revenue-generating activities have a single performance obligation and revenue is recognized at the point in time when control of the product transfers and the Company\u2019s obligations have been fulfilled. This generally occurs when the product is shipped or delivered to the customer, depending upon the method of distribution and shipping terms set forth in the customer contract. In accordance with contracts with certain of the Company\u2019s Canadian provincial and territorial customers, the Company fulfills its obligations only when the customer transfers control of the product to the end consumer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for the sale of the Company\u2019s product. Certain of the Company\u2019s customer contracts, most notably those with the Canadian provincial and territorial agencies, may provide the customer with a right of return. In certain circumstances the Company may also provide a retrospective price adjustment to a customer. These items give rise to variable consideration, which is recognized as a reduction of the transaction price based upon the expected amounts of the product returns and price adjustments at the time revenue for the corresponding product sale is recognized. The determination of the reduction of the transaction price for variable consideration requires that the Company make certain estimates and assumptions that affect the timing and amounts of revenue recognized. The Company estimates this variable consideration by taking into account factors such as historical information, current trends, forecasts, provincial and territorial inventory levels, availability of actual results and expectations of demand. The Company recognizes a liability for sales refunds within other current liabilities, and an asset for the value of inventory which is expected to be returned is recognized within prepaid expenses and other assets on the consolidated balance sheets.
Sales of products are for cash or otherwise agreed-upon credit terms. The Company\u2019s payment terms vary by location and customer; however, the time period between when revenue is recognized and when payment is due is not significant.
Cost of goods sold
The types of costs included in cost of goods sold are raw materials, packaging materials, manufacturing costs, plant facilities administrative support and overheads, and freight and warehouse costs, including distribution costs. Cost of goods sold also includes inventory valuation adjustments.
Advertising
Advertising costs are expensed as incurred. Advertising expenses totaled $28,656, $28,294 and $53,382 in the years ended March 31, 2024, 2023, and 2022, respectively.
Research and development
Research and development costs are expensed as incurred. Research and development expenses totaled $4,611, $21,718, and $32,261 in the years ended March 31, 2024, 2023, and 2022, respectively.
Asset impairment and restructuring costs
Asset impairment and restructuring costs consist of property, plant and equipment, intangible asset and goodwill impairment charges, asset abandonment costs, contractual and other settlement costs, and employee-related and other restructuring costs recognized in connection with: (i) the restructuring of the Company\u2019s global operations that commenced in the year ended March 31, 2020 and continued strategic review of its business; and (ii) other impairments. Offsetting the charges for the year ended March 31, 2024 was a gain on sale of the Company's production facility as sale proceeds exceeded the carrying value that was previously impaired. Refer to Note 7 for further details.
When a long-lived asset is abandoned its carrying amount is adjusted to its salvage value, if any. In determining the salvage value of our long-lived assets, management considers information from manufacturers, historical data, and industry standards. In certain cases, management may obtain third party appraisals to estimate salvage value.
Share-based compensation
The Company accounts for share-based compensation using the fair value method. With the exception of a limited number of share-based awards subject to market-based performance conditions that are valued using the Monte Carlo simulation model, the fair value of awards granted is estimated at the date of grant using the Black-Scholes model. The share-based compensation expense is based on the fair value of share-based awards at the grant date and the expense is recognized over the related service period following a graded vesting expense schedule. Forfeitures are estimated at the time of grant and revised in subsequent periods if there is a difference in actual forfeitures and the estimate.
For awards with service and/or non-market based performance conditions, the amount of compensation expense recognized is based on the number of awards expected to vest, reflecting estimated expected forfeitures, and is adjusted to reflect those awards that do ultimately vest. For awards with performance conditions, the Company recognizes the compensation expense if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at each reporting date.
Income taxes
Income taxes are comprised of current and deferred taxes. These taxes are accounted for using the liability method. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using the enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax is recognized on the difference between the carrying amount of an asset or a liability, as reflected in the financial statements, and the corresponding tax base, used in the computation of income for tax purposes (\u201ctemporary difference\u201d) and measured using the enacted tax rates and laws as at the balance sheet date that are expected to apply to the income that the Company expects to arise for tax purposes in the period during which the difference is expected to reverse. Management assesses the likelihood that a deferred tax asset will be realized and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The determination of both current and deferred taxes reflects the Company\u2019s interpretation of the relevant tax rules and judgement.
An unrealized tax benefit may arise in connection with a period that has not yet been reviewed by the relevant tax authority. A change in the recognition or measurement of an unrealized tax benefit is reflected in the period during which the change occurs.
Income taxes are recognized in the consolidated statement of operations, except when they relate to a pre-tax item that is recognized in other comprehensive income (loss) or directly in equity, respectively. Income taxes recognized in other comprehensive income (loss) or equity are reclassified to the consolidated statement of operations if the corresponding pre-tax item is reclassified to the consolidated statement of operations. Where income taxes arise from the initial accounting for a business combination, these are embedded in the pre-tax accounting for the business combination.
Interest and penalties in respect of income taxes are not recognized in the consolidated statement of operations as a component of income taxes but as a component of interest expense.
Earnings (loss) per share
Basic earnings (loss) per share is computed by dividing reported net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings (loss) per share is computed by dividing earnings (loss) by the sum of the weighted average number of common shares and the number of dilutive potential common share equivalents outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares of the Company during the reporting periods. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of warrants, vested share options, RSUs and the incremental shares issuable upon conversion of convertible notes. As at March 31, 2024, March 31, 2023, and March 31, 2022, all instruments were anti-dilutive.
Fair value measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models.
For other financial assets measured at fair value that earn interest, the Company has elected to present interest income as part of the fair value change in other income (expense), net.
Foreign currency translation
In preparing the financial statements of individual entities, transactions in currencies other than the entity\u2019s functional currency are recognized at exchange rates in effect on the date of the transactions. At each reporting date monetary assets and liabilities denominated in foreign currencies are re-translated at the exchange rates applicable at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized through net income (loss).
For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates applicable at the balance sheet date. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in accumulated other comprehensive income (loss). Transactional exchange gains and losses are included in other income (expense), net.
"}]},{"name":"rpt:f-536","factDimensions":{"xbrl:concept":"cgc:CashEquivalentsAndShortTermInvestmentsPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Cash equivalents and short-term investments
Cash and cash equivalents consist of cash and highly liquid investments that are readily convertible into known amounts of cash with original maturities of three months or less.
Investments with maturities or redemption dates greater than 90 days at the date of purchase are included in short-term investments. The Company\u2019s investments in debt securities, if any, have been classified and accounted for using the fair value option. Unrealized gain and losses on debt securities, if any, are recognized in net income (loss). All other short-term investments are recorded at fair value with gains or losses recognized in net income (loss).
"}]},{"name":"rpt:f-537","factDimensions":{"xbrl:concept":"cgc:RestrictedInvestmentsPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Restricted short-term investments
The Company considers short-term investments to be restricted when withdrawal or general use is legally restricted.
"}]},{"name":"rpt:f-538","factDimensions":{"xbrl:concept":"us-gaap:TradeAndOtherAccountsReceivablePolicy","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Accounts receivable
Accounts receivables are recorded at the invoiced amount and arise out of the sales to customers. The Company is exposed to credit losses primarily through sales of products and maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in its accounts receivable portfolio as of the reporting dates based on the projection of expected credit losses. The allowance for credit losses represents management's best estimate of probable credit losses in accounts receivable, taking into account a combination of past events, current conditions, and supportable forecasts. The Company estimates and reserves for its allowance for credit losses based on its experience with past due accounts and collectability, write-off history, the aging of accounts receivable and an analysis of customer data.
"}]},{"name":"rpt:f-539","factDimensions":{"xbrl:concept":"us-gaap:InventoryPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Inventory
Inventory consists of raw materials, supplies and consumables used in the inventory process, merchandise for sale, finished goods and work-in-process such as pre-harvested cannabis plants, by-products to be extracted, oils, gel capsules and edible products. Inventory is valued at the lower of cost and net realizable value. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. Cost is determined using standard costs, approximating average costs, and include direct and indirect labor, consumables, materials, packaging supplies, utilities, facilities costs, quality and testing costs, production related depreciation and other overhead costs. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, age of inventory, historical experience and application of the specific identification method. The Company classifies cannabis inventory as a current asset, although part of such inventory, because of the duration of the cultivation, drying, and conversion process, ordinarily would not be utilized within one year.
"}]},{"name":"rpt:f-540","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Property, plant and equipment
Property, plant and equipment is recorded at cost less accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized in net income (loss).
Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows:
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years | \n
Buildings and greenhouses | \n \u00a0 | \n 20\u00a0- 50 | \n
Production and warehouse equipment | \n \u00a0 | \n 5\u00a0- 30 | \n
Office and lab equipment | \n \u00a0 | \n 3 - 10 | \n
Computer equipment | \n \u00a0 | \n 3\u00a0- 5 | \n
Leasehold improvements | \n \u00a0 | \n
Depreciation commences upon the property, plant and equipment becoming available for its intended use. Construction in progress is measured at cost and upon completion reclassified to one of the Company\u2019s five classes of property, plant and equipment as noted in the above table, depending on the nature of the associated assets.
Estimates of useful life and residual value, and the method of depreciation, are reviewed only when events or changes in circumstances indicate that the current estimates or depreciation method are no longer appropriate. Any changes are accounted for on a prospective basis as a change in estimate.
"}]},{"name":"rpt:f-541","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows:
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years | \n
Buildings and greenhouses | \n \u00a0 | \n 20\u00a0- 50 | \n
Production and warehouse equipment | \n \u00a0 | \n 5\u00a0- 30 | \n
Office and lab equipment | \n \u00a0 | \n 3 - 10 | \n
Computer equipment | \n \u00a0 | \n 3\u00a0- 5 | \n
Leasehold improvements | \n \u00a0 | \n
The components of property, plant and equipment are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 305,606 | \n \u00a0 | \n \u00a0 | \n $ | \n 413,832 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 62,026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 76,760 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 7,787 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,655 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 11,041 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,636 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 7,784 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,521 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 5,323 | \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 17,697 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,167 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 1,019 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,229 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 418,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 581,581 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (98,180 | \n ) | \n \u00a0 | \n \u00a0 | \n (110,310 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
Intangible assets
Finite lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are recognized at fair value at the date of acquisition, while intangible assets that are internally generated are recognized at cost.
Amortization is provided on a straight-line basis over the following terms:
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years | \n
Intellectual property | \n \u00a0 | \n 5\u00a0- 15 | \n
Distribution channel | \n \u00a0 | \n 5\u00a0- 11 | \n
Operating licenses | \n \u00a0 | \n 5\u00a0- 8 | \n
Software and domain names | \n \u00a0 | \n 3 - 5 | \n
Brands | \n \u00a0 | \n 2\u00a0- 5 | \n
The estimated useful life and amortization method are reviewed at the end of each reporting year, with the effect of any changes in estimate being accounted for on a prospective basis.
"}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfFiniteLivedIntangibleAssetsTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Finite lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses, if any. Intangible assets acquired in a business combination are recognized at fair value at the date of acquisition, while intangible assets that are internally generated are recognized at cost.
Amortization is provided on a straight-line basis over the following terms:
\n| \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years | \n
Intellectual property | \n \u00a0 | \n 5\u00a0- 15 | \n
Distribution channel | \n \u00a0 | \n 5\u00a0- 11 | \n
Operating licenses | \n \u00a0 | \n 5\u00a0- 8 | \n
Software and domain names | \n \u00a0 | \n 3 - 5 | \n
Brands | \n \u00a0 | \n 2\u00a0- 5 | \n
Goodwill and indefinite lived intangible assets
Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company reviews goodwill and indefinite lived intangible assets annually for impairment in the fourth quarter, or sooner, if events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If factors indicate this is the case, then a quantitative test is performed and an impairment is recorded for any excess carrying value above the reporting unit\u2019s fair value, not to exceed the amount of goodwill.
Year ended March 31, 2022
In the three months ended March 31, 2022, the Company changed the composition of its reporting units within the global cannabis segment as a result of: (i) the completion of the Company\u2019s divestiture of its interest in C3 (the \u201cC3 Divestiture\u201d) (see Note 30(b)); and (ii) a strategic shift in the Company\u2019s KeyLeaf Life Sciences (\u201cKeyLeaf\u201d) business to focus on non-cannabis extraction activities. Accordingly, goodwill was reassigned to the KeyLeaf reporting unit from the cannabis operations reporting unit, using the relative fair value allocation approach. There were no changes to the reporting units included in the Company\u2019s other consumer products segment in the year ended March 31, 2022.
The Company performed its annual goodwill impairment test in the three months ended March 31, 2022, and recognized impairment losses in relation to its KeyLeaf and This Works reporting units.
Year ended March 31, 2023
In the three months ended June 30, 2022, the Company recognized a goodwill impairment loss in relation to the cannabis operations reporting unit in the global cannabis segment, representing the entirety of the goodwill assigned to the cannabis operations reporting unit. In the three months ended September 30, 2022, 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\u2019s strategic review of its business, the Company changed the structure of its internal management financial reporting and began reporting its financial results for the following five reportable segments: (i) Canada cannabis; (ii) International markets cannabis; (iii) Storz & Bickel; (iv) BioSteel; and
(v) This Works. There were no changes to the composition of the Company\u2019s reporting units to which goodwill remains assigned resulting from the change in reportable segments.
The Company recognized goodwill impairment losses in the three months ended September 30, 2022 in relation to its This Works reporting unit (continuing operations) and BioSteel reporting unit (discontinued operations). In the three months ended March 31, 2023, the Company performed its annual goodwill impairment test and noted no additional impairments. Refer to Note 16 for further details.
Year ended March 31, 2024
For the year-end March 31, 2024, the Company deconsolidated BioSteel and classified its results as discontinued operations, (see Note 6). As a result, the Company now reports its financial results for the following four reportable segments: (i) Canada cannabis; (ii) International markets cannabis; (iii) Storz & Bickel; and (iv) This Works. On December 18, 2023, the Company completed the sale of This Works and as of such date, the results of This Works are no longer included in the Company's financial results (see Note 35). In the three months ended March 31, 2024, the Company performed its annual goodwill impairment test and recognized impairment losses in relation to its Storz & Bickel reporting unit. Refer to Note 16 for further details.
Indefinite lived intangible assets are comprised of certain acquired brand names and operating licenses, which are carried at cost less accumulated impairment losses. The Company reviews the classification each reporting period to decide whether the assessment made about the useful life as indefinite or finite is still appropriate. Any change is accounted for on a prospective basis as a change in estimate.
"}]},{"name":"rpt:f-563","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportingUnits","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Unit","us-gaap:StatementBusinessSegmentsAxis":"cgc:CannabisHempAndOtherConsumerProductsMember"},"factValues":[{"value":"1"}]},{"name":"rpt:f-564","factDimensions":{"xbrl:concept":"us-gaap:GoodwillImpairmentLoss","xbrl:period":"2023-10-01T00:00:00/2024-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"0"}]},{"name":"rpt:f-565","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Segment"},"factValues":[{"value":"4"}]},{"name":"rpt:f-566","factDimensions":{"xbrl:concept":"us-gaap:ImpairmentOrDisposalOfLongLivedAssetsIncludingIntangibleAssetsPolicyPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Impairment of long-lived assets
The Company evaluates the recoverability of long-lived assets, including property, plant and equipment and finite lived intangible assets whenever events or changes in circumstances indicate a potential impairment exists. The Company groups assets at the lowest level for which cash flows are separately identifiable, referred to as an asset group. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flow is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any.
"}]},{"name":"rpt:f-567","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Redeemable noncontrolling interest
Redeemable noncontrolling interest is presented as mezzanine equity. The balance of the redeemable noncontrolling interest is reported at the greater of the initial carrying amount adjusted for the redeemable noncontrolling interest\u2019s share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The Company adjusts the carrying amount of the redeemable interest to the redemption amount each period, assuming the interest was redeemable at the balance sheet date with changes in fair value recorded in equity.
"}]},{"name":"rpt:f-568","factDimensions":{"xbrl:concept":"us-gaap:RevenueRecognitionPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Revenue recognition
The Company\u2019s cannabis revenue is comprised of sales of: (i) adult-use cannabis products in Canada, either to government agencies or third-party retailers under a \u201cbusiness-to-business\u201d wholesale model; and (ii) medical and other cannabis products in Canada and certain other countries. The Company\u2019s revenue is also comprised of sales of vaporizers and similar cannabis accessories, merchandise, and revenue from other sources.
The Company\u2019s revenue-generating activities have a single performance obligation and revenue is recognized at the point in time when control of the product transfers and the Company\u2019s obligations have been fulfilled. This generally occurs when the product is shipped or delivered to the customer, depending upon the method of distribution and shipping terms set forth in the customer contract. In accordance with contracts with certain of the Company\u2019s Canadian provincial and territorial customers, the Company fulfills its obligations only when the customer transfers control of the product to the end consumer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for the sale of the Company\u2019s product. Certain of the Company\u2019s customer contracts, most notably those with the Canadian provincial and territorial agencies, may provide the customer with a right of return. In certain circumstances the Company may also provide a retrospective price adjustment to a customer. These items give rise to variable consideration, which is recognized as a reduction of the transaction price based upon the expected amounts of the product returns and price adjustments at the time revenue for the corresponding product sale is recognized. The determination of the reduction of the transaction price for variable consideration requires that the Company make certain estimates and assumptions that affect the timing and amounts of revenue recognized. The Company estimates this variable consideration by taking into account factors such as historical information, current trends, forecasts, provincial and territorial inventory levels, availability of actual results and expectations of demand. The Company recognizes a liability for sales refunds within other current liabilities, and an asset for the value of inventory which is expected to be returned is recognized within prepaid expenses and other assets on the consolidated balance sheets.
Sales of products are for cash or otherwise agreed-upon credit terms. The Company\u2019s payment terms vary by location and customer; however, the time period between when revenue is recognized and when payment is due is not significant.
"}]},{"name":"rpt:f-569","factDimensions":{"xbrl:concept":"us-gaap:CostOfSalesPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Cost of goods sold
The types of costs included in cost of goods sold are raw materials, packaging materials, manufacturing costs, plant facilities administrative support and overheads, and freight and warehouse costs, including distribution costs. Cost of goods sold also includes inventory valuation adjustments.
"}]},{"name":"rpt:f-570","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingCostsPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Advertising
Advertising costs are expensed as incurred. Advertising expenses totaled $28,656, $28,294 and $53,382 in the years ended March 31, 2024, 2023, and 2022, respectively.
"}]},{"name":"rpt:f-571","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"28656000","decimals":-3}]},{"name":"rpt:f-572","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"28294000","decimals":-3}]},{"name":"rpt:f-573","factDimensions":{"xbrl:concept":"us-gaap:AdvertisingExpense","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"53382000","decimals":-3}]},{"name":"rpt:f-574","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpensePolicy","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Research and development
Research and development costs are expensed as incurred. Research and development expenses totaled $4,611, $21,718, and $32,261 in the years ended March 31, 2024, 2023, and 2022, respectively.
"}]},{"name":"rpt:f-575","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"4611000","decimals":-3}]},{"name":"rpt:f-576","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"21718000","decimals":-3}]},{"name":"rpt:f-577","factDimensions":{"xbrl:concept":"us-gaap:ResearchAndDevelopmentExpense","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"32261000","decimals":-3}]},{"name":"rpt:f-578","factDimensions":{"xbrl:concept":"cgc:AssetImpairmentAndRestructuringCostsPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Asset impairment and restructuring costs
Asset impairment and restructuring costs consist of property, plant and equipment, intangible asset and goodwill impairment charges, asset abandonment costs, contractual and other settlement costs, and employee-related and other restructuring costs recognized in connection with: (i) the restructuring of the Company\u2019s global operations that commenced in the year ended March 31, 2020 and continued strategic review of its business; and (ii) other impairments. Offsetting the charges for the year ended March 31, 2024 was a gain on sale of the Company's production facility as sale proceeds exceeded the carrying value that was previously impaired. Refer to Note 7 for further details.
When a long-lived asset is abandoned its carrying amount is adjusted to its salvage value, if any. In determining the salvage value of our long-lived assets, management considers information from manufacturers, historical data, and industry standards. In certain cases, management may obtain third party appraisals to estimate salvage value.
"}]},{"name":"rpt:f-579","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationOptionAndIncentivePlansPolicy","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Share-based compensation
The Company accounts for share-based compensation using the fair value method. With the exception of a limited number of share-based awards subject to market-based performance conditions that are valued using the Monte Carlo simulation model, the fair value of awards granted is estimated at the date of grant using the Black-Scholes model. The share-based compensation expense is based on the fair value of share-based awards at the grant date and the expense is recognized over the related service period following a graded vesting expense schedule. Forfeitures are estimated at the time of grant and revised in subsequent periods if there is a difference in actual forfeitures and the estimate.
For awards with service and/or non-market based performance conditions, the amount of compensation expense recognized is based on the number of awards expected to vest, reflecting estimated expected forfeitures, and is adjusted to reflect those awards that do ultimately vest. For awards with performance conditions, the Company recognizes the compensation expense if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at each reporting date.
"}]},{"name":"rpt:f-580","factDimensions":{"xbrl:concept":"us-gaap:IncomeTaxPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Income taxes
Income taxes are comprised of current and deferred taxes. These taxes are accounted for using the liability method. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using the enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax is recognized on the difference between the carrying amount of an asset or a liability, as reflected in the financial statements, and the corresponding tax base, used in the computation of income for tax purposes (\u201ctemporary difference\u201d) and measured using the enacted tax rates and laws as at the balance sheet date that are expected to apply to the income that the Company expects to arise for tax purposes in the period during which the difference is expected to reverse. Management assesses the likelihood that a deferred tax asset will be realized and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The determination of both current and deferred taxes reflects the Company\u2019s interpretation of the relevant tax rules and judgement.
An unrealized tax benefit may arise in connection with a period that has not yet been reviewed by the relevant tax authority. A change in the recognition or measurement of an unrealized tax benefit is reflected in the period during which the change occurs.
Income taxes are recognized in the consolidated statement of operations, except when they relate to a pre-tax item that is recognized in other comprehensive income (loss) or directly in equity, respectively. Income taxes recognized in other comprehensive income (loss) or equity are reclassified to the consolidated statement of operations if the corresponding pre-tax item is reclassified to the consolidated statement of operations. Where income taxes arise from the initial accounting for a business combination, these are embedded in the pre-tax accounting for the business combination.
Interest and penalties in respect of income taxes are not recognized in the consolidated statement of operations as a component of income taxes but as a component of interest expense.
"}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:EarningsPerSharePolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Earnings (loss) per share
Basic earnings (loss) per share is computed by dividing reported net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings (loss) per share is computed by dividing earnings (loss) by the sum of the weighted average number of common shares and the number of dilutive potential common share equivalents outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised or converted into common shares of the Company during the reporting periods. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of warrants, vested share options, RSUs and the incremental shares issuable upon conversion of convertible notes. As at March 31, 2024, March 31, 2023, and March 31, 2022, all instruments were anti-dilutive.
"}]},{"name":"rpt:f-582","factDimensions":{"xbrl:concept":"us-gaap:FairValueMeasurementPolicyPolicyTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Fair value measurements
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models.
For other financial assets measured at fair value that earn interest, the Company has elected to present interest income as part of the fair value change in other income (expense), net.
"}]},{"name":"rpt:f-583","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"4. NEW ACCOUNTING POLICIES
Accounting Guidance Not Yet Adopted
Segment Reporting
In November 2023, the Financial Accounting Standards Board (the \u201cFASB\u201d) 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.
Accounting Guidance Not Yet Adopted
Segment Reporting
In November 2023, the Financial Accounting Standards Board (the \u201cFASB\u201d) 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.
"}]},{"name":"rpt:f-585","factDimensions":{"xbrl:concept":"us-gaap:ReorganizationUnderChapter11OfUSBankruptcyCodeDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"5. CANOPY USA
Reorganization - Creation of Canopy USA
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 (as defined below) to Canopy USA, to consummate the acquisitions of Acreage Holdings, Inc. (\u201cAcreage\u201d), Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, \u201cWana\u201d and each, a \u201cWana Entity\u201d), and Lemurian, Inc. (\u201cJetty\u201d). 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. Accordingly, we will not hold any Fixed Shares or Floating Shares. 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 all of the debt obligations, including all principal and interest owing under such debt obligations payable by certain subsidiaries of TerrAscend, were extinguished and all of the previously issued TerrAscend Warrants controlled by Canopy USA were cancelled in exchange 24,601,467 TerrAscend Exchangeable Shares and 22,474,130 new TerrAscend Warrants expiring on December 31, 2032. See Note 13 for further details.
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) and the Additional 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 (as defined below) 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. On April 26, 2024, Canopy USA completed the first tranche closing of the Trust Transaction in accordance with the Trust SPA, whereby the Trust acquired an aggregate 28,571,429 Canopy USA Common Shares at US$0.175 per Canopy USA Common Share and warrants to acquire up to 42,857,142 Voting Shares expiring on April 26, 2031.
In addition, subject to the terms and conditions of the A&R Protection Agreement (as defined below) 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 are only 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 \u201cStock Exchange Permissibility 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.
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 Stock Exchange Permissibility 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 March 31, 2024, 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. As of May 28, 2024, the Trust holds 28,571,429 Canopy USA Common Shares, the shareholders of Wana collectively hold 60,955,929 Canopy USA Common Shares and a wholly-owned subsidiary of the Company holds all of the issued and outstanding Non-Voting
Shares in the capital of Canopy USA, representing approximately 72.3% 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 and on April 30, 2024, 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 13) were 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, on April 30, 2024, (i) Canopy USA issued 60,955,929 Canopy USA Common Shares and (ii) Canopy Growth issued 1,086,279 Canopy Growth common shares to the shareholders of Wana. The Canopy USA Common Shares issued to Ms. Whiteman, or entities controlled by Ms. Whiteman, are subject to a repurchase right exercisable at any time after April 30, 2027, being 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, such conversion shall only be permitted following the Stock Exchange Permissibility 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 Stock Exchange Permissibility 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.
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 June 17, 2024. In addition, the most recent amendment to the Floating Share Arrangement Agreement also extended the date in which the Canopy Call Option (as defined in the Floating Share Arrangement Agreement) is required to be exercised by to not later than June 17, 2024, such date being 41 business days following the CBI Exchange (as defined below).
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 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). 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. Accordingly, 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 (the \u201cAcreage Debt Option Agreement\u201d), 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. The Lenders provided notice to the Company pursuant to the Acreage Debt Option Agreement of a default on the Acreage Debt. The Company is continuing to evaluate the notice and the applicable provisions of the Acreage Debt Option Agreement.
Special Shareholder Meeting
In connection with the Reorganization, Canopy Growth held a special meeting of shareholders on April 12, 2024 (the \u201cMeeting\u201d) at which Canopy Growth shareholders approved 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 do carry voting rights, rights to receive dividends or other rights upon dissolution of Canopy Growth but are convertible into common shares.
CBI Exchange and Note Exchange
On April 18, 2024, Greenstar Canada Investment Limited Partnership (\u201cGreenstar\u201d) and CBG Holdings LLC (\u201cCBG\u201d), indirect, wholly-owned subsidiaries of Constellation Brands, Inc. (\u201cCBI\u201d, and together with its affiliates, the \u201cCBI Group\u201d), exchanged all 17,149,925 common shares in the capital of the Company they collectively held for 17,149,925 Exchangeable Shares for no consideration (the \u201cCBI Exchange\u201d). As a result of the CBI Exchange, the CBI Group no longer holds any Canopy Growth common shares. On April 18, 2024, the Company also entered into an exchange agreement with Greenstar, pursuant to which Greenstar converted approximately $81.2 million of the principal amount of the CBI Note (as defined below) into 9,111,549 Exchangeable Shares (the \u201cNote Exchange\u201d), calculated based on a price per Exchangeable Share equal to $8.91. All accrued but unpaid interest on the CBI Note together with the remaining principal amount of the CBI Note was cancelled and forgiven for no additional consideration by Greenstar. Following the closing of the Note Exchange, the CBI Note was cancelled.
In connection with the Reorganization, on October 24, 2022, Canopy Growth entered into a consent agreement with CBG and Greenstar (the \u201cThird Consent Agreement\u201d), and pursuant to the terms thereof, following the CBI Exchange, other than Third Consent Agreement, and the termination rights contained therein, 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, were terminated. Pursuant to the terms of the Third Consent Agreement, all nominees of CBI that were sitting on the board of directors of Canopy Growth immediately prior to the CBI Exchange resigned as directors of Canopy Growth.
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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 |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Net revenue | \n \u00a0 | \n $ | \n 56,610 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,651 | \n \u00a0 | \n \u00a0 | \n $ | \n 34,622 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n 145,625 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,344 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n 97,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 177,171 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,235 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (186,866 | \n ) | \n \u00a0 | \n \u00a0 | \n (217,782 | \n ) | \n \u00a0 | \n \u00a0 | \n (73,957 | \n ) | \n
Other income (expense), net1 | \n \u00a0 | \n \u00a0 | \n (6,183 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,380 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,300 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n \u00a0 | \n 936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (954 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net loss on discontinued \u00a0of tax | \n \u00a0 | \n $ | \n (192,113 | \n ) | \n \u00a0 | \n $ | \n (229,116 | \n ) | \n \u00a0 | \n $ | \n (71,657 | \n ) | \n
1 Included in Other income (expense), net for the year ended March 31, 2024 is a loss on deconsolidation of $9,820.
Investment in BioSteel Entities
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.
Canopy Growth's Amounts Receivable from BioSteel Entities
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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \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 8,038 | \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 8,038 | \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
30. DIVESTITURES
(a) This Works Divestiture
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.
(b) Retail Divestiture
On September 27, 2022, the Company entered into the following two agreements to divest its retail business in Canada, which includes the retail stores operating under the Tweed and Tokyo Smoke banners:
In the three months ended December 31, 2022, upon closing of the OEGRC Transaction and the FOUR20 Transaction, the Company received a cash payment of $88. At December 31, 2022, the Company was also entitled to deferred consideration of $5,500, and an earn-out payment of $6,099, subject to the achievement of certain revenue targets by the divested retail stores. In the three months ended March 31, 2023, $2,500 of deferred consideration was received.
Following the divestiture of the retail stores pursuant to the OEGRC Transaction and the FOUR20 Transaction, the Company derecognized the assets and liabilities of the associated retail stores from these consolidated financial statements at their carrying amounts on their respective closing dates, as follows:
\n| \n | \n | \n | \n | \n |
Current assets | \n \u00a0 | \n $ | \n 6,461 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 7,990 | \n \u00a0 | \n
Other long-term assets | \n \u00a0 | \n \u00a0 | \n 144 | \n \u00a0 | \n
Current liabilities | \n \u00a0 | \n \u00a0 | \n (9,492 | \n ) | \n
Net assets disposed | \n \u00a0 | \n $ | \n 5,103 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n 88 | \n \u00a0 | \n
Future cash consideration | \n \u00a0 | \n \u00a0 | \n 11,599 | \n \u00a0 | \n
Costs to sell | \n \u00a0 | \n \u00a0 | \n (2,442 | \n ) | \n
Total consideration | \n \u00a0 | \n $ | \n 9,245 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n 4,142 | \n \u00a0 | \n
The gain calculated on the derecognition of the assets and liabilities of the retail stores 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.
(c) C3 Divestiture
On December 15, 2021, the Company entered into an agreement to divest all of its interest in C3 to a European pharmaceutical company headquartered in Germany. C3 develops and manufactures cannabinoid-based pharmaceutical products for distribution in Germany and certain other European countries.
The C3 Divestiture was completed on January 31, 2022, pursuant to which the Company received a cash payment of $128,316 (\u20ac88,698), inclusive of cash, working capital and debt adjustments. The Company will also be entitled to an earnout payment of up to \u20ac42,600, subject to the achievement of certain milestones by C3.
Following the C3 Divestiture, the Company no longer controls C3 and the Company derecognized the assets and liabilities of C3 from these consolidated financial statements at their carrying amounts, including $53,541 of goodwill allocated to the C3 reporting unit. The derecognized assets and liabilities on January 31, 2022, were as follows:
\n| \n | \n | \n | \n | \n |
Current assets1 | \n \u00a0 | \n $ | \n 44,568 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 9,216 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 15,548 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n \u00a0 | \n 53,541 | \n \u00a0 | \n
Current liabilities | \n \u00a0 | \n \u00a0 | \n (3,089 | \n ) | \n
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n (6,029 | \n ) | \n
Cumulative translation adjustment | \n \u00a0 | \n \u00a0 | \n 19,178 | \n \u00a0 | \n
Net assets disposed | \n \u00a0 | \n $ | \n 132,933 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n 128,316 | \n \u00a0 | \n
Future cash consideration | \n \u00a0 | \n \u00a0 | \n 7,233 | \n \u00a0 | \n
Costs to sell | \n \u00a0 | \n \u00a0 | \n (1,153 | \n ) | \n
Total consideration | \n \u00a0 | \n $ | \n 134,396 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n 1,463 | \n \u00a0 | \n
1 Included in current assets is $19,338 of cash.
The gain calculated on the derecognition of C3\u2019s assets and liabilities is the difference between the carrying amounts of the derecognized assets and liabilities, inclusive of any cumulative translation adjustment amounts, and the fair value of consideration received, net of costs to sell.
"}]},{"name":"rpt:f-635","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationDescriptionAndTimingOfDisposal","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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-636","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationDescriptionAndTimingOfDisposal","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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-637","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Net revenue | \n \u00a0 | \n $ | \n 56,610 | \n \u00a0 | \n \u00a0 | \n $ | \n 69,651 | \n \u00a0 | \n \u00a0 | \n $ | \n 34,622 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n 145,625 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 110,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,344 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n 97,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 177,171 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,235 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (186,866 | \n ) | \n \u00a0 | \n \u00a0 | \n (217,782 | \n ) | \n \u00a0 | \n \u00a0 | \n (73,957 | \n ) | \n
Other income (expense), net1 | \n \u00a0 | \n \u00a0 | \n (6,183 | \n ) | \n \u00a0 | \n \u00a0 | \n (10,380 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,300 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n \u00a0 | \n 936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (954 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net loss on discontinued \u00a0of tax | \n \u00a0 | \n $ | \n (192,113 | \n ) | \n \u00a0 | \n $ | \n (229,116 | \n ) | \n \u00a0 | \n $ | \n (71,657 | \n ) | \n
1 Included in Other income (expense), net for the year ended March 31, 2024 is a loss on deconsolidation of $9,820.
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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \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 8,038 | \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 8,038 | \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
7. ASSET IMPAIRMENT AND RESTRUCTURING COSTS
Year ended March 31, 2024
Restructuring and other charges
In the year ended March 31, 2024, the Company recorded charges associated with operational changes resulting from its continuing strategic review of its business. Charges relate to 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, in addition to continued evaluation of the Company's overall operations throughout fiscal 2024. The Company also recognized impairment charges associated with the divestiture of This Works, as described in Note 30(a) below.
Offsetting the charges above was a gain on the sale of the Company's production facility at 1 Hershey Drive in Smiths Falls, Ontario. The gain was due to the sale proceeds exceeding the carrying value that was previously impaired at March 31, 2023.
Other impairments
The other impairment charges described below related to goodwill and intangible assets are in addition to the restructuring and impairment costs described above.
Goodwill
In the year ended March 31, 2024, the Company recognized goodwill impairment charges totaling $42,081 relating to the Company's Storz & Bickel reporting unit. Refer to Note 16 for further details.
Intangible assets
In the year ended March 31, 2024, the Company recognized losses totaling $17,266 relating primarily to This Works prior to divestiture and the Storz & Bickel's acquired brand intangible asset.
A summary of the pre-tax charges totaling $65,001 recognized in connection with the Company\u2019s restructuring actions and other impairments is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended March 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Restructuring and other charges | \n \u00a0 | \n \u00a0 | \n Other impairments | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Costs recorded in cost of goods sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Reversal of inventory write-downs and other charges | \n \u00a0 | \n $ | \n (986 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (986 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Costs recorded in operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
(Gain) impairment of property, plant and equipment, net | \n \u00a0 | \n \u00a0 | \n (40,578 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (40,578 | \n ) | \n
Impairment of intangible assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,266 | \n \u00a0 | \n
Impairment of goodwill | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,081 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,081 | \n \u00a0 | \n
Contractual and other settlement obligations | \n \u00a0 | \n \u00a0 | \n (2,129 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,129 | \n ) | \n
Employee-related and other restructuring costs | \n \u00a0 | \n \u00a0 | \n 29,193 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,347 | \n \u00a0 | \n
Asset impairment and restructuring costs | \n \u00a0 | \n \u00a0 | \n (13,514 | \n ) | \n \u00a0 | \n \u00a0 | \n 79,501 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,987 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total restructuring, asset impairments and related costs | \n \u00a0 | \n $ | \n (14,500 | \n ) | \n \u00a0 | \n $ | \n 79,501 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,001 | \n \u00a0 | \n
Year ended March 31, 2023
Restructuring and other charges
In the year ended March 31, 2023, the Company recognized impairment charges associated with its announcement, in the three months ended March 31, 2023, of a series of comprehensive steps to align its Canadian cannabis operations and resources in response to unfavorable market realities. These actions include:
As a result of the aforementioned changes, the Company intended to close and sell the 1 Hershey Drive production facility in Smiths Falls, Ontario, consolidate flower, PRJ, softgel, and oil manufacturing in the Company\u2019s current beverage production facility in Smiths Falls, Ontario, and reduced headcount across the business. We also intended to rationalize our cannabis extraction activities across Canada. Additionally, in March 2023, the Company completed the purchase of the remaining 45% of the common shares of Les Serres Vert Cannabis Inc. (\u201cVert Mirabel\u201d) for consideration consisting of cash and the Company\u2019s common shares, thereby increasing the Company\u2019s interest in the entity to 100%. In connection with that acquisition, the Company terminated its lease for the facility in Mirabel, Quebec and has ceased the sourcing of cannabis flower from the Mirabel, Quebec facility.
The Company also recognized impairment charges associated with the divestiture of the Company\u2019s retail operations pursuant to the OEGRC Transaction and the FOUR20 Transaction (as each terms is defined below), as described in Note 30(b) below. Additionally, the Company: (i) recognized incremental costs primarily associated with the restructuring actions completed in the year ended March 31, 2022, including the closure of certain of its Canadian production facilities, and other operational changes initiated in the three months ended March 31, 2022, as described below in our summary of restructuring actions in the year ended March 31, 2022; and (ii) employee-related restructuring charges associated with actions completed in the three months ended December 31, 2022 and three months ended March 31, 2023 as part of the Company\u2019s ongoing program to align general and administrative costs with business objectives, and further streamline the Company\u2019s operations.
The Company recorded total inventory write-downs and associated restructuring charges of $81,802 in the year ended March 31, 2023, related primarily to: (i) the aforementioned strategic changes to our business that were initiated in the three months ended March 31, 2023, including the closure of our production facility at 1 Hershey Drive in Smiths Falls, Ontario; and (ii) the strategic changes to our business initiated in fiscal 2022, including the shift to a contract manufacturing model for certain product formats and the closure of certain of our production facilities.
As a result of these actions, the Company recognized aggregate pre-tax charges of $538,655 in the year ended March 31, 2023, and reduced headcount by approximately 800 full-time positions.
Other impairments
The other impairment charges described below related to goodwill and intangible assets are in addition to the restructuring and impairment costs described above and which are associated with the Company\u2019s restructuring actions.
Goodwill
In the year ended March 31, 2023, the Company recognized goodwill impairment charges totaling $1,727,679 as follows: (i) $1,725,368 was recorded in the three months ended June 30, 2022 in relation to the Company\u2019s cannabis operations reporting unit in the Canada cannabis segment; and (ii) $2,311 was recorded in the three months ended September 30, 2022 in relation to the Company\u2019s This Works reporting unit. Refer to Note 16 for further details.
Intangible assets
In the year ended March 31, 2023, the Company recognized losses totaling $14,614 in connection with certain acquired brand intangible assets, primarily within our Canada cannabis segment.
A summary of the pre-tax charges totaling $2,280,948 recognized in connection with the Company\u2019s restructuring actions and other impairments is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended March 31, 2023 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Restructuring and other charges | \n \u00a0 | \n \u00a0 | \n Other impairments | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Costs recorded in cost of goods sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Inventory write-downs and other charges | \n \u00a0 | \n $ | \n 81,802 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 81,802 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Costs recorded in operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Impairment of property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 376,176 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 376,176 | \n \u00a0 | \n
Impairment of intangible assets | \n \u00a0 | \n \u00a0 | \n 27,399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,614 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,013 | \n \u00a0 | \n
Impairment of goodwill | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,727,679 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,727,679 | \n \u00a0 | \n
Contractual and other settlement obligations | \n \u00a0 | \n \u00a0 | \n 18,427 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,427 | \n \u00a0 | \n
Employee-related and other restructuring costs | \n \u00a0 | \n \u00a0 | \n 34,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,851 | \n \u00a0 | \n
Asset impairment and restructuring costs | \n \u00a0 | \n \u00a0 | \n 456,853 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,742,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199,146 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total restructuring, asset impairments and related costs | \n \u00a0 | \n $ | \n 538,655 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,742,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,280,948 | \n \u00a0 | \n
Year Ended March 31, 2022
Restructuring and other charges
In the year ended March 31, 2022, the Company recorded charges associated with operational changes resulting from its continuing strategic review of its business. The Company recorded charges in the three months ended June 30, 2021 related to a strategic review of the business conducted as a result of acquisitions completed in that period (see Note 29(c)), which resulted in the closure of the Company\u2019s Niagara-on-the-Lake, Ontario and Langley, British Columbia facilities. In the three months ended March 31, 2022, the Company recorded further charges related to further restructuring actions aligned to its strategic review of the business, which included: (i) reducing cultivation costs in the Canadian adult-use cannabis business through cultivation-related efficiencies and facility improvements; (ii) implementing a flexible manufacturing platform, including contract manufacturing for certain product formats; (iii) right-sizing indirect costs and generating efficiencies across the Company\u2019s supply chain and procurement; (iv) aligning general and administrative costs with short-term business expectations; and (v) further streamlining the organization to drive process-related efficiencies.
The Company also recorded charges associated with changes in the estimated fair value of certain of the Company\u2019s Canadian sites that were closed in December 2020, and costs associated with the closure of those sites.
The Company recorded total inventory write-downs and associated restructuring charges of $123,669 in the year ended March 31, 2022, related primarily to: (i) the aforementioned strategic changes to our business, including the shift to a contract manufacturing model for certain product formats and the closure of certain of our production facilities; and (ii) amounts deemed excess based on current and projected market demand.
As a result of these actions, the Company recognized aggregate pre-tax charges of $429,725 in the year ended March 31, 2022, and reduced headcount by approximately 250 full-time positions.
Other impairments
Goodwill
The Company performed its annual goodwill impairment test in the three months ended March 31, 2022, and recognized impairment losses totaling $40,748, of which $22,355 relates to the KeyLeaf reporting unit and $18,393 relates to the This Works reporting unit. Refer to Note 16 for further details.
Intangible assets
In the year ended March 31, 2022, the Company recognized charges totaling $26,065 related to certain of its acquired brands and operating licenses. These impairment charges were identified by the Company during its annual impairment testing process, which was conducted in the three months ended March 31, 2022, and reflected in asset impairment and restructuring costs.
These other impairment charges related to goodwill and intangible assets are in addition to the restructuring and impairment costs described above and which are associated with the Company\u2019s restructuring actions.
A summary of the pre-tax charges totaling $496,538 recognized in connection with the Company\u2019s restructuring actions and other impairments is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended March 31, 2022 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Restructuring and other charges | \n \u00a0 | \n \u00a0 | \n Other impairments | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Costs recorded in cost of goods sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Inventory write-downs and other charges | \n \u00a0 | \n $ | \n 123,669 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 123,669 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Costs recorded in operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Impairment and abandonment of property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 224,726 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 224,726 | \n \u00a0 | \n
Impairment and abandonment of intangible assets | \n \u00a0 | \n \u00a0 | \n 41,404 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,065 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67,469 | \n \u00a0 | \n
Impairment of goodwill | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,748 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,748 | \n \u00a0 | \n
Contractual and other settlement obligations | \n \u00a0 | \n \u00a0 | \n 6,610 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,610 | \n \u00a0 | \n
Employee-related and other restructuring costs | \n \u00a0 | \n \u00a0 | \n 29,701 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,701 | \n \u00a0 | \n
Asset impairment and restructuring costs | \n \u00a0 | \n \u00a0 | \n 302,441 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 66,813 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 369,254 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Acceleration of share-based compensation expense | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n
Share-based compensation expense | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total restructuring, asset impairments and related costs | \n \u00a0 | \n $ | \n 429,725 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,813 | \n \u00a0 | \n \u00a0 | \n $ | \n 496,538 | \n \u00a0 | \n
A summary of the pre-tax charges totaling $65,001 recognized in connection with the Company\u2019s restructuring actions and other impairments is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended March 31, 2024 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Restructuring and other charges | \n \u00a0 | \n \u00a0 | \n Other impairments | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Costs recorded in cost of goods sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Reversal of inventory write-downs and other charges | \n \u00a0 | \n $ | \n (986 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (986 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Costs recorded in operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
(Gain) impairment of property, plant and equipment, net | \n \u00a0 | \n \u00a0 | \n (40,578 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (40,578 | \n ) | \n
Impairment of intangible assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,266 | \n \u00a0 | \n
Impairment of goodwill | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,081 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,081 | \n \u00a0 | \n
Contractual and other settlement obligations | \n \u00a0 | \n \u00a0 | \n (2,129 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,129 | \n ) | \n
Employee-related and other restructuring costs | \n \u00a0 | \n \u00a0 | \n 29,193 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,154 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49,347 | \n \u00a0 | \n
Asset impairment and restructuring costs | \n \u00a0 | \n \u00a0 | \n (13,514 | \n ) | \n \u00a0 | \n \u00a0 | \n 79,501 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,987 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total restructuring, asset impairments and related costs | \n \u00a0 | \n $ | \n (14,500 | \n ) | \n \u00a0 | \n $ | \n 79,501 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,001 | \n \u00a0 | \n
A summary of the pre-tax charges totaling $2,280,948 recognized in connection with the Company\u2019s restructuring actions and other impairments is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended March 31, 2023 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Restructuring and other charges | \n \u00a0 | \n \u00a0 | \n Other impairments | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Costs recorded in cost of goods sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Inventory write-downs and other charges | \n \u00a0 | \n $ | \n 81,802 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 81,802 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Costs recorded in operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Impairment of property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 376,176 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 376,176 | \n \u00a0 | \n
Impairment of intangible assets | \n \u00a0 | \n \u00a0 | \n 27,399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,614 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 42,013 | \n \u00a0 | \n
Impairment of goodwill | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,727,679 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,727,679 | \n \u00a0 | \n
Contractual and other settlement obligations | \n \u00a0 | \n \u00a0 | \n 18,427 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,427 | \n \u00a0 | \n
Employee-related and other restructuring costs | \n \u00a0 | \n \u00a0 | \n 34,851 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,851 | \n \u00a0 | \n
Asset impairment and restructuring costs | \n \u00a0 | \n \u00a0 | \n 456,853 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,742,293 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199,146 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total restructuring, asset impairments and related costs | \n \u00a0 | \n $ | \n 538,655 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,742,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,280,948 | \n \u00a0 | \n
A summary of the pre-tax charges totaling $496,538 recognized in connection with the Company\u2019s restructuring actions and other impairments is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Year ended March 31, 2022 | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n Restructuring and other charges | \n \u00a0 | \n \u00a0 | \n Other impairments | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
Costs recorded in cost of goods sold: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Inventory write-downs and other charges | \n \u00a0 | \n $ | \n 123,669 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 123,669 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Costs recorded in operating expenses: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Impairment and abandonment of property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 224,726 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 224,726 | \n \u00a0 | \n
Impairment and abandonment of intangible assets | \n \u00a0 | \n \u00a0 | \n 41,404 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,065 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 67,469 | \n \u00a0 | \n
Impairment of goodwill | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,748 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,748 | \n \u00a0 | \n
Contractual and other settlement obligations | \n \u00a0 | \n \u00a0 | \n 6,610 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,610 | \n \u00a0 | \n
Employee-related and other restructuring costs | \n \u00a0 | \n \u00a0 | \n 29,701 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,701 | \n \u00a0 | \n
Asset impairment and restructuring costs | \n \u00a0 | \n \u00a0 | \n 302,441 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 66,813 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 369,254 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Acceleration of share-based compensation expense | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n
Share-based compensation expense | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,615 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Total restructuring, asset impairments and related costs | \n \u00a0 | \n $ | \n 429,725 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,813 | \n \u00a0 | \n \u00a0 | \n $ | \n 496,538 | \n \u00a0 | \n
8. 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 115,427 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,146 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 54,873 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 214,547 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 170,300 | \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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 115,427 | \n \u00a0 | \n \u00a0 | \n $ | \n 453,146 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 54,873 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 214,547 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 170,300 | \n \u00a0 | \n \u00a0 | \n $ | \n 667,693 | \n \u00a0 | \n
9. 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \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 33,161 | \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 33,161 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n
The amortized cost of short-term investments at March 31, 2024 is $33,161 (March 31, 2023 \u2013 $107,661).
"}]},{"name":"rpt:f-774","factDimensions":{"xbrl:concept":"cgc:ScheduleOfShortTermInvestmentsTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \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 33,161 | \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 33,161 | \n \u00a0 | \n \u00a0 | \n $ | \n 105,526 | \n \u00a0 | \n
10. 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 44,943 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,292 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 2,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,544 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 876 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,966 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 3,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,657 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 51,847 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,459 | \n \u00a0 | \n
Included in the accounts receivable, net balance at March 31, 2024 is an allowance for credit losses of $9,903 (March 31, 2023 \u2013 $8,554).
"}]},{"name":"rpt:f-784","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 44,943 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,292 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 2,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,544 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 876 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,966 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 3,511 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,657 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 51,847 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,459 | \n \u00a0 | \n
11. INVENTORY
The components of inventory are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 18,872 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,927 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 31,367 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,104 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 27,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,199 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 77,292 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,230 | \n \u00a0 | \n
In the year ended March 31, 2024, the Company recorded write-downs related to inventory in cost of goods sold of $9,402 (year ended March 31, 2023 \u2013 $66,490).
"}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 18,872 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,927 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 31,367 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,104 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 27,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,199 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 77,292 | \n \u00a0 | \n \u00a0 | \n $ | \n 83,230 | \n \u00a0 | \n
12. 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 6,621 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,963 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 2,365 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,522 | \n \u00a0 | \n
Prepaid inventory | \n \u00a0 | \n \u00a0 | \n 757 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 690 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 13,489 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,115 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 23,232 | \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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 6,621 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,963 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 2,365 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,522 | \n \u00a0 | \n
Prepaid inventory | \n \u00a0 | \n \u00a0 | \n 757 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 690 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 13,489 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,115 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 23,232 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,290 | \n \u00a0 | \n
13. OTHER FINANCIAL ASSETS
The following tables outline changes in other financial assets. Additional details on how the fair value of significant investments are calculated are included in Note 25.
\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 March 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 2024 | \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 (45,408 | \n ) | \n \u00a0 | \n $ | \n 26 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,000 | \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 26,936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 120,000 | \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 6,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (74 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,500 | \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 400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,000 | \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 (83,247 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,097 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,968 | \n ) | \n \u00a0 | \n \u00a0 | \n 149,766 | \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 (15,057 | \n ) | \n \u00a0 | \n \u00a0 | \n (42 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59,915 | \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 155 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,862 | \n ) | \n \u00a0 | \n \u00a0 | \n 11,780 | \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 2,012 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 83 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,574 | \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 (1,776 | \n ) | \n \u00a0 | \n \u00a0 | \n (46 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,287 | \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 535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (122 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,441 | \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 (132 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,366 | \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 (124,806 | \n ) | \n \u00a0 | \n $ | \n (929 | \n ) | \n \u00a0 | \n $ | \n (7,084 | \n ) | \n \u00a0 | \n $ | \n 437,629 | \n \u00a0 | \n
1Refer to Note 31 for information regarding the Acreage Arrangement and Acreage Hempco.
For information regarding the Reorganization, Reorganization Amendments and Additional Reorganization Amendments, see Note 5. 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.
\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 March 31, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2022 | \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 - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 55,382 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 55,382 | \n \u00a0 | \n
TerrAscend Exchangeable Shares | \n \u00a0 | \n Exchangeable shares | \n \u00a0 | \n \u00a0 | \n 229,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (186,489 | \n ) | \n \u00a0 | \n \u00a0 | \n (511 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,000 | \n \u00a0 | \n
TerrAscend Canada - October 2019 | \n \u00a0 | \n Term loan / debenture | \n \u00a0 | \n \u00a0 | \n 10,280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (146 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10,134 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend Canada - March 2020 | \n \u00a0 | \n Term loan / debenture | \n \u00a0 | \n \u00a0 | \n 49,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,804 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (45,086 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Arise Bioscience | \n \u00a0 | \n Term loan / debenture | \n \u00a0 | \n \u00a0 | \n 13,343 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,767 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,268 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (12,844 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - October 2019 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 3,730 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,372 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (358 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - March 2020 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 60,740 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (46,376 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14,364 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - December 2020 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 3,460 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,246 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,214 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - December 2022 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7,000 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,000 | \n \u00a0 | \n
TerrAscend | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 6,300 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,700 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,600 | \n \u00a0 | \n
Wana | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 372,343 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (154,936 | \n ) | \n \u00a0 | \n \u00a0 | \n 21,671 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,078 | \n \u00a0 | \n
Jetty | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,120 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (19,915 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 75,014 | \n \u00a0 | \n
Acreage Hempco1 | \n \u00a0 | \n Debenture | \n \u00a0 | \n \u00a0 | \n 28,824 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,361 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,295 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,218 | \n ) | \n \u00a0 | \n \u00a0 | \n 29,262 | \n \u00a0 | \n
Acreage Debt Option Premium | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,048 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,041 | \n ) | \n \u00a0 | \n \u00a0 | \n 472 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,479 | \n \u00a0 | \n
Acreage Tax receivable Agreement | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,491 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (38,035 | \n ) | \n \u00a0 | \n \u00a0 | \n (347 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,109 | \n \u00a0 | \n
Other - at fair value through net income (loss) | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 10,396 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9,031 | \n ) | \n \u00a0 | \n \u00a0 | \n 505 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,870 | \n \u00a0 | \n
Other - classified as held for investment | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n 12,022 | \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 (3,524 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,498 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 800,328 | \n \u00a0 | \n \u00a0 | \n $ | \n 253,659 | \n \u00a0 | \n \u00a0 | \n $ | \n (424,115 | \n ) | \n \u00a0 | \n $ | \n 30,162 | \n \u00a0 | \n \u00a0 | \n $ | \n (91,742 | \n ) | \n \u00a0 | \n $ | \n 568,292 | \n \u00a0 | \n
1Refer to Note 31 for information regarding the Acreage Arrangement and Acreage Hempco.
TerrAscend Financial Instruments
TerrAscend Exchangeable Shares
TerrAscend is a publicly listed prominent 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. The TerrAscend Exchangeable Shares are convertible into TerrAscend common shares following the exchange start date applicable to the holder of such TerrAscend Exchangeable Shares, at the option of the holder and subject to any restrictions or limitations, on a one for one basis. The TerrAscend Exchangeable Shares are not transferrable or monetizable until exchanged into TerrAscend common shares. In the interim, Canopy USA will not be entitled to voting rights, dividends or other rights upon dissolution of TerrAscend. As a result, neither Canopy USA nor the Company has significant influence over TerrAscend and accordingly, the Company accounts for the TerrAscend Exchangeable Shares as a financial asset at estimated fair value with any changes recorded in other income (expense), net. At March 31, 2024 the estimated fair value of the TerrAscend Exchangeable Shares, including the 24,601,467 TerrAscend Exchangeable Shares received as part of the TerrAscend Arrangement (as described below), was $120,000 (March 31, 2023 \u2013 $93,000).
TerrAscend Arrangement
On December 9, 2022, Canopy USA and certain limited partnerships that are controlled by Canopy USA entered into a debt settlement agreement (the \u201cTerrAscend Settlement Agreement\u201d) with TerrAscend, TerrAscend Canada Inc. (\"TerrAscend Canada\") and Arise Bioscience, Inc. (\"Arise Bioscience\") (together with TerrAscend and TerrAscend Canada, the \u201cTerrAscend Entities\u201d) whereby $125,467 in aggregate loans, including accrued interest thereon, payable by TerrAscend Canada and Arise Bioscience pursuant to: (i) the TerrAscend Canada October 2019 term loan; (ii) the TerrAscend Canada March 2020 term loan; and (iii) the Arise Bioscience term loan 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 the issuance of: (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 \u201cNew Warrants\u201d and, together with the TerrAscend Exchangeable Shares, the \u201cNew TerrAscend Securities\u201d) with a weighted average exercise price of $6.07 per TerrAscend Common Share and expiring on December 31, 2032 (collectively, the \u201cTerrAscend Arrangement\u201d).
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\u2019s option, subject to the terms of the A&R Protection Agreement.
On December 9, 2022, the estimated fair value of the financial instruments that were derecognized from these consolidated financial statements was $89,094, consisting of: (i) the aggregate term loans or debentures that were extinguished, including accrued interest, with an estimated fair value of $72,191; and (ii) the Prior Warrants that were cancelled, with an estimated fair value of $16,903. Changes in the estimated fair value of these financial instruments up to December 9, 2022 were recorded in other income (expense), net. On December 9, 2022, the estimated fair value of the financial instruments that were received from the TerrAscend Entities was $84,000, consisting of: (i) 24,601,467 TerrAscend Exchangeable Shares with an estimated fair value of $51,000; and (ii) the New Warrants, with an estimated fair value of $33,000. Changes in estimated fair value of these financial instruments from initial recognition are recorded in other income (expense), net. The loss of $5,094 resulting from the difference, on December 9, 2022, between the carrying amounts of the derecognized financial instruments and the fair value of the financial assets received, was also recorded in other income (expense), net.
See Note 25 for additional details on how the fair value of the aforementioned TerrAscend financial instruments are calculated on a recurring basis.
See Note 5 for information regarding the Reorganization, Reorganization Amendments and Additional Reorganization Amendments. Following the implementation of the Reorganization, as of October 24, 2022, Canopy USA holds certain U.S. cannabis investments previously held by the Company, including the aforementioned direct and indirect interests in the capital of TerrAscend.
Wana
On October 14, 2021, the Company, certain former subsidiaries of the Company (collectively, the \u201cWana Option Holder\u201d) and Wana entered into definitive agreements (the \u201cWana Agreements\u201d) providing the Wana Option Holder with the right, upon the occurrence or waiver (at the Wana Option Holder\u2019s 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 \u201cWana Triggering Event\u201d), to acquire 100% of the outstanding membership interests of Wana. Wana manufactures and sells gummies in the state of Colorado and licenses its intellectual property to partners, who manufacture, distribute, and sell Wana-branded gummies across the United States and Canada.
The Wana Agreements are structured as three separate option agreements whereby the Wana Option Holder has a call option (the \u201cWana Call Option\u201d) to acquire 100% of the membership interests in each Wana Entity. As consideration for entering into the Wana Agreements, the Company made an upfront cash payment (the \u201cWana Upfront Payment\u201d) in the aggregate amount of $368,067
(US$297,500). Upon the Wana Option Holder\u2019s exercise of its right to acquire Wana, the Wana Option Holder was initially required to make payments equal to 15% of the fair market value of Wana at the time the options are exercised (the \u201cCall Option Payments\u201d). As additional consideration for the right to acquire Wana, the Wana Option Holder is expected to make additional deferred payments (the \u201cWana Deferred Payments\u201d) in respect of Wana as of the 2.5- and 5-year anniversary of the Wana Upfront Payment, initially computed based on a pre-determined contractual formula as follows:
Payment of the Wana Deferred Payments is not contingent upon the occurrence or waiver (at the Wana Option Holder\u2019s discretion) of the Wana Triggering Event or the exercise of the Wana Call Option. At the Wana Option Holder\u2019s option, the Call Option Payments and the Wana Deferred Payments may be satisfied in cash, common shares or a combination thereof at the Wana Option Holder\u2019s sole discretion.
Upon initial recognition, the Company estimated the fair value of the Wana financial instrument to be $442,227, consisting of: (i) the Wana Upfront Payment as noted above; and (ii) the present value of the estimated Wana Deferred Payments, totaling $74,160 (see Note 19). The Wana financial instrument, in effect, represents the Wana Call Option to purchase 100% of Wana for a payment equal to 15% of Wana\u2019s fair market value at the time the option is exercised.
At March 31, 2024, the estimated fair value of the Wana financial instrument was $149,766 (March 31, 2023 - $239,078), with the change from initial recognition recorded in other income (expense), net. See Note 25 for additional details on how the fair value of the Wana financial instrument is calculated on a recurring basis.
See Note 5 for information regarding the Reorganization. Following the implementation of the Reorganization, Canopy USA, as of October 24, 2022, holds certain U.S. cannabis investments previously held by the Company, including the Wana Call Option by virtue of its ownership interest in the Wana Option Holder, which is expected to enable Canopy USA, following, among other things, the Meeting, to consummate the acquisition of Wana. In connection with the Reorganization, among others, the Company, Canopy USA, Nancy Whiteman, the controlling shareholder of Wana entered into the Wana Amending Agreement pursuant to which, among other things, certain amendments were made to the future payments owed in connection with the exercise of the Wana Call Option, which included the Call Option Payment being reduced to US$3.00 in exchange for the issuance of Canopy USA Common Shares and Canopy Growth common shares.
Until such time as Canopy USA elects to exercise its right to acquire Wana pursuant to the Wana Call Option and the Company converts the Non-Voting Shares into Canopy USA Class B Shares, the Company will have no economic or voting interest in Wana, the Company will not directly or indirectly control Wana, and the Company and Wana will continue to operate independently of one another.
Jetty
On May 17, 2022, the Company, a former subsidiary of the Company (the \u201cJety Option Holder\u201d) and Jetty entered into definitive agreements (the \u201cJetty Agreements\u201d) providing the Jetty Option Holder with the right (the \u201cJetty Options\u201d) to acquire up to 100% of the outstanding equity interests in Jetty (i) upon the occurrence 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; or (ii) an earlier date at the Jetty Option Holder's sole discretion (the \u201cJetty Triggering Event\u201d).
The Jetty Agreements are structured as two separate option agreements whereby the Jetty Option Holder has the right to acquire up to 100% of the equity interests in Jetty. As consideration for entering into the Jetty Agreements, the Company (i) made an upfront cash payment in the amount of $29,226 (US$22,911), and (ii) issued 842,654 common shares with a fair value on closing of $59,123 (US$45,928), for total consideration of $88,349 (collectively, the \u201cJetty Upfront Payment\u201d).
The first option agreement is exercisable in two tranches, with the first tranche providing the Jetty Option Holder with the option to acquire approximately 52.78% of Jetty\u2019s equity interests, exercisable following the occurrence of the Jetty Triggering Event. The second tranche provides the Jetty Option Holder with the option to acquire approximately 25% of Jetty\u2019s equity interests for their fair market value, subject to certain adjustments. Additionally, the Jetty Option Holder is expected to make deferred payments (the \u201cJetty Deferred Payments\u201d) computed based on a pre-determined contractual formula. The second option agreement provides the Jetty Option Holder with the option to acquire approximately 22.22% of Jetty\u2019s equity interests, exercisable following the occurrence of the Jetty Triggering Event.
Upon initial recognition, the Company estimated the fair value of the Jetty financial instrument to be $90,120, consisting of (i) the Jetty Upfront Payment as noted above; and (ii) the present value of the estimated Jetty Deferred Payments.
At March 31, 2024, the estimated fair value of the Jetty financial instruments was $59,915 (March 31, 2023 \u2013 $75,014), with the change in estimated fair value from initial recognition recorded in other income (expense), net. See Note 25 for additional details on how the fair value of the Jetty financial instruments is calculated on a recurring basis.
See Note 5 for information regarding the Reorganization. Following the implementation of the Reorganization, Canopy USA, as of October 24, 2022, holds certain U.S. cannabis investments previously held by the Company, including the Jetty Options by virtue of its ownership interest in the Jetty Option Holder, which is expected to enable Canopy USA, following, among other things, the Meeting, to consummate the acquisition of Jetty.
Until such time as Canopy USA elects to exercise its rights to acquire Jetty and the Company converts the Non-Voting Shares into Canopy USA Class B Shares, the Company will have no direct or indirect economic or voting interests in Jetty, the Company will not directly or indirectly control Jetty, and the Company and Jetty will continue to operate independently of one another.
Acreage-Related Agreements
Tax Receivable Agreement
On October 24, 2022, the Company and Canopy USA entered into the Amended TRA with, among others, certain Holders of HSCP, pursuant to the TRA 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 fair value of US$30,441 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: (i) issued 564,893 common shares with a value of $20,630 (US$15,220) to certain Holders on November 4, 2022 as the first installment under the Amended TRA; and (iii) issued 710,208 common shares with a value of $20,572 (US$15,220) to certain Holders on March 17, 2023 as the second installment.
The aggregate amount paid by the Company in common shares in relation to the assignment of rights in favor of Canopy USA in accordance with the Amended TRA represents a financial instrument. The Company accounts for this instrument as a financial asset at estimated fair value, with any changes recorded in other income (expense), net. At March 31, 2024, the estimated fair value of the financial instrument associated with the Acreage TRA rights was $1,287 (March 31, 2023 \u2013 $3,109), with the change in estimated fair value from initial recognition recorded in other income (expense), net. See Note 25 for additional details on how the fair value of the Acreage TRA rights financial instrument is calculated on a recurring basis.
The Company, on behalf of Canopy USA, also agreed to issue common shares of the Company with a value of approximately US$19,559 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. No accounting recognition was given to this payment in the year ended March 31, 2024 as such payment is contingent upon the completion of the Floating Share Arrangement or, if the Floating Share Arrangement is not completed, upon the closing of the acquisition of the Fixed Shares under the Existing Acreage Arrangement Agreement.
Acreage Debt Option Premium
On November 15, 2022, the Acreage Debt Optionholder and the Lenders entered into the Acreage Debt 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 Acreage Debt from the Lenders in exchange for the Option Premium, 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.
The Option Premium represents a financial instrument. The Company accounts for this instrument as a financial asset at estimated fair value, with any changes recorded in other income (expense), net. At March 31, 2024, the estimated fair value of the financial instrument associated with the Option Premium was $37,574 (March 31, 2023 \u2013 $35,479), with the change in estimated fair value from initial recognition recorded in other income (expense), net. See Note 25 for additional details on how the fair value of the Option Premium financial instrument is calculated on a recurring basis.
The Lenders provided notice to the Company pursuant to the Acreage Debt Option Agreement of a default on the Acreage Debt. The Company is continuing to evaluate the notice and the applicable provisions of the Acreage Debt Option Agreement.
"}]},{"name":"rpt:f-822","factDimensions":{"xbrl:concept":"cgc:ScheduleOfOtherFinancialAssetsTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following tables outline changes in other financial assets. Additional details on how the fair value of significant investments are calculated are included in Note 25.
\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 March 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 2024 | \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 (45,408 | \n ) | \n \u00a0 | \n $ | \n 26 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,000 | \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 26,936 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 120,000 | \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 6,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (74 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,500 | \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 400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,000 | \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 (83,247 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,097 | \n ) | \n \u00a0 | \n \u00a0 | \n (4,968 | \n ) | \n \u00a0 | \n \u00a0 | \n 149,766 | \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 (15,057 | \n ) | \n \u00a0 | \n \u00a0 | \n (42 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59,915 | \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 155 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,862 | \n ) | \n \u00a0 | \n \u00a0 | \n 11,780 | \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 2,012 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 83 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,574 | \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 (1,776 | \n ) | \n \u00a0 | \n \u00a0 | \n (46 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,287 | \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 535 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (122 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,441 | \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 (132 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,366 | \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 (124,806 | \n ) | \n \u00a0 | \n $ | \n (929 | \n ) | \n \u00a0 | \n $ | \n (7,084 | \n ) | \n \u00a0 | \n $ | \n 437,629 | \n \u00a0 | \n
1Refer to Note 31 for information regarding the Acreage Arrangement and Acreage Hempco.
For information regarding the Reorganization, Reorganization Amendments and Additional Reorganization Amendments, see Note 5. 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.
\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 March 31, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2022 | \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 - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 55,382 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 55,382 | \n \u00a0 | \n
TerrAscend Exchangeable Shares | \n \u00a0 | \n Exchangeable shares | \n \u00a0 | \n \u00a0 | \n 229,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (186,489 | \n ) | \n \u00a0 | \n \u00a0 | \n (511 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,000 | \n \u00a0 | \n
TerrAscend Canada - October 2019 | \n \u00a0 | \n Term loan / debenture | \n \u00a0 | \n \u00a0 | \n 10,280 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (146 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (10,134 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend Canada - March 2020 | \n \u00a0 | \n Term loan / debenture | \n \u00a0 | \n \u00a0 | \n 49,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,804 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (45,086 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Arise Bioscience | \n \u00a0 | \n Term loan / debenture | \n \u00a0 | \n \u00a0 | \n 13,343 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,767 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,268 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (12,844 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - October 2019 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 3,730 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,372 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (358 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - March 2020 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 60,740 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (46,376 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (14,364 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - December 2020 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 3,460 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,246 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,214 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - December 2022 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (7,000 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,000 | \n \u00a0 | \n
TerrAscend | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 6,300 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,700 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,600 | \n \u00a0 | \n
Wana | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 372,343 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (154,936 | \n ) | \n \u00a0 | \n \u00a0 | \n 21,671 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 239,078 | \n \u00a0 | \n
Jetty | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,120 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (19,915 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 75,014 | \n \u00a0 | \n
Acreage Hempco1 | \n \u00a0 | \n Debenture | \n \u00a0 | \n \u00a0 | \n 28,824 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,361 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,295 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,218 | \n ) | \n \u00a0 | \n \u00a0 | \n 29,262 | \n \u00a0 | \n
Acreage Debt Option Premium | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,048 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,041 | \n ) | \n \u00a0 | \n \u00a0 | \n 472 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,479 | \n \u00a0 | \n
Acreage Tax receivable Agreement | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,491 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (38,035 | \n ) | \n \u00a0 | \n \u00a0 | \n (347 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,109 | \n \u00a0 | \n
Other - at fair value through net income (loss) | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 10,396 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (9,031 | \n ) | \n \u00a0 | \n \u00a0 | \n 505 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,870 | \n \u00a0 | \n
Other - classified as held for investment | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n 12,022 | \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 (3,524 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,498 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 800,328 | \n \u00a0 | \n \u00a0 | \n $ | \n 253,659 | \n \u00a0 | \n \u00a0 | \n $ | \n (424,115 | \n ) | \n \u00a0 | \n $ | \n 30,162 | \n \u00a0 | \n \u00a0 | \n $ | \n (91,742 | \n ) | \n \u00a0 | \n $ | \n 568,292 | \n \u00a0 | \n
1Refer to Note 31 for information regarding the Acreage 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 305,606 | \n \u00a0 | \n \u00a0 | \n $ | \n 413,832 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 62,026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 76,760 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 7,787 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,655 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 11,041 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,636 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 7,784 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,521 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 5,323 | \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 17,697 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35,167 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 1,019 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,229 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 418,283 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 581,581 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (98,180 | \n ) | \n \u00a0 | \n \u00a0 | \n (110,310 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
Depreciation expense included in cost of goods sold for the year ended March 31, 2024 is $24,655 (year ended March 31, 2023 \u2013 $45,119; year ended March 31, 2022 \u2013 $50,200). Depreciation expense included in selling, general and administrative expenses for the year ended March 31, 2024 is $3,721 (year ended March 31, 2023 \u2013 $10,456; year ended March 31, 2022 \u2013 $25,936).
See Note 7 for information on the impairment and abandonment of property, plant and equipment, net that resulted in a gain of $40,578 that the Company recognized as part of its restructuring actions in the year ended March 31, 2024 (year ended March 31, 2023 \u2013 $376,176 loss; year ended March 31, 2022 \u2013 $224,726 loss).
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aap:PropertyPlantAndEquipmentGross","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:PropertyPlantAndEquipmentByTypeAxis":"us-gaap:AssetUnderConstructionMember"},"factValues":[{"value":"3229000","decimals":-3}]},{"name":"rpt:f-1022","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentGross","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"418283000","decimals":-3}]},{"name":"rpt:f-1023","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentGross","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"581581000","decimals":-3}]},{"name":"rpt:f-1024","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"98180000","decimals":-3}]},{"name":"rpt:f-1025","factDimensions":{"xbrl:concept":"us-gaap:AccumulatedDepreciationDepletionAndAmortizationPropertyPlantAndEquipment","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"110310000","decimals":-3}]},{"name":"rpt:f-1026","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"320103000","decimals":-3}]},{"name":"rpt:f-1027","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentNet","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"471271000","decimals":-3}]},{"name":"rpt:f-1028","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"us-gaap:CostOfSalesMember"},"factValues":[{"value":"24655000","decimals":-3}]},{"name":"rpt:f-1029","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"us-gaap:CostOfSalesMember"},"factValues":[{"value":"45119000","decimals":-3}]},{"name":"rpt:f-1030","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"us-gaap:CostOfSalesMember"},"factValues":[{"value":"50200000","decimals":-3}]},{"name":"rpt:f-1031","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"3721000","decimals":-3}]},{"name":"rpt:f-1032","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"10456000","decimals":-3}]},{"name":"rpt:f-1033","factDimensions":{"xbrl:concept":"us-gaap:Depreciation","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"us-gaap:SellingGeneralAndAdministrativeExpensesMember"},"factValues":[{"value":"25936000","decimals":-3}]},{"name":"rpt:f-1034","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCosts","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:ImpairedLongLivedAssetsHeldAndUsedByTypeAxis":"us-gaap:PropertyPlantAndEquipmentMember"},"factValues":[{"value":"40578000","decimals":-3}]},{"name":"rpt:f-1035","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCosts","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:ImpairedLongLivedAssetsHeldAndUsedByTypeAxis":"us-gaap:PropertyPlantAndEquipmentMember"},"factValues":[{"value":"-376176000","decimals":-3}]},{"name":"rpt:f-1036","factDimensions":{"xbrl:concept":"us-gaap:RestructuringCosts","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:ImpairedLongLivedAssetsHeldAndUsedByTypeAxis":"us-gaap:PropertyPlantAndEquipmentMember"},"factValues":[{"value":"-224726000","decimals":-3}]},{"name":"rpt:f-1037","factDimensions":{"xbrl:concept":"us-gaap:IntangibleAssetsDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"15. 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 March 31, 2024 | \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 82,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,571 | \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 45,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,029 | \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 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,964 | \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 32,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,010 | \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 14,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,850 | \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 29 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 199,588 | \n \u00a0 | \n \u00a0 | \n $ | \n 75,453 | \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 28,600 | \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 104,053 | \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 year ended March 31, 2024 is $55 (year ended March 31, 2023 \u2013 $60; year ended March 31, 2022 \u2013 $81). Amortization expense included in selling, general and administrative expenses for the year ended March 31, 2024 is $24,745 (year ended March 31, 2023 \u2013 $24,398; year ended March 31, 2022 \u2013 $34,724).
Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
\n| \n | \n | \n | \n | \n |
2025 | \n \u00a0 | \n $ | \n 20,882 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 17,329 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 14,149 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 13,553 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 8,670 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 870 | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n 75,453 | \n \u00a0 | \n
See Note 7 for information on: (i) the impairment and abandonment of intangible assets that resulted in charges in the amount of $nil that the Company recognized as part of its restructuring actions in the year ended March 31, 2024 (year ended March 31, 2023 -
$27,399; year ended March 31, 2022 \u2013 $41,404) and (ii) impairment charges of $17,266 in the year ended March 31, 2024 (year ended March 31, 2023 \u2013 $14,614; year ended March 31, 2022 \u2013 $26,065).
"}]},{"name":"rpt:f-1038","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 March 31, 2024 | \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 82,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,571 | \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 45,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,029 | \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 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,964 | \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 32,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,010 | \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 14,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,850 | \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 29 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 508 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 199,588 | \n \u00a0 | \n \u00a0 | \n $ | \n 75,453 | \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 28,600 | \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 104,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 160,750 | \n \u00a0 | \n
Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows:
\n| \n | \n | \n | \n | \n |
2025 | \n \u00a0 | \n $ | \n 20,882 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 17,329 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 14,149 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 13,553 | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 8,670 | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n 870 | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n 75,453 | \n \u00a0 | \n
16. 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 1,809,102 | \n \u00a0 | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n (227 | \n ) | \n
Impairment losses | \n \u00a0 | \n \u00a0 | \n (1,727,679 | \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
Impairment losses | \n \u00a0 | \n \u00a0 | \n (42,081 | \n ) | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n (243 | \n ) | \n
Balance, March 31, 2024 | \n \u00a0 | \n $ | \n 43,239 | \n \u00a0 | \n
Year ended March 31, 2024
As part of our annual impairment testing, we performed a quantitative goodwill impairment assessment for our remaining goodwill balance, which is assigned to the Company's Storz & Bickel reporting unit. From the analysis, an impairment of $42,081 to Storz & Bickel's goodwill was recognized as the estimated fair value of the Storz & Bickel reporting unit was less than its carrying value. The estimated fair value of the Storz & Bickel reporting unit was determined using the income valuation method, with the most significant assumptions used in applying this method being: (i) the discount rate; (ii) the expected long-term growth rate; (iii) revenue growth rate projections; and (iv) annual cash flow projections. Certain negative trends, including slower growth rates, resulted in updated long-term financial forecasts indicating lower forecasted revenue and cash flow generation for the Storz & Bickel reporting unit. This methodology is consistent with that used by us for our annual impairment test conducted at March 31, 2023. At March 31, 2024, the remaining carrying value of the Storz & Bickel goodwill is $43,239.
Year ended March 31, 2023
As a result of the continued decline in the price of the Company\u2019s common shares in the three months ended June 30, 2022, the Company determined there to be an indicator of impairment for the cannabis operations reporting unit in the global cannabis segment, which was a reportable segment in the three months ended June 30, 2022. As a result, the Company performed a quantitative interim goodwill impairment assessment for the cannabis operations reporting unit as of June 30, 2022. The Company concluded that the carrying value of the cannabis operations reporting unit was higher than its estimated fair value, and a goodwill impairment loss totaling $1,725,368 was recognized in the three months ended June 30, 2022, representing the entirety of the goodwill assigned to the cannabis operations reporting unit.
The estimated fair value of the cannabis operations reporting unit was determined using the market valuation method, which is consistent with the methodology used by the Company for its annual impairment test conducted at March 31, 2022. The most significant assumptions used in applying this method were: (i) the price of the Company\u2019s common shares; and (ii) the estimated control premium associated with ownership of the Company\u2019s common shares.
While the Company changed its reportable segments in the three months ended September 30, 2022 (see Note 35), there were no changes to the composition of the Company\u2019s reporting units to which goodwill remained assigned at September 30, 2022. In the three months ended September 30, 2022, the Company determined there to be indicators of impairment for its This Works reporting unit, as slower growth rates resulted in updated long-term financial forecasts indicating lower forecasted revenue and cash flow generation. As a result, the Company performed a quantitative interim goodwill impairment test for its This Works reporting unit as of September 30, 2022 and concluded that the carrying value of the reporting unit was higher than its estimated fair value, as determined using the income valuation method. The Company recognized goodwill impairment losses totaling $2,311 in the three months ended September 30, 2022, representing the entirety of the goodwill assigned to its This Works reporting unit.
At March 31, 2023, the Company performed its annual goodwill impairment analysis using the quantitative assessment. No impairment was noted for the Company\u2019s Storz & Bickel reporting unit, as the estimated fair value of the Storz & Bickel reporting unit exceeded its carrying value. The estimated fair value of the Storz & Bickel reporting unit was determined using the income valuation method, with the most significant assumptions used in applying this method being: (i) the discount rate; (ii) the expected long-term growth rate; (iii) revenue growth rate projections; and (iv) annual cash flow projections. This methodology is consistent with that used by the Company for its annual impairment test conducted at March 31, 2022.
The carrying value, at March 31, 2023, of the goodwill associated with the Storz & Bickel reporting unit was $85,563. For the Storz & Bickel reporting unit, if all other assumptions were held constant and the discount rate was increased by 50 basis points, the estimated fair value would decrease by 5% and result in an impairment charge. If all other assumptions were held constant and the long-term growth rate was decreased by 50 basis points, the estimated fair value would decrease by 4% and result in an impairment charge. If all other assumptions were held constant and the revenue growth rate projections were decreased by 250 basis points, the
estimated fair value would decrease by 11% and result in an impairment charge. If all other assumptions were held constant and the annual cash flow projections were decreased by 250 basis points, the estimated fair value would decrease by 3%.
At March 31, 2023, the fair value of the Storz & Bickel reporting unit to which goodwill is assigned exceeded its carrying value by approximately 3%. Accordingly, the goodwill assigned to the Storz & Bickel reporting unit is at risk for impairment in future periods. The Company may be required to perform a quantitative goodwill impairment assessment in future periods for the Storz & Bickel reporting unit, to the extent the Company experiences declines in the expected long-term growth rate, revenue growth rate projections or annual cash flow projections, or if discount rates increase, or if other indicators of impairment arise.
"}]},{"name":"rpt:f-1092","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 1,809,102 | \n \u00a0 | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n (227 | \n ) | \n
Impairment losses | \n \u00a0 | \n \u00a0 | \n (1,727,679 | \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
Impairment losses | \n \u00a0 | \n \u00a0 | \n (42,081 | \n ) | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n (243 | \n ) | \n
Balance, March 31, 2024 | \n \u00a0 | \n $ | \n 43,239 | \n \u00a0 | \n
17. 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 21,468 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,322 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 10,519 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,734 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 5,849 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,967 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 16,203 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,720 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 54,039 | \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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 21,468 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,322 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 10,519 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,734 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 5,849 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,967 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 16,203 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,720 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 54,039 | \n \u00a0 | \n \u00a0 | \n $ | \n 53,743 | \n \u00a0 | \n
18. 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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Maturity Date | \n \u00a0 | \n 2024 | \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
Credit facility | \n \u00a0 | \n March 18, 2026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486,935 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 886,080 | \n \u00a0 | \n
Accrued interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 831 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,848 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (17,948 | \n ) | \n \u00a0 | \n \u00a0 | \n (48,870 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 469,818 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 840,058 | \n \u00a0 | \n
Supreme convertible debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 30,654 | \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 6,390 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,780 | \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 89,224 | \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 1,143 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,062 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 597,229 | \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 (103,935 | \n ) | \n \u00a0 | \n \u00a0 | \n (556,890 | \n ) | \n
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 493,294 | \n \u00a0 | \n \u00a0 | \n $ | \n 749,991 | \n \u00a0 | \n
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.
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.
On June 29, 2022 and June 30, 2022, the Company entered into privately negotiated exchange agreements (the \u201cExchange Agreements\u201d) with a limited number of holders of the Canopy Notes including Greenstar (collectively, the \u201c2022 Noteholders\u201d). Pursuant to the Exchange Agreements, the Company agreed to acquire and cancel approximately $262,620 of aggregate principal amount of the Canopy Notes from the 2022 Noteholders (the \u201cExchange Transaction\u201d) for an aggregate purchase price (excluding $5,383 paid to the 2022 Noteholders in cash for accrued and unpaid interest) of $259,994 (the \u201cPurchase Price\u201d), which was payable in the Company\u2019s common shares.
On the initial closings, 3,566,242 common shares were to be issued to the 2022 Noteholders, other than Greenstar, based on a price equal to US$35.00 per common share, which was the closing price of the common shares on the Nasdaq Global Select Market on June 29, 2022. The Company satisfied the Purchase Price as follows:
In total, 6,273,506 common shares were issued in July 2022, representing the Company\u2019s acquisition and cancellation of an aggregate principal amount of Canopy Notes of $199,522, and a total of 7,680,441 common shares were issued in June and July 2022, representing the Company\u2019s acquisition and cancellation of an aggregate principal amount of Canopy Notes of $262,620.
In connection with the Exchange Transaction, in the three months ended June 30, 2022, the Company recognized a derivative liability of $26,594 in connection with the incremental common shares that were potentially issuable to the 2022 Noteholders, other than Greenstar, as at June 30, 2022 at the Averaging Price on the Final Closing. The derivative liability, and associated fair value changes in the year ended March 31, 2023, were recorded through other income (expense), net. The with a fair value of $39,896 was derecognized upon Final Closing on July 18, 2022.
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, bearing 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 March 31, 2024, the estimated fair value of the CBI Note was $89,224, measured using a discounted cash flow model. See Note 25 for additional details on how the fair value of the CBI Note is calculated on a recurring basis. As described in Note 5, in connection with the Note Exchange, the CBI Note was cancelled.
In June 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 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 year ended March 31, 2024, the Company acquired and cancelled the remaining aggregate principal amount of Canopy Notes (March 31, 2023 - acquired and cancelled $262,620 of aggregate principal amount), which resulted in a release of accumulated other comprehensive income into other income (expense), net of $2,373 (March 31, 2023 - $44,370). The related tax impact of $13,433 for the year ended March 31, 2024 ($14,862 - for the year ended March 31, 2023) associated with the aggregate principal amount acquired and cancelled was also released from accumulated other comprehensive income into deferred income tax expense. Refer to Note 23.
The overall change in fair value of the Canopy Notes during the years ended March 31, 2024 and March 31, 2023, was a decrease of $331,250 and a decrease of $232,708, respectively, which included contractual interest of $2,925 and $16,956, respectively, and principal redemption of $337,380 and $262,620, respectively. Upon redemption, the principal redeemed during the years ended March 31, 2024 and March 31, 2023 had a fair value of $334,005 and $225,369, respectively. Refer to Note 25 for additional details on how the fair value of the Canopy Notes is calculated.
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. As described in Note 5, in connection with the balance sheet actions completed as part of the creation of Canopy USA, the Company entered into agreements with certain of its lenders under the Credit Agreement to complete the Paydown, which resulted in the Company purchasing US$187,500 of principal amount outstanding thereunder 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 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).
On February 21, 2024, the Company repurchased additional outstanding principal amounts under the Credit Facility (the \"Fourth Quarter 2024 Paydown\"). The Fourth Quarter 2024 Paydown resulted in an aggregate principal reduction of $31,078 (US$23,000) for a cash payment of $27,970 (US$20,700).
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.
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 were 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.
The Convertible Debentures were convertible into the Company\u2019s common shares at the option of the Institutional Investor at any time or times prior to February 28, 2028, at a conversion price equal to 92.5% of the volume-weighted average price of the Company\u2019s common shares during the three consecutive trading days ending on the business day immediately prior to the date of conversion. No cash payment or any other property of the Company was made by the Company to the Institutional Investor in connection with, or as a result of, the issuance, conversion or repayment of the Convertible Debentures.
For the years ended March 31, 2024 and March 31, 2023 US$72,800 and US$27,200, respectively, in aggregate principal amount of the Convertible Debentures were converted for 8,445,894 and 1,414,206, respectively, Canopy Growth common shares. As of March 31, 2024, all conversions pursuant to the Convertible Debentures were completed and the amount outstanding under the Convertible Debentures was $nil.
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 year ended March 31, 2024 principal payments on Accretion Debentures totaled $3,500.
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.
As described in Note 36, in connection with the Transaction, the May 2024 Investor (as defined below) delivered approximately $27.5 million aggregate principal amount of outstanding Supreme Debentures and Accretion Debentures and paid the Company approximately US$50 million in exchange for the Company issuing to the May 2024 Investor (i) the May 2024 Convertible Debenture (as defined below) and (ii) the 2024 Investor Warrants (as defined below).
Debt payments
As of March 31, 2024, the required principal repayments under long-term debt obligations, excluding equity-settled convertible debentures, for each of the five succeeding fiscal years and thereafter are as follows:
\n| \n | \n | \n | \n | \n |
2025 | \n \u00a0 | \n $ | \n 106,913 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 515,043 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 621,956 | \n \u00a0 | \n
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 March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n Maturity Date | \n \u00a0 | \n 2024 | \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
Credit facility | \n \u00a0 | \n March 18, 2026 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Principal amount | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486,935 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 886,080 | \n \u00a0 | \n
Accrued interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 831 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,848 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (17,948 | \n ) | \n \u00a0 | \n \u00a0 | \n (48,870 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 469,818 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 840,058 | \n \u00a0 | \n
Supreme convertible debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 30,654 | \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 6,390 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,780 | \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 89,224 | \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 1,143 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,062 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 597,229 | \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 (103,935 | \n ) | \n \u00a0 | \n \u00a0 | \n (556,890 | \n ) | \n
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 493,294 | \n \u00a0 | \n \u00a0 | \n $ | \n 749,991 | \n \u00a0 | \n
As of March 31, 2024, the required principal repayments under long-term debt obligations, excluding equity-settled convertible debentures, for each of the five succeeding fiscal years and thereafter are as follows:
\n| \n | \n | \n | \n | \n |
2025 | \n \u00a0 | \n $ | \n 106,913 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 515,043 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 621,956 | \n \u00a0 | \n
19. 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 March 31, 2024 | \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 15,173 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,597 | \n \u00a0 | \n \u00a0 | \n $ | \n 70,770 | \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 12,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,558 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,367 | \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 4,169 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,169 | \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 15,917 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,659 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,576 | \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 48,068 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,814 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,882 | \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 March 31, 2024 is $18,983 (March 31, 2023 - $26,370). See Note 25 for additional details on how the fair value of the Wana Deferred Payments is calculated on a recurring basis.
"}]},{"name":"rpt:f-1295","factDimensions":{"xbrl:concept":"us-gaap:OtherLiabilitiesTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 March 31, 2024 | \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 15,173 | \n \u00a0 | \n \u00a0 | \n $ | \n 55,597 | \n \u00a0 | \n \u00a0 | \n $ | \n 70,770 | \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 12,809 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,558 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 23,367 | \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 4,169 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,169 | \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 15,917 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,659 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,576 | \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 48,068 | \n \u00a0 | \n \u00a0 | \n $ | \n 71,814 | \n \u00a0 | \n \u00a0 | \n $ | \n 119,882 | \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
20. REDEEMABLE NONCONTROLLING INTEREST
The net change in the redeemable noncontrolling interests is as follows:
\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 |||
As at March 31, 2021 | \n \u00a0 | \n \u00a0 | \n 11,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 123,800 | \n \u00a0 | \n \u00a0 | \n $ | \n 135,300 | \n \u00a0 | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (3,165 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,152 | \n ) | \n \u00a0 | \n \u00a0 | \n (19,317 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n (7,335 | \n ) | \n \u00a0 | \n \u00a0 | \n (71,039 | \n ) | \n \u00a0 | \n \u00a0 | \n (78,374 | \n ) | \n
Redemption of redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5,109 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,109 | \n ) | \n
As at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,500 | \n \u00a0 | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,491 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,544 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n 53 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,667 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,720 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (1,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (11,676 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,676 | \n ) | \n
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \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 - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n
As at March 31, 2024 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0
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-1327","factDimensions":{"xbrl:concept":"us-gaap:RedeemableNoncontrollingInterestTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The net change in the redeemable noncontrolling interests is as follows:
\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 |||
As at March 31, 2021 | \n \u00a0 | \n \u00a0 | \n 11,500 | \n \u00a0 | \n \u00a0 | \n $ | \n 123,800 | \n \u00a0 | \n \u00a0 | \n $ | \n 135,300 | \n \u00a0 | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (3,165 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,152 | \n ) | \n \u00a0 | \n \u00a0 | \n (19,317 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n (7,335 | \n ) | \n \u00a0 | \n \u00a0 | \n (71,039 | \n ) | \n \u00a0 | \n \u00a0 | \n (78,374 | \n ) | \n
Redemption of redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5,109 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,109 | \n ) | \n
As at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n 1,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,500 | \n \u00a0 | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,491 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,544 | \n ) | \n
Adjustments to redemption amount | \n \u00a0 | \n \u00a0 | \n 53 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,667 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,720 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n (1,000 | \n ) | \n \u00a0 | \n \u00a0 | \n (11,676 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,676 | \n ) | \n
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \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 - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,526 | \n \u00a0 | \n
As at March 31, 2024 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0
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022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:BioSteelMember"},"factValues":[{"value":"-29491000","decimals":-3}]},{"name":"rpt:f-1344","factDimensions":{"xbrl:concept":"us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-29544000","decimals":-3}]},{"name":"rpt:f-1345","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestChangeInRedemptionValue","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:VertMirabelMember"},"factValues":[{"value":"53000","decimals":-3}]},{"name":"rpt:f-1346","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestChangeInRedemptionValue","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:BioSteelMember"},"factValues":[{"value":"9667000","decimals":-3}]},{"name":"rpt:f-1347","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestChangeInRedemptionValue","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"9720000","decimals":-3}]},{"name":"rpt:f-1348","factDimensions":{"xbrl:concept":"us-gaap:NetIncomeLossAttributableToNonredeemableNoncontrollingInterest","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:StatementClassOfStockAxis":"cgc:RedeemableNoncontrollingInterestMember","srt:ConsolidatedEntitiesAxis":"cgc:VertMirabelMember"},"factValues":[{"value":"-1000000","decimals":-3}]},{"name":"rpt:f-1349","factDimensions":{"xbrl:concept":"us-gaap:NetIncomeLossAttributableToNonredeemableNoncontrollingInterest","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:StatementClassOfStockAxis":"cgc:RedeemableNoncontrollingInterestMember","srt:ConsolidatedEntitiesAxis":"cgc:BioSteelMember"},"factValues":[{"value":"-11676000","decimals":-3}]},{"name":"rpt:f-1350","factDimensions":{"xbrl:concept":"us-gaap:NetIncomeLossAttributableToNonredeemableNoncontrollingInterest","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:StatementClassOfStockAxis":"cgc:RedeemableNoncontrollingInterestMember"},"factValues":[{"value":"-12676000","decimals":-3}]},{"name":"rpt:f-1351","factDimensions":{"xbrl:concept":"us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:VertMirabelMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1352","factDimensions":{"xbrl:concept":"us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:BioSteelMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1353","factDimensions":{"xbrl:concept":"us-gaap:RedeemableNoncontrollingInterestEquityCarryingAmount","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1354","factDimensions":{"xbrl:concept":"us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:BioSteelMember"},"factValues":[{"value":"-18526000","decimals":-3}]},{"name":"rpt:f-1355","factDimensions":{"xbrl:concept":"us-gaap:NetIncomeLossAttributableToRedeemableNoncontrollingInterest","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-18526000","decimals":-3}]},{"name":"rpt:f-1356","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestChangeInRedemptionValue","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:VertMirabelMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1357","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestChangeInRedemptionValue","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ConsolidatedEntitiesAxis":"cgc:BioSteelMember"},"factValues":[{"value":"18526000","decimals":-3}]},{"name":"rpt:f-1358","factDimensions":{"xbrl:concept":"cgc:RedeemableNoncontrollingInterestChangeInRedemptionValue","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:0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SHARE CAPITAL
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 (after giving effect to the Share Consolidation) of the Company (the \"Units\") to the Investors at a price per Unit of US$10.90 (after giving effect to the Share Consolidation) 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 (after giving effect to the Share Consolidation) 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 (after giving effect to the Share Consolidation) Units at a price per Unit of US$10.90 (after giving effect to the Share Consolidation) 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. Unit quantities, price per Unit amounts and exercise price of the Warrants relating to the Subscription Agreements have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023, see Note 2 for details.
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.
The gross proceeds from the January 2024 Unit Offering were allocated to the Canopy Growth common shares and the January 2024 Warrants based on their relative fair values.
There were no equity financings during the years ended March 31, 2023 and March 31, 2022.
(ii) Other issuances of common shares
During the year ended March 31, 2024, 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 year ended March 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 1,414,206 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,781 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
HSCP Holders pursuant to Amended TRA | \n \u00a0 | \n \u00a0 | \n 1,275,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Jetty Agreements | \n \u00a0 | \n \u00a0 | \n 842,654 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59,013 | \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 29,985 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,621 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (572 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 3,584,188 | \n \u00a0 | \n \u00a0 | \n $ | \n 141,996 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,951 | \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.
For the year ended March 31, 2023, the Company also issued 869,213 common shares with a value of $26,506 relating to its redemption of the redeemable noncontrolling interest in BioSteel. The redemption increases the Company\u2019s interest in BioSteel from 78.6% to 90.4%.
During the year ended March 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 |||
Acquisition of Supreme Cannabis | \n \u00a0 | \n \u00a0 | \n 901,340 | \n \u00a0 | \n \u00a0 | \n $ | \n 260,668 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Completion of acquisition milestones | \n \u00a0 | \n \u00a0 | \n 129,529 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,276 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (29,721 | \n ) | \n
Other issuances | \n \u00a0 | \n \u00a0 | \n 49,274 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (736 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 1,080,143 | \n \u00a0 | \n \u00a0 | \n $ | \n 298,145 | \n \u00a0 | \n \u00a0 | \n $ | \n (30,457 | \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.
(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, 20211 | \n \u00a0 | \n \u00a0 | \n 12,707,314 | \n \u00a0 | \n \u00a0 | \n $ | \n 583.30 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,568,438 | \n \u00a0 | \n
Exercise of warrants | \n \u00a0 | \n \u00a0 | \n 126,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 256.10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,350 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n (14,583 | \n ) | \n \u00a0 | \n \u00a0 | \n 326.10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \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 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 10,451,457 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9.11 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,731 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n (12,819,305 | \n ) | \n \u00a0 | \n \u00a0 | \n 580.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 10,451,457 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.12 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,610,519 | \n \u00a0 | \n
1 This balance excludes the Tranche C Warrants, which represent a derivative liability and have nominal value, see Note 31.
2 Prior period and 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 year ended March 31, 2024, 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 year ended March 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 1,414,206 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,781 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
HSCP Holders pursuant to Amended TRA | \n \u00a0 | \n \u00a0 | \n 1,275,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 41,202 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Jetty Agreements | \n \u00a0 | \n \u00a0 | \n 842,654 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 59,013 | \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 29,985 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,621 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (572 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 3,584,188 | \n \u00a0 | \n \u00a0 | \n $ | \n 141,996 | \n \u00a0 | \n \u00a0 | \n $ | \n (1,951 | \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.
For the year ended March 31, 2023, the Company also issued 869,213 common shares with a value of $26,506 relating to its redemption of the redeemable noncontrolling interest in BioSteel. The redemption increases the Company\u2019s interest in BioSteel from 78.6% to 90.4%.
During the year ended March 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 |||
Acquisition of Supreme Cannabis | \n \u00a0 | \n \u00a0 | \n 901,340 | \n \u00a0 | \n \u00a0 | \n $ | \n 260,668 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Completion of acquisition milestones | \n \u00a0 | \n \u00a0 | \n 129,529 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,276 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (29,721 | \n ) | \n
Other issuances | \n \u00a0 | \n \u00a0 | \n 49,274 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (736 | \n ) | \n
Total | \n \u00a0 | \n \u00a0 | \n 1,080,143 | \n \u00a0 | \n \u00a0 | \n $ | \n 298,145 | \n \u00a0 | \n \u00a0 | \n $ | \n (30,457 | \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, 20211 | \n \u00a0 | \n \u00a0 | \n 12,707,314 | \n \u00a0 | \n \u00a0 | \n $ | \n 583.30 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,568,438 | \n \u00a0 | \n
Exercise of warrants | \n \u00a0 | \n \u00a0 | \n 126,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 256.10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,350 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n (14,583 | \n ) | \n \u00a0 | \n \u00a0 | \n 326.10 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \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 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 10,451,457 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9.11 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,731 | \n \u00a0 | \n
Expiry of warrants | \n \u00a0 | \n \u00a0 | \n (12,819,305 | \n ) | \n \u00a0 | \n \u00a0 | \n 580.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 10,451,457 | \n \u00a0 | \n \u00a0 | \n $ | \n 9.12 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,610,519 | \n \u00a0 | \n
1 This balance excludes the Tranche C Warrants, which represent a derivative liability and have nominal value, see Note 31.
2 Prior period and 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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concept":"cgc:WarrantValueIssuanceOfWarrantsFromPrivatePlacement","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"28731000","decimals":-3}]},{"name":"rpt:f-1445","factDimensions":{"xbrl:concept":"cgc:NumberOfWholeWarrantsOnExpiryOfWarrants","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"12819305"}]},{"name":"rpt:f-1446","factDimensions":{"xbrl:concept":"cgc:AverageExercisePriceOnWarrantExpiry","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"580.39","decimals":2}]},{"name":"rpt:f-1447","factDimensions":{"xbrl:concept":"cgc:WarrantValueExpiryOfWarrants","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1448","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"10451457"}]},{"name":"rpt:f-1449","factDimensions":{"xbrl:concept":"cgc:WarrantsAverageExercisePrice","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"9.12","decimals":2}]},{"name":"rpt:f-1450","factDimensions":{"xbrl:concept":"cgc:WarrantValue","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"2610519000","decimals":-3}]},{"name":"rpt:f-1451","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"22. SHARE-BASED COMPENSATION
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 9,111,550 at March 31, 2024 (March 31, 2023 \u2013 5,173,056). As of March 31, 2024, 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. As of March 31, 2024, the Company has issued a total of 59,993 common shares under the Purchase Plan (March 31, 2023 \u2013 53,567) with 6,426 being issued in the current fiscal year (March 31, 2023 \u2013 29,985). 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 Company\u2019s Omnibus Equity Incentive Plan and Previous Equity Incentive Plan employee options during the years ended March 31, 2022, 2023 and 2024:
\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, 2021 | \n \u00a0 | \n \u00a0 | \n 1,770,431 | \n \u00a0 | \n \u00a0 | \n $ | \n 367.90 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 253,729 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174.00 | \n \u00a0 | \n
Replacement options issued as a result of the acquisition of Supreme Cannabis | \n \u00a0 | \n \u00a0 | \n 14,016 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 805.30 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (44,568 | \n ) | \n \u00a0 | \n \u00a0 | \n 122.70 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (315,312 | \n ) | \n \u00a0 | \n \u00a0 | \n 420.30 | \n \u00a0 | \n
Balance outstanding at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n 1,678,296 | \n \u00a0 | \n \u00a0 | \n $ | \n 338.90 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 465,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49.30 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (7,959 | \n ) | \n \u00a0 | \n \u00a0 | \n 35.30 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (761,128 | \n ) | \n \u00a0 | \n \u00a0 | \n 288.00 | \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 (1,143 | \n ) | \n \u00a0 | \n \u00a0 | \n 0.60 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (928,281 | \n ) | \n \u00a0 | \n \u00a0 | \n 214.17 | \n \u00a0 | \n
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 2,883,922 | \n \u00a0 | \n \u00a0 | \n $ | \n 70.01 | \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 March 31, 2024:
\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 March 31, 20241 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n March 31, 20241 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$0.60\u00a0- $7.50 | \n \u00a0 | \n \u00a0 | \n 2,098,108 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,471 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.38 | \n \u00a0 | \n
$7.51\u00a0- $56.10 | \n \u00a0 | \n \u00a0 | \n 278,998 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,008 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.39 | \n \u00a0 | \n
$56.11\u00a0- $676.40 | \n \u00a0 | \n \u00a0 | \n 506,816 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.41 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 384,845 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.26 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 2,883,922 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.49 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 480,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.86 | \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.
At March 31, 2024, the weighted average exercise price of Options outstanding and options exercisable was $70.01 and $312.68, respectively (March 31, 2023 \u2013 $271.20 and $372.80, respectively).
The Company recorded $10,403 in share-based compensation expense related to Options and Purchase Plan shares issued to employees and contractors for the year ended March 31, 2024 (for the year ended March 31, 2023 \u2013 $6,878; for the year ended March 31, 2022 \u2013 $27,163). The share-based compensation expense for the year ended March 31, 2024 includes an amount related to 107,874 Options being provided in exchange for services which are subject to performance conditions (for the year ended March 31, 2023 \u2013 107,874; for the year ended March 31, 2022 \u2013 133,625).
The Company issued replacement Options to employees in relation to the acquisition of Supreme Cannabis (Note 29(c)) and during the year ended March 31, 2022, recorded share-based compensation expense $823.
The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the years ended March 31, 2024, 2023 and 2022 on their measurement date by applying the following assumptions:
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Risk-free interest rate | \n \u00a0 | \n 3.83% | \n \u00a0 | \n \u00a0 | \n 3.45% | \n \u00a0 | \n \u00a0 | \n 1.09% | \n \u00a0 | \n |||
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n |||
Expected volatility | \n \u00a0 | \n 82.85% | \n \u00a0 | \n \u00a0 | \n 77% | \n \u00a0 | \n \u00a0 | \n 75% | \n \u00a0 | \n |||
Expected forfeiture rate | \n \u00a0 | \n 20.59% | \n \u00a0 | \n \u00a0 | \n 19% | \n \u00a0 | \n \u00a0 | \n 18% | \n \u00a0 | \n |||
Expected dividend yield | \n \u00a0 | \n nil | \n \u00a0 | \n \u00a0 | \n nil | \n \u00a0 | \n \u00a0 | \n nil | \n \u00a0 | \n |||
Black-Scholes value of each Option1 | \n \u00a0 | \n $ | \n 3.87 | \n \u00a0 | \n \u00a0 | \n $ | \n 29.20 | \n \u00a0 | \n \u00a0 | \n $ | \n 96.90 | \n \u00a0 | \n
1 Prior year Option values have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
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 year ended March 31, 2024, the Company recorded $3,777 in share-based compensation expense related to RSUs and PSUs (for the year ended March 31, 2023 \u2013 $18,444, for the year ended March 31, 2022 \u2013 $10,709).
The following is a summary of changes in the Company\u2019s RSUs and PSUs during the years ended March 31, 2022, 2023 and 2024:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2021 | \n \u00a0 | \n \u00a0 | \n 75,331 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 325,367 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (30,032 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (22,937 | \n ) | \n
Balance outstanding at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n 347,729 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 314,310 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (146,494 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (257,223 | \n ) | \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 1,556,983 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (140,496 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (402,510 | \n ) | \n
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 1,272,299 | \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.
During the year ended March 31, 2024, the Company recorded $nil in share-based compensation expense related to acquisition milestones (for the year ended March 31, 2023 - $nil; for the year ended March 31, 2022 - $7,991).
The following is a summary of the changes in the Company\u2019s Omnibus Equity Incentive Plan and Previous Equity Incentive Plan employee options during the years ended March 31, 2022, 2023 and 2024:
\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, 2021 | \n \u00a0 | \n \u00a0 | \n 1,770,431 | \n \u00a0 | \n \u00a0 | \n $ | \n 367.90 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 253,729 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174.00 | \n \u00a0 | \n
Replacement options issued as a result of the acquisition of Supreme Cannabis | \n \u00a0 | \n \u00a0 | \n 14,016 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 805.30 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (44,568 | \n ) | \n \u00a0 | \n \u00a0 | \n 122.70 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (315,312 | \n ) | \n \u00a0 | \n \u00a0 | \n 420.30 | \n \u00a0 | \n
Balance outstanding at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n 1,678,296 | \n \u00a0 | \n \u00a0 | \n $ | \n 338.90 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 465,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 49.30 | \n \u00a0 | \n
Options exercised | \n \u00a0 | \n \u00a0 | \n (7,959 | \n ) | \n \u00a0 | \n \u00a0 | \n 35.30 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (761,128 | \n ) | \n \u00a0 | \n \u00a0 | \n 288.00 | \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 (1,143 | \n ) | \n \u00a0 | \n \u00a0 | \n 0.60 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (928,281 | \n ) | \n \u00a0 | \n \u00a0 | \n 214.17 | \n \u00a0 | \n
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 2,883,922 | \n \u00a0 | \n \u00a0 | \n $ | \n 70.01 | \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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ik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"465880"}]},{"name":"rpt:f-1478","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"49.3","decimals":2}]},{"name":"rpt:f-1479","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"7959"}]},{"name":"rpt:f-1480","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"35.30","decimals":2}]},{"name":"rpt:f-1481","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"761128"}]},{"name":"rpt:f-1482","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"288.00","decimals":2}]},{"name":"rpt:f-1483","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"1375089"}]},{"name":"rpt:f-1484","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"271.2","decimals":2}]},{"name":"rpt:f-1485","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"2438257"}]},{"name":"rpt:f-1486","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"6.22","decimals":2}]},{"name":"rpt:f-1487","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesStockOptionsExercised","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"1143"}]},{"name":"rpt:f-1488","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"factValues":[{"value":"0.6","decimals":2}]},{"name":"rpt:f-1489","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:PlanNameAxis":"cgc:OmnibusEquityIncentivePlanAndPreviousEquityIncentivePlanMember"},"fa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following is a summary of the Options outstanding as at March 31, 2024:
\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 March 31, 20241 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n March 31, 20241 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$0.60\u00a0- $7.50 | \n \u00a0 | \n \u00a0 | \n 2,098,108 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,471 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 0.38 | \n \u00a0 | \n
$7.51\u00a0- $56.10 | \n \u00a0 | \n \u00a0 | \n 278,998 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.39 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 93,008 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.39 | \n \u00a0 | \n
$56.11\u00a0- $676.40 | \n \u00a0 | \n \u00a0 | \n 506,816 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.41 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 384,845 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.26 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 2,883,922 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.49 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 480,324 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.86 | \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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Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the years ended March 31, 2024, 2023 and 2022 on their measurement date by applying the following assumptions:\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Risk-free interest rate | \n \u00a0 | \n 3.83% | \n \u00a0 | \n \u00a0 | \n 3.45% | \n \u00a0 | \n \u00a0 | \n 1.09% | \n \u00a0 | \n |||
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n |||
Expected volatility | \n \u00a0 | \n 82.85% | \n \u00a0 | \n \u00a0 | \n 77% | \n \u00a0 | \n \u00a0 | \n 75% | \n \u00a0 | \n |||
Expected forfeiture rate | \n \u00a0 | \n 20.59% | \n \u00a0 | \n \u00a0 | \n 19% | \n \u00a0 | \n \u00a0 | \n 18% | \n \u00a0 | \n |||
Expected dividend yield | \n \u00a0 | \n nil | \n \u00a0 | \n \u00a0 | \n nil | \n \u00a0 | \n \u00a0 | \n nil | \n \u00a0 | \n |||
Black-Scholes value of each Option1 | \n \u00a0 | \n $ | \n 3.87 | \n \u00a0 | \n \u00a0 | \n $ | \n 29.20 | \n \u00a0 | \n \u00a0 | \n $ | \n 96.90 | \n \u00a0 | \n
1 Prior year Option values 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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"xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-1545","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0","decimals":2}]},{"name":"rpt:f-1546","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"3.87","decimals":2}]},{"name":"rpt:f-1547","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"29.20","decimals":2}]},{"name":"rpt:f-1548","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"96.90","decimals":2}]},{"name":"rpt:f-1549","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"3777000","decimals":-3}]},{"name":"rpt:f-1550","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"18444000","decimals":-3}]},{"name":"rpt:f-1551","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"10709000","decimals":-3}]},{"name":"rpt:f-1552","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following is a summary of changes in the Company\u2019s RSUs and PSUs during the years ended March 31, 2022, 2023 and 2024:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2021 | \n \u00a0 | \n \u00a0 | \n 75,331 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 325,367 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (30,032 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (22,937 | \n ) | \n
Balance outstanding at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n 347,729 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 314,310 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (146,494 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (257,223 | \n ) | \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 1,556,983 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (140,496 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (402,510 | \n ) | \n
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 1,272,299 | \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.
During the year ended March 31, 2024, the Company recorded $nil in share-based compensation expense related to acquisition milestones (for the year ended March 31, 2023 - $nil; for the year ended March 31, 2022 - $7,991).
"}]},{"name":"rpt:f-1553","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2021-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"75331"}]},{"name":"rpt:f-1554","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"325367"}]},{"name":"rpt:f-1555","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"30032"}]},{"name":"rpt:f-1556","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"22937"}]},{"name":"rpt:f-1557","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"347729"}]},{"name":"rpt:f-1558","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"314310"}]},{"name":"rpt:f-1559","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"146494"}]},{"name":"rpt:f-1560","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"257223"}]},{"name":"rpt:f-1561","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-1562","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsGrantsInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1556983"}]},{"name":"rpt:f-1563","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsVestedInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"140496"}]},{"name":"rpt:f-1564","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsForfeitedInPeriod","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"402510"}]},{"name":"rpt:f-1565","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"1272299"}]},{"name":"rpt:f-1566","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"cgc:AcquisitionMilestonesMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1567","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"cgc:AcquisitionMilestonesMember"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-1568","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensation","xbrl:period":"2021-04-01T00:00:00/2022-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementLocationAxis":"cgc:AcquisitionMilestonesMember"},"factValues":[{"value":"7991000","decimals":-3}]},{"name":"rpt:f-1569","factDimensions":{"xbrl:concept":"us-gaap:ComprehensiveIncomeNoteTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"23. 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, 2021 | \n \u00a0 | \n $ | \n (28,246 | \n ) | \n \u00a0 | \n $ | \n (5,994 | \n ) | \n \u00a0 | \n $ | \n (34,240 | \n ) | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n 16,130 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,130 | \n \u00a0 | \n
Other comprehensive (loss) income | \n \u00a0 | \n \u00a0 | \n (45,352 | \n ) | \n \u00a0 | \n \u00a0 | \n 21,180 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (24,172 | \n ) | \n
As at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n (57,468 | \n ) | \n \u00a0 | \n \u00a0 | \n 15,186 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \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 27,207 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,929 | \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 | \n \u00a0 | \n \u00a0 | \n (917 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,334 | \n ) | \n \u00a0 | \n \u00a0 | \n (13,251 | \n ) | \n
As at March 31, 2024 | \n \u00a0 | \n $ | \n (31,178 | \n ) | \n \u00a0 | \n $ | \n 15,127 | \n \u00a0 | \n \u00a0 | \n $ | \n (16,051 | \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, 2021 | \n \u00a0 | \n $ | \n (28,246 | \n ) | \n \u00a0 | \n $ | \n (5,994 | \n ) | \n \u00a0 | \n $ | \n (34,240 | \n ) | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n 16,130 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,130 | \n \u00a0 | \n
Other comprehensive (loss) income | \n \u00a0 | \n \u00a0 | \n (45,352 | \n ) | \n \u00a0 | \n \u00a0 | \n 21,180 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (24,172 | \n ) | \n
As at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n (57,468 | \n ) | \n \u00a0 | \n \u00a0 | \n 15,186 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \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 27,207 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 57,929 | \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 | \n \u00a0 | \n \u00a0 | \n (917 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,334 | \n ) | \n \u00a0 | \n \u00a0 | \n (13,251 | \n ) | \n
As at March 31, 2024 | \n \u00a0 | \n $ | \n (31,178 | \n ) | \n \u00a0 | \n $ | \n 15,127 | \n \u00a0 | \n \u00a0 | \n $ | \n (16,051 | \n ) | \n
24. 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 | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Vert | \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, 2021 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 1,658 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,051 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,709 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (3,165 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,152 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,207 | \n ) | \n \u00a0 | \n \u00a0 | \n (20,524 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 3,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,152 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,317 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 839 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 839 | \n \u00a0 | \n
As at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,497 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,844 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,341 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,491 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,844 | \n ) | \n \u00a0 | \n \u00a0 | \n (31,388 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 53 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,491 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,544 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 570 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 570 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interests, net | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,620 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,620 | \n ) | \n
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \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 - | \n \u00a0 | \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 - | \n \u00a0 | \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 - | \n \u00a0 | \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 - | \n \u00a0 | \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 March 31, 2024 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \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 | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Vert | \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, 2021 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 1,658 | \n \u00a0 | \n \u00a0 | \n $ | \n 3,051 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,709 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (3,165 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,152 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,207 | \n ) | \n \u00a0 | \n \u00a0 | \n (20,524 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 3,165 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,152 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,317 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 839 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 839 | \n \u00a0 | \n
As at March 31, 2022 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,497 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,844 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,341 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n \u00a0 | \n \u00a0 | \n (29,491 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,844 | \n ) | \n \u00a0 | \n \u00a0 | \n (31,388 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 53 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,491 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29,544 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 570 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 570 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 140 | \n \u00a0 | \n
Redemption of redeemable noncontrolling interests, net | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,620 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,620 | \n ) | \n
As at March 31, 2023 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \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 - | \n \u00a0 | \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 - | \n \u00a0 | \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 - | \n \u00a0 | \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 - | \n \u00a0 | \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 March 31, 2024 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n
25. 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\u2019s 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. We determine 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 ||||
March 31, 2024 | \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 33,161 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 33,161 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 7,310 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,310 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 2,957 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 426,306 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 429,263 | \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 89,224 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,224 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,983 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,983 | \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 \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 \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 ||||
March 31, 2024 | \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 33,161 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 33,161 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 7,310 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,310 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 2,957 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 426,306 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 429,263 | \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 89,224 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,224 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,983 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,983 | \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 \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 \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
26. REVENUE
Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \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 |||
Canadian adult-use cannabis | \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 92,370 | \n \u00a0 | \n \u00a0 | \n $ | \n 95,026 | \n \u00a0 | \n \u00a0 | \n $ | \n 143,732 | \n \u00a0 | \n
Business-to-consumer | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,243 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,570 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 92,370 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 131,269 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 205,302 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 61,346 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,798 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 52,608 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 153,716 | \n \u00a0 | \n \u00a0 | \n $ | \n 187,067 | \n \u00a0 | \n \u00a0 | \n $ | \n 257,910 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
International markets cannabis | \n \u00a0 | \n $ | \n 41,312 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,949 | \n \u00a0 | \n \u00a0 | \n $ | \n 79,306 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n $ | \n 70,670 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,845 | \n \u00a0 | \n \u00a0 | \n $ | \n 85,410 | \n \u00a0 | \n
This Works | \n \u00a0 | \n $ | \n 21,256 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,029 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,296 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 10,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,363 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,777 | \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 297,146 | \n \u00a0 | \n \u00a0 | \n $ | \n 333,253 | \n \u00a0 | \n \u00a0 | \n $ | \n 475,699 | \n \u00a0 | \n
1Canadian adult-use business-to-business net revenue during the year ended March 31, 2024 reflects excise taxes of $40,115 (year ended March 31, 2023 - $43,071; and year ended March 31, 2022 - $56,666).
2Canadian medical cannabis net revenue during the year ended March 31, 2024 reflects excise taxes of $6,673 (year ended March 31, 2023 - $4,926; and year ended March 31, 2022 - $5,227).
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 $4,159 for the year ended March 31, 2024 (year ended March 31, 2023 \u2013 $12,072; and year ended March 31, 2022 \u2013 $11,588). As of March 31, 2024, the liability for estimated returns and price adjustments was $4,169 (March 31, 2023 \u2013 $6,434).
"}]},{"name":"rpt:f-1732","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","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 |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \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 |||
Canadian adult-use cannabis | \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 92,370 | \n \u00a0 | \n \u00a0 | \n $ | \n 95,026 | \n \u00a0 | \n \u00a0 | \n $ | \n 143,732 | \n \u00a0 | \n
Business-to-consumer | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,243 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 61,570 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 92,370 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 131,269 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 205,302 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 61,346 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,798 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 52,608 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 153,716 | \n \u00a0 | \n \u00a0 | \n $ | \n 187,067 | \n \u00a0 | \n \u00a0 | \n $ | \n 257,910 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
International markets cannabis | \n \u00a0 | \n $ | \n 41,312 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,949 | \n \u00a0 | \n \u00a0 | \n $ | \n 79,306 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n $ | \n 70,670 | \n \u00a0 | \n \u00a0 | \n $ | \n 64,845 | \n \u00a0 | \n \u00a0 | \n $ | \n 85,410 | \n \u00a0 | \n
This Works | \n \u00a0 | \n $ | \n 21,256 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,029 | \n \u00a0 | \n \u00a0 | \n $ | \n 32,296 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 10,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,363 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,777 | \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 297,146 | \n \u00a0 | \n \u00a0 | \n $ | \n 333,253 | \n \u00a0 | \n \u00a0 | \n $ | \n 475,699 | \n \u00a0 | \n
1Canadian adult-use business-to-business net revenue during the year ended March 31, 2024 reflects excise taxes of $40,115 (year ended March 31, 2023 - $43,071; and year ended March 31, 2022 - $56,666).
2Canadian medical cannabis net revenue during the year ended March 31, 2024 reflects excise taxes of $6,673 (year ended March 31, 2023 - $4,926; and year ended March 31, 2022 - $5,227).
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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 |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \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 (124,806 | \n ) | \n \u00a0 | \n $ | \n (424,115 | \n ) | \n \u00a0 | \n $ | \n (356,109 | \n ) | \n
Fair value changes on liability arising from Acreage | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 553,000 | \n \u00a0 | \n
Fair value changes on debt | \n \u00a0 | \n \u00a0 | \n (35,843 | \n ) | \n \u00a0 | \n \u00a0 | \n (43,104 | \n ) | \n \u00a0 | \n \u00a0 | \n 76,776 | \n \u00a0 | \n
Fair value changes on warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,920 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 588,655 | \n \u00a0 | \n
Fair value changes on acquisition related contingent | \n \u00a0 | \n \u00a0 | \n 12,315 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,417 | \n \u00a0 | \n
(Charges) gain related to settlement of debt | \n \u00a0 | \n \u00a0 | \n (12,134 | \n ) | \n \u00a0 | \n \u00a0 | \n 582 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 16,235 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,601 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (105,352 | \n ) | \n \u00a0 | \n \u00a0 | \n (126,157 | \n ) | \n \u00a0 | \n \u00a0 | \n (103,942 | \n ) | \n
Foreign currency gain | \n \u00a0 | \n \u00a0 | \n 704 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,816 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,113 | \n \u00a0 | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n 6,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,758 | \n ) | \n \u00a0 | \n \u00a0 | \n (21,470 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n (242,641 | \n ) | \n \u00a0 | \n $ | \n (455,644 | \n ) | \n \u00a0 | \n $ | \n 751,041 | \n \u00a0 | \n
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \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 (124,806 | \n ) | \n \u00a0 | \n $ | \n (424,115 | \n ) | \n \u00a0 | \n $ | \n (356,109 | \n ) | \n
Fair value changes on liability arising from Acreage | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 47,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 553,000 | \n \u00a0 | \n
Fair value changes on debt | \n \u00a0 | \n \u00a0 | \n (35,843 | \n ) | \n \u00a0 | \n \u00a0 | \n (43,104 | \n ) | \n \u00a0 | \n \u00a0 | \n 76,776 | \n \u00a0 | \n
Fair value changes on warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,920 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 588,655 | \n \u00a0 | \n
Fair value changes on acquisition related contingent | \n \u00a0 | \n \u00a0 | \n 12,315 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,417 | \n \u00a0 | \n
(Charges) gain related to settlement of debt | \n \u00a0 | \n \u00a0 | \n (12,134 | \n ) | \n \u00a0 | \n \u00a0 | \n 582 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 16,235 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,282 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,601 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (105,352 | \n ) | \n \u00a0 | \n \u00a0 | \n (126,157 | \n ) | \n \u00a0 | \n \u00a0 | \n (103,942 | \n ) | \n
Foreign currency gain | \n \u00a0 | \n \u00a0 | \n 704 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,816 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,113 | \n \u00a0 | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n 6,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,758 | \n ) | \n \u00a0 | \n \u00a0 | \n (21,470 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n (242,641 | \n ) | \n \u00a0 | \n $ | \n (455,644 | \n ) | \n \u00a0 | \n $ | \n 751,041 | \n \u00a0 | \n
28. INCOME TAXES
Net loss before income taxes was generated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Domestic - Canada | \n \u00a0 | \n $ | \n (280,786 | \n ) | \n \u00a0 | \n $ | \n (2,284,864 | \n ) | \n \u00a0 | \n $ | \n (102,313 | \n ) | \n
Foreign - outside of Canada | \n \u00a0 | \n \u00a0 | \n (190,569 | \n ) | \n \u00a0 | \n \u00a0 | \n (801,294 | \n ) | \n \u00a0 | \n \u00a0 | \n (165,545 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n (471,355 | \n ) | \n \u00a0 | \n $ | \n (3,086,158 | \n ) | \n \u00a0 | \n $ | \n (267,858 | \n ) | \n
The income tax (expense) recovery consists of the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Domestic - Canada | \n \u00a0 | \n $ | \n (462 | \n ) | \n \u00a0 | \n $ | \n 4,783 | \n \u00a0 | \n \u00a0 | \n $ | \n 895 | \n \u00a0 | \n
Foreign - outside of Canada | \n \u00a0 | \n \u00a0 | \n 194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (676 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,476 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (268 | \n ) | \n \u00a0 | \n $ | \n 4,107 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,371 | \n \u00a0 | \n
Deferred | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Domestic - Canada | \n \u00a0 | \n $ | \n (12,596 | \n ) | \n \u00a0 | \n $ | \n (2,649 | \n ) | \n \u00a0 | \n $ | \n 6,353 | \n \u00a0 | \n
Foreign - outside of Canada | \n \u00a0 | \n \u00a0 | \n 537 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 224 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n (12,059 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,621 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,577 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n $ | \n (12,327 | \n ) | \n \u00a0 | \n $ | \n 5,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,948 | \n \u00a0 | \n
As more fully described in Note 3, income taxes that are required to be reflected in equity, instead of in the consolidated statements of operations, are included in the consolidated statements of shareholders\u2019 equity, if applicable.
Current and deferred income tax referred to above is recognized based on the Company\u2019s best estimate of the tax rates expected to apply to the income, loss or temporary difference. The Company is subject to income tax in numerous jurisdictions with varying tax rates. During the current year ended, there were no material changes to the enacted statutory tax rates in the jurisdictions where the majority of the Company\u2019s income for tax purposes was earned or where its material temporary differences or losses are expected to be realized or settled, however the impact of commercial decisions and market forces result in changes to the distribution of income for tax purposes amongst taxing jurisdictions that may result in a change of the effective tax rate applicable to such income, loss or temporary difference.
A reconciliation of the amount of income taxes reflected above compared to the expected income taxes calculated at the combined Canadian federal and provincial enacted statutory tax rate of 26.5% for each of the three years ended March 31, 2024, 2023 and 2022 is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Net loss before income taxes | \n \u00a0 | \n $ | \n (471,355 | \n ) | \n \u00a0 | \n $ | \n (3,086,158 | \n ) | \n \u00a0 | \n $ | \n (267,858 | \n ) | \n
Expected tax rate | \n \u00a0 | \n \u00a0 | \n 26.5 | \n % | \n \u00a0 | \n \u00a0 | \n 26.5 | \n % | \n \u00a0 | \n \u00a0 | \n 26.5 | \n % | \n
Expected income tax recovery | \n \u00a0 | \n \u00a0 | \n 124,909 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 817,832 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 70,982 | \n \u00a0 | \n
Non-deductible and non-taxable items | \n \u00a0 | \n \u00a0 | \n 5,072 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (29,292 | \n ) | \n \u00a0 | \n \u00a0 | \n 17,557 | \n \u00a0 | \n
Fair value changes on Acreage Arrangement | \n \u00a0 | \n \u00a0 | \n (1,191 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 146,545 | \n \u00a0 | \n
Fair value changes on warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,294 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 155,964 | \n \u00a0 | \n
Settlement of unsecured senior notes | \n \u00a0 | \n \u00a0 | \n (11,360 | \n ) | \n \u00a0 | \n \u00a0 | \n (14,862 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n (2,796 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,126 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,908 | \n ) | \n
Goodwill impairment | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (473,702 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n (137,213 | \n ) | \n \u00a0 | \n \u00a0 | \n (252,260 | \n ) | \n \u00a0 | \n \u00a0 | \n (344,965 | \n ) | \n
Effect of tax rates outside of Canada | \n \u00a0 | \n \u00a0 | \n 3,072 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,596 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,459 | \n \u00a0 | \n
Non-taxable portion of capital gains and losses | \n \u00a0 | \n \u00a0 | \n (77,076 | \n ) | \n \u00a0 | \n \u00a0 | \n (48,573 | \n ) | \n \u00a0 | \n \u00a0 | \n (38,440 | \n ) | \n
Effect from divestiture of consolidated entities | \n \u00a0 | \n \u00a0 | \n 84,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n (586 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,373 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,754 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n $ | \n (12,327 | \n ) | \n \u00a0 | \n $ | \n 5,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,948 | \n \u00a0 | \n
Current income taxes payable in the amount of $512 (March 31, 2023 \u2013 $1,592) is included in accounts payable and current income taxes receivable in the amount of $485 (March 31, 2023 \u2013 $5,446) is included in other accounts receivable.
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 year 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 year during which such determination is made.
Significant components of deferred income tax assets (liabilities) consist of the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Deferred income tax assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Property, plant and equipment | \n \u00a0 | \n $ | \n 94,386 | \n \u00a0 | \n \u00a0 | \n $ | \n 104,015 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 14,017 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,202 | \n \u00a0 | \n
Inventory reserves and write-downs | \n \u00a0 | \n \u00a0 | \n 6,448 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,749 | \n \u00a0 | \n
Other reserves and accruals | \n \u00a0 | \n \u00a0 | \n 4,590 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,988 | \n \u00a0 | \n
Losses carried forward | \n \u00a0 | \n \u00a0 | \n 1,115,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,063,994 | \n \u00a0 | \n
Equity method investments and other financial assets | \n \u00a0 | \n \u00a0 | \n 95,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 72,881 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n 15,013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,596 | \n \u00a0 | \n
Unrealized Losses | \n \u00a0 | \n \u00a0 | \n 59,167 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 13,145 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,361 | \n \u00a0 | \n
Gross deferred income tax assets | \n \u00a0 | \n \u00a0 | \n 1,417,804 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,291,786 | \n \u00a0 | \n
Valuation allowances | \n \u00a0 | \n \u00a0 | \n (1,415,794 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,278,581 | \n ) | \n
Total deferred income tax assets, net | \n \u00a0 | \n $ | \n 2,010 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,205 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Property, plant and equipment | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (3,475 | \n ) | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n (29 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,788 | \n ) | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,345 | \n ) | \n
Total deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n (29 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,608 | \n ) | \n
Net deferred income tax assets | \n \u00a0 | \n $ | \n 1,981 | \n \u00a0 | \n \u00a0 | \n $ | \n 597 | \n \u00a0 | \n
In evaluating whether it is more likely than not that all or a portion of a deferred income tax asset will be realized consideration is given to the estimated reversal of deferred income tax liabilities and future taxable income. The Company has recognized valuation allowances for operating losses carried forward, capital losses carried forward and other deferred income tax assets when it is believed that it is more likely than not that these items will not be realized.
As at March 31, 2024, the Company had temporary differences associated with investments in foreign subsidiaries for which no deferred income tax liabilities have been recognized, as the Company is able to control the timing of the reversal of these temporary differences and material undistributed earnings are considered permanently invested. Determination of the amount of the unrecognized deferred income tax liability is not practicable due to the inherent complexity of the multi-jurisdictional operations of the Company.
As at March 31, 2024, the Company has the following losses carried forward available to reduce future years\u2019 taxable income, which losses expire as follows:
\n| \n | \n | \n | \n | \n |
Expiring within 5 years | \n \u00a0 | \n $ | \n 1,512 | \n \u00a0 | \n
Expiring between 5 and 10 years | \n \u00a0 | \n \u00a0 | \n 13,547 | \n \u00a0 | \n
Expiring between 10 and 15 years | \n \u00a0 | \n \u00a0 | \n 615,838 | \n \u00a0 | \n
Expiring between 15 and 20 years | \n \u00a0 | \n \u00a0 | \n 2,374,046 | \n \u00a0 | \n
Indefinite | \n \u00a0 | \n \u00a0 | \n 539,273 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 3,544,216 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
Total in Canada | \n \u00a0 | \n $ | \n 3,003,430 | \n \u00a0 | \n
Total in United States | \n \u00a0 | \n \u00a0 | \n 490,039 | \n \u00a0 | \n
Total in Europe | \n \u00a0 | \n \u00a0 | \n 50,747 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 3,544,216 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
Total operating losses | \n \u00a0 | \n $ | \n 3,544,216 | \n \u00a0 | \n
Total capital losses (carried forward indefinitely) | \n \u00a0 | \n \u00a0 | \n 1,372,414 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 4,916,630 | \n \u00a0 | \n
Net loss before income taxes was generated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Domestic - Canada | \n \u00a0 | \n $ | \n (280,786 | \n ) | \n \u00a0 | \n $ | \n (2,284,864 | \n ) | \n \u00a0 | \n $ | \n (102,313 | \n ) | \n
Foreign - outside of Canada | \n \u00a0 | \n \u00a0 | \n (190,569 | \n ) | \n \u00a0 | \n \u00a0 | \n (801,294 | \n ) | \n \u00a0 | \n \u00a0 | \n (165,545 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n (471,355 | \n ) | \n \u00a0 | \n $ | \n (3,086,158 | \n ) | \n \u00a0 | \n $ | \n (267,858 | \n ) | \n
The income tax (expense) recovery consists of the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Current | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Domestic - Canada | \n \u00a0 | \n $ | \n (462 | \n ) | \n \u00a0 | \n $ | \n 4,783 | \n \u00a0 | \n \u00a0 | \n $ | \n 895 | \n \u00a0 | \n
Foreign - outside of Canada | \n \u00a0 | \n \u00a0 | \n 194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (676 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,476 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (268 | \n ) | \n \u00a0 | \n $ | \n 4,107 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,371 | \n \u00a0 | \n
Deferred | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |||
Domestic - Canada | \n \u00a0 | \n $ | \n (12,596 | \n ) | \n \u00a0 | \n $ | \n (2,649 | \n ) | \n \u00a0 | \n $ | \n 6,353 | \n \u00a0 | \n
Foreign - outside of Canada | \n \u00a0 | \n \u00a0 | \n 537 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,270 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 224 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n (12,059 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,621 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,577 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n $ | \n (12,327 | \n ) | \n \u00a0 | \n $ | \n 5,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,948 | \n \u00a0 | \n
A reconciliation of the amount of income taxes reflected above compared to the expected income taxes calculated at the combined Canadian federal and provincial enacted statutory tax rate of 26.5% for each of the three years ended March 31, 2024, 2023 and 2022 is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Net loss before income taxes | \n \u00a0 | \n $ | \n (471,355 | \n ) | \n \u00a0 | \n $ | \n (3,086,158 | \n ) | \n \u00a0 | \n $ | \n (267,858 | \n ) | \n
Expected tax rate | \n \u00a0 | \n \u00a0 | \n 26.5 | \n % | \n \u00a0 | \n \u00a0 | \n 26.5 | \n % | \n \u00a0 | \n \u00a0 | \n 26.5 | \n % | \n
Expected income tax recovery | \n \u00a0 | \n \u00a0 | \n 124,909 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 817,832 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 70,982 | \n \u00a0 | \n
Non-deductible and non-taxable items | \n \u00a0 | \n \u00a0 | \n 5,072 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (29,292 | \n ) | \n \u00a0 | \n \u00a0 | \n 17,557 | \n \u00a0 | \n
Fair value changes on Acreage Arrangement | \n \u00a0 | \n \u00a0 | \n (1,191 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 146,545 | \n \u00a0 | \n
Fair value changes on warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,294 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 155,964 | \n \u00a0 | \n
Settlement of unsecured senior notes | \n \u00a0 | \n \u00a0 | \n (11,360 | \n ) | \n \u00a0 | \n \u00a0 | \n (14,862 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n (2,796 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,126 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,908 | \n ) | \n
Goodwill impairment | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (473,702 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Change in valuation allowance | \n \u00a0 | \n \u00a0 | \n (137,213 | \n ) | \n \u00a0 | \n \u00a0 | \n (252,260 | \n ) | \n \u00a0 | \n \u00a0 | \n (344,965 | \n ) | \n
Effect of tax rates outside of Canada | \n \u00a0 | \n \u00a0 | \n 3,072 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (4,596 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,459 | \n \u00a0 | \n
Non-taxable portion of capital gains and losses | \n \u00a0 | \n \u00a0 | \n (77,076 | \n ) | \n \u00a0 | \n \u00a0 | \n (48,573 | \n ) | \n \u00a0 | \n \u00a0 | \n (38,440 | \n ) | \n
Effect from divestiture of consolidated entities | \n \u00a0 | \n \u00a0 | \n 84,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n (586 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,373 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,754 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n $ | \n (12,327 | \n ) | \n \u00a0 | \n $ | \n 5,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,948 | \n \u00a0 | \n
Significant components of deferred income tax assets (liabilities) consist of the following:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Deferred income tax assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Property, plant and equipment | \n \u00a0 | \n $ | \n 94,386 | \n \u00a0 | \n \u00a0 | \n $ | \n 104,015 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 14,017 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,202 | \n \u00a0 | \n
Inventory reserves and write-downs | \n \u00a0 | \n \u00a0 | \n 6,448 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,749 | \n \u00a0 | \n
Other reserves and accruals | \n \u00a0 | \n \u00a0 | \n 4,590 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,988 | \n \u00a0 | \n
Losses carried forward | \n \u00a0 | \n \u00a0 | \n 1,115,772 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,063,994 | \n \u00a0 | \n
Equity method investments and other financial assets | \n \u00a0 | \n \u00a0 | \n 95,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 72,881 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n 15,013 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,596 | \n \u00a0 | \n
Unrealized Losses | \n \u00a0 | \n \u00a0 | \n 59,167 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 13,145 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,361 | \n \u00a0 | \n
Gross deferred income tax assets | \n \u00a0 | \n \u00a0 | \n 1,417,804 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,291,786 | \n \u00a0 | \n
Valuation allowances | \n \u00a0 | \n \u00a0 | \n (1,415,794 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,278,581 | \n ) | \n
Total deferred income tax assets, net | \n \u00a0 | \n $ | \n 2,010 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,205 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Property, plant and equipment | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (3,475 | \n ) | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n (29 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,788 | \n ) | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,345 | \n ) | \n
Total deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n (29 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,608 | \n ) | \n
Net deferred income tax assets | \n \u00a0 | \n $ | \n 1,981 | \n \u00a0 | \n \u00a0 | \n $ | \n 597 | \n \u00a0 | \n
As at March 31, 2024, the Company has the following losses carried forward available to reduce future years\u2019 taxable income, which losses expire as follows:
\n| \n | \n | \n | \n | \n |
Expiring within 5 years | \n \u00a0 | \n $ | \n 1,512 | \n \u00a0 | \n
Expiring between 5 and 10 years | \n \u00a0 | \n \u00a0 | \n 13,547 | \n \u00a0 | \n
Expiring between 10 and 15 years | \n \u00a0 | \n \u00a0 | \n 615,838 | \n \u00a0 | \n
Expiring between 15 and 20 years | \n \u00a0 | \n \u00a0 | \n 2,374,046 | \n \u00a0 | \n
Indefinite | \n \u00a0 | \n \u00a0 | \n 539,273 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 3,544,216 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
Total in Canada | \n \u00a0 | \n $ | \n 3,003,430 | \n \u00a0 | \n
Total in United States | \n \u00a0 | \n \u00a0 | \n 490,039 | \n \u00a0 | \n
Total in Europe | \n \u00a0 | \n \u00a0 | \n 50,747 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 3,544,216 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
Total operating losses | \n \u00a0 | \n $ | \n 3,544,216 | \n \u00a0 | \n
Total capital losses (carried forward indefinitely) | \n \u00a0 | \n \u00a0 | \n 1,372,414 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 4,916,630 | \n \u00a0 | \n
29. ACQUISITIONS
(a) Year ended March 31, 2024
There were no acquisitions during the year ended March 31, 2024
(b) Year ended March 31, 2023
The following table summarizes the consolidated balance sheet impact at acquisition of the Company\u2019s business combinations that occurred in the year ended March 31, 2023.
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Verona | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n Facility | \n \u00a0 | \n |
Property, plant and equipment | \n \u00a0 | \n $ | \n 28,771 | \n \u00a0 | \n
Debt and other liabilities | \n \u00a0 | \n \u00a0 | \n (2,373 | \n ) | \n
Net assets acquired | \n \u00a0 | \n $ | \n 26,398 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration paid in cash | \n \u00a0 | \n $ | \n 24,223 | \n \u00a0 | \n
Other consideration | \n \u00a0 | \n \u00a0 | \n 2,175 | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n 26,398 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration paid in cash | \n \u00a0 | \n $ | \n 24,223 | \n \u00a0 | \n
Less: Cash and cash equivalents acquired | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net cash outflow | \n \u00a0 | \n $ | \n 24,223 | \n \u00a0 | \n
The table above summarizes the fair value of the consideration given and the fair values assigned to the assets acquired and liabilities assumed for the acquisition completed in the year ended March 31, 2023.
Acquisition of Verona Facility
On November 8, 2022, the Company, through its affiliate BioSteel, completed the acquisition (the \u201cVerona Acquisition\u201d) of a manufacturing facility located in Verona, Virginia (the \u201cVerona Facility\u201d) from Flow Beverage Corp. (\u201cFlow\u201d), one of BioSteel\u2019s contract manufacturers. Consideration was $26,398 (US$19,477), consisting of cash paid of $15,685 (US$11,573) and $8,538 (US$6,299) related to the repayment of debt and the retirement of certain lease obligations, and $2,175 (US$1,605) in remediation and indemnity holdbacks to be retained by the Company and paid within one year of the closing of the Verona Acquisition. BioSteel and Flow entered into a co-manufacturing agreement whereby, in addition to the production of BioSteel-branded sports hydration beverages, BioSteel will produce Flow\u2019s portfolio of branded water at the Verona Facility. Such co-manufacturing agreement is no longer in effect.
Due to the timing of the Verona Acquisition, the purchase price allocation for the Verona Acquisition is provisional. The fair value assigned to the consideration paid and net assets acquired is based on management\u2019s best estimate using the information currently available and may be revised by the Company as additional information is received.
\u00a0
(c) Acquisitions completed in the year ended March 31, 2022
The following table summarized the consolidated balance sheet impact at acquisition of the Company's business combinations that occurred in the year ended March 31, 2022.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Ace | \n \u00a0 | \n \u00a0 | \n Supreme | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Valley | \n \u00a0 | \n \u00a0 | \n Cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (i) | \n \u00a0 | \n \u00a0 | \n (ii) | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 1,544 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,306 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,227 | \n \u00a0 | \n \u00a0 | \n $ | \n 44,077 | \n \u00a0 | \n
Inventory | \n \u00a0 | \n \u00a0 | \n 878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 362 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,666 | \n \u00a0 | \n
Other current assets | \n \u00a0 | \n \u00a0 | \n 2,249 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,791 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 335 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,375 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 105 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 187,407 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,510 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 189,022 | \n \u00a0 | \n
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 ||||
Brands | \n \u00a0 | \n \u00a0 | \n 14,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,800 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,800 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,500 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,400 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n \u00a0 | \n 39,152 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,329 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 105,323 | \n \u00a0 | \n
Accounts payable and other accrued expenses and liabilities | \n \u00a0 | \n \u00a0 | \n (1,724 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,935 | \n ) | \n \u00a0 | \n \u00a0 | \n (30 | \n ) | \n \u00a0 | \n \u00a0 | \n (14,689 | \n ) | \n
Debt and other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (88,324 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,037 | \n ) | \n \u00a0 | \n \u00a0 | \n (89,361 | \n ) | \n
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n (1,899 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,545 | \n ) | \n \u00a0 | \n \u00a0 | \n (540 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,984 | \n ) | \n
Net assets acquired | \n \u00a0 | \n $ | \n 54,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 279,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 345,129 | \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 ||||
Consideration paid in cash | \n \u00a0 | \n $ | \n 51,836 | \n \u00a0 | \n \u00a0 | \n $ | \n 84 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,104 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,024 | \n \u00a0 | \n
Consideration paid in shares | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 260,668 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 264,720 | \n \u00a0 | \n
Replacement options | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629 | \n \u00a0 | \n
Replacement warrants | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,350 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,350 | \n \u00a0 | \n
Other consideration | \n \u00a0 | \n \u00a0 | \n 2,469 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,937 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,406 | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n 54,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 279,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 345,129 | \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 ||||
Consideration paid in cash | \n \u00a0 | \n $ | \n 51,836 | \n \u00a0 | \n \u00a0 | \n $ | \n 84 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,104 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,024 | \n \u00a0 | \n
Less: Cash and cash equivalents acquired | \n \u00a0 | \n \u00a0 | \n (1,544 | \n ) | \n \u00a0 | \n \u00a0 | \n (41,306 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,227 | \n ) | \n \u00a0 | \n \u00a0 | \n (44,077 | \n ) | \n
Net cash outflow (inflow) | \n \u00a0 | \n $ | \n 50,292 | \n \u00a0 | \n \u00a0 | \n $ | \n (41,222 | \n ) | \n \u00a0 | \n $ | \n 5,877 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,947 | \n \u00a0 | \n
The table above summarizes the fair value of the consideration given and the fair values assigned to the assets acquired and liabilities assumed for each acquisition. Goodwill arose in these acquisitions because the cost of acquisition included a control premium. In addition, the consideration paid for the combination reflected the benefit of expected revenue growth and future market development. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Except for some of the goodwill arising in respect of the Ace Valley (as defined below) and Supreme Cannabis acquisition, none of the goodwill arising on these acquisitions is expected to be deductible in the computation of income for tax purposes.
(i) Ace Valley
On April 1, 2021, the Company entered into a share purchase agreement (the \u201cAV Share Purchase Agreement\u201d) with Tweed Inc., AV Cannabis Inc. (\u201cAce Valley\u201d), and the shareholders of Ace Valley (the \u201cAV Vendors\u201d) pursuant to which the Company indirectly acquired 100% of the issued and outstanding shares of Ace Valley for cash consideration of $51,836. Ace Valley is an Ontario-based cannabis brand with a focus on premium, ready-to-enjoy products including vapes, pre-roll joints and gummies. Pursuant to the terms of the AV Share Purchase Agreement, the Company may be required to make certain earn-out payments to the AV Vendors, which may result in an additional cash payment or the issuance of common shares, subject to the fulfillment of certain conditions by April 1, 2023. This represents liability-classified contingent consideration. Management has estimated the fair value of this consideration to be $2,469 by assessing the probability and timing of the fulfillment of the specified conditions and discounting the expected cash outflows to present value.
In the year ended March 31, 2022, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method
(ii) Supreme Cannabis
On June 22, 2021, the Company and Supreme Cannabis completed an arrangement (the \u201cSupreme Arrangement\u201d) pursuant to which the Company acquired 100% of the issued and outstanding common shares of Supreme Cannabis (the \u201cSupreme Shares\u201d). Supreme Cannabis is a producer of adult-use, wholesale and medical cannabis products, with a diversified portfolio of distinct cannabis companies, products and brands. Pursuant to the Supreme Arrangement, the Company issued 901,340 common shares with a fair value on closing of $260,668 and made a cash payment of $84 to former Supreme Cannabis shareholders in consideration for their Supreme Shares.
The Company also assumed the obligation to issue 126,574 common shares upon the exercise of outstanding warrants of Supreme Cannabis and issued 14,016 replacement options. The fair value of the obligation upon the exercise of the outstanding warrants of Supreme Cannabis was estimated to be $13,350 using a Black-Scholes model. The replacement options\u2019 fair value totaled
$1,452, calculated using a Black-Scholes model, of which $629 was included in consideration paid as it related to pre-combination services and the residual $823 fair value was recognized immediately in share-based compensation expense after the completion of the acquisition.
On June 22, 2021, Supreme Cannabis had convertible debentures outstanding with a principal amount of $27,045 which were convertible into 94,895,649 Supreme Shares. As a result of the acquisition the conversion feature was adjusted in accordance with an exchange ratio of 0.0011659. The fair value of these convertible debentures on June 22, 2021 was estimated to be $36,593, of which $4,937 was allocated to the conversion feature and $31,656 to the debt component. As described in Note 36, in connection with the Transaction, the May 2024 Investor delivered approximately $27.5 million aggregate principal amount of outstanding Supreme Debentures and Accretion Debentures and paid the Company approximately US$50 million in exchange for the Company issuing to the May 2024 Investor (i) the May 2024 Convertible Debenture and (ii) the 2024 Investor Warrants.
In the year ended March 31, 2023, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method.
"}]},{"name":"rpt:f-1933","factDimensions":{"xbrl:concept":"cgc:NumberOfAcquisitionsDuringPeriod","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Acquisition"},"factValues":[{"value":"0"}]},{"name":"rpt:f-1934","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following table summarizes the consolidated balance sheet impact at acquisition of the Company\u2019s business combinations that occurred in the year ended March 31, 2023.
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Verona | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n Facility | \n \u00a0 | \n |
Property, plant and equipment | \n \u00a0 | \n $ | \n 28,771 | \n \u00a0 | \n
Debt and other liabilities | \n \u00a0 | \n \u00a0 | \n (2,373 | \n ) | \n
Net assets acquired | \n \u00a0 | \n $ | \n 26,398 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration paid in cash | \n \u00a0 | \n $ | \n 24,223 | \n \u00a0 | \n
Other consideration | \n \u00a0 | \n \u00a0 | \n 2,175 | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n 26,398 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration paid in cash | \n \u00a0 | \n $ | \n 24,223 | \n \u00a0 | \n
Less: Cash and cash equivalents acquired | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net cash outflow | \n \u00a0 | \n $ | \n 24,223 | \n \u00a0 | \n
The following table summarized the consolidated balance sheet impact at acquisition of the Company's business combinations that occurred in the year ended March 31, 2022.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Ace | \n \u00a0 | \n \u00a0 | \n Supreme | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Valley | \n \u00a0 | \n \u00a0 | \n Cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (i) | \n \u00a0 | \n \u00a0 | \n (ii) | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
Cash and cash equivalents | \n \u00a0 | \n $ | \n 1,544 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,306 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,227 | \n \u00a0 | \n \u00a0 | \n $ | \n 44,077 | \n \u00a0 | \n
Inventory | \n \u00a0 | \n \u00a0 | \n 878 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 362 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 34,666 | \n \u00a0 | \n
Other current assets | \n \u00a0 | \n \u00a0 | \n 2,249 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,791 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 335 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,375 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 105 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 187,407 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,510 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 189,022 | \n \u00a0 | \n
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 ||||
Brands | \n \u00a0 | \n \u00a0 | \n 14,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,800 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,800 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,500 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,400 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n \u00a0 | \n 39,152 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,842 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,329 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 105,323 | \n \u00a0 | \n
Accounts payable and other accrued expenses and liabilities | \n \u00a0 | \n \u00a0 | \n (1,724 | \n ) | \n \u00a0 | \n \u00a0 | \n (12,935 | \n ) | \n \u00a0 | \n \u00a0 | \n (30 | \n ) | \n \u00a0 | \n \u00a0 | \n (14,689 | \n ) | \n
Debt and other liabilities | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (88,324 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,037 | \n ) | \n \u00a0 | \n \u00a0 | \n (89,361 | \n ) | \n
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n (1,899 | \n ) | \n \u00a0 | \n \u00a0 | \n (5,545 | \n ) | \n \u00a0 | \n \u00a0 | \n (540 | \n ) | \n \u00a0 | \n \u00a0 | \n (7,984 | \n ) | \n
Net assets acquired | \n \u00a0 | \n $ | \n 54,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 279,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 345,129 | \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 ||||
Consideration paid in cash | \n \u00a0 | \n $ | \n 51,836 | \n \u00a0 | \n \u00a0 | \n $ | \n 84 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,104 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,024 | \n \u00a0 | \n
Consideration paid in shares | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 260,668 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,052 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 264,720 | \n \u00a0 | \n
Replacement options | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 629 | \n \u00a0 | \n
Replacement warrants | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,350 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,350 | \n \u00a0 | \n
Other consideration | \n \u00a0 | \n \u00a0 | \n 2,469 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,937 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,406 | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n 54,305 | \n \u00a0 | \n \u00a0 | \n $ | \n 279,668 | \n \u00a0 | \n \u00a0 | \n $ | \n 11,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 345,129 | \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 ||||
Consideration paid in cash | \n \u00a0 | \n $ | \n 51,836 | \n \u00a0 | \n \u00a0 | \n $ | \n 84 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,104 | \n \u00a0 | \n \u00a0 | \n $ | \n 59,024 | \n \u00a0 | \n
Less: Cash and cash equivalents acquired | \n \u00a0 | \n \u00a0 | \n (1,544 | \n ) | \n \u00a0 | \n \u00a0 | \n (41,306 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,227 | \n ) | \n \u00a0 | \n \u00a0 | \n (44,077 | \n ) | \n
Net cash outflow (inflow) | \n \u00a0 | \n $ | \n 50,292 | \n \u00a0 | \n \u00a0 | \n $ | \n (41,222 | \n ) | \n \u00a0 | \n $ | \n 5,877 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,947 | \n \u00a0 | \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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rpt:f-2069","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromDivestitureOfBusinesses","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:OegrcAndFour20Member"},"factValues":[{"value":"88000","decimals":-3}]},{"name":"rpt:f-2070","factDimensions":{"xbrl:concept":"cgc:DeferredConsiderationReceivable","xbrl:period":"2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:OegrcAndFour20Member"},"factValues":[{"value":"5500000","decimals":-3}]},{"name":"rpt:f-2071","factDimensions":{"xbrl:concept":"cgc:EarnoutPaymentReceivable","xbrl:period":"2022-10-01T00:00:00/2023-01-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:OegrcAndFour20Member"},"factValues":[{"value":"6099000","decimals":-3}]},{"name":"rpt:f-2072","factDimensions":{"xbrl:concept":"cgc:DeferredConsiderationReceivable","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:OegrcAndFour20Member"},"factValues":[{"value":"2500000","decimals":-3}]},{"name":"rpt:f-2073","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDisposalGroupsIncludingDiscontinuedOperationsIncomeStatementBalanceSheetAndAdditionalDisclosuresTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:OegrcAndFour20Member"},"factValues":[{"value":"Following the divestiture of the retail stores pursuant to the OEGRC Transaction and the FOUR20 Transaction, the Company derecognized the assets and liabilities of the associated retail stores from these consolidated financial statements at their carrying amounts on their respective closing dates, as follows:
\n| \n | \n | \n | \n | \n |
Current assets | \n \u00a0 | \n $ | \n 6,461 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 7,990 | \n \u00a0 | \n
Other long-term assets | \n \u00a0 | \n \u00a0 | \n 144 | \n \u00a0 | \n
Current liabilities | \n \u00a0 | \n \u00a0 | \n (9,492 | \n ) | \n
Net assets disposed | \n \u00a0 | \n $ | \n 5,103 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n 88 | \n \u00a0 | \n
Future cash consideration | \n \u00a0 | \n \u00a0 | \n 11,599 | \n \u00a0 | \n
Costs to sell | \n \u00a0 | \n \u00a0 | \n (2,442 | \n ) | \n
Total consideration | \n \u00a0 | \n $ | \n 9,245 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n 4,142 | \n \u00a0 | \n
Following the C3 Divestiture, the Company no longer controls C3 and the Company derecognized the assets and liabilities of C3 from these consolidated financial statements at their carrying amounts, including $53,541 of goodwill allocated to the C3 reporting unit. The derecognized assets and liabilities on January 31, 2022, were as follows:
\n| \n | \n | \n | \n | \n |
Current assets1 | \n \u00a0 | \n $ | \n 44,568 | \n \u00a0 | \n
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n 9,216 | \n \u00a0 | \n
Intangible assets | \n \u00a0 | \n \u00a0 | \n 15,548 | \n \u00a0 | \n
Goodwill | \n \u00a0 | \n \u00a0 | \n 53,541 | \n \u00a0 | \n
Current liabilities | \n \u00a0 | \n \u00a0 | \n (3,089 | \n ) | \n
Deferred income tax liabilities | \n \u00a0 | \n \u00a0 | \n (6,029 | \n ) | \n
Cumulative translation adjustment | \n \u00a0 | \n \u00a0 | \n 19,178 | \n \u00a0 | \n
Net assets disposed | \n \u00a0 | \n $ | \n 132,933 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n 128,316 | \n \u00a0 | \n
Future cash consideration | \n \u00a0 | \n \u00a0 | \n 7,233 | \n \u00a0 | \n
Costs to sell | \n \u00a0 | \n \u00a0 | \n (1,153 | \n ) | \n
Total consideration | \n \u00a0 | \n $ | \n 134,396 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n 1,463 | \n \u00a0 | \n
1 Included in current assets is $19,338 of cash.
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ntinuedOperationsAxis":"cgc:C3CannabinoidCompoundCompanyMember"},"factValues":[{"value":"1153000","decimals":-3}]},{"name":"rpt:f-2100","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationConsideration","xbrl:period":"2022-02-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:C3CannabinoidCompoundCompanyMember"},"factValues":[{"value":"134396000","decimals":-3}]},{"name":"rpt:f-2101","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSaleOfBusiness","xbrl:period":"2022-01-31T00:00:00/2022-02-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:C3CannabinoidCompoundCompanyMember"},"factValues":[{"value":"1463000","decimals":-3}]},{"name":"rpt:f-2102","factDimensions":{"xbrl:concept":"us-gaap:DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents","xbrl:period":"2022-02-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:IncomeStatementBalanceSheetAndAdditionalDisclosuresByDisposalGroupsIncludingDiscontinuedOperationsAxis":"cgc:C3CannabinoidCompoundCompanyMember"},"factValues":[{"value":"19338000","decimals":-3}]},{"name":"rpt:f-2103","factDimensions":{"xbrl:concept":"cgc:AcreageDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"31. ACREAGE ARRANGEMENT AND AMENDMENTS TO CBI INVESTOR RIGHTS AGREEMENT AND WARRANTS
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 \"Triggering Event\") 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 5 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, to consummate the acquisitions of Wana, Jetty and Acreage (subsequent to the Acreage Option exercise).
At March 31, 2024, 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 of $10,000 (March 31, 2023 \u2013 $55,382). At March 31, 2024, 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 27. The fair value determination includes a high degree of subjectivity and judgment, which results in significant estimation uncertainty. See Note 25 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, 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 13), and the Company has elected the fair value option under ASC 825 (see Note 25). At March 31, 2024, the estimated fair value of the Hempco Debenture issued to an affiliate of the Company by Acreage Hempco was $11,780 (March 31, 2023 \u2013 $29,262), measured using a discounted cash flow model (see Note 25). Refer to Note 13 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.
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 (the \u201cPrior Consent Agreement\u201d). In connection with these agreements, on June 27, 2019, Canopy Growth: (i) extended the term of the first tranche of warrants, which would 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 did 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 exercised 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 5, in connection with the Reorganization, the Company entered into the Third Consent Agreement, pursuant to which, following the CBI Exchange, 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 were terminated, including the Amended Investor Rights Agreement and the Prior Consent Agreement and the CBI nominees that were sitting on the board of directors of the Company (the \u201cBoard\u201d) immediately prior to the CBI Exchange resigned as directors of the Company. In addition, as described in Note 5, in connection with the Note Exchange, the CBI Note was cancelled.
"}]},{"name":"rpt:f-2104","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates","xbrl:period":"2019-06-27T00:00:00/2019-06-28T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"300000000","decimals":-3}]},{"name":"rpt:f-2105","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates","xbrl:period":"2019-06-27T00:00:00/2019-06-28T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"395190000","decimals":-3}]},{"name":"rpt:f-2106","factDimensions":{"xbrl:concept":"cgc:CommonStockSharesConversionRatio","xbrl:period":"2020-06-24T00:00:00/2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:StatementClassOfStockAxis":"cgc:ClassESubordinatedVotingSharesMember","us-gaap:FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis":"cgc:FixedSharesMember","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"0.03048","decimals":5}]},{"name":"rpt:f-2107","factDimensions":{"xbrl:concept":"cgc:MinimumCallPricePerShare","xbrl:period":"2020-06-24T00:00:00/2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD/xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","us-gaap:StatementClassOfStockAxis":"cgc:ClassDSubordinatedVotingSharesMember","us-gaap:FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis":"cgc:FloatingSharesMember"},"factValues":[{"value":"6.41","decimals":2}]},{"name":"rpt:f-2108","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates","xbrl:period":"2020-06-24T00:00:00/2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"37500000","decimals":-3}]},{"name":"rpt:f-2109","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireBusinessesAndInterestInAffiliates","xbrl:period":"2020-06-24T00:00:00/2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"49849000","decimals":-3}]},{"name":"rpt:f-2110","factDimensions":{"xbrl:concept":"cgc:NumberOfFixedAndFloatingSharesIssued","xbrl:period":"2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","srt:RangeAxis":"srt:MaximumMember","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"32700000"}]},{"name":"rpt:f-2111","factDimensions":{"xbrl:concept":"us-gaap:DerivativeAssetsNoncurrent","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","us-gaap:OptionIndexedToIssuersEquityTypeAxis":"cgc:AcreageFinancialInstrumentMember"},"factValues":[{"value":"10000000","decimals":-3}]},{"name":"rpt:f-2112","factDimensions":{"xbrl:concept":"us-gaap:DerivativeLiabilitiesNoncurrent","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","us-gaap:OptionIndexedToIssuersEquityTypeAxis":"cgc:AcreageFinancialInstrumentMember"},"factValues":[{"value":"55382000","decimals":-3}]},{"name":"rpt:f-2113","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireInvestments","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"50000000","decimals":-3}]},{"name":"rpt:f-2114","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireInvestments","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"66995000","decimals":-3}]},{"name":"rpt:f-2115","factDimensions":{"xbrl:concept":"cgc:DebenturesBearInterestRatePerAnnum","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.061","decimals":3}]},{"name":"rpt:f-2116","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFairValue","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"11780000","decimals":-3}]},{"name":"rpt:f-2117","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFairValue","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"29262000","decimals":-3}]},{"name":"rpt:f-2118","factDimensions":{"xbrl:concept":"cgc:AdditionalPaymentUponSatisfactionOfCertainConditions","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"50000000","decimals":-3}]},{"name":"rpt:f-2119","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightUnissued","xbrl:period":"2019-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheAWarrantsMember"},"factValues":[{"value":"8850000","decimals":-4}]},{"name":"rpt:f-2120","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1","xbrl:period":"2019-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheAWarrantsMember"},"factValues":[{"value":"504.00"}]},{"name":"rpt:f-2121","factDimensions":{"xbrl:concept":"us-gaap:WarrantsAndRightsOutstandingMaturityDate","xbrl:period":"2019-04-19T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"2023-11-01"}]},{"name":"rpt:f-2122","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightUnissued","xbrl:period":"2019-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheBWarrantsMember"},"factValues":[{"value":"3850000","decimals":-4}]},{"name":"rpt:f-2123","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightExercisePriceOfWarrantsOrRights1","xbrl:period":"2019-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheBWarrantsMember"},"factValues":[{"value":"766.80"}]},{"name":"rpt:f-2124","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightUnissued","xbrl:period":"2019-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheCWarrantsMember"},"factValues":[{"value":"1280000","decimals":-4}]},{"name":"rpt:f-2125","factDimensions":{"xbrl:concept":"cgc:ShareRepurchaseCreditLimit","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:RangeAxis":"srt:MaximumMember","us-gaap:TypeOfArrangementAxis":"cgc:SecondAmendedAndRestatedInvestorRightsAgreementAndConsentAgreementMember"},"factValues":[{"value":"1583000000"}]},{"name":"rpt:f-2126","factDimensions":{"xbrl:concept":"cgc:NumberOfCommonStockSharesToBeRepurchasedToAvoidProvidingRepurchaseCredit","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheBAndCWarrantsMember","us-gaap:TypeOfArrangementAxis":"cgc:SecondAmendedAndRestatedInvestorRightsAgreementAndConsentAgreementMember"},"factValues":[{"value":"2737886"}]},{"name":"rpt:f-2127","factDimensions":{"xbrl:concept":"cgc:ValueOfCommonStockToBeRepurchasedToAvoidProvidingRepurchaseCredit","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:ClassOfWarrantOrRightAxis":"cgc:TrancheBAndCWarrantsMember","us-gaap:TypeOfArrangementAxis":"cgc:SecondAmendedAndRestatedInvestorRightsAgreementAndConsentAgreementMember"},"factValues":[{"value":"1583000000","decimals":-6}]},{"name":"rpt:f-2128","factDimensions":{"xbrl:concept":"cgc:LeasesDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"32. LEASES
The Company primarily leases office and production facilities, warehouses, production equipment and vehicles. The Company assesses service arrangements to determine if an asset is explicitly or implicitly specified in the agreement and if we have the right to control the use of the identified asset.
The right-of-use asset is initially measured at cost, which is primarily comprised of the initial amount of the lease liability, plus initial direct costs and lease payments at or before the lease commencement date, less any lease incentives received, and is amortized on a straight-line basis over the remaining lease term. All right-of-use assets are reviewed periodically for impairment. The lease liability is initially measured at the present value of lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. We elected to recognize expenses for leases with a term of 12
months or less on a straight-line basis over the lease term and not to recognize these short-term leases on the balance sheet. Leases have varying terms and certain of our lease arrangements provide us with the option to extend or to terminate the lease early.
Lease payments included in the measurement of the lease liability comprise (a) fixed payments, including in-substance fixed payments; (b) variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; (c) amounts expected to be payable under a residual value guarantee; and (d) the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early.
At inception or reassessment of a contract that contains lease and non-lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices.
Balance sheet location
A summary of lease right-of-use assets and liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 7,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,850 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 5,362 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,838 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n $ | \n 12,516 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,688 | \n \u00a0 | \n
Other current liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 11,733 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,880 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 3,440 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,541 | \n \u00a0 | \n |
Other long-term liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 23,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,719 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 32,513 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 39,648 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n $ | \n 70,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 106,788 | \n \u00a0 | \n
Lease expense
The components of total lease expense are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Operating lease expense | \n \u00a0 | \n $ | \n 8,528 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,856 | \n \u00a0 | \n
Finance lease expense: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortization of right-of-use assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,494 | \n \u00a0 | \n
Interest on lease liabilities | \n \u00a0 | \n \u00a0 | \n 1,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,018 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 10,368 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,368 | \n \u00a0 | \n
\u00a0
Lease maturities
As of March 31, 2024, the minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n \u00a0 | \n Finance Leases | \n \u00a0 | \n ||
2025 | \n \u00a0 | \n $ | \n 13,222 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,988 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 9,468 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,695 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 5,519 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 2,912 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n $ | \n 37,958 | \n \u00a0 | \n \u00a0 | \n $ | \n 37,683 | \n \u00a0 | \n
Less: Interest | \n \u00a0 | \n \u00a0 | \n 3,141 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,730 | \n \u00a0 | \n
\u00a0 | \n $ | \n 34,817 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,953 | \n \u00a0 | \n
Supplemental information
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n $ | \n 10,362 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,679 | \n \u00a0 | \n
Operating cash flows from finance leases | \n \u00a0 | \n \u00a0 | \n 1,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,018 | \n \u00a0 | \n
Financing cash flows from finance leases | \n \u00a0 | \n \u00a0 | \n 17,419 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,997 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Right-of-use assets obtained in exchange for new lease liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 756 | \n \u00a0 | \n
Finance leases | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,714 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Weighted-average remaining lease term: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5 | \n \u00a0 | \n
Finance leases | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 5.92 | \n % | \n \u00a0 | \n \u00a0 | \n 5.24 | \n % | \n
Finance leases | \n \u00a0 | \n \u00a0 | \n 4.50 | \n % | \n \u00a0 | \n \u00a0 | \n 4.50 | \n % | \n
A summary of lease right-of-use assets and liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Property, plant and equipment | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 7,154 | \n \u00a0 | \n \u00a0 | \n $ | \n 17,850 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 5,362 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,838 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n $ | \n 12,516 | \n \u00a0 | \n \u00a0 | \n $ | \n 26,688 | \n \u00a0 | \n
Other current liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n $ | \n 11,733 | \n \u00a0 | \n \u00a0 | \n $ | \n 8,880 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 3,440 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,541 | \n \u00a0 | \n |
Other long-term liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 23,084 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,719 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n 32,513 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 39,648 | \n \u00a0 | \n |
\u00a0 | \n \u00a0 | \n $ | \n 70,770 | \n \u00a0 | \n \u00a0 | \n $ | \n 106,788 | \n \u00a0 | \n
The components of total lease expense are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Operating lease expense | \n \u00a0 | \n $ | \n 8,528 | \n \u00a0 | \n \u00a0 | \n $ | \n 9,856 | \n \u00a0 | \n
Finance lease expense: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Amortization of right-of-use assets | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,494 | \n \u00a0 | \n
Interest on lease liabilities | \n \u00a0 | \n \u00a0 | \n 1,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,018 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 10,368 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,368 | \n \u00a0 | \n
\u00a0
"}]},{"name":"rpt:f-2147","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseCost","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"8528000","decimals":-3}]},{"name":"rpt:f-2148","factDimensions":{"xbrl:concept":"us-gaap:OperatingLeaseCost","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"9856000","decimals":-3}]},{"name":"rpt:f-2149","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseRightOfUseAssetAmortization","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"1494000","decimals":-3}]},{"name":"rpt:f-2150","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseInterestExpense","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"1840000","decimals":-3}]},{"name":"rpt:f-2151","factDimensions":{"xbrl:concept":"us-gaap:FinanceLeaseInterestExpense","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"2018000","decimals":-3}]},{"name":"rpt:f-2152","factDimensions":{"xbrl:concept":"us-gaap:LeaseCost","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"10368000","decimals":-3}]},{"name":"rpt:f-2153","factDimensions":{"xbrl:concept":"us-gaap:LeaseCost","xbrl:period":"2022-04-01T00:00:00/2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"13368000","decimals":-3}]},{"name":"rpt:f-2154","factDimensions":{"xbrl:concept":"cgc:MinimumPaymentsDueForLeaseLiabilitiesTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"As of March 31, 2024, the minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Operating Leases | \n \u00a0 | \n \u00a0 | \n Finance Leases | \n \u00a0 | \n ||
2025 | \n \u00a0 | \n $ | \n 13,222 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,988 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 9,468 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,695 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 6,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n 5,519 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n 2,912 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Total lease payments | \n \u00a0 | \n $ | \n 37,958 | \n \u00a0 | \n \u00a0 | \n $ | \n 37,683 | \n \u00a0 | \n
Less: Interest | \n \u00a0 | \n \u00a0 | \n 3,141 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,730 | \n \u00a0 | \n
\u00a0 | \n $ | \n 34,817 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,953 | \n \u00a0 | \n
Supplemental information
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Cash paid for amounts included in the measurement of lease liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating cash flows from operating leases | \n \u00a0 | \n $ | \n 10,362 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,679 | \n \u00a0 | \n
Operating cash flows from finance leases | \n \u00a0 | \n \u00a0 | \n 1,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,018 | \n \u00a0 | \n
Financing cash flows from finance leases | \n \u00a0 | \n \u00a0 | \n 17,419 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,997 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Right-of-use assets obtained in exchange for new lease liabilities: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 756 | \n \u00a0 | \n
Finance leases | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,714 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Weighted-average remaining lease term: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 4 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5 | \n \u00a0 | \n
Finance leases | \n \u00a0 | \n \u00a0 | \n 1 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Weighted-average discount rate | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Operating leases | \n \u00a0 | \n \u00a0 | \n 5.92 | \n % | \n \u00a0 | \n \u00a0 | \n 5.24 | \n % | \n
Finance leases | \n \u00a0 | \n \u00a0 | \n 4.50 | \n % | \n \u00a0 | \n \u00a0 | \n 4.50 | \n % | \n
33. RELATED PARTY
Year ended March 31, 2024
There were no reportable related party transactions in the year ended March 31, 2024. Refer to Note 36 for the CBI's conversion of Common Shares into Exchangeable Shares.
Year ended March 31, 2023
Pursuant to the Reorganization, the Company entered into certain agreements with CBI, including the Third Consent Agreement. See \u201cRelationship with CBI\u201d in Note 5.
Year ended March 31, 2022
There were no reportable related party transactions in the year ended March 31, 2022.
"}]},{"name":"rpt:f-2193","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesDisclosureTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"34. COMMITMENTS AND CONTINGENCIES
The Company has entered into agreements in which it has committed to purchase a minimum amount of inventory, pay a minimum amount of royalty expenses, incur expenditures for property, plant and equipment and procure various other goods or services. The following summarizes the Company\u2019s annual minimum commitments associated with its contractual agreements as of
March 31, 2024. This amount excludes the Company\u2019s debt and lease related commitments which are disclosed elsewhere in Notes 18 and 32, respectively in these consolidated financial statements.
\n| \n | \n | \n | \n | \n |
2025 | \n \u00a0 | \n $ | \n 35,430 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 3,614 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 214 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 39,258 | \n \u00a0 | \n
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.
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-2194","factDimensions":{"xbrl:concept":"srt:ContractualObligationFiscalYearMaturityScheduleTableTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The Company has entered into agreements in which it has committed to purchase a minimum amount of inventory, pay a minimum amount of royalty expenses, incur expenditures for property, plant and equipment and procure various other goods or services. The following summarizes the Company\u2019s annual minimum commitments associated with its contractual agreements as of
March 31, 2024. This amount excludes the Company\u2019s debt and lease related commitments which are disclosed elsewhere in Notes 18 and 32, respectively in these consolidated financial statements.
\n| \n | \n | \n | \n | \n |
2025 | \n \u00a0 | \n $ | \n 35,430 | \n \u00a0 | \n
2026 | \n \u00a0 | \n \u00a0 | \n 3,614 | \n \u00a0 | \n
2027 | \n \u00a0 | \n \u00a0 | \n 214 | \n \u00a0 | \n
2028 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
2029 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Thereafter | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 39,258 | \n \u00a0 | \n
35. SEGMENTED 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\u2019s strategic review of its business (see Note 7 for details), the Company has changed the structure of its internal management financial reporting. Accordingly, since the three months ended September 30, 2022, the Company began reporting its financial results for the following four reportable segments:
These segments reflect how the Company\u2019s operations are managed, how the Company\u2019s Chief Executive Officer, who is the Chief Operating Decision Maker (\u201cCODM\u201d), allocates resources and evaluates performance, and how the Company\u2019s internal management financial reporting is structured. The Company\u2019s 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\u2019s operations include revenue derived from, and cost of sales associated with, the Company\u2019s non-cannabis extraction activities and other ancillary activities; these are included within \"other\".
The accounting policies of each segment are the same as those disclosed in the summary of significant accounting policies in Note 3.
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \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 |||
Canada cannabis | \n \u00a0 | \n $ | \n 153,716 | \n \u00a0 | \n \u00a0 | \n $ | \n 187,067 | \n \u00a0 | \n \u00a0 | \n $ | \n 257,910 | \n \u00a0 | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 41,312 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,949 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 79,306 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 70,670 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64,845 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 85,410 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 21,256 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,029 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,296 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 10,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,363 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,777 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 297,146 | \n \u00a0 | \n \u00a0 | \n $ | \n 333,253 | \n \u00a0 | \n \u00a0 | \n $ | \n 475,699 | \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 |||
Canada cannabis | \n \u00a0 | \n $ | \n 24,896 | \n \u00a0 | \n \u00a0 | \n $ | \n (95,291 | \n ) | \n \u00a0 | \n $ | \n (212,820 | \n ) | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 16,682 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,322 | \n ) | \n \u00a0 | \n \u00a0 | \n (28,875 | \n ) | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 30,128 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,284 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 10,534 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,205 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,800 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n (1,358 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,233 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,197 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 80,882 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (63,529 | \n ) | \n \u00a0 | \n \u00a0 | \n (187,414 | \n ) | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 229,429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 342,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 415,445 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 14,180 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,322 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,686 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 65,987 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199,146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 369,254 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (228,714 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,630,514 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,018,799 | \n ) | \n
Loss from equity method investments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (100 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (242,641 | \n ) | \n \u00a0 | \n \u00a0 | \n (455,644 | \n ) | \n \u00a0 | \n \u00a0 | \n 751,041 | \n \u00a0 | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (471,355 | \n ) | \n \u00a0 | \n $ | \n (3,086,158 | \n ) | \n \u00a0 | \n $ | \n (267,858 | \n ) | \n
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.
Entity-wide disclosures
Disaggregation of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Canada | \n \u00a0 | \n $ | \n 162,712 | \n \u00a0 | \n \u00a0 | \n $ | \n 201,417 | \n \u00a0 | \n \u00a0 | \n $ | \n 268,348 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 52,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,701 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,874 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 40,988 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,431 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,475 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 41,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,704 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,002 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 297,146 | \n \u00a0 | \n \u00a0 | \n $ | \n 333,253 | \n \u00a0 | \n \u00a0 | \n $ | \n 475,699 | \n \u00a0 | \n
Disaggregation of long-lived tangible assets by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 266,086 | \n \u00a0 | \n \u00a0 | \n $ | \n 361,129 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 3,471 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,226 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 50,527 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,341 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 19 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 575 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
For the year ended March 31, 2024, one customer represented more than 10% of the Company\u2019s net revenue (years ended March 31, 2023 and 2022, one and one, respectively).
"}]},{"name":"rpt:f-2201","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-2202","factDimensions":{"xbrl:concept":"us-gaap:ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock","xbrl:period":"2023-04-01T00:00:00/2024-04-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \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 |||
Canada cannabis | \n \u00a0 | \n $ | \n 153,716 | \n \u00a0 | \n \u00a0 | \n $ | \n 187,067 | \n \u00a0 | \n \u00a0 | \n $ | \n 257,910 | \n \u00a0 | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 41,312 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 38,949 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 79,306 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 70,670 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 64,845 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 85,410 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 21,256 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,029 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,296 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 10,192 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,363 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,777 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 297,146 | \n \u00a0 | \n \u00a0 | \n $ | \n 333,253 | \n \u00a0 | \n \u00a0 | \n $ | \n 475,699 | \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 |||
Canada cannabis | \n \u00a0 | \n $ | \n 24,896 | \n \u00a0 | \n \u00a0 | \n $ | \n (95,291 | \n ) | \n \u00a0 | \n $ | \n (212,820 | \n ) | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 16,682 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,322 | \n ) | \n \u00a0 | \n \u00a0 | \n (28,875 | \n ) | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 30,128 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,112 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,284 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n 10,534 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,205 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,800 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n (1,358 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,233 | \n ) | \n \u00a0 | \n \u00a0 | \n 2,197 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 80,882 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (63,529 | \n ) | \n \u00a0 | \n \u00a0 | \n (187,414 | \n ) | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 229,429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 342,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 415,445 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 14,180 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 25,322 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,686 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 65,987 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,199,146 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 369,254 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (228,714 | \n ) | \n \u00a0 | \n \u00a0 | \n (2,630,514 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,018,799 | \n ) | \n
Loss from equity method investments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (100 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (242,641 | \n ) | \n \u00a0 | \n \u00a0 | \n (455,644 | \n ) | \n \u00a0 | \n \u00a0 | \n 751,041 | \n \u00a0 | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (471,355 | \n ) | \n \u00a0 | \n $ | \n (3,086,158 | \n ) | \n \u00a0 | \n $ | \n (267,858 | \n ) | \n
Disaggregation of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Years ended | \n \u00a0 | \n |||||||||
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n |||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n \u00a0 | \n 2022 | \n \u00a0 | \n |||
Canada | \n \u00a0 | \n $ | \n 162,712 | \n \u00a0 | \n \u00a0 | \n $ | \n 201,417 | \n \u00a0 | \n \u00a0 | \n $ | \n 268,348 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 52,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 48,701 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 90,874 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 40,988 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,431 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 65,475 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 41,252 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,704 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,002 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 297,146 | \n \u00a0 | \n \u00a0 | \n $ | \n 333,253 | \n \u00a0 | \n \u00a0 | \n $ | \n 475,699 | \n \u00a0 | \n
Disaggregation of long-lived tangible assets by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 266,086 | \n \u00a0 | \n \u00a0 | \n $ | \n 361,129 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 3,471 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 58,226 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 50,527 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,341 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 19 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 575 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n \u00a0 | \n $ | \n 471,271 | \n \u00a0 | \n
36. SUBSEQUENT EVENTS
CBI Exchangeable Shares
On April 18, 2024, Greenstar and CBG exchanged all 17,149,925 common shares in the capital of the Company they collectively held for 17,149,925 Exchangeable Shares for no consideration (the \u201cCBI Exchange\u201d). As a result of the CBI Exchange, the CBI Group no longer holds any Canopy Growth common shares and certain other transactions between Canopy Growth and the CBI Group occurred pursuant to the Third Consent Agreement, including (i) the Amended Investor Rights Agreement, administrative services agreement, co-development agreement and, other than the Third Consent Agreement and the termination rights contained therein, and any and all other commercial arrangements between Canopy Growth and its affiliates, on the one hand, and the CBI Group and its affiliates, on the other hand, have been terminated; (ii) the CBI Group no longer has the right to nominate persons to the Board, no longer has any approval rights over transactions proposed to be undertaken by the Company, and the restrictive covenants previously agreed between the parties have been terminated; and (iii) all of the CBI Group\u2019s nominees that were serving on the Board immediately prior to the CBI Exchange resigned. On April 18, 2024, Canopy Growth also entered into an exchange agreement (the \u201cCBI Exchange Agreement\u201d) with Greenstar, pursuant to which Greenstar converted approximately $81.2 million of the principal amount of the CBI Note into 9,111,549 Exchangeable Shares (the \u201cNote Exchange), calculated based on a price per Exchangeable Share equal to $8.91. Pursuant to the terms of the CBI Exchange Agreement, all accrued but unpaid interest on the CBI Note together with the remaining principal amount of the CBI Note was cancelled and forgiven for no additional consideration by Greenstar. Following the closing of the Note Exchange, the CBI Note was cancelled. As a result of the CBI Exchange and Note Exchange, CBG and Greenstar now hold an aggregate of 26,261,474 Exchangeable Shares.
Supreme Debt Exchange
On May 2, 2024, the Company entered into an exchange and subscription agreement (the \u201cExchange and Subscription Agreement\u201d) with a single institutional investor (the \u201cMay 2024 Investor\u201d) pursuant to which, among other things, the May 2024 Investor delivered to the Company approximately $27.5 million aggregate principal amount of outstanding Supreme Debentures and Accretion Debentures held by the May 2024 Investor and paid the Company approximately US$50 million in exchange for the Company issuing to the May 2024 Investor (i) a new senior unsecured convertible debenture of the Company (the \u201cMay 2024 Convertible Debenture\u201d) with an aggregate principal amount of $96,358 maturing five years from the closing date (the \u201cClosing Date\u201d) of the transaction (the \u201cTransaction\u201d) and (ii) 3,350,430 common share purchase warrants (the \u201cMay 2024 Investor Warrants\u201d) of the Company. Each May 2024 Investor Warrant entitles the holder to acquire one Canopy Share at an exercise price equal to $16.18 per Canopy Share for a period of five years from the Closing Date. The May 2024 Convertible Debenture bears interest at a rate of 7.50% per annum, payable in semi-annual payments in cash or, at the option of the Company, in Canopy Shares for the first four semi-annual interest payments after the Closing Date, subject to satisfaction of certain conditions, including the prior approval of the TSX.
The Exchange and Subscription Agreement granted the May 2024 Investor, for a period of four months from the Closing Date (the \u201cAgreement ROFR Term\u201d), a right of first refusal to subscribe for, and to be issued, as the sole investor in any proposed non-brokered private placement that the Company wishes to complete during the ROFR Term (the \u201cProposed Private Placement\u201d); provided, however, that the May 2024 Investor shall subscribe for 100% of the Proposed Private Placement on the same terms and conditions contemplated in the Proposed Private Placement.
The May 2024 Convertible Debenture is convertible into Canopy Shares at the option of the May 2024 Investor at a conversion price equal to $14.38 per share. The May 2024 Convertible Debenture is subject to a forced conversion feature upon notice from the Company in the event that the average closing trading price of the Canopy Shares on the TSX exceeds $21.57 for a period of 10 consecutive trading days. In addition, pursuant to the terms of the May 2024 Convertible Debenture, for so long as the principal amount under the May 2024 Convertible Debenture remains outstanding (the \u201cDebenture ROFR Term\u201d), the Company granted the May 2024 Investor a right of first refusal to subscribe for, and to be issued, as an investor in any debt or equity financing that the Company wishes to complete during the Debenture ROFR Term (the \u201cProposed Financing\u201d); provided, however, that the May 2024 Investor shall subscribe for 25% of the Proposed Financing on the same terms and conditions contemplated in the Proposed Financing.
In connection with the Transaction, the Company entered into a registration rights agreement with the May 2024 Investor, pursuant to which the Company agreed to file a registration statement with the SEC to register for resale the Canopy Shares underlying the May 2024 Convertible Debenture and May 2024 Investor Warrants as soon as reasonably practicable following the filing by the Company of this Annual Report on Form 10-K, but in no event later than 45 days after the Closing Date.
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