1. DESCRIPTION OF BUSINESS
Canopy Growth Corporation is a publicly traded corporation, incorporated in Canada, with its head office located at 1 Hershey Drive, Smiths Falls, Ontario. References herein to \u201cCanopy Growth\u201d or \u201cthe Company\u201d refer to Canopy Growth Corporation and its subsidiaries.
The principal activities of the Company are the production, distribution and sale of a diverse range of cannabis and cannabinoid-based products for both adult-use and medical purposes under a portfolio of distinct brands in Canada pursuant to the Cannabis Act, SC 2018, c 16 (the \"Cannabis Act\"), which came into effect on October 17, 2018 and regulates both the medical and adult-use cannabis markets in Canada. The Company has also expanded to jurisdictions outside of Canada where cannabis and/or hemp is federally lawful, permissible and regulated, and the Company, through its subsidiaries, operates in Australia, Germany, and certain other global markets. Additionally, the Company produces, distributes and sells vaporizers and similar cannabis accessories in various global markets, including the United States.
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These condensed interim consolidated financial statements have been presented in Canadian dollars and are prepared in accordance with accounting principles generally accepted in the United States of America (\u201cU.S. GAAP\u201d). Canopy Growth has determined that the Canadian dollar is the most relevant and appropriate reporting currency as, despite continuing shifts in the relative size of the Company's operations across multiple geographies, the majority of its operations are conducted in Canadian dollars and its financial results are prepared and reviewed internally by management in Canadian dollars. The Company's condensed interim consolidated financial statements, and the financial information contained herein, are reported in thousands of Canadian dollars, except share and per share amounts or as otherwise stated.
Certain information and footnote disclosures normally included in the audited annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted or condensed. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company\u2019s Annual Report on Form 10-K for the fiscal year ended March 31, 2024 (the \u201cAnnual Report\u201d) and have been prepared on a basis consistent with the accounting policies as described in the Annual Report.
These condensed interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with U.S. GAAP.
The results reported in these condensed interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire fiscal year. The policies set out below are consistently applied to all periods presented, unless otherwise noted.
Going Concern
These condensed interim 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 the filing of the Annual Report, the Company had 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 (as defined below) asset sale; (iii) the exchange of the $100 million promissory note held by a subsidiary of Constellation Brands, Inc. (\u201cCBI\u201d) into exchangeable shares of Canopy Growth (the \u201cExchangeable Shares\u201d); (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 did not have any material debt obligation coming due until March 2026.
During the three months ended June 30, 2024, the Company completed additional actions and established the ATM Program (as defined below), received additional proceeds from the BioSteel Canada asset sale, and paid down certain debt balances. The Company continues to evaluate different strategies and may pursue additional 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 and the financial results of the Company at June 30, 2024, management concludes that the substantial doubt about the Company\u2019s ability to continue as a going concern continues to be alleviated.
Principles of consolidation
These condensed interim consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation.
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 condensed interim 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 23 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 Amended Arrangement (as defined below) and the Floating Share Arrangement (as defined below), respectively, contained in these condensed interim consolidated financial statements of the Company and notes thereto have been retroactively adjusted to reflect the Share Consolidation for all prior periods presented.
New accounting policies
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 its 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 its fiscal year ending March 31, 2026.
Going Concern
These condensed interim 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 the filing of the Annual Report, the Company had 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 (as defined below) asset sale; (iii) the exchange of the $100 million promissory note held by a subsidiary of Constellation Brands, Inc. (\u201cCBI\u201d) into exchangeable shares of Canopy Growth (the \u201cExchangeable Shares\u201d); (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 did not have any material debt obligation coming due until March 2026.
During the three months ended June 30, 2024, the Company completed additional actions and established the ATM Program (as defined below), received additional proceeds from the BioSteel Canada asset sale, and paid down certain debt balances. The Company continues to evaluate different strategies and may pursue additional 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 and the financial results of the Company at June 30, 2024, management concludes that the substantial doubt about the Company\u2019s ability to continue as a going concern continues to be alleviated.
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These condensed interim consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation.
"}]},{"name":"rpt:f-334","factDimensions":{"xbrl:concept":"us-gaap:ConsolidationVariableInterestEntityPolicy","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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-335","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsPolicy","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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-336","factDimensions":{"xbrl:concept":"us-gaap:UseOfEstimates","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Use of estimates
The preparation of these condensed interim 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 23 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.
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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 Amended Arrangement (as defined below) and the Floating Share Arrangement (as defined below), respectively, contained in these condensed interim consolidated financial statements of the Company and notes thereto have been retroactively adjusted to reflect the Share Consolidation for all prior periods presented.
"}]},{"name":"rpt:f-338","factDimensions":{"xbrl:concept":"us-gaap:StockholdersEquityReverseStockSplit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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-339","factDimensions":{"xbrl:concept":"us-gaap:NewAccountingPronouncementsPolicyPolicyTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"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 its 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 its fiscal year ending March 31, 2026.
"}]},{"name":"rpt:f-340","factDimensions":{"xbrl:concept":"us-gaap:ReorganizationUnderChapter11OfUSBankruptcyCodeDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"3. CANOPY USA
Canopy USA
On October 24, 2022, Canopy Growth completed a number of strategic transactions (the \u201cReorganization\u201d) in connection with the creation of Canopy USA, LLC (\u201cCanopy USA\u201d), a U.S.-domiciled holding company wherein, as of October 24, 2022, Canopy USA, holds certain U.S. cannabis investments previously held by Canopy Growth.
Following the creation of Canopy USA, the Nasdaq Stock Market LLC (\u201cNasdaq\u201d) 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 (as defined below) or the Jetty Options (as defined below), 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 \u201cTrust Transaction\u201d). 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 common shares of Canopy USA (the \u201cCanopy USA Common Shares\u201d) 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 (as defined below) and Jetty (as defined below), 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 Holdings, Inc. (\u201cAcreage\u201d). The Company subsequently had discussions with the Office of Chief Accountant of the SEC (the \u201cOCA\u201d) 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 connection with the Additional Reorganization Amendments, Canopy USA and its members entered into a second amended and restated limited liability company agreement (the \u201cSecond A&R LLC Agreement\u201d). In accordance with the Second A&R LLC Agreement, the terms of the Non-Voting Shares have been 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.
Following the Reorganization, Reorganization Amendments and Additional Reorganization Amendments, on May 6, 2024, Canopy USA exercised the options (the \u201cWana Options\u201d) to acquire Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, \u201cWana\u201d) leading cannabis edibles brand in North America and subsequently closed the transactions to acquire Wana Wellness, LLC and The Cima Group, LLC. In addition, Canopy USA exercised the options (the \u201cJetty Options\u201d) to acquire Lemurian, Inc. (\u201cJetty\u201d) a California-based producer of high-quality cannabis extracts and pioneer of clean vape technology and subsequently completed the first tranche closing to acquire Jetty. On June 4, 2024,the option to acquire the issued and outstanding Class E subordinate voting shares (the \u201cFixed Shares\u201d) of Acreage (the \u201cAcreage Option\u201d) was exercised. Canopy USA also holds 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 holds an ownership interest in the following assets, among others:
Following the implementation of the Reorganization, Canopy USA was determined to be a variable interest entity pursuant to ASC 810 - Consolidations (\u201cASC 810\u201d) and prior to the completion of the Reorganization Amendments and the Additional Reorganization Amendments, 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 up to April 30, 2024.
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, which was exercised on June 4, 2024. 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 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 \u201cCanopy USA Board\u201d).
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 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.
As of August 8, 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.
Canopy Growth and Canopy USA are also party to a protection agreement (the \u201cProtection Agreement\u201d) 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 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 the Floating Share Arrangement 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 applicable regulatory approvals including, but not limited to, Toronto Stock Exchange (\u201cTSX\u201d) approval and the satisfaction of certain other closing conditions, including the conditions set forth in the Acreage Amended Arrangement. 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.
On June 4, 2024, the Acreage Option was 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 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 June 3, 2024, the Company exercised its option to acquire certain outstanding debt of Acreage (the \u201cDebt Acquisition\u201d) in connection with the option agreement dated November 15, 2022 (the \u201cOption Agreement\u201d) among a wholly-owned subsidiary of Canopy Growth (the \u201cOptionor\u201d) and the lenders (the \u201cLenders\u201d) party to Acreage\u2019s credit agreement dated as of December 16, 2021, as amended by the first amendment to credit agreement dated as of on October 24, 2022 and the second amendment to credit agreement dated as of April 28, 2023.
The Optionor entered into various agreements in connection with the Debt Acquisition in order to acquire approximately $136,567 (US$99,837) of Acreage\u2019s outstanding debt (the \u201cAcquired Debt\u201d) from certain Lenders in exchange for $95,460 (US$69,786) in cash and the release of approximately $41,107 (US$30,051) (the \u201cOption Premium\u201d) that was held in escrow pursuant to the Option Agreement. As reported in the Annual Report, the Option Premium was not included in Canopy Growth\u2019s cash and cash equivalents as of March 31, 2024.
The Optionor subsequently transferred approximately $2,972 (US$2,173) of the Acquired Debt to the other Lender (the \u201cRolling Lender\u201d) and entered into a series of agreements with the Rolling Lender whereby the Optionor acquired a call right (the \u201cCall Right\u201d) over the Rolling Lender\u2019s approximately US$45,623 remaining interest in Acreage\u2019s debt (the \u201cRolling Interest\u201d). If the Optionor exercises the Call Right before September 15, 2024, the purchase price for the Rolling Interest will be equal to the amount of the Rolling Interest being acquired; however if the Optionor exercises the Call Right on or after September 15, 2024 and on or prior to January 14, 2025, the purchase price for the Rolling Interest will be 107.125% of the amount of the Rolling Interest being acquired; and if the Optionor exercises the Call Right on or after January 15, 2025, the purchase price for the Rolling Interest will be 114.25% of the amount of the Rolling Interest being acquired. The Optionor has also granted the Rolling Lender a put right in respect of the Rolling Interest exercisable on or after January 15, 2025 with a purchase price of 114.25% of the amount of the Rolling Interest subject to the put right.
The Optionor, the Rolling Lender and Acreage also entered into an amended and restated credit agreement in respect of the Acquired Debt, which provides for, among other things, certain interest payments to be paid-in-kind, revisions to certain financial covenants and, following certain events, a maturity date extension.
Deconsolidation of Canopy USA
As of April 30, 2024, as a result of the series of transactions related to the Additional Reorganization Amendments described above (the \u201cCanopy USA Transactions\u201d), Canopy Growth has deconsolidated the financial results of Canopy USA and has a non-controlling interest in Canopy USA as of such date. The deconsolidation of Canopy USA occurred after completion of the following structural amendments: (i) execution of the Second A&R LLC Agreement, (ii) execution of the Second A&R Protection Agreement and (iii) completion of the initial tranche closing of the Trust Transaction, which included the election of a third member to the Canopy USA Board such that the Canopy USA Board is comprised of an appointee of the Trust, Ms. Whiteman, and the Company.
Canopy Growth's deconsolidation of Canopy USA resulted in recognition of an equity method investment (see Note 11) and a loan receivable recorded at fair value (see Note 12). The deconsolidation of Canopy USA from the financial results of Canopy Growth resulted in the derecognition of the following assets and liabilities:
| \n | \n | \n | \n | \n |
Cash | \n \u00a0 | \n $ | \n 6,968 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 386,045 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 1,315 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n (20,067 | \n ) | \n
Cumulative translation adjustment | \n \u00a0 | \n \u00a0 | \n 10,398 | \n \u00a0 | \n
Net assets disposed | \n \u00a0 | \n $ | \n 384,659 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Derecognition of non-controlling interest in Canopy USA | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Equity method investment | \n \u00a0 | \n $ | \n 227,119 | \n \u00a0 | \n
Elevate loan receivable | \n \u00a0 | \n \u00a0 | \n 174,864 | \n \u00a0 | \n
Total retained non-controlling interest in the former subsidiaries | \n \u00a0 | \n $ | \n 401,983 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Issuance of common shares | \n \u00a0 | \n $ | \n (12,452 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n 5,011 | \n \u00a0 | \n
The gain on derecognition of Canopy USA is the differences between the carrying amounts of the derecognized assets, liabilities and non-controlling interest, value of common shares issued, and the fair value of the retained non-controlling interest in Canopy USA, being the equity method investment and the Canopy Elevate I LLC, Canopy Elevate II LLC and Canopy Elevate III LLC (collectively, \u201cElevate\u201d) loan receivable. The gain on derecognition is reflected in other income (expense), net.
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deconsolidation of Canopy USA from the financial results of Canopy Growth resulted in the derecognition of the following assets and liabilities:\n| \n | \n | \n | \n | \n |
Cash | \n \u00a0 | \n $ | \n 6,968 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 386,045 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 1,315 | \n \u00a0 | \n
Other liabilities | \n \u00a0 | \n \u00a0 | \n (20,067 | \n ) | \n
Cumulative translation adjustment | \n \u00a0 | \n \u00a0 | \n 10,398 | \n \u00a0 | \n
Net assets disposed | \n \u00a0 | \n $ | \n 384,659 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Derecognition of non-controlling interest in Canopy USA | \n \u00a0 | \n $ | \n 139 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Equity method investment | \n \u00a0 | \n $ | \n 227,119 | \n \u00a0 | \n
Elevate loan receivable | \n \u00a0 | \n \u00a0 | \n 174,864 | \n \u00a0 | \n
Total retained non-controlling interest in the former subsidiaries | \n \u00a0 | \n $ | \n 401,983 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Issuance of common shares | \n \u00a0 | \n $ | \n (12,452 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Consideration received in cash | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total consideration | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n |
Gain on disposal of consolidated entity | \n \u00a0 | \n $ | \n 5,011 | \n \u00a0 | \n
4. 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 were 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, were 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. As a result of the conclusion of the sale of assets and distribution of the cash and proceeds of the BioSteel Entities, the termination of the CCAA Proceedings was initiated. On July 31, 2024, the CCAA Court granted an order which provided, among other things, for the termination of the CCAA Proceedings upon service of a certificate (the \u201cCCAA Termination Certificate\u201d) and authorization for the BioSteel Entities to file assignments in bankruptcy pursuant to the Bankruptcy and Insolvency Act. The bankruptcy of the BioSteel Entities will deal with any remaining nominal assets and the liabilities. The service of the CCAA Termination Certificate and termination of the CCAA Proceedings will occur upon the termination of the US Chapter 15 proceedings which is anticipated to occur by the end of August 2024.
As a result of the foregoing, Canopy Growth no longer has a controlling interest in BioSteel US and BioSteel Manufacturing and has deconsolidated both entities effective November 16, 2023. The deconsolidation of BioSteel US and BioSteel Manufacturing and related impairment charges were classified under losses from discontinued operations.
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Net revenue | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 32,468 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,293 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,863 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (36,688 | \n ) | \n
Other income (expense), net1 | \n \u00a0 | \n \u00a0 | \n 2,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,396 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net income (loss) on , net of tax | \n \u00a0 | \n $ | \n 2,053 | \n \u00a0 | \n \u00a0 | \n $ | \n (31,292 | \n ) | \n
1 Included in Other income (expense), net for the three months ended June 30, 2024 is a gain/loss on deconsolidation of $nil and $nil, respectively.
\u00a0
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. As of June 30, 2024, the receivable balance from the BioSteel Entities is $nil. 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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Receivable from BioSteel Entities | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 8,038 | \n \u00a0 | \n
Total assets of discontinued operations | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 8,038 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total liabilities of discontinued operations | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Net revenue | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 32,468 | \n \u00a0 | \n
Cost of goods sold | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 40,293 | \n \u00a0 | \n
Operating expenses | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 28,863 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (36,688 | \n ) | \n
Other income (expense), net1 | \n \u00a0 | \n \u00a0 | \n 2,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,396 | \n \u00a0 | \n
Income tax (expense) recovery | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Net income (loss) on , net of tax | \n \u00a0 | \n $ | \n 2,053 | \n \u00a0 | \n \u00a0 | \n $ | \n (31,292 | \n ) | \n
1 Included in Other income (expense), net for the three months ended June 30, 2024 is a gain/loss on deconsolidation of $nil and $nil, respectively.
The assets and liabilities related to the BioSteel Entities business units are classified as discontinued operations and the major categories are as follows:\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Receivable from BioSteel Entities | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 8,038 | \n \u00a0 | \n
Total assets of discontinued operations | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 8,038 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Total liabilities of discontinued operations | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
5. LOSS ON ASSET IMPAIRMENT AND RESTRUCTURING
In the three months ended June 30, 2024, the Company recorded a loss on asset impairment and restructuring. The loss for the three months ended June 30, 2024 primarily relates to employee restructuring costs and other costs associated with previous restructuring actions. This is offset by a gain related to the remeasurement of a restructured lease facility upon execution of the related exit agreement.
As a result, in the three months ended June 30, 2024, the Company recognized a loss on asset impairment and restructuring of $20 (three months ended June 30, 2023 \u2013 loss of $1,934).
"}]},{"name":"rpt:f-426","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-20000","decimals":-3}]},{"name":"rpt:f-427","factDimensions":{"xbrl:concept":"us-gaap:GainLossOnSalesOfAssetsAndAssetImpairmentCharges","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-1934000","decimals":-3}]},{"name":"rpt:f-428","factDimensions":{"xbrl:concept":"us-gaap:CashAndCashEquivalentsDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"6. CASH AND CASH EQUIVALENTS
The components of cash and cash equivalents are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 119,406 | \n \u00a0 | \n \u00a0 | \n $ | \n 115,427 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 72,750 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,873 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 192,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 170,300 | \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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 119,406 | \n \u00a0 | \n \u00a0 | \n $ | \n 115,427 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 72,750 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 54,873 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 192,156 | \n \u00a0 | \n \u00a0 | \n $ | \n 170,300 | \n \u00a0 | \n
7. SHORT-TERM INVESTMENTS
The components of short-term investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Term deposits | \n \u00a0 | \n $ | \n 2,766 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,161 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 2,766 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,161 | \n \u00a0 | \n
The amortized cost of short-term investments at June 30, 2024 is $2,766 (March 31, 2024 \u2013 $33,161).
"}]},{"name":"rpt:f-437","factDimensions":{"xbrl:concept":"cgc:ScheduleOfShortTermInvestmentsTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Term deposits | \n \u00a0 | \n $ | \n 2,766 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,161 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 2,766 | \n \u00a0 | \n \u00a0 | \n $ | \n 33,161 | \n \u00a0 | \n
8. AMOUNTS RECEIVABLE, NET
The components of amounts receivable, net are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 43,514 | \n \u00a0 | \n \u00a0 | \n $ | \n 44,943 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 3,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,517 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 1,538 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 876 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 2,784 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,511 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 50,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 51,847 | \n \u00a0 | \n
Included in the accounts receivable, net balance at June 30, 2024 is an allowance for doubtful accounts of $9,856 (March 31, 2024 \u2013 $9,903).
"}]},{"name":"rpt:f-445","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 43,514 | \n \u00a0 | \n \u00a0 | \n $ | \n 44,943 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 3,053 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,517 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 1,538 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 876 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 2,784 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,511 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 50,889 | \n \u00a0 | \n \u00a0 | \n $ | \n 51,847 | \n \u00a0 | \n
9. INVENTORY
The components of inventory are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 18,201 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,872 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 35,785 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,367 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 30,532 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,053 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 84,518 | \n \u00a0 | \n \u00a0 | \n $ | \n 77,292 | \n \u00a0 | \n
In the three months ended June 30, 2024, the Company recorded write-downs related to inventory in cost of goods sold of $690 (three months ended June 30, 2023 \u2013 $3,545).
"}]},{"name":"rpt:f-459","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 18,201 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,872 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 35,785 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,367 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 30,532 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,053 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 84,518 | \n \u00a0 | \n \u00a0 | \n $ | \n 77,292 | \n \u00a0 | \n
10. PREPAID EXPENSES AND OTHER ASSETS
The components of prepaid expenses and other assets are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 9,764 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,621 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 1,999 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,365 | \n \u00a0 | \n
Prepaid inventory | \n \u00a0 | \n \u00a0 | \n 564 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 757 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 7,446 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,489 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 19,773 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,232 | \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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 9,764 | \n \u00a0 | \n \u00a0 | \n $ | \n 6,621 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 1,999 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,365 | \n \u00a0 | \n
Prepaid inventory | \n \u00a0 | \n \u00a0 | \n 564 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 757 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 7,446 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,489 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 19,773 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,232 | \n \u00a0 | \n
11. EQUITY METHOD INVESTMENTS
The components of equity method investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Canopy USA | \n \u00a0 | \n $ | \n 150,669 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 150,669 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Through its ownership in the Non-Voting Shares, the Company has a non-participating and non-voting interest in Canopy USA and classifies such interest in Canopy USA as an equity method investment. The Company has elected to account for its investment in Canopy USA at fair value. Refer to Note 23 for information on the valuation technique and inputs used in determining the fair value of the Canopy USA investment.
"}]},{"name":"rpt:f-483","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentsTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of equity method investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Canopy USA | \n \u00a0 | \n $ | \n 150,669 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 150,669 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 23.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Foreign | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n currency | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair value | \n \u00a0 | \n \u00a0 | \n translation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2024 | \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 10,000 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (31,808 | \n ) | \n \u00a0 | \n $ | \n (35 | \n ) | \n \u00a0 | \n $ | \n 21,843 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
TerrAscend Exchangeable Shares | \n \u00a0 | \n Exchangeable shares | \n \u00a0 | \n \u00a0 | \n 120,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,291 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,109 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (139,400 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - December 2022 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 32,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,929 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 571 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (41,000 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n |
TerrAscend | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 2,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 265 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,300 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Wana | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 149,766 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,537 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (151,303 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Jetty | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n 59,915 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (60,530 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Hempco1 | \n \u00a0 | \n Debenture | \n \u00a0 | \n \u00a0 | \n 11,780 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 121 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,901 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Debt Option Premium | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 37,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,147 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (41,107 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Tax Receivable Agreement | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n 1,287 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,300 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Debt | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 133,595 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (485 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 133,110 | \n \u00a0 | \n
Elevate loan receivable2 | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,297 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,256 | \n ) | \n \u00a0 | \n \u00a0 | \n (24,622 | \n ) | \n \u00a0 | \n \u00a0 | \n 156,283 | \n \u00a0 | \n
Other - at fair value through net income (loss) | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 4,441 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,823 | \n ) | \n \u00a0 | \n \u00a0 | \n 24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,503 | \n ) | \n \u00a0 | \n \u00a0 | \n 139 | \n \u00a0 | \n
Other - classified as held for investment | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n 8,366 | \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 (33 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,333 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 437,629 | \n \u00a0 | \n \u00a0 | \n $ | \n 308,459 | \n \u00a0 | \n \u00a0 | \n $ | \n 813 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,120 | \n \u00a0 | \n \u00a0 | \n $ | \n (453,156 | \n ) | \n \u00a0 | \n $ | \n 297,865 | \n \u00a0 | \n
1 See Note 27 for information regarding the Acreage Amended Arrangement and Acreage Hempco.
2 Upon deconsolidation of Canopy USA, the Elevate loan receivable, which was previously recorded at amortized cost, is now recorded at fair value. The remeasurement of this retained non-controlling interest from the deconsolidation of Canopy USA is part of the gain on disposal of consolidated entity described in Note 3.
For information regarding the deconsolidation of the financial results of Canopy USA within the Company's financial statements, see Note 3. Following the deconsolidation of Canopy USA on April 30, 2024, the Company derecognized certain U.S. cannabis investments above, including, among others, interests in the Floating Shares of Acreage, Wana, Jetty, and TerrAscend.
Acreage Debt
On June 3, 2024, the Company closed the Debt Acquisition in connection with the Option Agreement among the Optionor and the Lenders party to Acreage\u2019s credit agreement dated as of December 16, 2021, as amended by the first amendment to credit agreement dated as of October 24, 2022 and the second amendment to credit agreement dated as of April 28, 2023.
The Optionor entered into various agreements in connection with the Debt Acquisition in order to acquire the Acquired Debt from certain Lenders in exchange for $95,460 (US$69,786) in cash and the release of the Option Premium that was held in escrow pursuant to the Option Agreement. As reported in the Annual Report, the Option Premium was not included in the Company\u2019s cash and cash equivalents as of March 31, 2024.
The Optionor subsequently transferred approximately $2,972 (US$2,173) of the Acquired Debt to the Rolling Lender and entered into a series of agreements with the Rolling Lender whereby the Optionor acquired the Call Right over the Rolling Lender\u2019s Rolling Interest. If the Optionor exercises the Call Right before September 15, 2024, the purchase price for the Rolling Interest will be equal to the amount of the Rolling Interest being acquired; however if the Optionor exercises the Call Right on or after September 15, 2024 and on or prior to January 14, 2025, the purchase price for the Rolling Interest will be 107.125% of the amount of the Rolling Interest being acquired; and if the Optionor exercises the Call Right on or after January 15, 2025, the purchase price for the Rolling Interest will be 114.25% of the amount of the Rolling Interest being acquired. The Optionor has also granted the Rolling Lender a put right in respect of the Rolling Interest exercisable on or after January 15, 2025 with a purchase price of 114.25% of the amount of the Rolling Interest subject to the put right.
The Optionor, the Rolling Lender and Acreage also entered into an amended and restated credit agreement in respect of the Acquired Debt, which provides for, among other things, certain interest payments to be paid-in-kind, revisions to certain financial covenants and, following certain events, a maturity date extension.
"}]},{"name":"rpt:f-487","factDimensions":{"xbrl:concept":"cgc:ScheduleOfOtherFinancialAssetsTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 23.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Foreign | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n currency | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Balance at | \n \u00a0 | \n ||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Fair value | \n \u00a0 | \n \u00a0 | \n translation | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2024 | \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 10,000 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (31,808 | \n ) | \n \u00a0 | \n $ | \n (35 | \n ) | \n \u00a0 | \n $ | \n 21,843 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
TerrAscend Exchangeable Shares | \n \u00a0 | \n Exchangeable shares | \n \u00a0 | \n \u00a0 | \n 120,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,291 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,109 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (139,400 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
TerrAscend - December 2022 | \n \u00a0 | \n Warrants | \n \u00a0 | \n \u00a0 | \n 32,500 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,929 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 571 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (41,000 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n |
TerrAscend | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 2,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 265 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 35 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,300 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Wana | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 149,766 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,537 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (151,303 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Jetty | \n \u00a0 | \n Options | \n \u00a0 | \n \u00a0 | \n 59,915 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (60,530 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Hempco1 | \n \u00a0 | \n Debenture | \n \u00a0 | \n \u00a0 | \n 11,780 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 121 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,901 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Debt Option Premium | \n \u00a0 | \n Option | \n \u00a0 | \n \u00a0 | \n 37,574 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,147 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 386 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (41,107 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Tax Receivable Agreement | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n 1,287 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,300 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Acreage Debt | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 133,595 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (485 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 133,110 | \n \u00a0 | \n
Elevate loan receivable2 | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 174,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,297 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,256 | \n ) | \n \u00a0 | \n \u00a0 | \n (24,622 | \n ) | \n \u00a0 | \n \u00a0 | \n 156,283 | \n \u00a0 | \n
Other - at fair value through net income (loss) | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 4,441 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,823 | \n ) | \n \u00a0 | \n \u00a0 | \n 24 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,503 | \n ) | \n \u00a0 | \n \u00a0 | \n 139 | \n \u00a0 | \n
Other - classified as held for investment | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n \u00a0 | \n 8,366 | \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 (33 | \n ) | \n \u00a0 | \n \u00a0 | \n 8,333 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 437,629 | \n \u00a0 | \n \u00a0 | \n $ | \n 308,459 | \n \u00a0 | \n \u00a0 | \n $ | \n 813 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,120 | \n \u00a0 | \n \u00a0 | \n $ | \n (453,156 | \n ) | \n \u00a0 | \n $ | \n 297,865 | \n \u00a0 | \n
1 See Note 27 for information regarding the Acreage Amended Arrangement and Acreage Hempco.
2 Upon deconsolidation of Canopy USA, the Elevate loan receivable, which was previously recorded at amortized cost, is now recorded at fair value. The remeasurement of this retained non-controlling interest from the deconsolidation of Canopy USA is part of the gain on disposal of consolidated entity described in Note 3.
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If the Optionor exercises the Call Right before September 15, 2024, the purchase price for the Rolling Interest will be equal to the amount of the Rolling Interest being acquired; however if the Optionor exercises the Call Right on or after September 15, 2024 and on or prior to January 14, 2025, the purchase price for the Rolling Interest will be 107.125% of the amount of the Rolling Interest being acquired; and if the Optionor exercises the Call Right on or after January 15, 2025, the purchase price for the Rolling Interest will be 114.25% of the amount of the Rolling Interest being acquired. The Optionor has also granted the Rolling Lender a put right in respect of the Rolling Interest exercisable on or after January 15, 2025 with a purchase price of 114.25% of the amount of the Rolling Interest subject to the put right."}]},{"name":"rpt:f-547","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentCallDateEarliest","xbrl:period":"2024-06-03T00:00:00/2024-06-04T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"2024-09-15"}]},{"name":"rpt:f-548","factDimensions":{"xbrl:concept":"cgc:RollingInterestPurchasePricePercentage","xbrl:period":"2024-09-15T00:00:00/2025-01-15T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"1.07125","decimals":5}]},{"name":"rpt:f-549","factDimensions":{"xbrl:concept":"cgc:RollingInterestPurchasePricePercentage","xbrl:period":"2025-01-15T00:00:00/2025-01-16T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"1.1425","decimals":4}]},{"name":"rpt:f-550","factDimensions":{"xbrl:concept":"cgc:DebtInstrumentPutDateEarliest","xbrl:period":"2024-06-03T00:00:00/2024-06-04T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"2025-01-15"}]},{"name":"rpt:f-551","factDimensions":{"xbrl:concept":"cgc:RollingInterestPurchasePricePercentage","xbrl:period":"2025-01-15T00:00:00/2025-01-16T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","srt:StatementScenarioAxis":"srt:ScenarioForecastMember"},"factValues":[{"value":"1.1425","decimals":4}]},{"name":"rpt:f-552","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"13. 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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 303,402 | \n \u00a0 | \n \u00a0 | \n $ | \n 305,606 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 62,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 62,026 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 7,793 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,787 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 10,732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,041 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 7,659 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,784 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 4,901 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,323 | \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 17,433 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,697 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 3,326 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,019 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 418,083 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 418,283 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (103,061 | \n ) | \n \u00a0 | \n \u00a0 | \n (98,180 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 315,022 | \n \u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n
Depreciation expense included in cost of goods sold for the three months ended June 30, 2024 is $4,980 (three months ended June 30, 2023 \u2013 $9,428). Depreciation expense included in selling, general and administrative expenses for the three months ended June 30, 2024 is $702 (three months ended June 30, 2023 \u2013 $1,261).
"}]},{"name":"rpt:f-553","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of property, plant and equipment are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 303,402 | \n \u00a0 | \n \u00a0 | \n $ | \n 305,606 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 62,837 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 62,026 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 7,793 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,787 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 10,732 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,041 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 7,659 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,784 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 4,901 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,323 | \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 17,433 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,697 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 3,326 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,019 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 418,083 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 418,283 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (103,061 | \n ) | \n \u00a0 | \n \u00a0 | \n (98,180 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 315,022 | \n \u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n
14. 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 June 30, 2024 | \n \u00a0 | \n \u00a0 | \n March 31, 2024 | \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 82,656 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,621 | \n \u00a0 | \n \u00a0 | \n $ | \n 82,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,571 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n 46,002 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,029 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,206 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,964 | \n \u00a0 | \n
Software and domain names | \n \u00a0 | \n \u00a0 | \n 32,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,656 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,010 | \n \u00a0 | \n
Brands | \n \u00a0 | \n \u00a0 | \n 14,494 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,006 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,850 | \n \u00a0 | \n
Amortizable intangibles in process | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 199,978 | \n \u00a0 | \n \u00a0 | \n $ | \n 70,275 | \n \u00a0 | \n \u00a0 | \n $ | \n 199,588 | \n \u00a0 | \n \u00a0 | \n $ | \n 75,453 | \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 28,681 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,600 | \n \u00a0 | \n ||
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 98,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 104,053 | \n \u00a0 | \n
Amortization expense included in cost of goods sold for the three months ended June 30, 2024 is $12 (three months ended June 30, 2023 \u2013 $15). Amortization expense included in selling, general and administrative expenses for the three months ended June 30, 2024 is $5,336 (three months ended June 30, 2023 \u2013 $6,407).
"}]},{"name":"rpt:f-581","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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 June 30, 2024 | \n \u00a0 | \n \u00a0 | \n March 31, 2024 | \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 82,656 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,621 | \n \u00a0 | \n \u00a0 | \n $ | \n 82,423 | \n \u00a0 | \n \u00a0 | \n $ | \n 38,571 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n 46,002 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,786 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,981 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,029 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,206 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,964 | \n \u00a0 | \n
Software and domain names | \n \u00a0 | \n \u00a0 | \n 32,426 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,656 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 32,262 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,010 | \n \u00a0 | \n
Brands | \n \u00a0 | \n \u00a0 | \n 14,494 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,006 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,493 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,850 | \n \u00a0 | \n
Amortizable intangibles in process | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 29 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 199,978 | \n \u00a0 | \n \u00a0 | \n $ | \n 70,275 | \n \u00a0 | \n \u00a0 | \n $ | \n 199,588 | \n \u00a0 | \n \u00a0 | \n $ | \n 75,453 | \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 28,681 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,600 | \n \u00a0 | \n ||
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 98,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 104,053 | \n \u00a0 | \n
15. GOODWILL
The changes in the carrying amount of goodwill are as follows:
\n| \n | \n | \n | \n | \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
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n 129 | \n \u00a0 | \n
Balance, June 30, 2024 | \n \u00a0 | \n $ | \n 43,368 | \n \u00a0 | \n
The Company does not believe that an event occurred or circumstances changed during the three months ended June 30, 2024 that would, more likely than not, reduce the fair value of the Storz & Bickel reporting unit below its carrying value. Therefore, the
Company concluded that the quantitative goodwill impairment assessment was not required for the Storz & Bickel reporting unit at June 30, 2024. The carrying value of goodwill associated with the Storz & Bickel reporting unit was $43,368 at June 30, 2024.
The Company is required to perform its next annual goodwill impairment analysis on March 31, 2025, or earlier should there be an event that occurs or circumstances change that would more likely than not reduce the fair value of a reporting unit below its carrying amount.
"}]},{"name":"rpt:f-617","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","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, 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
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n 129 | \n \u00a0 | \n
Balance, June 30, 2024 | \n \u00a0 | \n $ | \n 43,368 | \n \u00a0 | \n
16. 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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 21,649 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,468 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 10,648 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,519 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 3,597 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,849 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 15,399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,203 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 51,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 54,039 | \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 June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 21,649 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,468 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 10,648 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,519 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 3,597 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,849 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 15,399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16,203 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 51,293 | \n \u00a0 | \n \u00a0 | \n $ | \n 54,039 | \n \u00a0 | \n
17. 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 June 30, | \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 2024 | \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 480,766 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486,935 | \n \u00a0 | \n
Accrued interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 641 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 831 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (15,761 | \n ) | \n \u00a0 | \n \u00a0 | \n (17,948 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 465,646 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 469,818 | \n \u00a0 | \n
Supreme convertible debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 5,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,654 | \n \u00a0 | \n
Accretion debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,390 | \n \u00a0 | \n
May 2024 Convertible Debenture | \n \u00a0 | \n May 14, 2029 | \n \u00a0 | \n \u00a0 | \n 88,244 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Promissory note | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,224 | \n \u00a0 | \n
Other revolving debt facility, loan, and financings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 916 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,143 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 560,946 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 597,229 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,457 | \n ) | \n \u00a0 | \n \u00a0 | \n (103,935 | \n ) | \n
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 558,489 | \n \u00a0 | \n \u00a0 | \n $ | \n 493,294 | \n \u00a0 | \n
Credit Facility
On March 18, 2021, the Company entered into a term loan credit agreement (the \"Credit Agreement\") providing for a five-year, first lien senior secured term loan facility in an aggregate principal amount of US$750,000 (the \u201cCredit Facility\u201d). The Company had the ability to obtain up to an additional US$500,000 of incremental senior secured debt pursuant to the Credit Agreement. On October 24, 2022, 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 tender US$187,500 of the 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).
On April 29, 2024 and June 28, 2024, the Company repurchased additional outstanding principal amounts under the Credit Facility (the \"First Quarter 2025 Paydowns\"). The First Quarter 2025 Paydowns resulted in an aggregate principal reduction of $11,159 (US$8,165) for a cash payment of $11,159 (US$8,165).
As of June 30, 2024, the Credit Facility matured 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 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 Amended Credit Agreement contains representations and warranties, and affirmative and negative covenants. On August 8, 2024, the Company entered into the Amending Agreement (as defined below) which, among other things, extended the maturity date (the \u201cMaturity Date\u201d) of the Credit Facility to December 18, 2026 and provides for a mandatory US$97.5 million prepayment of the Credit Facility at 97.5% of par. In addition, the Maturity Date of the Credit Facility may be further extended in accordance with the terms of the Amending Agreement. Refer to Note 30 for additional details regarding the terms of the Amending Agreement.
Promissory Note
On April 13, 2023, the Company entered into an exchange agreement (the \u201cApril 2023 Exchange Agreement\u201d) with Greenstar Canada Investment Limited Partnership (\u201cGreenstar\u201d), an affiliate of CBI, in order to acquire and cancel $100,000 aggregate principal amount of the 4.25% unsecured senior notes due in 2023 (the \u201cCanopy Notes\u201d). Pursuant to the April 2023 Exchange Agreement, the Company agreed to acquire and cancel $100,000 aggregate principal amount of the Canopy Notes held by Greenstar in exchange for: (i) a cash payment to Greenstar in the amount of the unpaid and accrued interest owing under the Canopy Notes held by Greenstar; and (ii) a promissory note (the \u201cCBI Note\u201d) issuable to Greenstar in the aggregate amount of $100,000 payable on December 31, 2024. The CBI Note bears interest at a rate of 4.25% per year, payable on maturity of the CBI Note.
On April 18, 2024, the Company entered into an exchange agreement (the \u201cApril 2024 Exchange Agreement\u201d) with Greenstar, pursuant to which Greenstar converted approximately $81,220 of the principal amount of the $100,000 principal amount of the CBI Note into 9,111,549 Exchangeable Shares (the \u201cNote Exchange\u201d), calculated based on a price per Exchangeable Share equal to $8.91. Pursuant to the terms of the April 2024 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, there is no outstanding balance owing under the CBI Note and the CBI Note has been cancelled.
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.
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 Supreme Debentures outstanding, provided that the Accretion Debentures have already been redeemed in full.
During the three months ended June 30, 2024 principal payments on Accretion Debentures totaled $677 and approximately $27,563 aggregate principal amount of outstanding Supreme Debentures and Accretion Debentures were settled through the Exchange and Subscription Agreement (as defined below).
May 2024 Convertible Debenture
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 $27,563 aggregate principal amount of outstanding Supreme Debentures and Accretion Debentures held by the May 2024 Investor and paid the Company $68,255 (US$50,000) 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 Growth common share at an exercise price equal to $16.18 per Canopy Growth common 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 Growth common 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 Agreement 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 Growth common 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 Growth common 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.
"}]},{"name":"rpt:f-638","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The components of debt are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n June 30, | \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 2024 | \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 480,766 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 486,935 | \n \u00a0 | \n
Accrued interest | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 641 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 831 | \n \u00a0 | \n
Deferred financing costs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (15,761 | \n ) | \n \u00a0 | \n \u00a0 | \n (17,948 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 465,646 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 469,818 | \n \u00a0 | \n
Supreme convertible debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 5,240 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,654 | \n \u00a0 | \n
Accretion debentures | \n \u00a0 | \n September 10, 2025 | \n \u00a0 | \n \u00a0 | \n 900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,390 | \n \u00a0 | \n
May 2024 Convertible Debenture | \n \u00a0 | \n May 14, 2029 | \n \u00a0 | \n \u00a0 | \n 88,244 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Promissory note | \n \u00a0 | \n December 31, 2024 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 89,224 | \n \u00a0 | \n
Other revolving debt facility, loan, and financings | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 916 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,143 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 560,946 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 597,229 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,457 | \n ) | \n \u00a0 | \n \u00a0 | \n (103,935 | \n ) | \n
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 558,489 | \n \u00a0 | \n \u00a0 | \n $ | \n 493,294 | \n \u00a0 | \n
18. 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 June 30, 2024 | \n \u00a0 | \n \u00a0 | \n As at March 31, 2024 | \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 43,159 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,426 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,585 | \n \u00a0 | \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
Acquisition consideration | \n \u00a0 | \n \u00a0 | \n 26,755 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,397 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,152 | \n \u00a0 | \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
Refund liability | \n \u00a0 | \n \u00a0 | \n 4,201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,201 | \n \u00a0 | \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
Settlement liabilities and | \n \u00a0 | \n \u00a0 | \n 13,246 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,394 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,640 | \n \u00a0 | \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 $ | \n 87,361 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,217 | \n \u00a0 | \n \u00a0 | \n $ | \n 115,578 | \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
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 June 30, 2024 | \n \u00a0 | \n \u00a0 | \n As at March 31, 2024 | \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 43,159 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,426 | \n \u00a0 | \n \u00a0 | \n $ | \n 62,585 | \n \u00a0 | \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
Acquisition consideration | \n \u00a0 | \n \u00a0 | \n 26,755 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,397 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,152 | \n \u00a0 | \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
Refund liability | \n \u00a0 | \n \u00a0 | \n 4,201 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,201 | \n \u00a0 | \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
Settlement liabilities and | \n \u00a0 | \n \u00a0 | \n 13,246 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,394 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 17,640 | \n \u00a0 | \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 $ | \n 87,361 | \n \u00a0 | \n \u00a0 | \n $ | \n 28,217 | \n \u00a0 | \n \u00a0 | \n $ | \n 115,578 | \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
19. SHARE CAPITAL
CANOPY GROWTH
Authorized
An unlimited number of common shares.
(i) Equity financings
On June 6, 2024, the Company established an at-the-market equity program that allows it to sell up to US$250,000 of common shares of the Company from treasury to the public from time to time at the Company\u2019s discretion (the \u201cATM Program\u201d). The ATM Program will be effective until the earlier of (i) the issuance and sale of all of the common shares issuable pursuant to the ATM Program (ii) the date on which the Company receives notice from a securities regulatory authority that the Company\u2019s Canadian short form base shelf prospectus dated June 5, 2024 and/or the Company\u2019s registration statement on Form S-3ASR has ceased to be effective and (iii) July 5, 2026, unless terminated earlier in accordance with the terms of the equity distribution agreement entered into between the Company and BMO Nesbitt Burns Inc., as Canadian agent, and BMO Capital Markets Corp., as U.S. agent. As part of the ATM Program, during the three months ended June 30, 2024, the Company sold 4,747,064 common shares for gross proceeds of $46,291 (three months ended June 30, 2023 - no equity financings). Refer to Note 30 for additional information on common shares sold after June 30, 2024 as part of the ATM Program.
(ii) Other issuances of common shares and share capital transactions
During the three months ended June 30, 2024, the Company had the following other issuances and share capital transactions:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
Other issuances and share issue costs | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (3,189 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (3,189 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
During the three months ended June 30, 2023, the Company had the following other issuances and share capital transactions:
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares1 | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
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 2,434,274 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n 10,880,168 | \n \u00a0 | \n \u00a0 | \n $ | \n 120,470 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \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, 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
Issuance of warrants | \n \u00a0 | \n \u00a0 | \n 3,350,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16.18 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,697 | \n \u00a0 | \n
Exercise of warrants | \n \u00a0 | \n \u00a0 | \n (1,145,760 | \n ) | \n \u00a0 | \n \u00a0 | \n 6.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,702 | \n ) | \n
Balance outstanding at June 30, 2024 | \n \u00a0 | \n \u00a0 | \n 12,656,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 11.29 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,616,514 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \n \u00a0 | \n |||
Balance outstanding at March 31, 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
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 June 30, 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
1 This balance excludes warrants previously issued by the Company to CBG (as defined below) which were exercisable to acquire 1,281,815 common shares at an exercise price equal to the 5-day volume-weighted average price of the Company common shares immediately prior to exercise (the \"Tranche C Warrants\"). The Tranche C Warrants represent a derivative liability and have nominal value. As of November 1, 2023, the Tranche C Warrants are considered expired in accordance with their terms.
2 Prior year warrant amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
(iv) Issuances of exchangeable shares
On April 18, 2024, Greenstar and CBG Holdings LLC (\u201cCBG\u201d), indirect, wholly-owned subsidiaries of CBI exchanged all 17,149,925 Canopy Growth common shares they collectively held for 17,149,925 Exchangeable Shares for no consideration (the \u201cCBI Exchange\u201d). In addition, an additional 9,111,549 Exchangeable Shares were issued to Greenstar as part of the Note Exchange. The Exchangeable Shares are convertible at any time, at the option of the holder, into Canopy Growth common shares on a one for one basis. See Note 17 for additional details relating to the Note Exchange.
"}]},{"name":"rpt:f-785","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodValueNewIssues","xbrl:period":"2024-06-06T00:00:00/2024-06-07T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:SubsidiarySaleOfStockAxis":"cgc:AtTheMarketEquityProgramMember"},"factValues":[{"value":"250000000000"}]},{"name":"rpt:f-786","factDimensions":{"xbrl:concept":"us-gaap:SaleOfStockNumberOfSharesIssuedInTransaction","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:SubsidiarySaleOfStockAxis":"cgc:AtTheMarketEquityProgramMember"},"factValues":[{"value":"4747064"}]},{"name":"rpt:f-787","factDimensions":{"xbrl:concept":"us-gaap:ProceedsFromSaleOfTreasuryStock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:SubsidiarySaleOfStockAxis":"cgc:AtTheMarketEquityProgramMember"},"factValues":[{"value":"46291000","decimals":-3}]},{"name":"rpt:f-788","factDimensions":{"xbrl:concept":"cgc:NumberOfEquityFinancing","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Equity"},"factValues":[{"value":"0"}]},{"name":"rpt:f-789","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfBusinessAcquisitionsByAcquisitionEquityInterestIssuedOrIssuableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"During the three months ended June 30, 2024, the Company had the following other issuances and share capital transactions:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of common shares | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n \u00a0 | \n Share | \n \u00a0 | \n |||
Other issuances and share issue costs | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (3,189 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (3,189 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
During the three months ended June 30, 2023, the Company had the following other issuances and share capital 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 2,434,274 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n 10,880,168 | \n \u00a0 | \n \u00a0 | \n $ | \n 120,470 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \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.
"}]},{"name":"rpt:f-790","factDimensions":{"xbrl:concept":"cgc:OtherIssuancesOfCommonSharesNetOfShareIssuanceCost","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:OtherIssuancesAndShareIssueCostsMember"},"factValues":[{"value":"-3189000","decimals":-3}]},{"name":"rpt:f-791","factDimensions":{"xbrl:concept":"cgc:OtherIssuancesOfCommonSharesNetOfShareIssuanceCost","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:TotalMember"},"factValues":[{"value":"-3189000","decimals":-3}]},{"name":"rpt:f-792","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:SettlementOfConvertibleDebenturesMember"},"factValues":[{"value":"8445894"}]},{"name":"rpt:f-793","factDimensions":{"xbrl:concept":"cgc:OtherIssuancesOfCommonSharesNetOfShareIssuanceCost","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:SettlementOfConvertibleDebenturesMember"},"factValues":[{"value":"108055000","decimals":-3}]},{"name":"rpt:f-794","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:SettlementOfCanopyNotesMember"},"factValues":[{"value":"2434274"}]},{"name":"rpt:f-795","factDimensions":{"xbrl:concept":"cgc:OtherIssuancesOfCommonSharesNetOfShareIssuanceCost","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:SettlementOfCanopyNotesMember"},"factValues":[{"value":"12415000","decimals":-3}]},{"name":"rpt:f-796","factDimensions":{"xbrl:concept":"us-gaap:BusinessAcquisitionEquityInterestsIssuedOrIssuableNumberOfSharesIssued","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:TotalMember"},"factValues":[{"value":"10880168"}]},{"name":"rpt:f-797","factDimensions":{"xbrl:concept":"cgc:OtherIssuancesOfCommonSharesNetOfShareIssuanceCost","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:TotalMember"},"factValues":[{"value":"120470000","decimals":-3}]},{"name":"rpt:f-798","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfStockholdersEquityNoteWarrantsOrRightsTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \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
Issuance of warrants | \n \u00a0 | \n \u00a0 | \n 3,350,430 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 16.18 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,697 | \n \u00a0 | \n
Exercise of warrants | \n \u00a0 | \n \u00a0 | \n (1,145,760 | \n ) | \n \u00a0 | \n \u00a0 | \n 6.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (2,702 | \n ) | \n
Balance outstanding at June 30, 2024 | \n \u00a0 | \n \u00a0 | \n 12,656,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 11.29 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,616,514 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Average | \n \u00a0 | \n \u00a0 | \n Warrant | \n \u00a0 | \n |||
Balance outstanding at March 31, 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
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 June 30, 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
1 This balance excludes warrants previously issued by the Company to CBG (as defined below) which were exercisable to acquire 1,281,815 common shares at an exercise price equal to the 5-day volume-weighted average price of the Company common shares immediately prior to exercise (the \"Tranche C Warrants\"). The Tranche C Warrants represent a derivative liability and have nominal value. As of November 1, 2023, the Tranche C Warrants are considered expired in accordance with their terms.
2 Prior year warrant amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
"}]},{"name":"rpt:f-799","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-800","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-801","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-802","factDimensions":{"xbrl:concept":"cgc:NumberOfWholeWarrantsOnIssuanceOfWarrants","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"3350430"}]},{"name":"rpt:f-803","factDimensions":{"xbrl:concept":"cgc:AverageExercisePriceOnIssuanceOfWarrants","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"16.18","decimals":2}]},{"name":"rpt:f-804","factDimensions":{"xbrl:concept":"cgc:WarrantValueIssuanceOfWarrants","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"8697000","decimals":-3}]},{"name":"rpt:f-805","factDimensions":{"xbrl:concept":"cgc:NumberOfWholeWarrantsOnExerciseOfWarrants","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1145760"}]},{"name":"rpt:f-806","factDimensions":{"xbrl:concept":"cgc:AverageExercisePriceOnWarrantExercised","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"6.61","decimals":2}]},{"name":"rpt:f-807","factDimensions":{"xbrl:concept":"cgc:WarrantValueExerciseOfWarrants","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"-2702000","decimals":-3}]},{"name":"rpt:f-808","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"12656127"}]},{"name":"rpt:f-809","factDimensions":{"xbrl:concept":"cgc:WarrantsAverageExercisePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"11.29","decimals":2}]},{"name":"rpt:f-810","factDimensions":{"xbrl:concept":"cgc:WarrantValue","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"2616514000","decimals":-3}]},{"name":"rpt:f-811","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"12819305"}]},{"name":"rpt:f-812","factDimensions":{"xbrl:concept":"cgc:WarrantsAverageExercisePrice","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"580.4","decimals":2}]},{"name":"rpt:f-813","factDimensions":{"xbrl:concept":"cgc:WarrantValue","xbrl:period":"2023-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"2581788000","decimals":-3}]},{"name":"rpt:f-814","factDimensions":{"xbrl:concept":"cgc:NumberOfWholeWarrantsOnExpiryOfWarrants","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"0"}]},{"name":"rpt:f-815","factDimensions":{"xbrl:concept":"cgc:AverageExercisePriceOnWarrantExpiry","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"0","decimals":0}]},{"name":"rpt:f-816","factDimensions":{"xbrl:concept":"cgc:WarrantValueExpiryOfWarrants","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"0","decimals":-3}]},{"name":"rpt:f-817","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightOutstanding","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"12819305"}]},{"name":"rpt:f-818","factDimensions":{"xbrl:concept":"cgc:WarrantsAverageExercisePrice","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"580.4","decimals":2}]},{"name":"rpt:f-819","factDimensions":{"xbrl:concept":"cgc:WarrantValue","xbrl:period":"2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"2581788000","decimals":-3}]},{"name":"rpt:f-820","factDimensions":{"xbrl:concept":"us-gaap:ClassOfWarrantOrRightNumberOfSecuritiesCalledByWarrantsOrRights","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1281815"}]},{"name":"rpt:f-821","factDimensions":{"xbrl:concept":"us-gaap:SharesIssued","xbrl:period":"2024-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"cgc:CbiExchangeMember"},"factValues":[{"value":"17149925"}]},{"name":"rpt:f-822","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities","xbrl:period":"2024-04-18T00:00:00/2024-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"cgc:CbiExchangeMember"},"factValues":[{"value":"17149925"}]},{"name":"rpt:f-823","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesConversionOfConvertibleSecurities","xbrl:period":"2024-04-18T00:00:00/2024-04-19T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:TypeOfArrangementAxis":"cgc:CbiExchangeAgreementMember"},"factValues":[{"value":"9111549"}]},{"name":"rpt:f-824","factDimensions":{"xbrl:concept":"us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"20. SHARE-BASED COMPENSATION
\u00a0
CANOPY GROWTH CORPORATION SHARE-BASED COMPENSATION PLAN
On September 25, 2023, the Company's shareholders approved a new Omnibus Equity Incentive Plan (the \"Omnibus Equity Incentive Plan\") pursuant to which the Company can issue share-based long-term incentives. The Omnibus Equity Incentive Plan replaces the Company\u2019s previous equity incentive plan, which was originally approved by the Company\u2019s shareholders on July 30, 2018 (the \u201cPrevious Equity Incentive Plan\u201d, together with the Omnibus Equity Incentive Plan, the \u201cIncentive Plans\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 issuance upon the exercise or vesting, as applicable, of Awards granted pursuant to the Incentive Plans is 8,099,944 as at June 30, 2024. As of June 30, 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 \u201cCGCN 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.
The following is a summary of the changes in the Options outstanding during the three months ended June 30, 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, 2024 | \n \u00a0 | \n \u00a0 | \n 2,883,922 | \n \u00a0 | \n \u00a0 | \n $ | \n 70.01 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 760,436 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10.38 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (83,959 | \n ) | \n \u00a0 | \n \u00a0 | \n 129.04 | \n \u00a0 | \n
Balance outstanding at June 30, 2024 | \n \u00a0 | \n \u00a0 | \n 3,560,399 | \n \u00a0 | \n \u00a0 | \n $ | \n 55.88 | \n \u00a0 | \n
\u00a0
The following is a summary of the Options outstanding as at June 30, 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 Prices | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$0.60\u00a0- $7.50 | \n \u00a0 | \n \u00a0 | \n 2,045,022 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.99 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 671,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.98 | \n \u00a0 | \n
$7.51\u00a0- $56.10 | \n \u00a0 | \n \u00a0 | \n 1,037,110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.45 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 141,285 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.01 | \n \u00a0 | \n
$56.11\u00a0- $676.40 | \n \u00a0 | \n \u00a0 | \n 478,267 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.17 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 363,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.05 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 3,560,399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,176,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.65 | \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 June 30, 2024, the weighted average exercise price of the Options outstanding and Options exercisable was $55.88 and $125.91, respectively (March 31, 2024 \u2013 $70.01 and $312.68, respectively).
The Company recorded $3,257 in share-based compensation expense related to Options issued to employees and contractors for the three months ended June 30, 2024 (three months ended June 30, 2023 \u2013 $3,069). The share-based compensation expense for the three months ended June 30, 2024, includes an amount related to 107,874 Options being provided in exchange for services which are subject to performance conditions (for the three months ended June 30, 2023 \u2013 107,874).
The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended June 30, 2024 and 2023, on their measurement date by applying the following assumptions:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n June 30, | \n
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
Risk-free interest rate | \n \u00a0 | \n 3.66% | \n \u00a0 | \n 3.83% | \n
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n 3\u00a0- 5 | \n
Expected volatility | \n \u00a0 | \n 117% | \n \u00a0 | \n 83% | \n
Expected forfeiture rate | \n \u00a0 | \n 20% | \n \u00a0 | \n 21% | \n
Expected dividend yield | \n \u00a0 | \n \u00a0 | \n ||
Black-Scholes value of each Option1 | \n \u00a0 | \n $8.05 | \n \u00a0 | \n $3.80 | \n
1 Prior year Option value has been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
Volatility was estimated by using the historical volatility of the Company. The expected life in years represents the period of time that Options granted are expected to be outstanding. The risk-free rate was based on zero coupon Canada government bonds with a remaining term equal to the expected life of the Options.
For the three months ended June 30, 2024, the Company recorded $894 in share-based compensation expense related to RSUs and PSUs (for the three months ended June 30, 2023 \u2013 $648).
The following is a summary of the changes in the Company\u2019s RSUs and PSUs during the three months ended June 30, 2024:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 1,272,299 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 710,088 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (54,758 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (85,687 | \n ) | \n
Balance outstanding at June 30, 2024 | \n \u00a0 | \n \u00a0 | \n 1,841,942 | \n \u00a0 | \n
The following is a summary of the changes in the Options outstanding during the three months ended June 30, 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, 2024 | \n \u00a0 | \n \u00a0 | \n 2,883,922 | \n \u00a0 | \n \u00a0 | \n $ | \n 70.01 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 760,436 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10.38 | \n \u00a0 | \n
Options forfeited | \n \u00a0 | \n \u00a0 | \n (83,959 | \n ) | \n \u00a0 | \n \u00a0 | \n 129.04 | \n \u00a0 | \n
Balance outstanding at June 30, 2024 | \n \u00a0 | \n \u00a0 | \n 3,560,399 | \n \u00a0 | \n \u00a0 | \n $ | \n 55.88 | \n \u00a0 | \n
\u00a0
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\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Options Outstanding | \n \u00a0 | \n \u00a0 | \n Options Exercisable | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Weighted Average | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Remaining | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Remaining | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n Outstanding at | \n \u00a0 | \n \u00a0 | \n Contractual Life | \n \u00a0 | \n \u00a0 | \n Exercisable at | \n \u00a0 | \n \u00a0 | \n Contractual Life | \n \u00a0 | \n ||||
Range of Exercise Prices | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n June 30, 2024 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$0.60\u00a0- $7.50 | \n \u00a0 | \n \u00a0 | \n 2,045,022 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.99 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 671,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.98 | \n \u00a0 | \n
$7.51\u00a0- $56.10 | \n \u00a0 | \n \u00a0 | \n 1,037,110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.45 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 141,285 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.01 | \n \u00a0 | \n
$56.11\u00a0- $676.40 | \n \u00a0 | \n \u00a0 | \n 478,267 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.17 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 363,101 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.05 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 3,560,399 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,176,266 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.65 | \n \u00a0 | \n
1 Prior period Options and exercise price amounts have been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
"}]},{"name":"rpt:f-840","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"0.6"}]},{"name":"rpt:f-841","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"7.5"}]},{"name":"rpt:f-842","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"2045022"}]},{"name":"rpt:f-843","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"P4Y11M26D"}]},{"name":"rpt:f-844","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"671880"}]},{"name":"rpt:f-845","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeOneMember"},"factValues":[{"value":"P4Y11M23D"}]},{"name":"rpt:f-846","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"7.51"}]},{"name":"rpt:f-847","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"56.1"}]},{"name":"rpt:f-848","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"1037110"}]},{"name":"rpt:f-849","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"P5Y5M12D"}]},{"name":"rpt:f-850","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"141285"}]},{"name":"rpt:f-851","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeTwoMember"},"factValues":[{"value":"P4Y3D"}]},{"name":"rpt:f-852","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeLowerRangeLimit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeThreeMember"},"factValues":[{"value":"56.11"}]},{"name":"rpt:f-853","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeUpperRangeLimit","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeThreeMember"},"factValues":[{"value":"676.4"}]},{"name":"rpt:f-854","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeThreeMember"},"factValues":[{"value":"478267"}]},{"name":"rpt:f-855","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeThreeMember"},"factValues":[{"value":"P1Y2M1D"}]},{"name":"rpt:f-856","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeThreeMember"},"factValues":[{"value":"363101"}]},{"name":"rpt:f-857","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansByExercisePriceRangeAxis":"cgc:RangeThreeMember"},"factValues":[{"value":"P1Y18D"}]},{"name":"rpt:f-858","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"3560399"}]},{"name":"rpt:f-859","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsOutstandingWeightedAverageRemainingContractualTerm2","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"P4Y7M9D"}]},{"name":"rpt:f-860","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares"},"factValues":[{"value":"1176266"}]},{"name":"rpt:f-861","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableWeightedAverageRemainingContractualTerm1","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"P3Y7M24D"}]},{"name":"rpt:f-862","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"55.88","decimals":2}]},{"name":"rpt:f-863","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"125.91","decimals":2}]},{"name":"rpt:f-864","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"70.01","decimals":2}]},{"name":"rpt:f-865","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"312.68","decimals":2}]},{"name":"rpt:f-866","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"3257000","decimals":-3}]},{"name":"rpt:f-867","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:EmployeeStockOptionMember"},"factValues":[{"value":"3069000","decimals":-3}]},{"name":"rpt:f-868","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"cgc:StockOptionSubjectToPerformanceConditionsMember"},"factValues":[{"value":"107874"}]},{"name":"rpt:f-869","factDimensions":{"xbrl:concept":"us-gaap:StockIssuedDuringPeriodSharesShareBasedCompensation","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:AwardTypeAxis":"cgc:StockOptionSubjectToPerformanceConditionsMember"},"factValues":[{"value":"107874"}]},{"name":"rpt:f-870","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedPaymentAwardStockOptionsValuationAssumptionsTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended June 30, 2024 and 2023, on their measurement date by applying the following assumptions:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n June 30, | \n
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n 2023 | \n
Risk-free interest rate | \n \u00a0 | \n 3.66% | \n \u00a0 | \n 3.83% | \n
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n 3\u00a0- 5 | \n
Expected volatility | \n \u00a0 | \n 117% | \n \u00a0 | \n 83% | \n
Expected forfeiture rate | \n \u00a0 | \n 20% | \n \u00a0 | \n 21% | \n
Expected dividend yield | \n \u00a0 | \n \u00a0 | \n ||
Black-Scholes value of each Option1 | \n \u00a0 | \n $8.05 | \n \u00a0 | \n $3.80 | \n
1 Prior year Option value has been retrospectively adjusted to reflect the Share Consolidation, which became effective on December 15, 2023. See Note 2 for details.
"}]},{"name":"rpt:f-871","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.0366","decimals":4}]},{"name":"rpt:f-872","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsRiskFreeInterestRate","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.0383","decimals":4}]},{"name":"rpt:f-873","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-874","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-875","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MinimumMember"},"factValues":[{"value":"P3Y"}]},{"name":"rpt:f-876","factDimensions":{"xbrl:concept":"us-gaap:SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"P5Y"}]},{"name":"rpt:f-877","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"1.17","decimals":2}]},{"name":"rpt:f-878","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedVolatilityRate","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.83","decimals":2}]},{"name":"rpt:f-879","factDimensions":{"xbrl:concept":"cgc:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.20","decimals":2}]},{"name":"rpt:f-880","factDimensions":{"xbrl:concept":"cgc:ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedForfeitureRate","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.21","decimals":2}]},{"name":"rpt:f-881","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"8.05","decimals":2}]},{"name":"rpt:f-882","factDimensions":{"xbrl:concept":"us-gaap:ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD/xbrla:shares"},"factValues":[{"value":"3.8","decimals":2}]},{"name":"rpt:f-883","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"894000","decimals":-3}]},{"name":"rpt:f-884","factDimensions":{"xbrl:concept":"us-gaap:AllocatedShareBasedCompensationExpense","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:AwardTypeAxis":"us-gaap:RestrictedStockUnitsRSUMember"},"factValues":[{"value":"648000","decimals":-3}]},{"name":"rpt:f-885","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfShareBasedCompensationRestrictedStockUnitsAwardActivityTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"The following is a summary of the changes in the Company\u2019s RSUs and PSUs during the three months ended June 30, 2024:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 1,272,299 | \n \u00a0 | \n
RSUs and PSUs granted | \n \u00a0 | \n \u00a0 | \n 710,088 | \n \u00a0 | \n
RSUs and PSUs released | \n \u00a0 | \n \u00a0 | \n (54,758 | \n ) | \n
RSUs and PSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (85,687 | \n ) | \n
Balance outstanding at June 30, 2024 | \n \u00a0 | \n \u00a0 | \n 1,841,942 | \n \u00a0 | \n
21. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income includes the following components:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n (31,178 | \n ) | \n \u00a0 | \n \u00a0 | \n 15,127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (16,051 | \n ) | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n 10,398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,398 | \n \u00a0 | \n
Extinguishment of promissory note and issuance of exchangeable shares | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (15,127 | \n ) | \n \u00a0 | \n \u00a0 | \n (15,127 | \n ) | \n
Other comprehensive loss | \n \u00a0 | \n \u00a0 | \n (768 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (768 | \n ) | \n
As at June 30, 2024 | \n \u00a0 | \n $ | \n (21,548 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (21,548 | \n ) | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n $ | \n (30,261 | \n ) | \n \u00a0 | \n $ | \n 16,401 | \n \u00a0 | \n \u00a0 | \n $ | \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 (1,667 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,667 | \n ) | \n
Other comprehensive (loss) income | \n \u00a0 | \n \u00a0 | \n (7,160 | \n ) | \n \u00a0 | \n \u00a0 | \n 14,178 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,018 | \n \u00a0 | \n
As at June 30, 2023 | \n \u00a0 | \n $ | \n (37,421 | \n ) | \n \u00a0 | \n $ | \n 28,912 | \n \u00a0 | \n \u00a0 | \n $ | \n (8,509 | \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, 2024 | \n \u00a0 | \n \u00a0 | \n (31,178 | \n ) | \n \u00a0 | \n \u00a0 | \n 15,127 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (16,051 | \n ) | \n
Disposal of consolidated entities | \n \u00a0 | \n \u00a0 | \n 10,398 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,398 | \n \u00a0 | \n
Extinguishment of promissory note and issuance of exchangeable shares | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (15,127 | \n ) | \n \u00a0 | \n \u00a0 | \n (15,127 | \n ) | \n
Other comprehensive loss | \n \u00a0 | \n \u00a0 | \n (768 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (768 | \n ) | \n
As at June 30, 2024 | \n \u00a0 | \n $ | \n (21,548 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (21,548 | \n ) | \n
\u00a0
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Changes of own credit risk of financial liabilities | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n $ | \n (30,261 | \n ) | \n \u00a0 | \n $ | \n 16,401 | \n \u00a0 | \n \u00a0 | \n $ | \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 (1,667 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,667 | \n ) | \n
Other comprehensive (loss) income | \n \u00a0 | \n \u00a0 | \n (7,160 | \n ) | \n \u00a0 | \n \u00a0 | \n 14,178 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,018 | \n \u00a0 | \n
As at June 30, 2023 | \n \u00a0 | \n $ | \n (37,421 | \n ) | \n \u00a0 | \n $ | \n 28,912 | \n \u00a0 | \n \u00a0 | \n $ | \n (8,509 | \n ) | \n
22. NONCONTROLLING INTERESTS
The net change in the noncontrolling interests is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||
As at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 139 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 139 | \n \u00a0 | \n
Comprehensive income (loss) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Canopy USA Transaction | \n \u00a0 | \n \u00a0 | \n (139 | \n ) | \n \u00a0 | \n \u00a0 | \n (139 | \n ) | \n
As at June 30, 2024 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n $ | \n 1,447 | \n \u00a0 | \n \u00a0 | \n $ | \n 140 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,587 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (3,740 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,740 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 3,740 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,740 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n
As at June 30, 2023 | \n \u00a0 | \n $ | \n 1,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 140 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,575 | \n \u00a0 | \n
The net change in the noncontrolling interests is as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||
As at March 31, 2024 | \n \u00a0 | \n \u00a0 | \n 139 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 139 | \n \u00a0 | \n
Comprehensive income (loss) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Canopy USA Transaction | \n \u00a0 | \n \u00a0 | \n (139 | \n ) | \n \u00a0 | \n \u00a0 | \n (139 | \n ) | \n
As at June 30, 2024 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n BioSteel | \n \u00a0 | \n \u00a0 | \n Other | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n |||
As at March 31, 2023 | \n \u00a0 | \n $ | \n 1,447 | \n \u00a0 | \n \u00a0 | \n $ | \n 140 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,587 | \n \u00a0 | \n
Comprehensive loss | \n \u00a0 | \n \u00a0 | \n (3,740 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,740 | \n ) | \n
Net loss attributable to redeemable noncontrolling interest | \n \u00a0 | \n \u00a0 | \n 3,740 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,740 | \n \u00a0 | \n
Ownership changes | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (12 | \n ) | \n
As at June 30, 2023 | \n \u00a0 | \n $ | \n 1,435 | \n \u00a0 | \n \u00a0 | \n $ | \n 140 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,575 | \n \u00a0 | \n
23. FAIR VALUE OF FINANCIAL INSTRUMENTS
Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value:
The fair value measurement is categorized in its entirety by reference to its lowest level of significant input.
The Company records cash, accounts receivable, interest receivable and accounts payable, and other accrued expenses and liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include items such as property, plant and equipment, goodwill and other intangible assets, equity and other investments and other assets. The Company determines the fair value of these items using Level 3 inputs, as described in the related sections below.
The following table represents the Company's financial assets and liabilities measured at estimated fair value on a recurring basis:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Fair value measurement using | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Quoted | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n prices in | \n \u00a0 | \n \u00a0 | \n other | \n \u00a0 | \n \u00a0 | \n Significant | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n active | \n \u00a0 | \n \u00a0 | \n observable | \n \u00a0 | \n \u00a0 | \n unobservable | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n markets | \n \u00a0 | \n \u00a0 | \n inputs | \n \u00a0 | \n \u00a0 | \n inputs | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n (Level 1) | \n \u00a0 | \n \u00a0 | \n (Level 2) | \n \u00a0 | \n \u00a0 | \n (Level 3) | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||
June 30, 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 2,766 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 2,766 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 7,691 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,691 | \n \u00a0 | \n
Equity method investments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 150,669 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 150,669 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 289,473 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 289,532 | \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 ||||
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
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 Canopy USA Equity Method Investment | \n \u00a0 | \n Asset based approach | \n \u00a0 | \n Probability of each Acreage 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 \u00a0 | \n \u00a0 | \n Number of Acreage 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 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 \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 Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Expected future cash flows | \n \u00a0 | \n Increase or decrease in expected future cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Volatility of Wana and Jetty equity | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n Elevate Loan Receivable | \n \u00a0 | \n Lesser of discounted cash flow and debtor net assets | \n \u00a0 | \n Equity value of Wana and Canopy USA | \n \u00a0 | \n Increase or decrease in equity value will result in an increase or decrease in fair value | \n
\u00a0 | \n Acreage Debt | \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
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 ||||
June 30, 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 2,766 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 2,766 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 7,691 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,691 | \n \u00a0 | \n
Equity method investments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 150,669 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 150,669 | \n \u00a0 | \n
Other financial assets | \n \u00a0 | \n \u00a0 | \n 59 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 289,473 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 289,532 | \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 ||||
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
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 Canopy USA Equity Method Investment | \n \u00a0 | \n Asset based approach | \n \u00a0 | \n Probability of each Acreage 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 \u00a0 | \n \u00a0 | \n Number of Acreage 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 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 \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 Discount rate | \n \u00a0 | \n Increase or decrease in discount rate will result in a decrease or increase in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Expected future cash flows | \n \u00a0 | \n Increase or decrease in expected future cash flows will result in an increase or decrease in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Volatility of Wana and Jetty equity | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n Elevate Loan Receivable | \n \u00a0 | \n Lesser of discounted cash flow and debtor net assets | \n \u00a0 | \n Equity value of Wana and Canopy USA | \n \u00a0 | \n Increase or decrease in equity value will result in an increase or decrease in fair value | \n
\u00a0 | \n Acreage Debt | \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
24. REVENUE
Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Canadian adult-use cannabis1 | \n \u00a0 | \n $ | \n 18,883 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,271 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 18,795 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,622 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 37,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 39,893 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
International markets cannabis | \n \u00a0 | \n $ | \n 10,082 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,162 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n $ | \n 18,452 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,073 | \n \u00a0 | \n
This Works | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 6,017 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,113 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net revenue | \n \u00a0 | \n $ | \n 66,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,258 | \n \u00a0 | \n
1Canadian adult-use net revenue during the three months ended June 30, 2024 reflects excise taxes of $7,517 (three months ended June 30, 2023 \u2013 $11,026).
2Canadian medical cannabis net revenue for the three months ended June 30, 2024 reflects excise taxes of $2,054 (three months ended June 30, 2023 \u2013 $1,360).
The Company recognizes variable consideration related to estimated future product returns and price adjustments as a reduction of the transaction price at the time revenue for the corresponding product sale is recognized. Net revenue reflects actual returns and variable consideration related to estimated returns and price adjustments in the amount of $1,200 for the three months ended June 30, 2024 (three months ended June 30, 2023 \u2013 $937). As of June 30, 2024, the liability for estimated returns and price adjustments was $4,201 (March 31, 2024 \u2013 $4,169).
"}]},{"name":"rpt:f-982","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Canadian adult-use cannabis1 | \n \u00a0 | \n $ | \n 18,883 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,271 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 18,795 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,622 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 37,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 39,893 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
International markets cannabis | \n \u00a0 | \n $ | \n 10,082 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,162 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n $ | \n 18,452 | \n \u00a0 | \n \u00a0 | \n $ | \n 18,073 | \n \u00a0 | \n
This Works | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 6,017 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,113 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Net revenue | \n \u00a0 | \n $ | \n 66,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,258 | \n \u00a0 | \n
1Canadian adult-use net revenue during the three months ended June 30, 2024 reflects excise taxes of $7,517 (three months ended June 30, 2023 \u2013 $11,026).
2Canadian medical cannabis net revenue for the three months ended June 30, 2024 reflects excise taxes of $2,054 (three months ended June 30, 2023 \u2013 $1,360).
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"decimals":-3}]},{"name":"rpt:f-997","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ProductOrServiceAxis":"cgc:CanadianAdultUseCannabisMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"7517000","decimals":-3}]},{"name":"rpt:f-998","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ProductOrServiceAxis":"cgc:CanadianAdultUseCannabisMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"11026000","decimals":-3}]},{"name":"rpt:f-999","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ProductOrServiceAxis":"cgc:CanadianMedicalCannabisMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"2054000","decimals":-3}]},{"name":"rpt:f-1000","factDimensions":{"xbrl:concept":"us-gaap:RevenueFromContractWithCustomerExcludingAssessedTax","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","srt:ProductOrServiceAxis":"cgc:CanadianMedicalCannabisMember","srt:StatementGeographicalAxis":"country:CA"},"factValues":[{"value":"1360000","decimals":-3}]},{"name":"rpt:f-1001","factDimensions":{"xbrl:concept":"cgc:AllowanceForEstimatedReturnsAndPriceAdjustments","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"1200000","decimals":-3}]},{"name":"rpt:f-1002","factDimensions":{"xbrl:concept":"cgc:AllowanceForEstimatedReturnsAndPriceAdjustments","xbrl:period":"2023-04-01T00:00:00/2023-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"937000","decimals":-3}]},{"name":"rpt:f-1003","factDimensions":{"xbrl:concept":"cgc:LiabilityForEstimatedSalesReturnsAndPriceAdjustments","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"4201000","decimals":-3}]},{"name":"rpt:f-1004","factDimensions":{"xbrl:concept":"cgc:LiabilityForEstimatedSalesReturnsAndPriceAdjustments","xbrl:period":"2024-04-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD"},"factValues":[{"value":"4169000","decimals":-3}]},{"name":"rpt:f-1005","factDimensions":{"xbrl:concept":"us-gaap:OtherIncomeAndOtherExpenseDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"25. OTHER INCOME (EXPENSE), NET
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Fair value changes on other financial assets | \n \u00a0 | \n $ | \n 813 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,118 | \n \u00a0 | \n
Fair value changes on equity method investments | \n \u00a0 | \n \u00a0 | \n (75,970 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Fair value changes on debt | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,852 | \n \u00a0 | \n
Fair value changes on acquisition related contingent | \n \u00a0 | \n \u00a0 | \n (26,755 | \n ) | \n \u00a0 | \n \u00a0 | \n 6,776 | \n \u00a0 | \n
Gain (charges) related to settlement of debt | \n \u00a0 | \n \u00a0 | \n 22,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5,291 | \n ) | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 2,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,831 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (21,143 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,185 | \n ) | \n
Foreign currency gain (loss) | \n \u00a0 | \n \u00a0 | \n 33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (139 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n 4,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,139 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (93,889 | \n ) | \n \u00a0 | \n $ | \n 46,101 | \n \u00a0 | \n
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Fair value changes on other financial assets | \n \u00a0 | \n $ | \n 813 | \n \u00a0 | \n \u00a0 | \n $ | \n 65,118 | \n \u00a0 | \n
Fair value changes on equity method investments | \n \u00a0 | \n \u00a0 | \n (75,970 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Fair value changes on debt | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,852 | \n \u00a0 | \n
Fair value changes on acquisition related contingent | \n \u00a0 | \n \u00a0 | \n (26,755 | \n ) | \n \u00a0 | \n \u00a0 | \n 6,776 | \n \u00a0 | \n
Gain (charges) related to settlement of debt | \n \u00a0 | \n \u00a0 | \n 22,119 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (5,291 | \n ) | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 2,058 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,831 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (21,143 | \n ) | \n \u00a0 | \n \u00a0 | \n (32,185 | \n ) | \n
Foreign currency gain (loss) | \n \u00a0 | \n \u00a0 | \n 33 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (139 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n 4,956 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,139 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (93,889 | \n ) | \n \u00a0 | \n $ | \n 46,101 | \n \u00a0 | \n
26. INCOME TAXES
There have been no material changes to income tax matters in connection with normal course operations during the three months ended June 30, 2024.
The Company is subject to income tax in numerous jurisdictions with varying income tax rates. During the most recent period ended and the fiscal year to date, there were no material changes to the statutory income tax rates in the taxing jurisdictions where the majority of the Company\u2019s income for tax purposes was earned, or where its temporary differences or losses are expected to be realized or settled. Although statutory income tax rates remain stable, the Company\u2019s effective income tax rate may fluctuate, arising as a result of the Company\u2019s evolving footprint, discrete transactions and other factors that, to the extent material, are disclosed in these financial statements.
The Company continues to believe that the amount of unrealized tax benefits appropriately reflects the uncertainty of items that are or may in the future be under discussion, audit, dispute or appeal with a tax authority or which otherwise result in uncertainty in the determination of income for tax purposes. If appropriate, an unrealized tax benefit will be realized in the reporting period in which
the Company determines that realization is not in doubt. Where the final determined outcome is different from the Company\u2019s estimate, such difference will impact the Company\u2019s income taxes in the reporting period during which such determination is made.
"}]},{"name":"rpt:f-1026","factDimensions":{"xbrl:concept":"cgc:AcreageDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"27. ACREAGE ARRANGEMENT
On September 23, 2020, the Company and Acreage entered into a second amendment (the \u201cAcreage Amending Agreement\u201d) to the arrangement agreement (the \u201cOriginal Acreage Arrangement Agreement\u201d) and plan of arrangement (the \u201cOriginal Acreage Arrangement\u201d) between the Company and Acreage dated April 18, 2019, as amended on May 15, 2019. In connection with the Acreage Amending Agreement, the Company and Acreage implemented an amended and restated plan of arrangement (the \u201cAcreage Amended Arrangement\u201d) on September 23, 2020. Pursuant to the terms of the Original Acreage Arrangement, shareholders of Acreage and holders of certain securities convertible into the existing Acreage subordinated voting shares as of June 26, 2019, received an immediate aggregate total payment of US$300,000 ($395,190) in exchange for granting Canopy Growth both the right and the obligation to acquire all of the issued and outstanding shares of Acreage following the occurrence or waiver (at the Company's discretion) of changes in U.S. federal law to permit the general cultivation, distribution, and possession of marijuana or to remove the regulation of such activities from the federal laws of the United States (the \u201cTriggering Event\u201d) and subject to the satisfaction or waiver of the conditions set out in the Original Acreage Arrangement Agreement.
The Acreage Amended Arrangement provides for, among other things, the following:
See Note 3 for information regarding the Reorganization. In connection with the Reorganization and the Floating Share Arrangement Agreement, Canopy Growth irrevocably waived the Acreage Floating Option and subject to, among other things, the terms of the Floating Share Arrangement Agreement, Canopy USA will acquire all of the issued and outstanding Floating Shares. Following the implementation of the Reorganization, Canopy USA, holds certain U.S. cannabis investments previously held by the Company, which is expected to enable Canopy USA to consummate the acquisitions of Acreage, Wana and Jetty. On June 4, 2024, the Acreage Option was exercised and the closing of the transaction contemplated by the Acreage Option remains subject to certain closing conditions.
In connection with the Acreage Amended Arrangement, on September 23, 2020, an affiliate of the Company advanced US$50,000 ($66,995) to Universal Hemp, LLC, a wholly owned subsidiary of Acreage (\u201cAcreage Hempco\u201d) pursuant to a secured debenture (\u201cHempco Debenture\u201d). In accordance with the terms of the Hempco Debenture, the funds advanced to Acreage Hempco cannot be used, directly or indirectly, in connection with or for any cannabis or cannabis-related operations in the United States, unless and until such operations comply with all applicable laws of the United States. The Hempco Debenture bears interest at a rate of 6.1% per annum and matures on September 23, 2030, or such earlier date in accordance with the terms of the Hempco Debenture. All interest payments made pursuant to the Hempco Debenture are payable in cash by Acreage Hempco. The Hempco Debenture is not convertible and is not guaranteed by Acreage. In connection with the Reorganization, as described in Note 3, on October 24, 2022, the Company transferred the Hempco Debenture to Canopy USA. As of April 30, 2024, the Hempco Debenture is no longer part of the
Company's consolidated assets due to the deconsolidation of the financial results of Canopy USA within the Company's financial statements (see Note 3).
"}]},{"name":"rpt:f-1027","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-1028","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-1029","factDimensions":{"xbrl:concept":"cgc:CommonStockSharesConversionRatio","xbrl:period":"2020-06-24T00:00:00/2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","us-gaap:FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis":"cgc:FixedSharesMember","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","us-gaap:StatementClassOfStockAxis":"cgc:ClassESubordinatedVotingSharesMember"},"factValues":[{"value":"0.03048","decimals":5}]},{"name":"rpt:f-1030","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:FreshStartAdjustmentsTypeOfFreshStartAdjustmentAxis":"cgc:FloatingSharesMember","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","us-gaap:StatementClassOfStockAxis":"cgc:ClassDSubordinatedVotingSharesMember"},"factValues":[{"value":"6.41","decimals":2}]},{"name":"rpt:f-1031","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-1032","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-1033","factDimensions":{"xbrl:concept":"cgc:NumberOfFixedAndFloatingSharesIssued","xbrl:period":"2020-06-25T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember","srt:RangeAxis":"srt:MaximumMember"},"factValues":[{"value":"32700000"}]},{"name":"rpt:f-1034","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireInvestments","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"50000000","decimals":-3}]},{"name":"rpt:f-1035","factDimensions":{"xbrl:concept":"us-gaap:PaymentsToAcquireInvestments","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:FinancialInstrumentAxis":"cgc:DebentureMember"},"factValues":[{"value":"66995000","decimals":-3}]},{"name":"rpt:f-1036","factDimensions":{"xbrl:concept":"cgc:DebenturesBearInterestRatePerAnnum","xbrl:period":"2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"0.061","decimals":3}]},{"name":"rpt:f-1037","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"28. COMMITMENTS AND CONTINGENCIES
Legal proceedings
In the ordinary course of business, the Company is at times subject to various legal proceedings and disputes, including the proceedings specifically discussed below. The Company assesses the liabilities and contingencies in connection with outstanding legal proceedings utilizing the latest information available. Where it is probable that the Company will incur a loss and the amount of the loss can be reasonably estimated, a liability is recorded in the consolidated financial statements. Where a loss is only reasonably possible or the amount of the loss cannot be reasonably estimated, no liability is recorded in the consolidated financial statements, but disclosures, as necessary, are provided.
For the purposes of these condensed interim consolidated financial statements, there have been no material changes with respect to provisions relating to legal proceedings that the Company is subject to since the Annual Report, except with respect to certain aspects of the legal proceedings disclosed below:
Request for arbitration
On December 29, 2023, a request for arbitration was made to the Company. Damages were 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. As of June 30, 2024, the request for arbitration has been withdrawn.
"}]},{"name":"rpt:f-1038","factDimensions":{"xbrl:concept":"us-gaap:LossContingencyDamagesAwardedValue","xbrl:period":"2023-12-29T00:00:00/2023-12-30T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:TypeOfArrangementAxis":"cgc:SharePurchaseAgreementMember"},"factValues":[{"value":"32667000","decimals":-3}]},{"name":"rpt:f-1039","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"29. SEGMENT INFORMATION
Reportable segments
Prior to the three months ended September 30, 2022, the Company had the following two reportable segments: (i) global cannabis; and (ii) other consumer products. Following the completion of certain restructuring actions which were initiated in the three months ended March 31, 2022, and which were aligned with the Company's strategic review of its business, the Company has changed the structure of its internal management financial reporting. Accordingly, in the three months ended September 30, 2022, the Company began reporting its financial results for the following four reportable segments:
These segments reflect how the Company's operations are managed, how the Company's Chief Executive Officer, who is the Chief Operating Decision Maker (\u201cCODM\u201d), allocates resources and evaluates performance, and how the Company's internal management financial reporting is structured. The Company's CODM evaluates the performance of these segments, with a focus on (i) segment net revenue, and (ii) segment gross margin as the measure of segment profit or loss. Accordingly, information regarding segment net revenue and segment gross margin for the comparative periods has been restated to reflect the aforementioned change in reportable segments. The remainder of the Company's operations include revenue derived from, and cost of sales associated with, the Company's non-cannabis extraction activities and other ancillary activities; these are included within \"other\".
| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Segmented net revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Canada cannabis | \n \u00a0 | \n $ | \n 37,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 39,893 | \n \u00a0 | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 10,082 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,162 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 18,452 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,073 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,017 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,113 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 66,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,258 | \n \u00a0 | \n
Segmented gross margin: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Canada cannabis | \n \u00a0 | \n $ | \n 12,094 | \n \u00a0 | \n \u00a0 | \n $ | \n (268 | \n ) | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 3,625 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,481 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 7,312 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,707 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,895 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 23,031 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,762 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 47,968 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 62,763 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 4,151 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,717 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 20 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,934 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (29,108 | \n ) | \n \u00a0 | \n \u00a0 | \n (54,652 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (93,889 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,101 | \n \u00a0 | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (122,997 | \n ) | \n \u00a0 | \n $ | \n (8,551 | \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 |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 37,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,532 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 15,514 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,748 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 8,615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,640 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 4,405 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,338 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 66,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,258 | \n \u00a0 | \n
Disaggregation of property, plant and equipment by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 264,529 | \n \u00a0 | \n \u00a0 | \n $ | \n 266,086 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 50,300 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,527 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 193 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,490 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 315,022 | \n \u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n
For the three months ended June 30, 2024, no customer represented more than 10% of the Company\u2019s net revenue (three months ended June 30, 2023 \u2013 two).
"}]},{"name":"rpt:f-1040","factDimensions":{"xbrl:concept":"us-gaap:NumberOfOperatingSegments","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Segment"},"factValues":[{"value":"2"}]},{"name":"rpt:f-1041","factDimensions":{"xbrl:concept":"us-gaap:ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock","xbrl:period":"2024-04-01T00:00:00/2024-07-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":" \n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Segmented net revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Canada cannabis | \n \u00a0 | \n $ | \n 37,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 39,893 | \n \u00a0 | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 10,082 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,162 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 18,452 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,073 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,017 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,113 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 66,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,258 | \n \u00a0 | \n
Segmented gross margin: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||
Canada cannabis | \n \u00a0 | \n $ | \n 12,094 | \n \u00a0 | \n \u00a0 | \n $ | \n (268 | \n ) | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 3,625 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,481 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 7,312 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,707 | \n \u00a0 | \n
This Works | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,895 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (53 | \n ) | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 23,031 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,762 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 47,968 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 62,763 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 4,151 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,717 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 20 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,934 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (29,108 | \n ) | \n \u00a0 | \n \u00a0 | \n (54,652 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (93,889 | \n ) | \n \u00a0 | \n \u00a0 | \n 46,101 | \n \u00a0 | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (122,997 | \n ) | \n \u00a0 | \n $ | \n (8,551 | \n ) | \n
Disaggregation of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n |||||
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2023 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 37,678 | \n \u00a0 | \n \u00a0 | \n $ | \n 41,532 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 15,514 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,748 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 8,615 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,640 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 4,405 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,338 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 66,212 | \n \u00a0 | \n \u00a0 | \n $ | \n 76,258 | \n \u00a0 | \n
Disaggregation of property, plant and equipment by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n June 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n \u00a0 | \n 2024 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 264,529 | \n \u00a0 | \n \u00a0 | \n $ | \n 266,086 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 50,300 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,527 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 193 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,490 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 315,022 | \n \u00a0 | \n \u00a0 | \n $ | \n 320,103 | \n \u00a0 | \n
30. SUBSEQUENT EVENTS
ATM Program
Since June 30, 2024, the Company sold an additional 3,699,539 common shares under the ATM Program for gross proceeds of $32,712.
Amended Credit Agreement
On August 8, 2024, the Company entered into an amendment (the \u201cAmending Agreement\u201d) with all of the lenders to its Credit Facility under the Credit Agreement dated March 18, 2021, as amended on October 24, 2022 and July 13, 2023, among the Company and 11065220 Canada Inc., as borrowers, the lenders party thereto and Wilmington Trust, National Association, as administrative and
collateral agent. Pursuant to the terms of the Amending Agreement, the Maturity Date of the Credit Facility was extended to December 18, 2026 and a mandatory US$97.5 million prepayment of the Credit Facility at 97.5% of par thereby reducing the outstanding amount of the Credit Facility by US$100 million is required to be made by December 31, 2024. In addition, the Maturity Date of the Credit Facility will be further extended to September 18, 2027 if an optional prepayment on the same terms is made on or before March 31, 2025. The Amending Agreement also includes changes to certain negative covenants, repayment provisions in the event of divestitures and events of default.
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