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 \u201cCannabis Act\u201d), which came into effect on October 17, 2018 and regulates both the medical and adult-use cannabis markets in Canada. The Company has also expanded to jurisdictions outside of Canada where cannabis is federally lawful, permissible and regulated, and the Company, through its subsidiaries, operates in Australia, Germany, and certain other European 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 unaudited 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\u2019s 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\u2019s unaudited 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 unaudited 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, 2026 (the \u201cAnnual Report\u201d) and have been prepared on a basis consistent with the accounting policies as described in the Annual Report.
These unaudited 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 unaudited 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.
Principles of consolidation
These unaudited 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 (\u201cASC 810\u201d), 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 shares and/or in-substance common shares 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.
The Company can also elect to account for certain equity method investments at fair value where a valuation technique and various inputs are used in determining the fair value of the equity method investments each period. The fair value changes are recorded in other income (expense), net.
Use of estimates
The preparation of these unaudited 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 judgments and estimates are as follows:
Allowance for credit losses - The assessment involves judgment 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\u2019s 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 - Judgment is used in determining the probability of incurring a loss in addition to determining the estimated amount. Amounts recorded are based on management\u2019s judgment and actual amounts recorded may not be realized.
Fair value measurement of financial instruments - The use of various valuation approaches described in Note 20 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 judgment. The assessment requires a qualitative analysis of power and benefits of the variable interest entity.
New accounting policies
Accounting Guidance Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (\u201cASU 2024-03\u201d), which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2024-03 for its fiscal year ending March 31, 2028.
Principles of consolidation
These unaudited 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.
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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 (\u201cASC 810\u201d), where the Company concludes that it is the primary beneficiary of a VIE, the Company consolidates the accounts of that VIE.
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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 shares and/or in-substance common shares 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.
The Company can also elect to account for certain equity method investments at fair value where a valuation technique and various inputs are used in determining the fair value of the equity method investments each period. The fair value changes are recorded in other income (expense), net.
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The preparation of these unaudited 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 judgments and estimates are as follows:
Allowance for credit losses - The assessment involves judgment 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\u2019s 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 - Judgment is used in determining the probability of incurring a loss in addition to determining the estimated amount. Amounts recorded are based on management\u2019s judgment and actual amounts recorded may not be realized.
Fair value measurement of financial instruments - The use of various valuation approaches described in Note 20 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 judgment. The assessment requires a qualitative analysis of power and benefits of the variable interest entity.
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Accounting Guidance Not Yet Adopted
Disaggregation of Income Statement Expenses
In November 2024, the Financial Accounting Standards Board issued ASU 2024-03, Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (\u201cASU 2024-03\u201d), which requires the disclosure of additional information related to certain costs and expenses, including amounts of inventory purchases, employee compensation, and depreciation and amortization included in each income statement line item. ASU 2024-03 is effective for annual periods beginning after December 15, 2026, and interim periods within fiscal years beginning after December 15, 2027. The Company is evaluating the impact on the consolidated financial statements and expects to implement the provisions of ASU 2024-03 for its fiscal year ending March 31, 2028.
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-8"}]},{"name":"rpt:f-347","factDimensions":{"xbrl:concept":"us-gaap:ReorganizationUnderChapter11OfUSBankruptcyCodeDisclosureTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"3. CANOPY USA
Canopy USA
On October 24, 2022, Canopy Growth completed a number of strategic transactions 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.
On May 19, 2023, the Company and Canopy USA entered into the First A&R Protection Agreement (as defined below) and amended and restated Canopy USA\u2019s limited liability company agreement (the \u201cA&R LLC Agreement\u201d). Pursuant to the A&R LLC Agreement, the share capital of Canopy USA was amended 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 (as defined below) or the Class A shares of Canopy USA (the \u201cCanopy USA Common Shares\u201d) 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, in no circumstances will the Company, at the time of such conversions, own more than 90% of the Canopy USA Class B Shares.
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 (as defined below). On April 26, 2024, Canopy USA completed the first tranche closing of the Trust Transaction and pursuant to the Trust SPA, the timeline to complete the second tranche closing has lapsed. As of September 30, 2026, the Trust holds an aggregate of 28,571,429 Canopy USA Common Shares and warrants to acquire up to 85,714,284 Voting Shares (as defined in the A&R LLC Agreement) expiring on April 26, 2031. Subject to the terms of the Trust SPA, the Trust has been granted options to acquire additional Voting Shares with a value of up to an additional US$10 million and one such additional option includes the issuance of additional warrants of Canopy USA.
In addition, subject to the terms and conditions of the A&R Protection Agreement (as defined below) and the terms of the option agreements to acquire Wana (as defined below) and Jetty, as applicable, Canopy Growth may be required to issue additional Canopy Shares (as defined below) 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 Canopy Shares issued in the future to the shareholders of Wana and Jetty.
On April 30, 2024, 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 terms of 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. Based on the Company\u2019s discussions with the Office of the Chief Accountant of the Securities and Exchange Commission (\u201cSEC\u201d), the Company believes that the staff of the SEC 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.
Canopy USA and certain entities controlled by Canopy USA (the \u201cCanopy USA LPs\u201d) currently hold an ownership interest in the following assets, among others:
Canopy USA was determined to be a variable interest entity pursuant to ASC 810. In accordance with ASC 810, Canopy Growth consolidated the financial results of Canopy USA up to April 30, 2024. As of April 30, 2024, Canopy Growth has deconsolidated the financial results of Canopy USA and has a non-controlling interest in Canopy USA as of such date.
Ownership of U.S. Cannabis Investments
The shares and interests in Acreage, Wana and Jetty are held, directly or indirectly, by Canopy USA and the shares and warrants in TerrAscend are held directly by the Canopy USA LPs, and Canopy Growth no longer holds a direct interest in any shares or interests in such entities. Canopy Growth holds non-voting and non-participating shares (the \u201cNon-Voting Shares\u201d) in the capital of Canopy USA and an interest in the Canopy USA LPs. The Non-Voting Shares do not carry voting rights, rights to receive dividends or other rights upon dissolution of Canopy USA. 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 (as defined below). 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.
As of September 30, 2026, 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 84.4% 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 on May 19, 2023 (the \u201cFirst A&R Protection Agreement\u201d) and on January 25, 2024 (the \u201cSecond A&R Protection Agreement\u201d and together with the First A&R Protection Agreement, the \u201cA&R Protection Agreement\u201d).
Until such time as Canopy Growth converts its Non-Voting Shares into Canopy USA Class B Shares following the date on which both the NASDAQ Stock Market and The New York Stock Exchange permit the listing of companies that consolidate the financial statements of entities that cultivate, distribute or possess marijuana (as defined in 21 U.S.C 802) in the United States for non-medicinal purposes (the \u201cStock Exchange Permissibility Date\u201d), Canopy Growth will have no economic or voting interest in Canopy USA or the Canopy USA LPs. Canopy USA will continue to operate independently of Canopy Growth.
Acreage Agreements
On June 4, 2024, the option to acquire the issued and outstanding Class E subordinate voting shares (the \u201cFixed Shares\u201d) of Acreage (\u201cthe Acreage Option\u201d) 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, on December 9, 2024, the Fixed Shares were issued to Canopy USA upon closing of the Acreage Acquisition (as defined below). Accordingly, Canopy Growth does not hold any Fixed Shares or Floating Shares (as defined below). The acquisition of the Floating Shares pursuant to the court-approved plan of arrangement occurred 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 are owned by Canopy USA.
On June 3, 2024, a wholly-owned subsidiary of the Company (the \u201cOptionor\u201d) acquired certain outstanding debt of Acreage (the \u201cDebt Acquisition\u201d).
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) in exchange for $95,460 (US$69,786) in cash and the release of approximately $41,107 (US$30,051) that was held in escrow.
The Optionor subsequently transferred approximately $2,972 (US$2,173) of the Acquired Debt and entered into a series of agreements, including an amended and restated credit agreement (the \u201cFirst ARCA\u201d), which provided for, among other things, the Acquired Debt, certain interest payments to be paid-in-kind, revisions to certain financial covenants and, following certain events, an extension to the maturity date.
On September 13, 2024, the Optionor entered into a series of transactions with, among others, an arm\u2019s length third-party lender (the \u201cARCA Lender\u201d). Pursuant to such transactions, the Optionor, the ARCA Lender and Acreage, among others, amended and restated the First ARCA pursuant to a second amended and restated credit agreement dated as of September 13, 2024 (the \u201cSecond ARCA\u201d). Pursuant to the Second ARCA and an agreement among lenders entered into on September 13, 2024 between, among others, the Optionor and the ARCA Lender, all interest owing to the Optionor under the Second ARCA is, subject to the consent of the ARCA Lender, to be paid-in-kind and not in cash.
On July 29, 2025, Canopy USA secured from the ARCA Lender an additional US$22,000 in financing for Acreage and its subsidiaries (the \u201c2025 Acreage Financing\u201d). In connection with the 2025 Acreage Financing, the Optionor, the ARCA Lender and Acreage, among others, amended and restated the Second ARCA pursuant to a third amended and restated credit agreement dated as of July 29, 2025 (the \u201cThird ARCA\u201d). In connection with the Third ARCA, each of Canopy Elevate I LLC, Canopy Elevate II LLC and Canopy Elevate III LLC (each a wholly-owned subsidiary of Canopy USA and collectively, \u201cElevate\u201d) entered into a limited
recourse pledge agreement pursuant to which such entities pledged, as security for the obligations under the Third ARCA, each of their respective equity interests in each of the Wana entities. In addition, as security for the obligations under the Third ARCA, each of the Wana entities provided guarantees and security over substantially all of their respective assets.
In connection with a default by Acreage under the Third ARCA, on May 12, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into an initial forbearance agreement (the \u201cInitial Forbearance Agreement\u201d), which forbearance was extended from time to time by agreement of the lenders. As required under the Initial Forbearance Agreement, Acreage appointed, among others, a chief restructuring officer and financial advisor in order to assist Acreage with a strategic review of its business. On July 31, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into a second forbearance agreement (the \u201cSecond Forbearance Agreement\u201d).
On October 19, 2026, the Optionor, the ARCA Lender and Acreage, among others, amended and restated the Third ARCA by entering into a fourth amended and restated credit agreement (the \u201cFourth ARCA\u201d and such amounts owing under the Fourth ARCA, the \u201cAcreage and Wana Debt\u201d), pursuant to which, among other things, Canopy USA secured from the ARCA Lender an additional US$13,333 in financing for Acreage and its subsidiaries (the \u201c2026 Acreage Financing\u201d). Acreage continues to be in default under the Fourth ARCA. Pursuant to the terms of the Fourth ARCA, the forbearances provided to Acreage pursuant to the Initial Forbearance Agreement and the Second Forbearance Agreement were further extended to January 31, 2027.
As of September 30, 2026, the aggregate principal amount of the Acreage and Wana Debt owing under the Third ARCA to the Optionor was approximately $193,093 (US$136,096) and the aggregate principal amount of the Acreage and Wana Debt owing under the Third ARCA to the ARCA Lender was approximately $121,275 (US$85,477).
The portion of the Acreage and Wana Debt owing to the ARCA Lender ranks in priority to the portion of the Acreage and Wana Debt owing to the Company and the rights and remedies related thereto may be exercised by the ARCA Lender over the assets pledged as security under the Acreage and Wana Debt. See \u201cRisk Factors \u2013 In the event Acreage or Wana, as guarantor, cannot satisfy the debt obligations as they become due, the Acreage and Wana Debt may not be repaid and the Company may lose the entirety of its investment in the Acreage and Wana Debt, and, in the event Acreage or Wana are unable to continue as a going concern, which may occur in the event that the ARCA Lender enforces its security over the Acreage and Wana Debt, there would be a negative impact on Canopy USA\u2019s business, financial results and operations and have an adverse impact on the Company\u2019s U.S. strategy, and, potentially, negatively affect the share price of the Canopy Shares,\u201d in Item 1A of the Annual Report.
Acreage Acquisition
On December 9, 2024, Canopy USA completed the acquisition of all of the issued and outstanding Fixed Shares and Class D subordinate voting shares (the \u201cFloating Shares\u201d) of Acreage (the \u201cAcreage Acquisition\u201d) and now owns 100% of the issued and outstanding shares of Acreage. In aggregate, Canopy Growth issued 5,888,291 common shares of the Company (each whole share, a \u201cCanopy Share\u201d or a \u201cShare\u201d) to former shareholders of Acreage.
In addition, Canopy Growth: (i) issued 5,118,426 Canopy Shares pursuant to the tax receivable bonus plans of High Street Capital Partners, LLC, as subsidiary of Acreage; and (ii) 306,151 Canopy Shares were issuable in connection with Canopy USA\u2019s acquisition of the minority interests of certain subsidiaries of Acreage, of which 268,057 Canopy Shares have been issued as of September 30, 2026.
Immediately following the closing of the Acreage Acquisition, Canopy Growth issued an aggregate of 1,315,553 Canopy Shares and 1,197,658 common share purchase warrants to certain securityholders of Acreage in order to satisfy an outstanding liability. Each common share purchase warrant entitles the holder thereof to acquire one Canopy Share at an exercise price of US$3.66 until June 6, 2029.
In exchange for the issuances of Canopy Shares, warrants and other replacement securities in connection with the Acreage Acquisition, Canopy Growth received additional Non-Voting Shares with a value of $50,786 and Canopy USA delivered guarantees in respect of the obligations owing pursuant to the Elevate loan (as defined below) receivable. Refer to Note 10 for more information on Canopy USA investment balances.
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dingsIncMember"},"factValues":[{"value":"41107000","decimals":-3}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-16"}]},{"name":"rpt:f-372","factDimensions":{"xbrl:concept":"cgc:OptionPremiumPayment","xbrl:period":"2022-11-15T00:00:00/2022-11-16T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"30051000","decimals":-3}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-16"}]},{"name":"rpt:f-373","factDimensions":{"xbrl:concept":"cgc:TransferOfAcquiredDebtToLenders","xbrl:period":"2022-11-16T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"2972000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-374","factDimensions":{"xbrl:concept":"cgc:TransferOfAcquiredDebtToLenders","xbrl:period":"2022-11-16T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"2173000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-375","factDimensions":{"xbrl:concept":"cgc:AdditionalFinancingForAcreageAndSubsidiaries","xbrl:period":"2025-07-30T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD"},"factValues":[{"value":"22000000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-376","factDimensions":{"xbrl:concept":"cgc:AdditionalFinancingForAcreageAndSubsidiaries","xbrl:period":"2026-10-20T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:SubsequentEventTypeAxis":"us-gaap:SubsequentEventMember"},"factValues":[{"value":"13333000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-377","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2026-10-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:FinancialInstrumentAxis":"cgc:AcreageAndWanaDebtMember"},"factValues":[{"value":"193093000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-378","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2026-10-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:FinancialInstrumentAxis":"cgc:AcreageAndWanaDebtMember"},"factValues":[{"value":"136096000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-379","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2026-10-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:CAD","us-gaap:FinancialInstrumentAxis":"cgc:AcreageAndWanaDebtMember","us-gaap:InvestmentIssuerAffiliationAxis":"cgc:OtherLenderMember"},"factValues":[{"value":"121275000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-380","factDimensions":{"xbrl:concept":"us-gaap:DebtInstrumentFaceAmount","xbrl:period":"2026-10-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"iso4217:USD","us-gaap:FinancialInstrumentAxis":"cgc:AcreageAndWanaDebtMember","us-gaap:InvestmentIssuerAffiliationAxis":"cgc:OtherLenderMember"},"factValues":[{"value":"85477000","decimals":-3}],"properties":[{"property":"rs:groups","value":"rpt:group-16,rpt:group-30"}]},{"name":"rpt:f-381","factDimensions":{"xbrl:concept":"us-gaap:EquityMethodInvestmentOwnershipPercentage","xbrl:period":"2024-12-10T00:00:00","xbrl:entity":"cik:0001737927","srt:ScheduleOfEquityMethodInvestmentEquityMethodInvesteeNameAxis":"cgc:AcreageAcquisitionMember"},"factValues":[{"value":"1","decimals":2}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-17"}]},{"name":"rpt:f-382","factDimensions":{"xbrl:concept":"us-gaap:CommonStockSharesIssued","xbrl:period":"2024-12-10T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:AcreageHoldingsIncMember"},"factValues":[{"value":"5888291"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-17"}]},{"name":"rpt:f-383","factDimensions":{"xbrl:concept":"cgc:CmmonSatockAdditionalSharesIssued","xbrl:period":"2024-12-09T00:00:00/2024-12-10T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"xbrla:shares","us-gaap:BusinessAcquisitionAxis":"cgc:HSCPHoldersPursuantToAmendedTRAMember","us-gaap:StatementClassOfStockAxis":"us-gaap:CommonStockMember"},"factValues":[{"value":"5118426"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-17"}]},{"name":"rpt:f-384","factDimensions":{"xbrl:concept":"cgc:CommonStockSharesIssuedToMinorityInterests","xbrl:period":"2024-12-09T00:00:00/2024-12-10T00:00:00","xbrl:entity":"cik:00017379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LOSS ON ASSET IMPAIRMENT AND RESTRUCTURING
In the three and six months ended September 30, 2026, the Company recorded a loss on asset impairment and restructuring which primarily related to employee restructuring costs.
As a result, in the three and six months ended September 30, 2026, the Company recognized a loss on asset impairment and restructuring of $2,593 and $5,359, respectively (three and six months ended September 30, 2025 \u2013 loss of $494 and $3,147, respectively).
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The components of cash and cash equivalents are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 82,785 | \n \u00a0 | \n \u00a0 | \n $ | \n 126,435 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 164,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,248 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 247,340 | \n \u00a0 | \n \u00a0 | \n $ | \n 364,683 | \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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Cash | \n \u00a0 | \n $ | \n 82,785 | \n \u00a0 | \n \u00a0 | \n $ | \n 126,435 | \n \u00a0 | \n
Cash equivalents | \n \u00a0 | \n \u00a0 | \n 164,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 238,248 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 247,340 | \n \u00a0 | \n \u00a0 | \n $ | \n 364,683 | \n \u00a0 | \n
The components of short-term investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Term Deposits | \n \u00a0 | \n $ | \n 72,451 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 72,451 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
The components of short-term investments are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Term Deposits | \n \u00a0 | \n $ | \n 72,451 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 72,451 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
7. 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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 31,743 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,241 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 2,688 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,224 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 869 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,533 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 1,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 291 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 37,190 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,289 | \n \u00a0 | \n
Included in the accounts receivable, net balance at September 30, 2026 is an allowance for doubtful accounts of $1,640 (March 31, 2026 \u2013 $1,798).
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-44"}]},{"name":"rpt:f-408","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfAccountsNotesLoansAndFinancingReceivableTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Accounts receivable, net | \n \u00a0 | \n $ | \n 31,743 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,241 | \n \u00a0 | \n
Indirect taxes receivable | \n \u00a0 | \n \u00a0 | \n 2,688 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,224 | \n \u00a0 | \n
Interest receivable | \n \u00a0 | \n \u00a0 | \n 869 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,533 | \n \u00a0 | \n
Other receivables | \n \u00a0 | \n \u00a0 | \n 1,890 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 291 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 37,190 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,289 | \n \u00a0 | \n
8. INVENTORY
The components of inventory are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 19,536 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,519 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 46,123 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,200 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 39,428 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,794 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 105,087 | \n \u00a0 | \n \u00a0 | \n $ | \n 110,513 | \n \u00a0 | \n
In the three and six months ended September 30, 2026, the Company recorded write-downs related to inventory in cost of goods sold of $743 and $458, respectively (three and six months ended September 30, 2025 \u2013 $1,079 and $2,982, respectively).
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-73"}]},{"name":"rpt:f-422","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfInventoryCurrentTableTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Raw materials, packaging supplies and consumables | \n \u00a0 | \n $ | \n 19,536 | \n \u00a0 | \n \u00a0 | \n $ | \n 20,519 | \n \u00a0 | \n
Work in progress | \n \u00a0 | \n \u00a0 | \n 46,123 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 46,200 | \n \u00a0 | \n
Finished goods | \n \u00a0 | \n \u00a0 | \n 39,428 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,794 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 105,087 | \n \u00a0 | \n \u00a0 | \n $ | \n 110,513 | \n \u00a0 | \n
9. 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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 6,165 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,544 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 944 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 7,137 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,447 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 13,974 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,935 | \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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Prepaid expenses | \n \u00a0 | \n $ | \n 6,165 | \n \u00a0 | \n \u00a0 | \n $ | \n 7,544 | \n \u00a0 | \n
Deposits | \n \u00a0 | \n \u00a0 | \n 672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 944 | \n \u00a0 | \n
Other assets | \n \u00a0 | \n \u00a0 | \n 7,137 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,447 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 13,974 | \n \u00a0 | \n \u00a0 | \n $ | \n 12,935 | \n \u00a0 | \n
10. OTHER INVESTMENTS
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 20.
\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 September 30, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2026 | \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 2026 | \n \u00a0 | \n ||||||
Canopy USA Loans Receivable | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n $ | \n 63,900 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 436 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,142 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 65,478 | \n \u00a0 | \n
Canopy USA LPs | \n \u00a0 | \n Equity method investment | \n \u00a0 | \n \u00a0 | \n 42,079 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,838 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,999 | \n \u00a0 | \n
Other | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 2,031 | \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 (107 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,924 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 108,010 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 4,274 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,224 | \n \u00a0 | \n \u00a0 | \n $ | \n (107 | \n ) | \n \u00a0 | \n $ | \n 113,401 | \n \u00a0 | \n
Equity Method Investments
Through its ownership in the Non-Voting Shares, the Company has a non-participating and non-voting interest in Canopy USA and an interest in the Canopy USA LPs, and classifies such interests in Canopy USA and the Canopy USA LPs as equity method investments. The Company has elected to account for its investments in Canopy USA and the Canopy USA LPs at fair value. Refer to Note 20 for information on the valuation technique and inputs used in determining the fair value of the Canopy USA and the Canopy USA LPs investments and Note 22 for information on fair value movements.
Canopy USA Loans Receivable
Acreage and Wana Debt
On June 3, 2024, the Optionor closed the Debt Acquisition.
The Optionor entered into various agreements in connection with the Debt Acquisition in order to acquire the Acquired Debt in exchange for $95,460 (US$69,786) in cash and the release of approximately $41,107 (US$30,051) that was held in escrow.
The Optionor subsequently transferred approximately $2,972 (US$2,173) of the Acquired Debt and entered into a series of agreements, including the First ARCA, which provided for, among other things, the Acquired Debt, certain interest payments to be paid-in-kind, revisions to certain financial covenants and, following certain events, an extension to the maturity date.
On September 13, 2024, the Optionor entered into a series of transactions with, among others, the ARCA Lender. Pursuant to such transactions, the Optionor, the ARCA Lender and Acreage, among others, entered into the Second ARCA. Pursuant to the Second ARCA and an agreement among lenders entered into on September 13, 2024 between, among others, the Optionor and the ARCA Lender, all interest owing to the Optionor under the Second ARCA is, subject to the consent of the ARCA Lender, to be paid-in-kind and not in cash.
On July 29, 2025, Canopy USA secured from the ARCA Lender an additional US$22,000 pursuant to the 2025 Acreage Financing. In connection with the 2025 Acreage Financing, the Optionor, the ARCA Lender and Acreage, among others, amended and restated the Second ARCA pursuant to the Third ARCA. In connection with the Third ARCA, each of the Elevate entities entered into a limited recourse pledge agreement pursuant to which such entities pledged, as security for the obligations under the Third ARCA, each of their respective equity interests in each of the Wana entities. In addition, as security for the obligations under the Third ARCA, each of the Wana entities provided guarantees and security over substantially all of their respective assets.
In connection with a default by Acreage under the Third ARCA, on May 12, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into the Initial Forbearance Agreement, which was extended from time to time by agreement of the lenders. As required under the Initial Forbearance Agreement, Acreage appointed, among others, a chief restructuring officer and financial advisor in order to assist Acreage with a strategic review of its business. On July 31, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into the Second Forbearance Agreement.
On October 19, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into the Fourth ARCA, pursuant to which, among other things, Canopy USA secured from the ARCA Lender the 2026 Acreage Financing. Acreage continues to be in default under the Fourth ARCA. Pursuant to the terms of the Fourth ARCA, the forbearances provided to Acreage pursuant to the Initial Forbearance Agreement and the Second Forbearance Agreement were further extended to January 31, 2027.
As of September 30, 2026, the aggregate principal amount of the Acreage and Wana Debt owing under the Third ARCA to the Optionor was approximately $193,093 (US$136,096) and the aggregate principal amount of the Acreage and Wana Debt owing under the Third ARCA to the ARCA Lender was approximately $121,275 (US$85,477).
The portion of the Acreage and Wana Debt owing to the ARCA Lender ranks in priority to the portion of the Acreage and Wana Debt owing to the Company and the rights and remedies related thereto may be exercised by the ARCA Lender over the assets pledged as security under the Acreage and Wana Debt. See \u201cRisk Factors \u2013 In the event Acreage or Wana, as guarantor, cannot satisfy the debt obligations as they become due, the Acreage and Wana Debt may not be repaid and the Company may lose the entirety of its investment in the Acreage and Wana Debt, and, in the event Acreage or Wana are unable to continue as a going concern, which may occur in the event that the ARCA Lender enforces its security over the Acreage and Wana Debt, there would be a negative impact on Canopy USA\u2019s business, financial results and operations and have an adverse impact on the Company\u2019s U.S. strategy, and, potentially, negatively affect the share price of the Canopy Shares,\u201d in Item 1A of the Annual Report.
Elevate Loan Receivable
Prior to Canopy Growth\u2019s deconsolidation of Canopy USA, which became effective as of April 30, 2024, intercompany loans (collectively the \u201cElevate loan\u201d) existed between subsidiaries and the Elevate loan was eliminated in Canopy Growth\u2019s consolidated financial statements. Upon deconsolidation of Canopy USA, the Elevate loan (together with the Acreage and Wana Debt, the \u201cCanopy USA Loans Receivable\u201d) is now considered a related party loan and has been recognized in Canopy Growth\u2019s consolidated financial statements at fair value.
On December 9, 2024, Canopy USA delivered guarantees in respect of the obligations owing pursuant to the Elevate loan receivable. Upon delivery thereof, each guarantee is now factored into the fair value consideration of the Elevate loan receivable. Refer to Note 20 for information on the valuation technique and other inputs used in determining the fair value.
As of September 30, 2026, the aggregate principal and interest amount owing to Canopy Growth is $245,042 (US$172,711) and $86,750 (US$61,143), respectively.
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-29"}]},{"name":"rpt:f-446","factDimensions":{"xbrl:concept":"cgc:ScheduleOfOtherFinancialAssetsTableTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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 20.
\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 September 30, | \n \u00a0 | \n ||||||
Entity | \n \u00a0 | \n Instrument | \n \u00a0 | \n 2026 | \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 2026 | \n \u00a0 | \n ||||||
Canopy USA Loans Receivable | \n \u00a0 | \n Loan receivable | \n \u00a0 | \n $ | \n 63,900 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 436 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,142 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 65,478 | \n \u00a0 | \n
Canopy USA LPs | \n \u00a0 | \n Equity method investment | \n \u00a0 | \n \u00a0 | \n 42,079 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,838 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 82 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,999 | \n \u00a0 | \n
Other | \n \u00a0 | \n Various | \n \u00a0 | \n \u00a0 | \n 2,031 | \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 (107 | \n ) | \n \u00a0 | \n \u00a0 | \n 1,924 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 108,010 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 4,274 | \n \u00a0 | \n \u00a0 | \n $ | \n 1,224 | \n \u00a0 | \n \u00a0 | \n $ | \n (107 | \n ) | \n \u00a0 | \n $ | \n 113,401 | \n \u00a0 | \n
11. 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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 311,176 | \n \u00a0 | \n \u00a0 | \n $ | \n 313,234 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 73,556 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 72,897 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 8,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,524 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 12,490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,343 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 8,067 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,281 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 5,160 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,286 | \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 26,678 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,221 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 986 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 986 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 2,200 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,108 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 448,507 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 447,880 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (144,203 | \n ) | \n \u00a0 | \n \u00a0 | \n (131,386 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 304,304 | \n \u00a0 | \n \u00a0 | \n $ | \n 316,494 | \n \u00a0 | \n
Depreciation expense included in cost of goods sold for the three and six months ended September 30, 2026 is $4,163 and $8,374, respectively (three and six months ended September 30, 2025 \u2013 $4,208 and $8,409, respectively). Depreciation expense included in selling, general and administrative expenses for the three and six months ended September 30, 2026 is $1,602 and $2,742, respectively (three and six months ended September 30, 2025 \u2013 $570 and $1,122, respectively).
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-87"}]},{"name":"rpt:f-479","factDimensions":{"xbrl:concept":"us-gaap:PropertyPlantAndEquipmentTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Buildings and greenhouses | \n \u00a0 | \n $ | \n 311,176 | \n \u00a0 | \n \u00a0 | \n $ | \n 313,234 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 73,556 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 72,897 | \n \u00a0 | \n
Leasehold improvements | \n \u00a0 | \n \u00a0 | \n 8,194 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,524 | \n \u00a0 | \n
Office and lab equipment | \n \u00a0 | \n \u00a0 | \n 12,490 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,343 | \n \u00a0 | \n
Computer equipment | \n \u00a0 | \n \u00a0 | \n 8,067 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 7,281 | \n \u00a0 | \n
Land | \n \u00a0 | \n \u00a0 | \n 5,160 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,286 | \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 26,678 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 26,221 | \n \u00a0 | \n
Production and warehouse equipment | \n \u00a0 | \n \u00a0 | \n 986 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 986 | \n \u00a0 | \n
Assets in process | \n \u00a0 | \n \u00a0 | \n 2,200 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,108 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 448,507 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 447,880 | \n \u00a0 | \n
Less: Accumulated depreciation | \n \u00a0 | \n \u00a0 | \n (144,203 | \n ) | \n \u00a0 | \n \u00a0 | \n (131,386 | \n ) | \n
\u00a0 | \n \u00a0 | \n $ | \n 304,304 | \n \u00a0 | \n \u00a0 | \n $ | \n 316,494 | \n \u00a0 | \n
12. 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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n March 31, 2026 | \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 145,705 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 90,646 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,300 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n 57,014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,985 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,817 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,361 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,885 | \n \u00a0 | \n
Software and domain names | \n \u00a0 | \n \u00a0 | \n 34,200 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,142 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,404 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 797 | \n \u00a0 | \n
Brands | \n \u00a0 | \n \u00a0 | \n 33,672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,789 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,876 | \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 237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 294,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,964 | \n \u00a0 | \n \u00a0 | \n $ | \n 237,394 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,912 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Acquired brands | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,499 | \n \u00a0 | \n ||
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 85,481 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 92,411 | \n \u00a0 | \n
Amortization expense included in cost of goods sold for the three and six months ended September 30, 2026 is $3 and $6, respectively (three and six months ended September 30, 2025 \u2013 $3 and $6, respectively). Amortization expense included in selling, general and administrative expenses for the three and six months ended September 30, 2026 is $4,588 and $9,268, respectively (three and six months ended September 30, 2025 \u2013 $4,464 and $9,378, respectively).
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-69"}]},{"name":"rpt:f-513","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfIntangibleAssetsAndGoodwillTableTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n March 31, 2026 | \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 145,705 | \n \u00a0 | \n \u00a0 | \n $ | \n 19,772 | \n \u00a0 | \n \u00a0 | \n $ | \n 90,646 | \n \u00a0 | \n \u00a0 | \n $ | \n 24,300 | \n \u00a0 | \n
Distribution channel | \n \u00a0 | \n \u00a0 | \n 57,014 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,900 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,985 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 11,817 | \n \u00a0 | \n
Operating licenses | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,361 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 24,400 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 9,885 | \n \u00a0 | \n
Software and domain names | \n \u00a0 | \n \u00a0 | \n 34,200 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,142 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 33,404 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 797 | \n \u00a0 | \n
Brands | \n \u00a0 | \n \u00a0 | \n 33,672 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,789 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,722 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,876 | \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 237 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 237 | \n \u00a0 | \n
Total | \n \u00a0 | \n $ | \n 294,991 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,964 | \n \u00a0 | \n \u00a0 | \n $ | \n 237,394 | \n \u00a0 | \n \u00a0 | \n $ | \n 68,912 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Indefinite lived intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Acquired brands | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,517 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,499 | \n \u00a0 | \n ||
Total intangible assets | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 85,481 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 92,411 | \n \u00a0 | \n
13. GOODWILL
The changes in the carrying amount of goodwill are as follows:
\n| \n | \n | \n | \n | \n |
Balance, March 31, 2025 | \n \u00a0 | \n $ | \n 46,042 | \n \u00a0 | \n
Purchase accounting allocations | \n \u00a0 | \n \u00a0 | \n 55,685 | \n \u00a0 | \n
Impairment losses | \n \u00a0 | \n \u00a0 | \n (47,491 | \n ) | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n 1,449 | \n \u00a0 | \n
Balance, March 31, 2026 | \n \u00a0 | \n $ | \n 55,685 | \n \u00a0 | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance, September 30, 2026 | \n \u00a0 | \n $ | \n 55,685 | \n \u00a0 | \n
The Company does not believe that an event occurred or circumstances changed during the six months ended September 30, 2026 that would, more likely than not, reduce the fair value of the Cannabis reporting unit below its carrying value. Therefore, the Company concluded that the quantitative goodwill impairment assessment was not required for the Cannabis reporting unit at September 30, 2026. The carrying value of goodwill associated with the Cannabis reporting unit was $55,685 at September 30, 2026.
The Company is required to perform its next annual goodwill impairment analysis on March 31, 2027, 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.
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-64"}]},{"name":"rpt:f-555","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfGoodwillTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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, 2025 | \n \u00a0 | \n $ | \n 46,042 | \n \u00a0 | \n
Purchase accounting allocations | \n \u00a0 | \n \u00a0 | \n 55,685 | \n \u00a0 | \n
Impairment losses | \n \u00a0 | \n \u00a0 | \n (47,491 | \n ) | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n 1,449 | \n \u00a0 | \n
Balance, March 31, 2026 | \n \u00a0 | \n $ | \n 55,685 | \n \u00a0 | \n
Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n
Balance, September 30, 2026 | \n \u00a0 | \n $ | \n 55,685 | \n \u00a0 | \n
14. ACCRUED EXPENSES AND LIABILITIES
The components of accrued expenses and liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 9,820 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,661 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 19,407 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,402 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 3,597 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,022 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 8,149 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,914 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 40,973 | \n \u00a0 | \n \u00a0 | \n $ | \n 42,999 | \n \u00a0 | \n
The components of accrued expenses and liabilities are as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Employee compensation | \n \u00a0 | \n $ | \n 9,820 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,661 | \n \u00a0 | \n
Taxes and government fees | \n \u00a0 | \n \u00a0 | \n 19,407 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 14,402 | \n \u00a0 | \n
Professional fees | \n \u00a0 | \n \u00a0 | \n 3,597 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,022 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 8,149 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 8,914 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 40,973 | \n \u00a0 | \n \u00a0 | \n $ | \n 42,999 | \n \u00a0 | \n
15. DEBT
The components of debt are as follows:
\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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Maturity Date | \n \u00a0 | \n Principal | \n \u00a0 | \n \u00a0 | \n Book Value | \n \u00a0 | \n \u00a0 | \n Principal | \n \u00a0 | \n \u00a0 | \n Book Value | \n \u00a0 | \n ||||
Loan Agreement | \n \u00a0 | \n January 31, 2031 | \n \u00a0 | \n $ | \n 230,009 | \n \u00a0 | \n \u00a0 | \n $ | \n 189,490 | \n \u00a0 | \n \u00a0 | \n $ | \n 225,972 | \n \u00a0 | \n \u00a0 | \n $ | \n 177,042 | \n \u00a0 | \n
January 2026 Convertible | \n \u00a0 | \n July 8, 2031 | \n \u00a0 | \n \u00a0 | \n 55,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,374 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,318 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 285,009 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 245,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 280,972 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 233,360 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (43,130 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (16,237 | \n ) | \n ||
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 202,734 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 217,123 | \n \u00a0 | \n
January 2026 Convertible Debenture
On January 7, 2026, the Company entered into an exchange agreement (the \u201cExchange Agreement\u201d) with a single institutional investor (the \u201cConvertible Debenture Investor\u201d) that previously held a senior unsecured convertible debenture of the Company with an aggregate principal amount of $96,358 maturing May 14, 2029 (the \u201cMay 2024 Convertible Debenture\u201d) pursuant to which, among other things, on January 8, 2026, the Convertible Debenture Investor delivered to the Company the May 2024 Convertible Debenture held by the Convertible Debenture Investor in exchange for (A) the Company issuing to the Convertible Debenture Investor (i) new senior unsecured convertible debentures of the Company with an aggregate principal amount of $55,000 maturing on July 8, 2031 (the \u201cJanuary 2026 Convertible Debentures\u201d), (ii) 12,731,481 common share purchase warrants of the Company (the \u201cJanuary 2026 Investor Warrants\u201d), and (iii) 9,493,670 Canopy Shares (the \u201cExchange Shares\u201d) and (B) a $10,500 cash payment from the Company (collectively, the \u201cExchange Transaction\u201d).
Each January 2026 Investor Warrant entitles the holder to acquire one Canopy Share at an exercise price equal to $2.16 per Canopy Share until January 8, 2031. The January 2026 Convertible Debentures bear interest at a rate of 7.50% per annum, payable in semi-annual payments in cash, and are convertible, at the option of the Convertible Debenture Investor, into Canopy Shares at a conversion price equal to $1.83 per Canopy Share.
The January 2026 Convertible Debentures are subject to a forced conversion feature upon notice from the Company in the event that the average closing trading price of the Canopy Shares on the Toronto Stock Exchange (the \u201cTSX\u201d) exceeds $2.75 for a period of 10 consecutive trading days.
Loan Agreement
On January 8, 2026, the Company entered into a loan and guaranty agreement (the \u201cLoan Agreement\u201d), by and among the Company, as a borrower, certain subsidiaries of the Company party thereto, as borrowers and/or guarantors, the parties identified therein as lenders (the \u201cLenders\u201d), and JGB Collateral LLC, as administrative and collateral agent (\u201cJGB\u201d), pursuant to which, among other things, the Lenders advanced US$150,000 in cash pursuant to a senior secured term loan in the aggregate principal amount of approximately US$162,115 (collectively, the \u201cLoans\u201d and such transaction, the \u201cLoan Transaction\u201d). The Loans were funded on January 8, 2026 (the \u201cLoan Closing Date\u201d) with an original issue discount of approximately US$12,115. The Loans will mature on the earlier of (i) January 31, 2031, and (ii) the date that is 120 days prior to the maturity date of the January 2026 Convertible Debentures.
The outstanding principal amount of the Loans bear interest at an annual rate equal to the applicable Term SOFR rate (subject to a minimum floor of 3.25%) plus 6.25%. Interest on the Loans will be paid monthly in arrears in cash. Following the first anniversary of the first interest payment date, each Lender will have the option to require the borrowers to repay such Lender its pro rata share of up to US$3,000 of principal per calendar month on each payment date thereafter. Prepayment and repayment of the Loans will be subject to (i) an interest make-whole equal to 12 monthly interest payments less any payments made by the borrowers on account of interest prior to the date of such prepayment for any prepayments or repayments made during the first year of the Loans and (ii) an exit fee equal to approximately US$6,485, provided that, with respect to any partial prepayment or repayment of the Loans, only the pro rata portion of such exit fee will be payable at the time of each such partial payment. The Loans and obligations under the Loan Agreement and other related loan documents are secured by substantially all of the assets of the Company and each of its material subsidiaries.
The Loan Agreement also includes certain prepayment fees, a minimum unrestricted cash requirement of the lesser of US$90,000 or the outstanding principal amount of the Loans, and various other representations, warranties, covenants and events of default customary for a financing of this nature.
In connection with the Loan Agreement, on the Loan Closing Date, the Company issued 18,705,578 common share purchase warrants of the Company (the \u201cLoan Warrants\u201d) to the Lenders in accordance with each Lender\u2019s pro rata share of the Loans. Each Loan Warrant entitles the holder thereof to acquire one Canopy Share at an exercise price equal to US$1.30 per Canopy Share for a period of five years from the Loan Closing Date.
A portion of the net proceeds from the Loans was used to repay all outstanding amounts owing under the Company\u2019s prior five-year, first lien senior secured term loan facility.
On June 15, 2026, the Company amended the Loan Agreement pursuant to a first amendment to loan and guaranty agreement (the \u201cAmendment\u201d), by and among the Company, as a borrower, certain subsidiaries of the Company party thereto, as borrowers and/or guarantors, certain lenders party thereto, and JGB. Pursuant to the Amendment, the Lenders have, among other things, restricted the Company\u2019s and certain of its subsidiaries\u2019 ability to exchange any Non-Voting Shares into Canopy USA Class B Shares at any time prior to the Stock Exchange Permissibility Date.
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-52"}]},{"name":"rpt:f-577","factDimensions":{"xbrl:concept":"us-gaap:ScheduleOfDebtTableTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","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 | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n September 30, 2026 | \n \u00a0 | \n \u00a0 | \n March 31, 2026 | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n Maturity Date | \n \u00a0 | \n Principal | \n \u00a0 | \n \u00a0 | \n Book Value | \n \u00a0 | \n \u00a0 | \n Principal | \n \u00a0 | \n \u00a0 | \n Book Value | \n \u00a0 | \n ||||
Loan Agreement | \n \u00a0 | \n January 31, 2031 | \n \u00a0 | \n $ | \n 230,009 | \n \u00a0 | \n \u00a0 | \n $ | \n 189,490 | \n \u00a0 | \n \u00a0 | \n $ | \n 225,972 | \n \u00a0 | \n \u00a0 | \n $ | \n 177,042 | \n \u00a0 | \n
January 2026 Convertible | \n \u00a0 | \n July 8, 2031 | \n \u00a0 | \n \u00a0 | \n 55,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,374 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 55,000 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 56,318 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 285,009 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 245,864 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 280,972 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 233,360 | \n \u00a0 | \n
Less: current portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (43,130 | \n ) | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (16,237 | \n ) | \n ||
Long-term portion | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 202,734 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n $ | \n 217,123 | \n \u00a0 | \n
16. 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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n As at March 31, 2026 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||
Lease liabilities | \n \u00a0 | \n $ | \n 14,272 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,304 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,576 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,327 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,027 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,354 | \n \u00a0 | \n
Acquisition consideration | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,552 | \n \u00a0 | \n
Refund liability | \n \u00a0 | \n \u00a0 | \n 1,681 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,681 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,638 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,638 | \n \u00a0 | \n
Settlement liabilities and | \n \u00a0 | \n \u00a0 | \n 18,234 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,730 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,964 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,903 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,794 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,697 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 34,187 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,589 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,776 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,868 | \n \u00a0 | \n \u00a0 | \n $ | \n 37,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 74,241 | \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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n As at March 31, 2026 | \n \u00a0 | \n ||||||||||||||||||
\u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n \u00a0 | \n Current | \n \u00a0 | \n \u00a0 | \n Long-term | \n \u00a0 | \n \u00a0 | \n Total | \n \u00a0 | \n ||||||
Lease liabilities | \n \u00a0 | \n $ | \n 14,272 | \n \u00a0 | \n \u00a0 | \n $ | \n 21,304 | \n \u00a0 | \n \u00a0 | \n $ | \n 35,576 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,327 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,027 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,354 | \n \u00a0 | \n
Acquisition consideration | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,555 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,552 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,552 | \n \u00a0 | \n
Refund liability | \n \u00a0 | \n \u00a0 | \n 1,681 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,681 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,638 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,638 | \n \u00a0 | \n
Settlement liabilities and | \n \u00a0 | \n \u00a0 | \n 18,234 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,730 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 19,964 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 18,903 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,794 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 20,697 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 34,187 | \n \u00a0 | \n \u00a0 | \n $ | \n 27,589 | \n \u00a0 | \n \u00a0 | \n $ | \n 61,776 | \n \u00a0 | \n \u00a0 | \n $ | \n 36,868 | \n \u00a0 | \n \u00a0 | \n $ | \n 37,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 74,241 | \n \u00a0 | \n
17. SHARE CAPITAL
CANOPY GROWTH
Authorized
An unlimited number of Canopy Shares and exchangeable shares (the \u201cExchangeable Shares\u201d).
(i) Equity financings
On August 29, 2025, the Company established a new at-the-market equity program (the \u201cAugust 2025 ATM Program\u201d) that allows it to issue and sell up to US$200,000 of Canopy Shares to the public from time to time at the Company\u2019s discretion in concurrent public offerings in the United States (the \u201cU.S. Offering\u201d) and Canada; provided, however; that (i) sales of Canopy Shares in the August 2025 ATM Program in Canada is limited to aggregate gross sales proceeds to the Company of up to US$50,000 (or its Canadian dollar equivalent) (the \u201cCanadian Offering\u201d); and (ii) in no event will the combined gross sales proceeds of the August 2025 ATM Program in the United States and Canada exceed US$200,000. The Company established the August 2025 ATM Program pursuant to an equity distribution agreement (the \u201cAugust 2025 Equity Distribution Agreement\u201d) entered into among the Company and BMO Nesbitt Burns Inc., as Canadian agent, and BMO Capital Markets Corp., as U.S. agent (together, the \u201cAgents\u201d).
The August 2025 ATM Program will be effective until the earlier of (A) June 5, 2027; (B) the issuance and sale of Canopy Shares having an aggregate offering price of US$200,000 on the terms and subject to the conditions set forth in the August 2025 Equity Distribution Agreement; (C) the date on which the Company\u2019s registration statement, as amended, filed with the SEC (the \u201cRegistration Statement\u201d) has ceased to be useable for sales of Shelf Securities (as defined in the August 2025 Equity Distribution Agreement) pursuant to General Instruction I.B.1 of Form S-3; (D) the date on which the Company receives notice from the SEC that the Registration Statement has ceased to be effective; and (E) the date on which the August 2025 Equity Distribution Agreement is terminated by the parties. In accordance with the August 2025 Equity Distribution Agreement, the Canadian Offering automatically terminated on July 5, 2026. The termination of the Canadian Offering does not affect the U.S. Offering and the August 2025 Equity Distribution Agreement continues in full force and effect with respect to the U.S. Offering. The August 2025 Equity Distribution Agreement replaced the equity distribution agreement dated February 28, 2025, as amended, among the Company and the Agents that established the Company\u2019s prior at-the-market equity program (the \u201cFebruary 2025 ATM Program\u201d).
During the three and six months ended September 30, 2026, no Canopy Shares have been sold under the August 2025 ATM Program.
During the three and six months ended September 30, 2025, the Company sold 106,498,970 and 127,505,498 Canopy Shares, respectively, for gross proceeds of $200,118 (US$145,350) and $238,379 (US$173,278), respectively, under the February 2025 ATM Program. In addition, during the three and six months ended September 30, 2025, the Company sold 20,307,503 and 20,307,503 Canopy Shares, respectively, for gross proceeds of $43,137 (US$31,014) and $43,137 (US$31,014), respectively, under the August 2025 ATM Program.
(ii) Other issuances of common shares and share capital transactions
During the six months ended September 30, 2026, 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 and | \n \u00a0 | \n |||
Other issuances and share issue costs | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (784 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (784 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
During the six months ended September 30, 2025, 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 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 (4,944 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (4,944 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
(iii) Liability classified warrants
The Company applies the Black-Scholes option pricing model to determine the fair value of its liability classified warrants at each reporting date with changes in fair value recorded in the consolidated statements of operations and comprehensive loss, see Note 22 for details. The following is a summary of the Company\u2019s liability classified warrant activity during the six months ended September 30, 2026 and 2025:
| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of | \n \u00a0 | \n \u00a0 | \n Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n |||
Balance outstanding at March 31, 2026 | \n \u00a0 | \n \u00a0 | \n 30,838,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.49 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.11 | \n \u00a0 | \n
Issuance 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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n 30,838,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.61 | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n |||
Balance outstanding at March 31, 2025 | \n \u00a0 | \n \u00a0 | \n 12,133,150 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.09 | \n \u00a0 | \n
Issuance 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 September 30, 2025 | \n \u00a0 | \n \u00a0 | \n 12,133,150 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.59 | \n \u00a0 | \n
The following is a summary of the Company\u2019s liability classified warrant balances during the six months ended September 30, 2026 and 2025:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Warrant derivative liability | \n \u00a0 | \n |
Balance outstanding at March 31, 2026 | \n \u00a0 | \n $ | \n 27,522 | \n \u00a0 | \n
Fair value change | \n \u00a0 | \n \u00a0 | \n (4,767 | \n ) | \n
Balance outstanding at September 30, 2026 | \n \u00a0 | \n $ | \n 22,755 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Warrant derivative liability | \n \u00a0 | \n |
Balance outstanding at March 31, 2025 | \n \u00a0 | \n $ | \n 8,647 | \n \u00a0 | \n
Fair value change | \n \u00a0 | \n \u00a0 | \n 6,673 | \n \u00a0 | \n
Balance outstanding at September 30, 2025 | \n \u00a0 | \n $ | \n 15,320 | \n \u00a0 | \n
\u00a0
(iv) Equity classified warrants
The following is a summary of the Company\u2019s equity classified warrant activity during the six months ended September 30, 2026 and 2025:
\n| \n | \n | \n | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n \u00a0 | \n Warrant reserve | \n \u00a0 | \n ||||
Balance outstanding at March 31, 2026 | \n \u00a0 | \n \u00a0 | \n 23,528,830 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.08 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.46 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,612,631 | \n \u00a0 | \n
Issuance of warrants | \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 - | \n \u00a0 | \n
Balance outstanding at September 30, 2026 | \n \u00a0 | \n \u00a0 | \n 23,528,830 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.08 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.95 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,612,631 | \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
\u00a0
\n| \n | \n | \n | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n \u00a0 | \n Warrant reserve | \n \u00a0 | \n ||||
Balance outstanding at March 31, 2025 | \n \u00a0 | \n \u00a0 | \n 3,350,430 | \n \u00a0 | \n \u00a0 | \n $ | \n 16.18 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.12 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,590,485 | \n \u00a0 | \n
Issuance of warrants | \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 - | \n \u00a0 | \n
Balance outstanding at September 30, 2025 | \n \u00a0 | \n \u00a0 | \n 3,350,430 | \n \u00a0 | \n \u00a0 | \n $ | \n 16.18 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.62 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,590,485 | \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
(v) Issuances of Exchangeable Shares
During the six months ended September 30, 2026 and 2025, the Company did not issue any Exchangeable Shares.
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the six months ended September 30, 2026, 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 and | \n \u00a0 | \n |||
Other issuances and share issue costs | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (784 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (784 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
During the six months ended September 30, 2025, 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 (4,944 | \n ) | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n
Total | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n (4,944 | \n ) | \n \u00a0 | \n $ | \n - | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n |||
Balance outstanding at March 31, 2026 | \n \u00a0 | \n \u00a0 | \n 30,838,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.49 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.11 | \n \u00a0 | \n
Issuance 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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n 30,838,728 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.57 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.61 | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n |||
Balance outstanding at March 31, 2025 | \n \u00a0 | \n \u00a0 | \n 12,133,150 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.90 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.09 | \n \u00a0 | \n
Issuance 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 September 30, 2025 | \n \u00a0 | \n \u00a0 | \n 12,133,150 | \n \u00a0 | \n \u00a0 | \n $ | \n 8.61 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.59 | \n \u00a0 | \n
The following is a summary of the Company\u2019s liability classified warrant balances during the six months ended September 30, 2026 and 2025:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Warrant derivative liability | \n \u00a0 | \n |
Balance outstanding at March 31, 2026 | \n \u00a0 | \n $ | \n 27,522 | \n \u00a0 | \n
Fair value change | \n \u00a0 | \n \u00a0 | \n (4,767 | \n ) | \n
Balance outstanding at September 30, 2026 | \n \u00a0 | \n $ | \n 22,755 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Warrant derivative liability | \n \u00a0 | \n |
Balance outstanding at March 31, 2025 | \n \u00a0 | \n $ | \n 8,647 | \n \u00a0 | \n
Fair value change | \n \u00a0 | \n \u00a0 | \n 6,673 | \n \u00a0 | \n
Balance outstanding at September 30, 2025 | \n \u00a0 | \n $ | \n 15,320 | \n \u00a0 | \n
\u00a0
(iv) Equity classified warrantsThe following is a summary of the Company\u2019s equity classified warrant activity during the six months ended September 30, 2026 and 2025:
\n| \n | \n | \n | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n \u00a0 | \n Warrant reserve | \n \u00a0 | \n ||||
Balance outstanding at March 31, 2026 | \n \u00a0 | \n \u00a0 | \n 23,528,830 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.08 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.46 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,612,631 | \n \u00a0 | \n
Issuance of warrants | \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 - | \n \u00a0 | \n
Balance outstanding at September 30, 2026 | \n \u00a0 | \n \u00a0 | \n 23,528,830 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.08 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.95 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,612,631 | \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
\u00a0
\n| \n | \n | \n | \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 Weighted average exercise price | \n \u00a0 | \n \u00a0 | \n Weighted average remaining life (years) | \n \u00a0 | \n \u00a0 | \n Warrant reserve | \n \u00a0 | \n ||||
Balance outstanding at March 31, 2025 | \n \u00a0 | \n \u00a0 | \n 3,350,430 | \n \u00a0 | \n \u00a0 | \n $ | \n 16.18 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.12 | \n \u00a0 | \n \u00a0 | \n $ | \n 2,590,485 | \n \u00a0 | \n
Issuance of warrants | \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 - | \n \u00a0 | \n
Balance outstanding at September 30, 2025 | \n \u00a0 | \n \u00a0 | \n 3,350,430 | \n \u00a0 | \n \u00a0 | \n $ | \n 16.18 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.62 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,590,485 | \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
18. SHARE-BASED COMPENSATION
\u00a0
CANOPY GROWTH CORPORATION SHARE-BASED COMPENSATION PLAN
On September 25, 2023, the Company\u2019s shareholders approved a new Omnibus Equity Incentive Plan (the \u201cOmnibus Equity Incentive Plan\u201d) pursuant to which the Company can issue share-based long-term incentives. The Omnibus Equity Incentive Plan replaces the Company\u2019s previous equity incentive plan, which was originally approved by the Company\u2019s shareholders on July 30, 2018 (the \u201cPrevious Equity Incentive Plan\u201d). The approval of the Omnibus Equity Incentive Plan and replacement of the Previous Equity Incentive Plan are detailed in the Company\u2019s definitive proxy statement filed with the SEC 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 Canopy Shares available for issuance under the Omnibus Equity Incentive Plan remains at 10% of the issued and outstanding Canopy Shares from time to time, less the number of Canopy Shares issuable pursuant to other security-based compensation arrangements of the Company (including Canopy 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 Canopy Shares reserved for issuance upon the exercise, vesting or settlement, as applicable, of Awards granted pursuant to the Omnibus Equity Incentive Plan and the Previous Equity Incentive Plan is 42,335,267 as at September 30, 2026. As of September 30, 2026, the only Awards outstanding are Options 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 of directors of the Company, 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 six months ended September 30, 2026:
\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, 20261 | \n \u00a0 | \n \u00a0 | \n 2,743,855 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.19 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 2,839,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.41 | \n \u00a0 | \n
Options expired/forfeited | \n \u00a0 | \n \u00a0 | \n (401,157 | \n ) | \n \u00a0 | \n \u00a0 | \n 4.36 | \n \u00a0 | \n
Balance outstanding at September 30, 20261 | \n \u00a0 | \n \u00a0 | \n 5,182,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 2.67 | \n \u00a0 | \n
(1)\u00a0Included is 70,515\u00a0replacement compensation options (\u201cReplacement Compensation Options\u201d) that were issued by the Company in connection with its acquisition of MTL Cannabis Corp. on March 16, 2026, with an exercise price of $1.59\u00a0per compensation option. Each compensation option is exercisable for one Canopy Share and one half of one Canopy Growth warrant. Each whole Canopy Growth warrant is exercisable to acquire one Canopy Share until September 19, 2028 at an exercise price of $2.61 per Canopy Share. | \n \u00a0 | \n
The following is a summary of the Options outstanding as at September 30, 2026:
\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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n September 30, 2026 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$1.40\u00a0- $2.50 | \n \u00a0 | \n \u00a0 | \n 4,634,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 779,972 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.69 | \n \u00a0 | \n
$2.51\u00a0- $10.00 | \n \u00a0 | \n \u00a0 | \n 419,273 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.62 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 268,429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.20 | \n \u00a0 | \n
$10.01\u00a0- $308.70 | \n \u00a0 | \n \u00a0 | \n 128,507 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 101,512 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.79 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 5,182,660 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.96 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,149,913 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.50 | \n \u00a0 | \n
At September 30, 2026, the weighted average exercise price of the Options outstanding and Options exercisable was $2.67 and $5.98, respectively (March 31, 2026 \u2013 $4.19 and $10.06, respectively).
The Company recorded $1,012 and $1,308 in share-based compensation expense related to Options issued to employees and contractors for the three and six months ended September 30, 2026, respectively (three and six months ended September 30, 2025 \u2013 $664 and $334, respectively).
The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the six months ended September 30, 2026 and 2025, on their measurement date by applying the following assumptions:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n September 30, | \n
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n
Risk-free interest rate | \n \u00a0 | \n 2.98% | \n \u00a0 | \n 2.64% | \n
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n 3\u00a0- 5 | \n
Expected volatility | \n \u00a0 | \n 123% | \n \u00a0 | \n 123% | \n
Expected dividend yield | \n \u00a0 | \n \u00a0 | \n ||
Black-Scholes value of each Option | \n \u00a0 | \n $1.12 | \n \u00a0 | \n $1.57 | \n
Volatility was estimated by using the historical volatility of the Company. The expected life in years represents the period of time that Options granted are expected to be outstanding. The risk-free rate was based on zero-coupon Canada government bonds with a remaining term equal to the expected life of the Options.
For the three and six months ended September 30, 2026, the Company recorded $3,020 and $4,083, respectively, in share-based compensation expense related to RSUs (for the three and six months ended September 30, 2025 \u2013 $1,345 and $1,576, respectively).
The following is a summary of the changes in the Company\u2019s RSUs during the six months ended September 30, 2026:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2026 | \n \u00a0 | \n \u00a0 | \n 2,922,618 | \n \u00a0 | \n
RSUs granted1 | \n \u00a0 | \n \u00a0 | \n 7,077,095 | \n \u00a0 | \n
RSUs released | \n \u00a0 | \n \u00a0 | \n (1,284,443 | \n ) | \n
RSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (501,910 | \n ) | \n
Balance outstanding at September 30, 20261 | \n \u00a0 | \n \u00a0 | \n 8,213,360 | \n \u00a0 | \n
1\u00a0Included are 2,888,620\u00a0RSUs which are subject to performance conditions. | \n \u00a0 | \n
The following is a summary of the changes in the Options outstanding during the six months ended September 30, 2026:
\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, 20261 | \n \u00a0 | \n \u00a0 | \n 2,743,855 | \n \u00a0 | \n \u00a0 | \n $ | \n 4.19 | \n \u00a0 | \n
Options granted | \n \u00a0 | \n \u00a0 | \n 2,839,962 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1.41 | \n \u00a0 | \n
Options expired/forfeited | \n \u00a0 | \n \u00a0 | \n (401,157 | \n ) | \n \u00a0 | \n \u00a0 | \n 4.36 | \n \u00a0 | \n
Balance outstanding at September 30, 20261 | \n \u00a0 | \n \u00a0 | \n 5,182,660 | \n \u00a0 | \n \u00a0 | \n $ | \n 2.67 | \n \u00a0 | \n
(1)\u00a0Included is 70,515\u00a0replacement compensation options (\u201cReplacement Compensation Options\u201d) that were issued by the Company in connection with its acquisition of MTL Cannabis Corp. on March 16, 2026, with an exercise price of $1.59\u00a0per compensation option. Each compensation option is exercisable for one Canopy Share and one half of one Canopy Growth warrant. Each whole Canopy Growth warrant is exercisable to acquire one Canopy Share until September 19, 2028 at an exercise price of $2.61 per Canopy Share. | \n \u00a0 | \n
The following is a summary of the Options outstanding as at September 30, 2026:
\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 September 30, 2026 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n \u00a0 | \n September 30, 2026 | \n \u00a0 | \n \u00a0 | \n (years) | \n \u00a0 | \n ||||
$1.40\u00a0- $2.50 | \n \u00a0 | \n \u00a0 | \n 4,634,880 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5.14 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 779,972 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.69 | \n \u00a0 | \n
$2.51\u00a0- $10.00 | \n \u00a0 | \n \u00a0 | \n 419,273 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.62 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 268,429 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.20 | \n \u00a0 | \n
$10.01\u00a0- $308.70 | \n \u00a0 | \n \u00a0 | \n 128,507 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.98 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 101,512 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2.79 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 5,182,660 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4.96 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,149,913 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3.50 | \n \u00a0 | \n
The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the six months ended September 30, 2026 and 2025, on their measurement date by applying the following assumptions:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n September 30, | \n
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n 2025 | \n
Risk-free interest rate | \n \u00a0 | \n 2.98% | \n \u00a0 | \n 2.64% | \n
Expected life of options (years) | \n \u00a0 | \n 3\u00a0- 5 | \n \u00a0 | \n 3\u00a0- 5 | \n
Expected volatility | \n \u00a0 | \n 123% | \n \u00a0 | \n 123% | \n
Expected dividend yield | \n \u00a0 | \n \u00a0 | \n ||
Black-Scholes value of each Option | \n \u00a0 | \n $1.12 | \n \u00a0 | \n $1.57 | \n
The following is a summary of the changes in the Company\u2019s RSUs during the six months ended September 30, 2026:
\n| \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Number of RSUs | \n \u00a0 | \n |
Balance outstanding at March 31, 2026 | \n \u00a0 | \n \u00a0 | \n 2,922,618 | \n \u00a0 | \n
RSUs granted1 | \n \u00a0 | \n \u00a0 | \n 7,077,095 | \n \u00a0 | \n
RSUs released | \n \u00a0 | \n \u00a0 | \n (1,284,443 | \n ) | \n
RSUs cancelled and forfeited | \n \u00a0 | \n \u00a0 | \n (501,910 | \n ) | \n
Balance outstanding at September 30, 20261 | \n \u00a0 | \n \u00a0 | \n 8,213,360 | \n \u00a0 | \n
1\u00a0Included are 2,888,620\u00a0RSUs which are subject to performance conditions. | \n \u00a0 | \n
19. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS)
Accumulated other comprehensive income includes the following components:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n ||
As at March 31, 2026 | \n \u00a0 | \n $ | \n 10,530 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,530 | \n \u00a0 | \n
Other comprehensive income | \n \u00a0 | \n \u00a0 | \n 3,395 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,395 | \n \u00a0 | \n
As at September 30, 2026 | \n \u00a0 | \n $ | \n 13,925 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,925 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n ||
As at March 31, 2025 | \n \u00a0 | \n $ | \n 535 | \n \u00a0 | \n \u00a0 | \n $ | \n 535 | \n \u00a0 | \n
Other comprehensive income | \n \u00a0 | \n \u00a0 | \n 13,484 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,484 | \n \u00a0 | \n
As at September 30, 2025 | \n \u00a0 | \n $ | \n 14,019 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,019 | \n \u00a0 | \n
Accumulated other comprehensive income includes the following components:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n ||
As at March 31, 2026 | \n \u00a0 | \n $ | \n 10,530 | \n \u00a0 | \n \u00a0 | \n $ | \n 10,530 | \n \u00a0 | \n
Other comprehensive income | \n \u00a0 | \n \u00a0 | \n 3,395 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,395 | \n \u00a0 | \n
As at September 30, 2026 | \n \u00a0 | \n $ | \n 13,925 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,925 | \n \u00a0 | \n
\u00a0
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Foreign currency translation adjustments | \n \u00a0 | \n \u00a0 | \n Accumulated other comprehensive income (loss) | \n \u00a0 | \n ||
As at March 31, 2025 | \n \u00a0 | \n $ | \n 535 | \n \u00a0 | \n \u00a0 | \n $ | \n 535 | \n \u00a0 | \n
Other comprehensive income | \n \u00a0 | \n \u00a0 | \n 13,484 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,484 | \n \u00a0 | \n
As at September 30, 2025 | \n \u00a0 | \n $ | \n 14,019 | \n \u00a0 | \n \u00a0 | \n $ | \n 14,019 | \n \u00a0 | \n
20. 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 accrued expenses and liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management\u2019s opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments.
Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include items such as property, plant and equipment, goodwill and other intangible assets, equity and other investments and other assets. 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\u2019s 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 ||||
September 30, 2026 | \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 \u00a0 | \n 72,451 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 72,451 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 4,741 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,741 | \n \u00a0 | \n
Other investments | \n \u00a0 | \n \u00a0 | \n 47 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111,477 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111,524 | \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 ||||
Warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,755 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,755 | \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, 2026 | \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 ||||
Restricted short-term investments | \n \u00a0 | \n $ | \n 5,046 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 5,046 | \n \u00a0 | \n
Other investments | \n \u00a0 | \n \u00a0 | \n 46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 105,979 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 106,025 | \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 ||||
Warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,522 | \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, LLC Equity Method Investment | \n \u00a0 | \n Asset based approach | \n \u00a0 | \n Probability and timing of U.S. legalization | \n \u00a0 | \n Increase or decrease in probability of U.S. 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 Jetty equity | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n Canopy USA LPs Equity Method Investment | \n \u00a0 | \n Asset based approach | \n \u00a0 | \n Volatility of TerrAscend\u2019s Common Share price | \n \u00a0 | \n Increase or decrease in volatility will result in a decrease or increase in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Probability and timing of U.S. legalization | \n \u00a0 | \n Increase or decrease in probability of U.S. legalization 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 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 and Wana Debt | \n \u00a0 | \n Lesser of discounted cash flow and debtor net assets | \n \u00a0 | \n Equity value of Canopy USA | \n \u00a0 | \n Increase or decrease in equity value will result in an increase or decrease in fair value | \n
\u00a0 | \n Warrant derivative liability | \n \u00a0 | \n Black-Scholes option pricing model | \n \u00a0 | \n Volatility of Canopy Share price | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
The following table represents the Company\u2019s 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 ||||
September 30, 2026 | \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 \u00a0 | \n 72,451 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 72,451 | \n \u00a0 | \n
Restricted short-term investments | \n \u00a0 | \n \u00a0 | \n 4,741 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 4,741 | \n \u00a0 | \n
Other investments | \n \u00a0 | \n \u00a0 | \n 47 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111,477 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 111,524 | \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 ||||
Warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,755 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 22,755 | \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, 2026 | \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 ||||
Restricted short-term investments | \n \u00a0 | \n $ | \n 5,046 | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n - | \n \u00a0 | \n \u00a0 | \n $ | \n 5,046 | \n \u00a0 | \n
Other investments | \n \u00a0 | \n \u00a0 | \n 46 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 105,979 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 106,025 | \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 ||||
Warrant derivative liability | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,522 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,522 | \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, LLC Equity Method Investment | \n \u00a0 | \n Asset based approach | \n \u00a0 | \n Probability and timing of U.S. legalization | \n \u00a0 | \n Increase or decrease in probability of U.S. 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 Jetty equity | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
\u00a0 | \n Canopy USA LPs Equity Method Investment | \n \u00a0 | \n Asset based approach | \n \u00a0 | \n Volatility of TerrAscend\u2019s Common Share price | \n \u00a0 | \n Increase or decrease in volatility will result in a decrease or increase in fair value | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n Probability and timing of U.S. legalization | \n \u00a0 | \n Increase or decrease in probability of U.S. legalization 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 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 and Wana Debt | \n \u00a0 | \n Lesser of discounted cash flow and debtor net assets | \n \u00a0 | \n Equity value of Canopy USA | \n \u00a0 | \n Increase or decrease in equity value will result in an increase or decrease in fair value | \n
\u00a0 | \n Warrant derivative liability | \n \u00a0 | \n Black-Scholes option pricing model | \n \u00a0 | \n Volatility of Canopy Share price | \n \u00a0 | \n Increase or decrease in volatility will result in an increase or decrease in fair value | \n
21. REVENUE
Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||||
Cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canadian adult-use cannabis1 | \n \u00a0 | \n $ | \n 28,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,940 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,961 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 25,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,821 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,626 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,027 | \n \u00a0 | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 12,268 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,091 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,865 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,846 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 66,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,852 | \n \u00a0 | \n \u00a0 | \n $ | \n 131,320 | \n \u00a0 | \n \u00a0 | \n $ | \n 107,834 | \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 ||||
Storz & Bickel | \n \u00a0 | \n $ | \n 15,138 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,831 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,218 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,983 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net revenue | \n \u00a0 | \n $ | \n 81,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,683 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 138,817 | \n \u00a0 | \n
1Canadian adult-use net revenue during the three and six months ended September 30, 2026 includes excise taxes of $14,885 and $31,088, respectively (three and six months ended September 30, 2025 \u2013 $13,802 and $28,001, respectively).
2Canadian medical cannabis net revenue for the three and six months ended September 30, 2026 includes excise taxes of $3,249 and $6,245, respectively (three and six months ended September 30, 2025 \u2013 $2,513 and $4,928, respectively).
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 $(1,025) and $994 for the three and six months ended September 30, 2026, respectively (three and six months ended September 30, 2025 \u2013 $322 and $1,245, respectively). As of September 30, 2026, the liability for estimated returns and price adjustments was $1,681 (March 31, 2026 \u2013 $3,638).
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-94"}]},{"name":"rpt:f-844","factDimensions":{"xbrl:concept":"us-gaap:DisaggregationOfRevenueTableTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"Revenue is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||||
Cannabis | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Canadian adult-use cannabis1 | \n \u00a0 | \n $ | \n 28,127 | \n \u00a0 | \n \u00a0 | \n $ | \n 23,940 | \n \u00a0 | \n \u00a0 | \n $ | \n 57,829 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,961 | \n \u00a0 | \n
Canadian medical cannabis2 | \n \u00a0 | \n \u00a0 | \n 25,840 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,821 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 51,626 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 43,027 | \n \u00a0 | \n
International markets cannabis | \n \u00a0 | \n \u00a0 | \n 12,268 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,091 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,865 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,846 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 66,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,852 | \n \u00a0 | \n \u00a0 | \n $ | \n 131,320 | \n \u00a0 | \n \u00a0 | \n $ | \n 107,834 | \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 ||||
Storz & Bickel | \n \u00a0 | \n $ | \n 15,138 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,831 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,218 | \n \u00a0 | \n \u00a0 | \n $ | \n 30,983 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Net revenue | \n \u00a0 | \n $ | \n 81,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,683 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 138,817 | \n \u00a0 | \n
1Canadian adult-use net revenue during the three and six months ended September 30, 2026 includes excise taxes of $14,885 and $31,088, respectively (three and six months ended September 30, 2025 \u2013 $13,802 and $28,001, respectively).
2Canadian medical cannabis net revenue for the three and six months ended September 30, 2026 includes excise taxes of $3,249 and $6,245, respectively (three and six months ended September 30, 2025 \u2013 $2,513 and $4,928, respectively).
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OTHER INCOME (EXPENSE), NET
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \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 ||||
Fair value changes on Canopy USA related assets | \n \u00a0 | \n $ | \n (11,934 | \n ) | \n \u00a0 | \n $ | \n 23,887 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,274 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,838 | \n \u00a0 | \n
Fair value changes on derivative liability | \n \u00a0 | \n \u00a0 | \n 4,108 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,339 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,767 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6,673 | \n ) | \n
Loss related to settlement of debt | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,267 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,267 | \n ) | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 3,110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,976 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,344 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,033 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (13,017 | \n ) | \n \u00a0 | \n \u00a0 | \n (8,802 | \n ) | \n \u00a0 | \n \u00a0 | \n (25,694 | \n ) | \n \u00a0 | \n \u00a0 | \n (18,541 | \n ) | \n
Foreign currency loss | \n \u00a0 | \n \u00a0 | \n (569 | \n ) | \n \u00a0 | \n \u00a0 | \n (817 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,051 | \n ) | \n \u00a0 | \n \u00a0 | \n (664 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (229 | \n ) | \n \u00a0 | \n \u00a0 | \n 492 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 231 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 458 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (18,531 | \n ) | \n \u00a0 | \n $ | \n 12,130 | \n \u00a0 | \n \u00a0 | \n $ | \n (11,129 | \n ) | \n \u00a0 | \n $ | \n (9,816 | \n ) | \n
Other income (expense), net is disaggregated as follows:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \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 ||||
Fair value changes on Canopy USA related assets | \n \u00a0 | \n $ | \n (11,934 | \n ) | \n \u00a0 | \n $ | \n 23,887 | \n \u00a0 | \n \u00a0 | \n $ | \n 4,274 | \n \u00a0 | \n \u00a0 | \n $ | \n 13,838 | \n \u00a0 | \n
Fair value changes on derivative liability | \n \u00a0 | \n \u00a0 | \n 4,108 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (3,339 | \n ) | \n \u00a0 | \n \u00a0 | \n 4,767 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (6,673 | \n ) | \n
Loss related to settlement of debt | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,267 | \n ) | \n \u00a0 | \n \u00a0 | \n - | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (1,267 | \n ) | \n
Interest income | \n \u00a0 | \n \u00a0 | \n 3,110 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,976 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,344 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,033 | \n \u00a0 | \n
Interest expense | \n \u00a0 | \n \u00a0 | \n (13,017 | \n ) | \n \u00a0 | \n \u00a0 | \n (8,802 | \n ) | \n \u00a0 | \n \u00a0 | \n (25,694 | \n ) | \n \u00a0 | \n \u00a0 | \n (18,541 | \n ) | \n
Foreign currency loss | \n \u00a0 | \n \u00a0 | \n (569 | \n ) | \n \u00a0 | \n \u00a0 | \n (817 | \n ) | \n \u00a0 | \n \u00a0 | \n (1,051 | \n ) | \n \u00a0 | \n \u00a0 | \n (664 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (229 | \n ) | \n \u00a0 | \n \u00a0 | \n 492 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 231 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 458 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n (18,531 | \n ) | \n \u00a0 | \n $ | \n 12,130 | \n \u00a0 | \n \u00a0 | \n $ | \n (11,129 | \n ) | \n \u00a0 | \n $ | \n (9,816 | \n ) | \n
23. INCOME TAXES
There have been no material changes to income tax matters in connection with normal course operations during the six months ended September 30, 2026.
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 unaudited condensed interim consolidated 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.
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-68"}]},{"name":"rpt:f-916","factDimensions":{"xbrl:concept":"us-gaap:CommitmentsAndContingenciesDisclosureTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"24. COMMITMENTS AND CONTINGENCIES
Legal proceedings
In the ordinary course of business, the Company is at times subject to various legal proceedings and disputes. 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 three and six months ended September 30, 2026, there have been no material changes with respect to provisions relating to legal proceedings for the Company.
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-20"}]},{"name":"rpt:f-917","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingDisclosureTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"25. SEGMENT INFORMATION
Reportable segments
The Company reports its financial results for the following two reportable segments:
These segments reflect how the Company\u2019s operations are managed, how the Company\u2019s , who is the Chief Operating Decision Maker (\u201cCODM\u201d), allocates resources and evaluates performance, and how the Company\u2019s internal management financial reporting is structured. The Company\u2019s CODM evaluates the performance of these segments, with a focus on (i) segment net revenue, and (ii) segment gross margin as the measure of segment profit or loss. Accordingly, information regarding segment net revenue and segment gross margin for the comparative periods has been restated to reflect the aforementioned change in reportable segments.
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \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 ||||
Segmented net revenue | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cannabis | \n \u00a0 | \n $ | \n 66,235 | \n \u00a0 | \n \u00a0 | \n $ | \n 50,852 | \n \u00a0 | \n \u00a0 | \n $ | \n 131,320 | \n \u00a0 | \n \u00a0 | \n $ | \n 107,834 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 15,138 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 15,831 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 31,218 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 30,983 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 81,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,683 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 138,817 | \n \u00a0 | \n
Segmented gross margin: | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n ||||
Cannabis | \n \u00a0 | \n $ | \n 17,388 | \n \u00a0 | \n \u00a0 | \n $ | \n 15,873 | \n \u00a0 | \n \u00a0 | \n $ | \n 31,845 | \n \u00a0 | \n \u00a0 | \n $ | \n 29,464 | \n \u00a0 | \n
Storz & Bickel | \n \u00a0 | \n \u00a0 | \n 5,967 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,032 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 13,748 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 10,479 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n \u00a0 | \n 23,355 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 21,905 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 45,593 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 39,943 | \n \u00a0 | \n
Selling, general and administrative expenses | \n \u00a0 | \n \u00a0 | \n 39,693 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 36,296 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 79,916 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 74,404 | \n \u00a0 | \n
Share-based compensation | \n \u00a0 | \n \u00a0 | \n 4,032 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 2,009 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,391 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,910 | \n \u00a0 | \n
Loss on asset impairment and restructuring | \n \u00a0 | \n \u00a0 | \n 2,593 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 494 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,359 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,147 | \n \u00a0 | \n
Operating loss | \n \u00a0 | \n \u00a0 | \n (22,963 | \n ) | \n \u00a0 | \n \u00a0 | \n (16,894 | \n ) | \n \u00a0 | \n \u00a0 | \n (45,073 | \n ) | \n \u00a0 | \n \u00a0 | \n (39,518 | \n ) | \n
Other income (expense), net | \n \u00a0 | \n \u00a0 | \n (18,531 | \n ) | \n \u00a0 | \n \u00a0 | \n 12,130 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n (11,129 | \n ) | \n \u00a0 | \n \u00a0 | \n (9,816 | \n ) | \n
Loss before incomes taxes | \n \u00a0 | \n $ | \n (41,494 | \n ) | \n \u00a0 | \n $ | \n (4,764 | \n ) | \n \u00a0 | \n $ | \n (56,202 | \n ) | \n \u00a0 | \n $ | \n (49,334 | \n ) | \n
Asset information by segment is not provided to, or reviewed by, the Company\u2019s CODM as it is not used to make strategic decisions, allocate resources, or assess performance.
Entity-wide disclosures
Disaggregation of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||||
Canada | \n \u00a0 | \n $ | \n 55,341 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,760 | \n \u00a0 | \n \u00a0 | \n $ | \n 110,281 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,988 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 19,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,725 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,106 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 5,941 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,371 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,170 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,343 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 676 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,827 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,082 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,380 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 81,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,683 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 138,817 | \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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 254,446 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,362 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 49,335 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,406 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 523 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 726 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 304,304 | \n \u00a0 | \n \u00a0 | \n $ | \n 316,494 | \n \u00a0 | \n
For the three months ended September 30, 2026, one customer from the Cannabis segment represented greater than 10% of the Company\u2019s net revenue (three months ended September 30, 2025 \u2013 none).
For the six months ended September 30, 2026, two customers from the Cannabis segment represented greater than 10% of the Company\u2019s net revenue (six months ended September 30, 2025 \u2013 none).
"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-99"}]},{"name":"rpt:f-918","factDimensions":{"xbrl:concept":"us-gaap:NumberOfReportableSegments","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927","xbrl:unit":"cgc:Segment"},"factValues":[{"value":"2"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-100"}]},{"name":"rpt:f-919","factDimensions":{"xbrl:concept":"us-gaap:SegmentReportingExpenseInformationUsedByCodmDescription","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"who is the Chief Operating Decision Maker (\u201cCODM\u201d), allocates resources and evaluates performance, and how the Company\u2019s internal management financial reporting is structured"}],"properties":[{"property":"xbrl:factLocation","value":"rpt:group-100"}]},{"name":"rpt:f-920","factDimensions":{"xbrl:concept":"us-gaap:ReconciliationOfOtherSignificantReconcilingItemsFromSegmentsToConsolidatedTextBlock","xbrl:period":"2026-04-01T00:00:00/2026-10-01T00:00:00","xbrl:entity":"cik:0001737927"},"factValues":[{"value":"\u00a0
Three months ended
\u00a0
\u00a0
Six months ended
\u00a0
\u00a0
\u00a0
September 30,
\u00a0
\u00a0
September 30,
\u00a0
\u00a0
September 30,
\u00a0
\u00a0
September 30,
\u00a0
\u00a0
\u00a0
2026
\u00a0
\u00a0
2025
\u00a0
\u00a0
2026
\u00a0
\u00a0
2025
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Segmented net revenue
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cannabis
\u00a0
$
66,235
\u00a0
\u00a0
$
50,852
\u00a0
\u00a0
$
131,320
\u00a0
\u00a0
$
107,834
\u00a0
Storz & Bickel
\u00a0
\u00a0
15,138
\u00a0
\u00a0
\u00a0
15,831
\u00a0
\u00a0
\u00a0
31,218
\u00a0
\u00a0
\u00a0
30,983
\u00a0
\u00a0
\u00a0
$
81,373
\u00a0
\u00a0
$
66,683
\u00a0
\u00a0
$
162,538
\u00a0
\u00a0
$
138,817
\u00a0
Segmented gross margin:
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
\u00a0
Cannabis
\u00a0
$
17,388
\u00a0
\u00a0
$
15,873
\u00a0
\u00a0
$
31,845
\u00a0
\u00a0
$
29,464
\u00a0
Storz & Bickel
\u00a0
\u00a0
5,967
\u00a0
\u00a0
\u00a0
6,032
\u00a0
\u00a0
\u00a0
13,748
\u00a0
\u00a0
\u00a0
10,479
\u00a0
\u00a0
\u00a0
\u00a0
23,355
\u00a0
\u00a0
\u00a0
21,905
\u00a0
\u00a0
\u00a0
45,593
\u00a0
\u00a0
\u00a0
39,943
\u00a0
Selling, general and administrative expenses
\u00a0
\u00a0
39,693
\u00a0
\u00a0
\u00a0
36,296
\u00a0
\u00a0
\u00a0
79,916
\u00a0
\u00a0
\u00a0
74,404
\u00a0
Share-based compensation
\u00a0
\u00a0
4,032
\u00a0
\u00a0
\u00a0
2,009
\u00a0
\u00a0
\u00a0
5,391
\u00a0
\u00a0
\u00a0
1,910
\u00a0
Loss on asset impairment and restructuring
\u00a0
\u00a0
2,593
\u00a0
\u00a0
\u00a0
494
\u00a0
\u00a0
\u00a0
5,359
\u00a0
\u00a0
\u00a0
3,147
\u00a0
Operating loss
\u00a0
\u00a0
(22,963
)
\u00a0
\u00a0
(16,894
)
\u00a0
\u00a0
(45,073
)
\u00a0
\u00a0
(39,518
)
Other income (expense), net
\u00a0
\u00a0
(18,531
)
\u00a0
\u00a0
12,130
\u00a0
\u00a0
\u00a0
(11,129
)
\u00a0
\u00a0
(9,816
)
Loss before incomes taxes
\u00a0
$
(41,494
)
\u00a0
$
(4,764
)
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of net revenue by geographic area:
\n| \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n | \n |
\u00a0 | \n \u00a0 | \n Three months ended | \n \u00a0 | \n \u00a0 | \n Six months ended | \n \u00a0 | \n ||||||||||
\u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n \u00a0 | \n September 30, | \n \u00a0 | \n ||||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2025 | \n \u00a0 | \n ||||
Canada | \n \u00a0 | \n $ | \n 55,341 | \n \u00a0 | \n \u00a0 | \n $ | \n 45,760 | \n \u00a0 | \n \u00a0 | \n $ | \n 110,281 | \n \u00a0 | \n \u00a0 | \n $ | \n 93,988 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 19,415 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,725 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 37,005 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 27,106 | \n \u00a0 | \n
United States | \n \u00a0 | \n \u00a0 | \n 5,941 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 6,371 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,170 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 12,343 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 676 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 1,827 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 3,082 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 5,380 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 81,373 | \n \u00a0 | \n \u00a0 | \n $ | \n 66,683 | \n \u00a0 | \n \u00a0 | \n $ | \n 162,538 | \n \u00a0 | \n \u00a0 | \n $ | \n 138,817 | \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 September 30, | \n \u00a0 | \n \u00a0 | \n March 31, | \n \u00a0 | \n ||
\u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n \u00a0 | \n 2026 | \n \u00a0 | \n ||
Canada | \n \u00a0 | \n $ | \n 254,446 | \n \u00a0 | \n \u00a0 | \n $ | \n 265,362 | \n \u00a0 | \n
Germany | \n \u00a0 | \n \u00a0 | \n 49,335 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 50,406 | \n \u00a0 | \n
Other | \n \u00a0 | \n \u00a0 | \n 523 | \n \u00a0 | \n \u00a0 | \n \u00a0 | \n 726 | \n \u00a0 | \n
\u00a0 | \n \u00a0 | \n $ | \n 304,304 | \n \u00a0 | \n \u00a0 | \n $ | \n 316,494 | \n \u00a0 | \n