Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
May 31, 2022 | Jul. 22, 2022 | Nov. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | May 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TLRY | ||
Entity Registrant Name | TILRAY BRANDS, INC. | ||
Entity Central Index Key | 0001731348 | ||
Current Fiscal Year End Date | --05-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 536,390,766 | ||
Entity Public Float | $ 4.7 | ||
Title of 12(b) Security | Common Stock, $0.0001 par value per share | ||
Entity File Number | 001-38594 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-4310622 | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NASDAQ | ||
Entity Address, Address Line One | 265 Talbot Street West | ||
Entity Address, City or Town | Leamington | ||
Entity Address, State or Province | ON | ||
Entity Address, Postal Zip Code | N8H 5L4 | ||
City Area Code | 844 | ||
Local Phone Number | 845-7291 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Auditor Name | PricewaterhouseCoopers LLP | ||
Auditor Location | Toronto, Canada | ||
Auditor Firm ID | 271 | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates certain information by reference from the definitive proxy statement to be filed by the registrant in connection with the 2022 Annual Meeting of Stockholders (the “Proxy Statement”) with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the year ended May 31, 2022, provided that if such Proxy Statement is not filed within such period, such information will be included in an amendment to this Form 10‑K to be filed within such 120-day period. |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Current assets | ||
Cash and cash equivalents | $ 415,909 | $ 488,466 |
Accounts receivable, net | 95,279 | 87,309 |
Inventory | 245,529 | 256,429 |
Prepaids and other current assets | 46,786 | 48,920 |
Current portion of convertible notes receivable | 2,485 | |
Total current assets | 803,503 | 883,609 |
Capital assets | 587,499 | 650,698 |
Right-of-use assets | 12,996 | 18,267 |
Intangible assets | 1,277,875 | 1,605,918 |
Goodwill | 2,641,305 | 2,832,794 |
Interest in equity investees | 4,952 | 8,106 |
Long-term investments | 10,050 | 17,685 |
Convertible notes receivable | 111,200 | |
Other assets | 314 | 8,285 |
Total assets | 5,449,694 | 6,025,362 |
Current liabilities | ||
Bank indebtedness | 18,123 | 8,717 |
Accounts payable and accrued liabilities | 157,431 | 212,813 |
Contingent consideration | 16,007 | 60,657 |
Warrant liability | 14,255 | 78,168 |
Current portion of lease liabilities | 6,703 | 4,264 |
Current portion of long-term debt | 67,823 | 36,622 |
Total current liabilities | 280,342 | 401,241 |
Lease liabilities | 11,329 | 53,946 |
Long-term debt | 117,879 | 167,486 |
Convertible debentures | 401,949 | 667,624 |
Deferred tax liabilities, net | 196,638 | 265,845 |
Other liabilities | 191 | 3,907 |
Total liabilities | 1,008,328 | 1,560,049 |
Commitments and contingencies (refer to Note 17) | ||
Stockholders' equity | ||
Common stock ($0.0001 par value; 990,000,000 shares authorized; 532,674,887 and 446,440,641 shares issued and outstanding, respectively) | 53 | 46 |
Additional paid-in capital | 5,382,367 | 4,792,406 |
Accumulated other comprehensive (deficit) income (loss) | (20,764) | 152,668 |
Accumulated deficit | (962,851) | (486,050) |
Total Tilray Brands, Inc. stockholders' equity | 4,398,805 | 4,459,070 |
Non-controlling interests | 42,561 | 6,243 |
Total stockholders' equity | 4,441,366 | 4,465,313 |
Total liabilities and stockholders' equity | $ 5,449,694 | $ 6,025,362 |
Consolidated Statements of Fi_2
Consolidated Statements of Financial Position (Parenthetical) - $ / shares | May 31, 2022 | May 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 990,000,000 | 743,333,333 |
Common stock, shares issued | 532,674,887 | 446,440,641 |
Common stock, shares outstanding | 532,674,887 | 446,440,641 |
Consolidated Statements of Loss
Consolidated Statements of Loss and Comprehensive Loss - USD ($) | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Income Statement [Abstract] | |||
Net revenue | $ 628,372,000 | $ 513,085,000 | $ 405,326,000 |
Cost of goods sold | 511,555,000 | 389,903,000 | 309,273,000 |
Gross profit | 116,817,000 | 123,182,000 | 96,053,000 |
Operating expenses: | |||
General and administrative | 162,801,000 | 111,575,000 | 93,789,000 |
Selling | 34,926,000 | 26,576,000 | 18,975,000 |
Amortization | 115,191,000 | 35,221,000 | 15,138,000 |
Marketing and promotion | 30,934,000 | 17,539,000 | 15,266,000 |
Research and development | 1,518,000 | 830,000 | 1,916,000 |
Change in fair value of contingent consideration | (44,650,000) | ||
Impairments | 378,241,000 | 0 | 50,679,000 |
Litigation costs | 16,518,000 | 3,251,000 | 1,834,000 |
Transaction costs | 31,739,000 | 60,361,000 | 2,465,000 |
Total operating expenses | 727,218,000 | 255,353,000 | 200,062,000 |
Operating loss | (610,401,000) | (132,171,000) | (104,009,000) |
Interest expense, net | (27,944,000) | (27,977,000) | (19,371,000) |
Non-operating income (expense), net | 197,671,000 | (184,838,000) | 14,195,000 |
Loss before income taxes | (440,674,000) | (344,986,000) | (109,185,000) |
Income taxes (recovery) | (6,542,000) | (8,972,000) | (8,352,000) |
Net loss | (434,132,000) | (336,014,000) | (100,833,000) |
Total net income (loss) attributable to: | |||
Stockholders of Tilray Brands, Inc. | (476,801,000) | (367,421,000) | (102,540,000) |
Non-controlling interests | 42,669,000 | 31,407,000 | 1,707,000 |
Other comprehensive (loss) income, net of tax | |||
Foreign currency translation (loss) gain | (125,306,000) | 156,649,000 | (858,000) |
Unrealized loss on convertible notes receivable | (71,428,000) | (3,824,000) | (5,476,000) |
Total other comprehensive (loss) income, net of tax | (196,734,000) | 152,825,000 | (6,334,000) |
Comprehensive loss | (630,866,000) | (183,189,000) | (107,167,000) |
Total comprehensive income (loss) attributable to: | |||
Stockholders of Tilray Brands, Inc. | (650,233,000) | (214,596,000) | (108,874,000) |
Non-controlling interests | $ 19,367,000 | $ 31,407,000 | $ 1,707,000 |
Weighted average number of common shares - basic | 481,219,130 | 269,549,852 | 216,158,217 |
Weighted average number of common shares - diluted | 481,219,130 | 269,549,852 | 216,158,217 |
Net loss per share - basic | $ (0.90) | $ (1.25) | $ (0.47) |
Net loss per share - diluted | $ (0.90) | $ (1.25) | $ (0.47) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - USD ($) $ in Thousands | Total | LP | June 2020 Bought Deal | Breckenridge Acquisition | SweetWater [Member] | Common Stock | Common Stock LP | Common Stock June 2020 Bought Deal | Common Stock Breckenridge Acquisition | Common Stock SweetWater [Member] | Additional Paid-In Capital | Additional Paid-In Capital LP | Additional Paid-In Capital June 2020 Bought Deal | Additional Paid-In Capital Breckenridge Acquisition | Additional Paid-In Capital SweetWater [Member] | Accumulated Other Comprehensive Income (Loss) | Retained Earnings (Deficit) | Retained Earnings (Deficit) Nuuvera Malta | Non-controlling Interests | Non-controlling Interests LP | Non-controlling Interests Nuuvera Malta |
Beginning Balance at May. 31, 2019 | $ 1,234,082 | $ 21 | $ 1,225,224 | $ 900 | $ (23,862) | $ 31,799 | |||||||||||||||
Beginning Balance, Shares at May. 31, 2019 | 210,353,982 | ||||||||||||||||||||
Shares issued for acquisition | $ 74,395 | $ 1 | $ 74,394 | ||||||||||||||||||
Shares issued for acquisition, shares | 11,771,068 | ||||||||||||||||||||
Share issuance - debt settlement | 58,234 | $ 2 | 58,232 | ||||||||||||||||||
Share issuance - debt settlement, shares | 15,806,989 | ||||||||||||||||||||
Share issuance - options exercised | 3,060 | 3,060 | |||||||||||||||||||
Share issuance - options exercised, shares | 1,084,288 | ||||||||||||||||||||
Share issuance - RSUs exercised, shares | 559,456 | ||||||||||||||||||||
Share issuance - DSUs exercised, shares | 333,606 | ||||||||||||||||||||
Share issuance - warrants exercised | 858 | 858 | |||||||||||||||||||
Share issuance - warrants exercised, shares | 642,296 | ||||||||||||||||||||
Cancelled shares | (459) | 459 | |||||||||||||||||||
Cancelled shares, shares | (419,050) | ||||||||||||||||||||
Expired options | (11,924) | 11,924 | |||||||||||||||||||
Expired warrants | (728) | 728 | |||||||||||||||||||
Stock-based payments | 18,079 | 18,079 | |||||||||||||||||||
Third party contribution | $ (61) | $ 61 | |||||||||||||||||||
Dividends paid to non-controlling interests | (6,610) | (6,610) | |||||||||||||||||||
Comprehensive loss | (107,167) | (6,334) | (102,540) | 1,707 | |||||||||||||||||
Ending Balance at May. 31, 2020 | 1,274,931 | $ 24 | 1,366,736 | (5,434) | (113,352) | 26,957 | |||||||||||||||
Ending Balance, Shares at May. 31, 2020 | 240,132,635 | ||||||||||||||||||||
Shares issued for acquisition | $ 65,889 | $ 1 | $ 65,888 | ||||||||||||||||||
Shares issued for acquisition, shares | 8,232,810 | ||||||||||||||||||||
Share issuance - equity financing | 103,537 | $ 2 | 103,535 | ||||||||||||||||||
Share issuance - equity financing, shares | 14,610,496 | ||||||||||||||||||||
Share issuance - legal settlement | 10,454 | 10,454 | |||||||||||||||||||
Share issuance - legal settlement, shares | 1,893,858 | ||||||||||||||||||||
Share issuance - contract settlement | (18,895) | $ 1 | 21,370 | (40,266) | |||||||||||||||||
Share issuance - contract settlement, shares | 1,165,861 | ||||||||||||||||||||
Share issuance - Arrangement | 3,204,906 | $ 18 | 3,204,888 | ||||||||||||||||||
Share issuance - Arrangement, shares | 179,635,973 | ||||||||||||||||||||
Share issuance - options exercised | 144 | 144 | |||||||||||||||||||
Share issuance - options exercised, shares | 318,299 | ||||||||||||||||||||
Share issuance - RSUs exercised, shares | 450,709 | ||||||||||||||||||||
Stock-based payments | 19,391 | 19,391 | |||||||||||||||||||
Settlement of convertible notes receivable | 5,277 | 5,277 | (5,277) | ||||||||||||||||||
Dividends paid to non-controlling interests | (11,855) | (11,855) | |||||||||||||||||||
Comprehensive loss | (183,189) | 152,825 | (367,421) | 31,407 | |||||||||||||||||
Ending Balance at May. 31, 2021 | $ 4,465,313 | $ 46 | 4,792,406 | 152,668 | (486,050) | 6,243 | |||||||||||||||
Ending Balance, Shares at May. 31, 2021 | 446,440,641 | 446,440,641 | |||||||||||||||||||
Shares issued for acquisition | $ 117,804 | $ 114,068 | $ 2 | $ 117,804 | $ 114,066 | ||||||||||||||||
Shares issued for acquisition, shares | 9,817,061 | 9,817,061 | 12,540,479 | ||||||||||||||||||
Share issuance - equity financing | $ 262,509 | $ 5 | 262,504 | ||||||||||||||||||
Share issuance - equity financing, shares | 51,741,710 | ||||||||||||||||||||
Share issuance - Double Diamond Holdings note | (7,484) | 28,560 | (36,044) | ||||||||||||||||||
Share issuance - Double Diamond Holdings note, shares | 2,677,596 | ||||||||||||||||||||
Share issuance - legal settlement | $ 22,170 | 22,170 | |||||||||||||||||||
Share issuance - legal settlement, shares | 2,959,386 | 2,959,386 | |||||||||||||||||||
Share issuance - purchase of capital and intangible assets | $ 12,146 | 12,146 | |||||||||||||||||||
Share issuance - purchase of capital and intangible assets, shares | 1,289,628 | ||||||||||||||||||||
Share issuance - options exercised | $ 5,403 | 5,403 | |||||||||||||||||||
Share issuance - options exercised, shares | 5,208,386 | 719,031 | |||||||||||||||||||
Share issuance - RSUs exercised, shares | 4,489,355 | ||||||||||||||||||||
Third party contribution | $ 52,995 | $ 52,995 | |||||||||||||||||||
Shares effectively repurchased for employee withholding tax | $ (8,686) | (8,686) | |||||||||||||||||||
Stock-based compensation | 35,994 | 35,994 | |||||||||||||||||||
Comprehensive loss | (630,866) | (173,432) | (476,801) | 19,367 | |||||||||||||||||
Ending Balance at May. 31, 2022 | $ 4,441,366 | $ 53 | $ 5,382,367 | $ (20,764) | $ (962,851) | $ 42,561 | |||||||||||||||
Ending Balance, Shares at May. 31, 2022 | 532,674,887 | 532,674,887 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Cash used in operating activities: | |||
Net loss | $ (434,132) | $ (336,014) | $ (100,833) |
Adjustments for: | |||
Deferred income tax recovery | (27,538) | (24,873) | (13,305) |
Unrealized foreign exchange loss | 18,001 | 49,342 | (451) |
Amortization | 154,592 | 67,832 | 35,669 |
Loss (gain) on sale of capital assets | (682) | (1,523) | 8,075 |
Inventory valuation write down | 67,000 | 19,919 | |
Impairment | 378,240 | 50,679 | |
Other non-cash items | (9,647) | 3,025 | 9,608 |
Stock-based compensation | 35,994 | 17,351 | 18,079 |
Loss (gain) on long-term investments & equity investments | 4,914 | 1,624 | 24,295 |
Loss (gain) on derivative instruments | (227,583) | 169,537 | (53,611) |
Change in fair value of contingent consideration | (44,650) | ||
Transaction costs associated with business acquisitions | 59,917 | ||
Change in non-cash working capital | (91,771) | (70,854) | (78,832) |
Net cash used in operating activities | (177,262) | (44,717) | (100,627) |
Cash (used in) provided by investing activities: | |||
Proceeds from disposal of marketable securities | 14,816 | ||
Investment in capital and intangible assets | (34,064) | (38,874) | (98,786) |
Proceeds from disposal of capital and intangible assets | 12,205 | 6,608 | 1,411 |
Promissory notes advances | (2,419) | ||
Repayment of notes receivable | 5,752 | 19,396 | |
Investment in long-term investments and equity investees | (451) | ||
Proceeds from disposal of long-term investments and equity investees | 8,430 | 19,570 | |
Net cash acquired (paid) on business acquisitions | 326 | 66,608 | (25,902) |
Net cash (used in) provided by investing activities | (21,533) | 46,105 | (69,946) |
Cash (used in) provided by financing activities: | |||
Share capital issued, net of cash issuance costs | 262,509 | 102,550 | 74,395 |
Proceeds (payment) from warrants and options exercised | (3,283) | 144 | 3,918 |
Repayment of convertible debentures | (88,026) | (812) | |
Proceeds from long-term debt | 102,798 | 60,944 | |
Repayment of long-term debt | (40,254) | (64,559) | (8,114) |
Repayment of lease liabilities | (4,672) | (1,058) | (126) |
Increase in bank indebtedness | 9,406 | 8,328 | 401 |
Dividend paid to NCI | (7,484) | (23,895) | |
Net cash provided by financing activities | 128,196 | 124,308 | 130,606 |
Effect of foreign exchange on cash and cash equivalents | (1,958) | 2,124 | (6,572) |
Net decrease in cash and cash equivalents | (72,557) | 127,820 | (46,539) |
Cash and cash equivalents, beginning of period | 488,466 | 360,646 | 407,185 |
Cash and cash equivalents, end of period | $ 415,909 | $ 488,466 | $ 360,646 |
Description of business
Description of business | 12 Months Ended |
May 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of business | 1. Description of business Tilray Brands, Inc., and its wholly owned subsidiaries (collectively “Tilray”, the “Company”, “we”, or “us”) is a leading global cannabis-lifestyle and consumer packaged goods company headquartered in Leamington, Ontario, Canada, with operations in Canada, the United States, Europe, Australia, New Zealand and Latin America that is changing people’s lives for the better – one person at a time – by inspiring and empowering the worldwide community to live their very best life by providing them with products that meet the needs of their mind, body, and soul and invoke a sense of wellbeing. Tilray’s mission is to be the trusted partner for its patients and consumers by providing them with a cultivated experience and health and wellbeing through high-quality, differentiated brands and innovative products. A pioneer in cannabis research, cultivation and distribution, Tilray’s production platform supports over 20 brands in over 20 countries, including comprehensive cannabis offerings, hemp-based foods, and alcoholic beverages. On April 30, 2021, Tilray acquired all of the issued and outstanding common shares of Aphria Inc. (“Aphria”), an international organization focused on building a global cannabis-lifestyle consumer packaged goods company in addition to its businesses in the marketing and manufacturing beverage alcohol products in the United States, and in the distribution of (non-Cannabis) pharmaceutical products in Germany and Argentina, pursuant to a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario). On January 10, 2022, Tilray, Inc. changed its corporate name to Tilray Brands, Inc., pursuant to a second certificate of amendment of the amended and restated certificate of incorporation filed with the Delaware Secretary of State (the “Name Change”), and amended and restated its bylaws on that same date to reflect the Name Change. |
Basis of preparation
Basis of preparation | 12 Months Ended |
May 31, 2022 | |
Basis Of Preparation [Abstract] | |
Basis of preparation | 2. Basis of preparation The policies applied in these consolidated financial statements are prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). Based on the determination In conjunction with the reverse acquisition, the Company elected to adopt Aphria’s fiscal year end of June 1 to May 31 These consolidated financial statements have been prepared on the going concern basis which assumes that the Company 2021 and 2020 , the Company had cash flows used in operating activities of $ (177,262) , $ (44,717) and (100,627) , respectively. As of May 31, 2022 and 2021 , the Company had working capital of $ and $ , respectively . Current management forecasts and related assumptions support the view that the Company can adequately manage the operational needs of the business with the current cash on hand for the next twelve months from the date of issuance of these financial statements. Foreign currency These consolidated financial statements are presented in U.S. dollars (“USD”), which is the Company’s reporting currency; however Foreign currency transactions are remeasured to the respective functional currencies of the Company’s entities at the exchange rates in effect on the date of the transactions. Monetary assets and liabilities denominated in foreign currencies are remeasured to the functional currency at the foreign exchange rate applicable at the statement of financial position date. Non-monetary items carried at historical cost denominated in foreign currencies are remeasured to the functional currency at the date of the transactions. Non-monetary items carried at fair value denominated in foreign currencies are remeasured to the functional currency at the date when the fair value was determined. Realized and unrealized exchange gains and losses are recognized through profit and loss. On consolidation, the assets and liabilities of foreign operations reported in their functional currencies are translated into USD, the Group’s presentation currency, at period-end exchange rates. Income and expenses, and cash flows of foreign operations are translated into USD using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in other comprehensive income (loss) and accumulated in equity. Basis of consolidation The consolidated financial statements of the Company, include the accounts of the company, its wholly-owned subsidiaries and majority owned subsidiaries (see Note 21). All significant intercompany transactions are eliminated. Equity method investments In accordance with ASC 323, Investments – Equity Method and Joint Ventures, If the Company’s share of losses in an equity investment equals or exceeds its interest in the entity, including any net advances, the group does not recognize further losses, unless it has guaranteed obligations of the investee or is otherwise committed to provide further financial support for the investee. |
Significant accounting policies
Significant accounting policies | 12 Months Ended |
May 31, 2022 | |
Accounting Policies [Abstract] | |
Significant accounting policies | 3 . Significant accounting policies The significant accounting Cash and cash equivalents Cash and cash equivalents . Accounts receivable The Company As part of the Inventory Inventory is valued at the lower of cost and net realizable value, determined using weighted average cost. All direct and indirect costs related to inventory are capitalized as they are incurred, and they are subsequently recorded in cost of goods sold on the statements of loss and comprehensive loss at the time inventory is sold. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the end of each reporting period, the Company performs an assessment of inventory and records write-downs for excess and obsolete inventories based on the Company’s estimated forecast of product demand, production requirements, market conditions, regulatory environment, and spoilage. Actual inventory losses may differ from management’s estimates and such differences could be material to the Company’s statements of financial position, statements of loss and comprehensive loss and statements of cash flows. Capital assets Capital assets Asset type Depreciation method Depreciation term (estimated useful life) Production facility Straight-line 20 – 30 years Equipment Straight-line 3 – 25 years Leasehold improvements Straight-line Lesser of estimated useful life or lease term Finance lease right-of-use assets Straight-line Lesser of the lease term and the useful life of the leased asset Intangible assets Intangible assets are recorded at cost and amortized on a straight-line basis over the estimated useful lives. The Company uses the following ranges of asset lives: Asset type Amortization term Customer relationships & distribution channel 14 – 16 years Licences, permits & applications 90 months – indefinite Intellectual property, trademarks & brands 15 months – 25 years Non-compete agreements Over term of non-compete Know how 5 years Impairment of long-lived assets The Company reviews long-lived assets, including capital assets and definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (“asset group”). An impairment loss is recognized when the sum of projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value may be determined using a market approach or income approach. Business combinations and goodwill The Company accounts for business combinations using the acquisition method in accordance with Accounting Standards Codification, ASC 805, Business Combinations which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition. Contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Contingent consideration that is classified as a liability is remeasured at subsequent reporting dates, with the corresponding gain or loss recognized in profit or loss. Non-controlling interests in the acquiree are measured at fair value on acquisition date. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and the services are received (except for the costs to issue debt or equity securities which are recognized according to specific requirements). Purchase price allocations may be preliminary and, during the measurement period not to exceed one year from the date of acquisition, changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined. Goodwill represents the excess of the consideration transferred for the acquisition of subsidiaries over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. Impairment of goodwill and indefinite-lived intangible assets Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We operate in four operating segments which are our reporting units, and goodwill is allocated at the operating segment level. The Company reviews goodwill and indefinite-lived intangible assets annually for impairment in the fourth quarter, or more frequently, if events or circumstances indicate that the carrying amount of an asset may not be recoverable. Leases Effective July 1, 2019, arrangements containing leases are evaluated as an operating or finance lease at lease inception. For operating leases, the Company recognizes an operating lease right-of-use ("ROU") asset and operating lease liability at lease commencement based on the present value of lease payments over the lease term. With the exception of certain finance leases, an implicit rate of return is not readily determinable for the Company's leases. For these leases, an incremental borrowing rate is used in determining the present value of lease payments and is calculated based on information available at the lease commencement date. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest the Company would have to pay to borrow funds on a collateralized basis over a similar term. The Company references market yield curves which are risk-adjusted to approximate a collateralized rate in the currency of the lease. These rates are updated on a quarterly basis for measurement of new lease obligations. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Leases with an initial term of 12 months or less are not recognized on the Company's c onsolidated statements of financial position . Operating lease assets are presented as right-of-use assets, and corresponding operating lease liabilities are presented within lease liabilities, on the Company’s c onsolidated statements of financial position . Finance lease assets are included in capital assets , and corresponding finance lease liabilities are included within current lease liabilities , on the Company’s c onsolidated statements of financial position . Convertible notes receivable Convertible notes receivables include various investments in which the Company has the right, or potential right (see Note 11) to convert the indenture into common stock shares of the investee and are classified as available-for-sale and are recorded at fair value. Unrealized gains and losses during the year, net of the related tax effect, are excluded from income and reflected in other comprehensive income (loss), and the cumulative effect is reported as a separate component of shareholders’ equity until realized. The Company assesses its convertible notes receivables for impairment at each measurement date. Convertible notes receivables are impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the duration and extent to which the fair value is less than cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in the statements of loss and comprehensive loss and a new cost basis for the investment is established. The Company also evaluates whether there is a plan to sell the security or it is more likely than not that the Company will be required to sell the security before recovery. If neither of the conditions exist, then only the portion of the impairment loss attributable to credit loss is recorded in the statements of net loss and the remaining amount is recorded in other comprehensive income (loss). Long-term investments Long- term Equity method investments Investments in entities over which the Company does not have a controlling financial interest but has significant influence, are accounted for using the equity method, with the Company’s share of losses reported in loss from equity method investments on the statements of loss and comprehensive loss. Equity method investments are recorded at cost, plus the Company’s share of undistributed earnings or losses, and impairment, if any, within interest in equity investees on the statements of financial position. Convertible debentures The Company accounts for its convertible debentures in accordance with ASC 470-20 Debt with Conversion and Other Options Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in the statements of loss and comprehensive loss. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in the statements of financial position. For convertible debentures with an embedded conversion feature that did not meet the equity scope exception from derivative accounting pursuant to ASC 815-15, the Company elected the fair value option under ASC 825 Fair Value Measurements Warrants Warrants are accounted for in accordance with applicable accounting guidance provided in ASC 815 Derivatives and Hedging – Contracts in Entity's Own Equity Fair value measurements Fair value Income taxes Income taxes are recognized in the consolidated statements of loss and comprehensive loss and are comprised of current and deferred taxes. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management makes an assessment of the likelihood that a deferred tax asset will be realized, and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. A change in the recognition or measurement of an unrealized tax benefit is reflected in the period during which the change occurs. Revenue Revenue is recognized when the control of the promised goods, through performance obligation, is transferred to the customer in an amount that reflects the consideration we expect to be entitled to in exchange for the performance obligations. Excise taxes remitted In addition, amounts disclosed as net revenue are net of excise taxes, sales tax, duty tax, allowances, discounts and rebates. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration and the existence of significant financing components, if any. Some contracts for the sale of goods may provide customers with a right of return, volume discount, bonuses for volume/quality achievement, or sales allowance. In addition, the Company may provide in certain circumstances, a retrospective price reduction to a customer based primarily on inventory movement. These items give rise to variable consideration. The Company uses the expected value method to estimate the variable consideration because this method best predicts the amount of variable consideration to which the Company will be entitled. The Company uses historical evidence, current information and forecasts to estimate the variable consideration. The Company reduces revenue and recognizes a contract liability equal to the amount expected to be refunded to the customer in the form of a future rebate or credit for a retrospective price reduction, representing its obligation to return the customer’s consideration. The estimate is updated at each reporting period date. Cost of goods sold Cost of General and administrative General and administrative expenses are comprised primarily of (i) personnel related costs such as salaries, benefits, annual employee bonus expense and stock-based ‘compensation costs; (ii) legal, accounting, consulting and other professional fees; and (iii) corporate insurance and other facilities costs associated with our corporate and administrative locations. Selling Selling expenses are comprised direct selling costs which primarily consist of (i) commissions paid to our third-party workforce, (ii) patient acquisition and maintenance fees, (iii) Health Canada’s cannabis fees and (iv) freight. Marketing and promotion Marketing and promotion expenses are comprised primarily of marketing and advertising expenses. Research and development Research and development costs are expensed as incurred. Research and development are comprised primarily of costs for personnel Stock-based compensation The Company has an omnibus plan which includes issuances of stock options, restricted stock units (“RSUs”) and stock appreciation rights (“SARs”). The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The fair value of RSUs is based on the share price as at date of grant and no SARs were issued to date. The share-based compensation expense is based on the fair value of the stock-based awards at the grant date and the expense is recognized over the related service period following a straight-line vesting expense schedule. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates. Any revisions are recognized in the consolidated statements of loss and comprehensive loss such that the cumulative expense reflects the revised estimate. For performance-based stock options and RSUs, the Company records compensation expense over the estimated service period adjusted for a probability factor of achieving the performance-based milestones. At each reporting date, the Company assesses the probability factor and records compensation expense accordingly, net of estimated forfeitures. Earnings (loss) per share Basic earnings In computing diluted earnings (loss) per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. Critical accounting estimates and judgments The preparation Financial statement areas that require significant judgement are as follows: Long-term investments and convertible notes receivable – The determination of fair value of the Company’s long-term investments and convertible notes receivable at other than initial cost is subject to certain limitations. Financial information for private companies in which the Company has investments may not be available and, even if available, that information may be limited and/or unreliable. Use of the valuation approach described below may involve uncertainties and determinations based on the Company’s judgment and any value estimated from these techniques may not be realized or realizable. Company-specific information is considered when determining whether the fair value of a long-term investment or convertible notes receivable should be adjusted upward or downward at the end of each reporting period. In addition to company-specific information, the Company will consider trends in general market conditions and the share performance of comparable publicly traded companies when valuing long-term investments and convertible notes receivable. The fair value of long-term investments and convertible notes receivable may need to be adjusted if: • There has been a significant subsequent equity financing provided by outside investors at a valuation different than the current value of the investee company, in which case the fair value of the investment is set to the value at which that financing took place; • There have been significant corporate, political, or operating events affecting the investee company that, in management’s opinion, have a material impact on the investee company’s prospects and therefore its fair value. In these circumstances, the adjustment to the fair value of the investment will be based on management’s judgment and any value estimated may not be realized or realizable; • The investee company is placed into receivership or bankruptcy; • Based on financial information received from the investee company, it is apparent to the Company that the investee company is unlikely to be able to continue as a going concern; • Important positive or negative management changes by the investee company that the Company’s management believes will have a positive or negative impact on the investee company’s ability to achieve its objectives and build value for shareholders. Adjustment to the fair value of a long-term investment and convertible notes receivable will be based upon management’s judgment and any value estimated may not be realized or realizable. The resulting values for non-publicly traded investments may differ from values that would be realized if a ready market existed. Estimated useful lives, impairment considerations and amortization of capital and intangible assets – Amortization of capital and intangible assets is dependent upon estimates of useful lives based on management’s judgment. Goodwill and indefinite-lived intangible asset impairment testing require 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. Impairment of definite long-lived assets is influenced by judgment in defining a reporting unit and determining the indicators of impairment, and estimates used to measure impairment losses The reporting unit’s fair value is determined using discounted future cash flow models, which incorporate assumptions regarding future events, specifically future cash flows, growth rates and discount rates. Stock-based compensation – The fair value of stock-based compensation expenses are estimated using the Black-Scholes option pricing model and rely on a number of assumptions including the fair value of common shares on the grant date, risk-free rate, volatility rate, annual dividend yield, the expected term, and the estimated rate of forfeiture of options granted. Volatility is estimated by using the historical volatility of the Company. Business combinations – Judgement is used in determining a) whether an acquisition is a business combination or an asset acquisition. We use judgement in applying the acquisition method of accounting for business combinations and estimates to value identifiable assets and liabilities at the acquisition date. Estimates are used to determine cash flow projections, including the period of future benefit, and future growth and discount rates, among other factors. The values allocated to the acquired assets and liabilities assumed affect the amount of goodwill recorded on acquisition. Fair value of assets acquired and liabilities assumed is typically estimated using an income approach, which is based on the present value of future discounted cash flows. Significant estimates in the discounted cash flow model include the discount rate, rate of future revenue growth and profitability of the acquired business and working capital effects. The discount rate considers the relevant risk associated with the business-specific characteristics and the uncertainty related to the ability to achieve projected cash flows. These estimates and the resulting valuations require significant judgment. Management engages third party experts to assist in the valuation of material acquisitions. Convertible debentures – The fair value of Convertible Debentures where the Company had elected the fair value option are determined using the Black-Scholes option pricing model. Assumptions and estimates are made in determining an appropriate conversion price, volatility, dividend yield, and the fair value of common stock. There is judgement in assessing what portion of the gain or loss, if any, relates to the change in the instrument-specific credit risk. Warrant liability – The fair value of the warrant liability is measured using a Black Scholes pricing model. Assumptions and estimates are made in determining an appropriate risk-free interest rate, volatility, term, dividend yield, discount due to exercise restrictions, and the fair value of common stock. Any significant adjustments to the unobservable inputs would have a direct impact on the fair value of the warrant liability. New accounting pronouncements not yet adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In May 2021, the FASB issued ASU 2021-04, Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) In October 2021, the FASB issued ASU 2021-08, Business Combinations (Subtopic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance, New accounting pronouncements recently adopted In December – In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |
Inventory
Inventory | 12 Months Ended |
May 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 4 . Inventory Inventory is comprised of: May 31, 2022 May 31, 2021 Plants $ 14,521 $ 23,083 Dried cannabis 116,739 118,269 Cannabis trim 592 2,931 Cannabis derivatives 24,685 24,158 Cannabis vapes 542 3,791 Cannabis packaging and other inventory items 21,691 31,462 Wellness inventory 13,275 15,171 Beverage alcohol inventory 27,840 5,402 Distribution inventory 25,644 32,162 Total $ 245,529 $ 256,429 Inventory is written down for any obsolescence, spoilage and excess inventory or when the net realizable value of inventory is less than the carrying value. During the year ended May 31, 2022, the Company recorded charges for inventory and inventory-related write downs as a component of cost of sales. Cannabis products were written down by $59,500 for the year ended May 31, 2022, by $19,919 for the year ended May 31, 2021 and there were no write downs for the year ended May 31, 2020. Distribution products were written down by $7,500 for the year ended May 31, 2022, there were no write downs for the years ended May 31, 2021 and 2020. Included in cost of goods sold for the year ended May 31, 2022 is $2,214 purchase price accounting step-up for beverage alcohol inventory sold in the year, $835 for the year ended May 31, 2021 and there was no step-up for the year ended May 31, 2020. |
Related party transactions
Related party transactions | 12 Months Ended |
May 31, 2022 | |
Related Party Transactions [Abstract] | |
Related party transactions | 5 . Related party transactions In the normal course of business, the Company enters into related party transactions with certain entities under common control and joint ventures as detailed below. Docklight LLC (“Docklight”) royalty and management services The Company previously paid Docklight a royalty fee pursuant to a brand licensing agreement which provided the Company with exclusive rights in Canada for the use of certain adult-use brands up until the Company returned the brand to Docklight. During the year ended May 31, 2022, 2021 and 2020 royalty fees of $1,430, $125, and nil Plain Vanilla Research Limited Partnership (“ Fluent ”) and Cannfections Group Inc. (“Cannfections”) The Company has a joint venture arrangement with a 50% ownership and voting interest in Cannfections. During the year ended May 31, 2022, 2021 and 2020, co-manufacturing fees on edible cannabis products were $2,560, $1,370, and nil, respectively were recorded within cannabis costs of goods sold in the statements of loss and comprehensive loss. On August 17, 2021, the Company sold it’s 50% ownership and voting interest in Fluent in exchange for various capital and intangible assets equaling a total value of $4,914. Additionally, there was a gain on the sale of the investment of $1,145 recorded in other non-operating income in the statement of loss and comprehensive loss. |
Capital assets
Capital assets | 12 Months Ended |
May 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Capital assets | 6 . Capital assets Capital asset consisted of the following: May 31, 2022 May 31, 2021 Land $ 31,882 $ 28,549 Production facilities 453,412 346,510 Equipment 254,486 215,408 Leasehold improvements 7,455 17,059 ROU-assets under finance lease — 34,726 Construction in progress 7,505 85,322 $ 754,740 $ 727,574 Less: accumulated amortization (167,241 ) (76,876 ) Total $ 587,499 $ 650,698 |
Leases
Leases | 12 Months Ended |
May 31, 2022 | |
Leases [Abstract] | |
Leases | 7 . Leases The Company Leases have varying terms with remaining lease terms of up to approximately 20 years The table below presents the lease-related assets and liabilities recorded on the balance sheet. Classification on Balance Sheet May 31, 2022 May 31, 2021 Assets Operating lease, right-of- use assets Right of use assets $ 12,996 $ 18,267 Finance lease, right-of-use assets Capital assets — 34,726 Total right-of-use asset $ 12,996 $ 52,993 Liabilities Current: Operating lease liability Accrued lease obligations - current $ 6,703 $ 3,613 Finance lease liability Accrued lease obligations - current — 651 Non-current: Operating lease liability Accrued lease obligations - non-current 11,329 18,465 Finance lease liability Accrued lease obligations - non-current — 35,481 Total lease liabilities $ 18,032 $ 58,210 The table below presents certain information related to the lease costs for finance and operating leases. May 31, 2022 May 31, 2021 Finance lease cost: Amortization of right-of-use assets $ — $ 806 Interest on lease liabilities — 765 Operating lease cost 3,499 1,374 Total lease cost $ 3,499 $ 2,945 The Company does not have short term lease expense or sublease income for the year ending May 31, 2022. The table below presents supplemental cash flow information related to leases. May 31, 2022 May 31, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,087 $ 1,466 Operating cash flows from finance leases 736 774 Financing cash flows from finance leases 572 231 The following table presents the future undiscounted payment associated with lease liabilities as of May 31, 2022: Operating leases 2023 $ 4,115 2024 3,377 2025 2,782 2026 3,047 Thereafter 6,891 Total minimum lease payments $ 20,212 Imputed interest (2,180 ) Obligations recognized $ 18,032 |
Intangible assets
Intangible assets | 12 Months Ended |
May 31, 2022 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible assets | 8 . Intangible assets Intangible assets are comprised of the following items May 31, 2022 May 31, 2021 Customer relationships & distribution channel $ 617,437 $ 239,810 Licenses, permits & applications 377,897 430,270 Non-compete agreements 12,512 12,453 Intellectual property, trademarks, knowhow & brands 634,997 990,917 $ 1,642,843 $ 1,673,450 Less: accumulated amortization (154,124 ) (52,192 ) Less: impairments (210,844 ) (15,340 ) Total $ 1,277,875 $ 1,605,918 During the year ended May 31, 2022, as a result of delays in product registrations in Latin America and changes in market opportunities, causing a shift in our strategic priorities, management recorded a non-cash impairment of $110,033 of licences, permits and applications and $85,471 of intellectual property, trademarks, knowhow & brands, representing all of the intangible asset values related to those entities, and discounted cash flows (refer to Note 10 Goodwill for further details) . Included in Licenses , permits & applications is $ of indefinite - lived intangible assets (202 1 - $ 412,000 ). Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Amortization 2023 $ 67,591 2024 60,947 2025 59,912 2026 59,912 2027 59,912 Thereafter 611,190 Total $ 919,464 |
Business Acquisitions
Business Acquisitions | 12 Months Ended |
May 31, 2022 | |
Business Combinations [Abstract] | |
Business Acquisitions | 9 . Business Acquisitions Reverse Acquisition On April 30, 2021 (“Closing Date”), Tilray acquired all of the issued and outstanding common shares of Aphria Inc. (“Aphria”), an international organization focused on building a global cannabis-lifestyle and consumer packaged goods company in addition to its businesses in the marketing and manufacturing beverage alcohol products in the United States, and in the distribution of (non-Cannabis) pharmaceutical products in Germany and Argentina, pursuant to a plan of arrangement (the “Arrangement”) under the Business Corporations Act (Ontario). The fair value of the purchase price on the closing date was, as follows: April 30, 2021 Number of Tilray common shares outstanding at acquisition date 179,635,973 Conversion ratio 0.8381 Tilray common shares issued at closing 214,337,159 Market share price of Aphria converted stock units $ 14.62 Fair value of Tilray common stock transferred to Aphria shareholders 3,133,609 Consideration related to stock-based compensation (1) 71,297 Total fair value of consideration transferred $ 3,204,906 (1) On acquisition date there was consideration in the form of 1,207,010 restricted stock units and 4,782,132 stock options that had been issued before the acquisition date to employees and non-employees of Tilray. The pre-combination fair value of these awards was $17,647 and $53,650, respectively. The table below summarizes fair value of the assets acquired and the liabilities assumed as of May 31, 2022. During the year ended May 31, 2022, the Company recorded measurement period adjustments to its initial allocation of purchase price as a result of ongoing valuation procedures on assets and liabilities assumed, including: (i) a decrease in inventory of $10,000; (ii) a decrease in prepaids and other current assets of $6,000; (iii) a decrease in deferred tax liabilities, net of $11,476; (iv) an increase in accrued expenses and other current liabilities of $8,000; and (v) an increase to goodwill of $12,524 due to the incremental period adjustments discussed in items (i) through (iv). The impact of measurement period adjustments to the results of operations was immaterial. May 31, 2022 Assets Cash and cash equivalents $ 375,673 Accounts receivable 28,054 Inventory 66,547 Prepaids and other current assets 2,960 Capital assets 136,637 Right-of-use assets, operating leases 12,606 Definite-lived intangible assets (estimated useful life) Distribution channel ( 15 years 404,000 Customer relationships ( 15 years 59,000 Know how ( 5 years 115,000 Brands (10 to 25 years 301,000 Indefinite-lived intangible assets Licenses 200,000 Goodwill 2,234,137 Other assets 22,879 Total assets 3,958,493 Liabilities Accounts payable 62,292 Accrued expenses and other current liabilities 93,120 Accrued lease obligations 21,962 Warrant liability 79,402 Deferred tax liabilities, net 224,915 Convertible notes 267,862 Other liabilities 4,034 Total liabilities 753,587 Net assets acquired $ 3,204,906 Revenue (unaudited) for the Company would have been higher by approximately $180,000 for the year ended May 31, 2021, if the acquisition had taken place on June 1, 2020. Net income and comprehensive net income (unaudited) would have been lower by approximately $460,000 for the year ended May 31, 2021, if the acquisition had taken place on June 1, 2020. Acquisition of Double Diamond Distillery LLC (d/b/a Breckenridge Distillery) On December 7, 2021, the Company through its wholly-owned subsidiary Four Twenty Corporation, completed the purchase of all the membership interests of Double Diamond Distillery LLC (d/b/a Breckenridge Distillery), a Colorado limited liability company and distilled spirits brand located in Breckenridge, Colorado (the “Breckenridge Acquisition”). As consideration for the Breckenridge Acquisition, the Company paid a purchase price in an aggregate amount equal to $114,068, which purchase price was satisfied through the issuance of 12,540,479 shares of Tilray’s Class 2 common shares. The Company is in the process of finalizing the fair value of the net assets acquired and, as a result, the fair value of the net assets acquired may be subject to adjustments pending completion of final valuations and post-closing adjustments . The table below summarizes preliminary estimated fair value of the assets acquired and the liabilities assumed at the effective acquisition date. Amount Consideration Shares $ 114,068 Net assets acquired Current assets Cash and cash equivalents 326 Accounts receivable 2,128 Prepaids and other current assets 367 Inventory 20,351 Long-term assets Capital assets 11,179 Customer relationships (15 years) 9,800 Intellectual property, trademarks & brands (15 years) 69,950 Goodwill 2,797 Total Assets 116,898 Current liabilities Accounts payable and accrued liabilities 2,228 Long-term liabilities Deferred tax liability 602 Total liabilities 2,830 Total net assets acquired $ 114,068 The goodwill of $2,797 is primarily related to factors such as synergies and market opportunities and is reported under the Company’s Beverage alcohol segment. Revenue (unaudited) for the Company would have been higher by approximately $12,000 for the year ended May 31, 2022, if the acquisition had taken place on June 1, 2021. Net income and comprehensive net income (unaudited) would have been lower by approximately $3,000 the year ended May 31, 2022, if the acquisition had taken place on June 1, 2021, primarily as a result of amortization of the intangible assets acquired. Acquisition of SW Brewing Company, LLC In connection with the acquisition on November 25, 2020, the Company originally recorded contingent consideration of $60,657, expected to be paid in December 2023. During the year, the Company reduced the estimate of the contingent consideration by $44,650. The fair value has been determined by discounting future expected cash outflows at a discount rate of 5%. The inputs into the future expected cash outflows are level 3 on the fair value hierarchy and are subject to volatility and uncertainty, which could significantly affect the fair value of the contingent consideration in future periods. As at May 31, 2022, the fair value of the contingent consideration was $16,007. |
Goodwill
Goodwill | 12 Months Ended |
May 31, 2022 | |
Goodwill Disclosure [Abstract] | |
Goodwill | 10 . Goodwill The following table shows the carrying amount of goodwill: Segment May 31, 2022 May 31, 2021 Cannabis 2,640,669 2,628,146 Distribution 4,458 4,458 Beverage alcohol 102,999 100,202 Wellness 77,470 77,470 Effect of foreign exchange 39,640 63,713 Impairments (223,931 ) (41,195 ) $ 2,641,305 $ 2,832,794 During the year ended May 31, 2022, the Company completed its annual goodwill impairment assessment of the fair value of the For the year ended May 31, 2021, there were no impairment charges recognized. For the year ended May 31, 2020, the Company recognized impairment charges of $50,679 consisting of: $5,229 in capital assets, $15,340 in intangible assets, $41,195 in cannabis goodwill, offset by a $4,065 in net liabilities and $7,020 of NCI portion of the impairment. |
Convertible notes receivable
Convertible notes receivable | 12 Months Ended |
May 31, 2022 | |
Convertible Notes Receivable [Abstract] | |
Convertible notes receivable | 1 1 . Convertible notes receivable During the year ended May 31, 2022, the Company issued 9,817,061 shares valued at $117,804 in exchange for 68% in Superhero Acquisition LP ("SH Acquisition"), the non-controlling interest shareholders contributed cash for the remaining 32% interest in SH Acquisition. All proceeds were used to purchase convertible notes with a face value of $165,799 (2021 - $nil) of MedMen Enterprises Inc. (“MedMen”) The unrealized loss on convertible notes receivable recognized in other comprehensive income amounts to $71,428 and $3,824 for the years ended May 31, 2022 and 2021 respectively. During the year ended May 31, 2022, and 2021 the Company received total proceeds of $948 and $1,251 respectively from sales of available-for-sale securities and gain (loss) of $nil, and $5,277 respectively was reclassified out of accumulated other comprehensive income into earnings. The fair value of the MedMen note was determined using the Black-Scholes option pricing model using the following assumptions: the risk-free rate of 1.43%; expected life of the convertible note; volatility of 70% based on comparable companies; forfeiture rate of nil; dividend yield of nil; probability of legalization between 0% and 60%; and, the exercise price of the respective conversion feature. Convertible notes May 31, 2022 May 31, 2021 10330698 Canada Ltd. (d/b/a Starbuds) $ — $ 828 High Tide Inc. — 1,657 MedMen Enterprises Inc. 111,200 — Total convertible notes receivable 111,200 2,485 Deduct - current portion — (2,485 ) Total convertible notes receivable, non current portion 111,200 — 10330698 Canada Ltd. (d/b/a Starbuds) On December As at May 31, 2022, the fair value of the Company’s secured convertible debentures was $nil (May 31, 2021 - $828 (C$1,000)), which includes High Tide Inc. On April 10, 2019, Aphria purchased C$4,500 in unsecured convertible debentures of High Tide Inc. (“High Tide”). The convertible debentures bear interest at 10% per annum, payable annually up front in common shares of High Tide based on the 10-day volume weighted average price (the “Debentures”). The Debentures matured on April 10, 2021. In addition to the Debentures, the Company received 6,000,000 warrants in High Tide as part of the purchase of the unsecured convertible debentures. Upon maturity, the Company received C$2,500 and agreed to extend the maturity date on C$2,000 of the convertible notes, which were settled during the year. MedMen Enterprises Inc. (“MedMen”) On August 31, 2021, the Company issued 9,817,061 share to acquire 68% interest in Superhero Acquisition L.P. (“SH Acquisition”), which purchased senior secured convertible debentures together with certain associated warrants to acquire Class B subordinate voting shares of MedMen in the principal amount of $165,799. The convertible debentures bear interest at LIBOR plus 6%, with a LIBOR floor of 2.5% and, any accrued interest is added to the outstanding debenture amount, and is to be paid at maturity of the secured convertible debenture. SH Acquisition was also granted “top-up” rights enabling it (and its limited partners) to maintain its percentage ownership (on an “as-converted” basis) in the event that MedMen issues equity securities upon conversion of convertible securities that may be issued by MedMen. The Company’s ability to convert the Notes and exercise the Warrants is dependent upon U.S. federal legalization of cannabis (a “Triggering Event”) or Tilray’s waiver of such requirement as well as any additional regulatory approvals. The debentures mature on August 17, 2028. |
Long-term investments
Long-term investments | 12 Months Ended |
May 31, 2022 | |
Investments All Other Investments [Abstract] | |
Long-term investments | 1 2 . Long-term investments Long-term investments are comprised of the following items: Fair value May 31, 2022 Fair value May 31, 2021 Equity investments measured at fair value 4,347 12,185 Equity investments under measurement alternative 5,703 5,500 Total other investments 10,050 17,685 The Company’s equity investments at fair value consist of publicly traded shares, equity interest in non-traded companies and warrants held by the Company. The Company’s equity investments under measurement alternative include equity investments without readily determinable fair values. For the year ended May 31, 2022 the Company received proceeds of $nil on the sale of investments (2021-$8,430, 2020-$19,570) and recognized $6,731 in unrealized losses due to the change in fair value of investments (2021-$1,567, 2020-$23,057), the remaining change in long-term investments is a result of currency translation recognized in other comprehensive income. |
Income taxes and deferred incom
Income taxes and deferred income taxes | 12 Months Ended |
May 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income taxes and deferred income taxes | 1 3 . Income taxes and deferred income taxes Loss before income taxes includes the following components: For the year ended May 31, 2022 2021 2020 United States $ (233,697 ) (7,814 ) — Canada (81,772 ) (323,964 ) (88,930 ) Other countries (125,205 ) (13,208 ) (20,255 ) $ (440,674 ) (344,986 ) (109,185 ) The (recoveries) expense for income taxes consists of: For the year ended May 31, 2022 2021 2020 Current: United States $ 262 $ — $ — Canada 23,268 15,227 5,294 Other countries 479 697 375 $ 24,009 15,924 5,669 Deferred: United States $ 520 $ 1,517 $ — Canada (17,154 ) (30,111 ) (9,226 ) Other countries (13,917 ) 3,698 (4,795 ) $ (30,551 ) (24,896 ) (14,021 ) Income tax benefits, net $ (6,542 ) (8,972 ) (8,352 ) A reconciliation of income taxes at the statutory rate with the reported taxes is as follows: For the year ended May 31, 2022 2021 2020 Loss before net income taxes: $ (440,674 ) $ (344,986 ) $ (109,185 ) Income tax benefits at statutory rate (92,542 ) (72,408 ) (22,929 ) Tax impact of foreign operations 81,316 (19,016 ) (6,310 ) Foreign exchange and other 14,941 1,011 (63 ) Non-deductible expenses 6,404 (1,347 ) 2,474 Non-deductible (taxable) losses 748 45,230 13,305 Changes in enacted rates - 135 - Change in fair value of warrant liability (13,359 ) (259 ) - Stock based and other compensation 994 2,902 4,105 Change in valuation allowance 17,255 46,007 1,066 Non deductible dividend - (755 ) - Impact on convertible debenture and other differences (22,299 ) - - Effect of transaction - (10,472 ) - Income tax benefits, net $ (6,542 ) $ (8,972 ) $ (8,352 ) The following table summarizes the components of deferred tax: May 31, 2022 2021 2020 Deferred assets Operating loss carryforwards - United States $ 77,868 $ 57,320 $ - Operating loss carryforwards - Canada 132,293 152,382 20,512 Operating loss carryforwards - Other Countries 15,606 7,801 9,037 Capital loss carryforwards 38,087 1,350 1,854 Intangible assets 150,543 86,541 — Property and equipment 20,592 17,107 — Currently nondeductible interest 7,165 9,491 — Partnership interests — 34,108 — Deferred financing costs 1,638 4,237 5,022 Investment tax credits and related pool balance 21,590 526 — Other 44,393 26,434 1,704 Total Deferred tax assets 509,775 397,297 38,129 Less valuation allowance (354,071 ) (265,940 ) (4,583 ) Net deferred tax assets 155,704 131,357 33,546 Deferred tax liabilities Property and equipment (38,387 ) (15,997 ) (8,356 ) Intangible assets (305,577 ) (376,228 ) (69,580 ) Convertible Senior Notes Due 2023 (8,378 ) (4,977 ) (4,056 ) Total deferred tax liabilities (352,342 ) (397,202 ) (81,992 ) Net deferred tax liability $ (196,638 ) (265,845 ) (48,446 ) On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted and signed into law in the U.S. The CARES Act, among other things, permits U.S. net operating loss ("NOL") carryovers and carrybacks to offset 100% of U.S. taxable income for taxable years beginning before 2021. The CARES Act also contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. The CARES Act results in increasing the allowable interest expense and NOL carryover deductions in 2020. The Tax Cuts and Jobs Act (2017 Tax Act) was enacted on December 22, 2017 and reduced the U.S. statutory federal corporate tax rate from 35% to 21%. The Tax Act also contains additional provisions that are effective for the company in 2018, including a new tax on Global Intangible Low-Taxed Income (“GILTI”). Under GAAP, we are allowed to make an accounting policy choice to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the "period cost method"); or (ii) factor in such amounts into the measurement of our deferred taxes (the "deferred method"). The Company has made a policy decision to record GILTI tax as a current-period expense when incurred. Deferred income taxes have not been recorded on the basis differences for investments in consolidated subsidiaries as these basis differences are indefinitely reinvested or will reverse in a non-taxable manner. Quantification of the deferred income tax liability, if any, associated with indefinitely reinvested basis differences is not practicable. Deferred income taxes have been recorded on the basis differences for investments in nonconsolidated entities. At May 31, 2022, the Company had United States net operating loss carry-forwards of approximately $370,800 that can be carried forward indefinitely and generally limited in annual use to 80% of the current year taxable income starting 2021. The Company has Canadian net operating loss carry-forwards of approximately $449,500 that can be carried forward 20 years and begin to expire in 2028. Management believes that it is more-likely-than-not that the benefit from certain United States and foreign net operating loss carry-forwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance on the deferred tax assets relating to these carry-forwards. The net change in the total valuation allowance was an increase of $88,131 and $261,357 for the years ended May 31, 2022 and 2021, respectively. The Company recognizes the financial statement impact of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest impact that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The total amount of gross unrecognized tax benefits (“GUTB”) was $0, $0, and $0 as of May 31, 2022, 2021 and 2020 respectively. There is a reasonable possibility that the Company’s unrecognized tax benefits will change within twelve months due to audit settlements or the expiration of statute of limitations, but the Company does not expect the change to be material to the financial statements. The Company recognizes interest and, if applicable, penalties for any uncertain tax positions. Interest and penalties are recorded as a component of income tax expenses. In the years ended May 31, 2022, 2021 and 2020, the Company recorded approximately $0, $0 and $0, respectively, of interest and penalty expenses related to uncertain tax positions. As of May 31, 2022, and 2021, the Company had a cumulative balance of accrued interest and penalties on unrecognized tax positions of $0 and $0, respectively. The Company and its subsidiaries are subject to United States federal income tax as well as the income tax of multiple state and foreign jurisdictions. The Company is not currently under audit in any jurisdiction for any period. Major jurisdictions where there are wholly owned subsidiaries of Tilray Brands, Inc. which require income tax filings include the Canada, Portugal, Germany, and Australia. The earliest periods open for review by local taxing authorities are fiscal years 2017 for Canada, 2018 for Portugal, 2017 for Germany, 2018 for Australia, and 2018 for United States. |
Bank indebtedness
Bank indebtedness | 12 Months Ended |
May 31, 2022 | |
Bank Indebtedness [Abstract] | |
Bank indebtedness | 1 4 . Bank indebtedness The Company has an operating line of credit in the amount of C$1,000 which bears interest at the lender’s prime rate plus 75 basis points. As at May 31, 2022, the Company has not drawn on the line of credit. The operating line of credit is secured by the property at 265 Talbot St. West, Leamington, Ontario and a first ranking position on a general security agreement. The Company’s subsidiary, CC Pharma, has two operating lines of credit for €5,000 and €3,500 each, which bear interest at Euro Over Night Index Average plus 1.79% and Euro Interbank Offered Rate plus 3.682% respectively. As at May 31, 2022 , a total of € ($ ) was drawn down from the available credit of € . The operating lines of credit are secured by the inventory held by CC Pharma. The Company’s subsidiary, Four Twenty Corporation (“420”), has a revolving credit facility of $30,000 which bears interest at EURIBOR plus an applicable margin. As at May 31, 2022, the Company has drawn $10,000 on the revolving line of credit. The revolving credit facility is secured by all of 420 and SweetWater’s assets and includes a corporate guarantee by the Company. |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
May 31, 2022 | |
Payables And Accruals [Abstract] | |
Accounts payable and accrued liabilities | 1 5 . Accounts payable and accrued liabilities Accounts payable and accrued liabilities comprised of: May 31, 2022 May 31, 2021 Trade payables $ 68,604 $ 57,706 Accrued liabilities 57,497 112,594 Accrued payroll and employment related taxes 17,736 19,390 Income taxes payable 6,150 14,764 Accrued interest 6,772 148 Other accruals 672 8,211 Total $ 157,431 $ 212,813 |
Long-term debt
Long-term debt | 12 Months Ended |
May 31, 2022 | |
Long Term Debt [Abstract] | |
Long-term debt | 1 6 . Long-term debt The following table sets forth the net carrying amount of long-term debt instruments: May 31, 2022 May 31, 2021 Credit facility - C$80,000 - Canadian prime interest rate plus an applicable margin, 3-year term, with a 10-year amortization, repayable in blended monthly payments, due in November 2022 $ 53,720 $ 62,964 Term loan - C$25,000 - Canadian 5-year bond interest rate plus 2.73% with a minimum 4.50%, 5-year term, with a 15-year amortization, repayable in blended monthly payments, due in July 2023 12,750 14,335 Term loan - C$25,000 - 3.95%, compounded monthly, 5-year term with a 15-year amortization, repayable in equal monthly instalments of $188 including interest, due in April 2022 15,050 17,117 Term loan - C$1,250 - Canadian prime interest rate plus 1.5%, 5-year term, with a 10-year amortization, repayable in equal monthly instalments of C$13 including interest, due in August 2026 462 587 Mortgage payable - C$3,750 - Canadian prime interest rate plus 1.5%, 5-year term, with a 20-year amortization, repayable in equal monthly instalments of C$23 including interest, due in August 2026 2,327 2,562 Vendor take-back mortgage - C$2,850 - 6.75%, 5-year term, repayable in equal monthly instalments of $56 including interest, due in June 2021 — 92 Term loan ‐ €5,000 ‐ Euro Interbank Offered Rate plus 1.79%, 5‐year term, repayable in quarterly instalments of €250 plus interest, due in December 2023 1,878 3,356 Term loan ‐ €5,000 ‐ Euro Interbank Offered Rate plus 2.68%, 5‐year term, repayable in quarterly instalments of €250 plus interest, due in December 2023 1,878 3,356 Term loan ‐ €1,500 ‐ Euro Interbank Offered Rate plus 2.00%, 5‐year term, repayable in quarterly instalments of €98 including interest, due in April 2025 1,219 1,831 Term loan ‐ €1,500 ‐ Euro Interbank Offered Rate plus 2.00%, 5‐year term, repayable in quarterly instalments of €98 including interest, due in June 2025 1,307 1,831 Mortgage payable - $22,635 - EUROBIR rate plus 1.5%, 10-year term, with a 10-year amortization, repayable in monthly instalments of $57 plus interest, due in October 2030 21,561 — Term loan - $100,000 - EUROBIR rate plus an applicable margin, 3-year term, repayable in quarterly instalments of $1,875 beginning March 31, 2021 for the first year and $2,500 thereafter, with the outstanding principal due in December 2023 75,000 98,138 Carrying amount of long-term debt 187,152 206,169 Unamortized financing fees (1,450 ) (2,061 ) Net carrying amount 185,702 204,108 Less principal portion included in current liabilities (67,823 ) (36,622 ) Total noncurrent portion of long-term debt $ 117,879 $ 167,486 The credit facility of C$80,000 ($66,278) was entered into on November 29, 2019 by 51% owned subsidiary Aphria Diamond and is secured by the property at 620 County Road 14, Leamington, Ontario, owned by Aphria Diamond, and a guarantee from Aphria Inc. The term loan of C$25,000 ($20,712) was entered into on July 27, 2018 and is secured by the property at 223, 231, 239, 265, 269, 271 and 275 Talbot Street West, Leamington Ontario, a first position on a general security agreement, and an assignment of fire insurance to the lender. The effective interest rate during the year was 4.68%. The term loan of C$25,000 ($20,712) was entered into on May 9, 2017 and is secured by the property at 265 Talbot Street West, Leamington Ontario, a first position on a general security agreement, and an assignment of fire insurance to the lender. The term loan of C$1,250 ($1,036) and mortgage payable of C$3,750 ($3,108) were entered into on July 22, 2016 and are secured by the property at 265 Talbot Street West, Leamington, Ontario and a first position on a general security agreement. The vendor take-back mortgage payable of C$2,850 ($2,361) was entered into on June 30, 2016 in conjunction with the acquisition of the property at 265 Talbot Street West. The mortgage was secured by the property at 265 Talbot Street West, Leamington, Ontario. The mortgage was repaid in full and the security released in June 2021. The Company entered into term loans between December 2019 and June 2021 for €13,000 ($16,165) through wholly owned subsidiary CC Pharma. These term loans are secured against the distribution inventory held by CC Pharma. The Company, entered into a secured credit agreement on March 31, 2021 for a term loan of $100,000 through wholly owned subsidiary Four Twenty Corporation (“420”). 420 provided all of its and its subsidiaries’ assets as security for the loan and Aphria Inc. provided a corporate guarantee. During the year ended May 31, 2022, the Company acquired all the membership interests in Cheese Grits, LLC, a Georgia limited liability company that owns the SweetWater Brewing Company brewery and taproom in Atlanta, Georgia, which facility was previously leased to the Company. Cheese Grits, LLC, was owned by certain former equity holders of SweetWater and current employees. As part of this purchase, the Company through subsidiary Cheese Grits, LLC, acquired the mortgage payable which is secured against the brewery and taproom. During the year, the Company amended its bank agreement to remove certain financial covenants in return for maintaining a minimum balance of C$7,083 ($5,596) and C$1,350 ($1,067) in certain Canadian cash operating accounts. As at May 31, 2022, the Company was in compliance with all the long-term debt covenants. |
Convertible debentures
Convertible debentures | 12 Months Ended |
May 31, 2022 | |
Debt Instruments [Abstract] | |
Convertible debentures | 1 7 . Convertible debentures The following table sets forth the net carrying amount of the convertible debentures: May 31, 2022 May 31, 2021 5.25% Convertible Notes ("APHA 24") $ 216,753 $ 399,444 5.00% Convertible Notes ("TLRY 23") 185,196 268,180 Total $ 401,949 $ 667,624 APHA 24 May 31, 2022 May 31, 2021 5.25% Contractual debenture $ 350,000 $ 350,000 Debt settlement (90,760 ) (90,760 ) Fair value adjustment (42,487 ) 140,204 Net carrying amount of APHA 24 $ 216,753 $ 399,444 The APHA 24 convertible debentures, were entered into in April 2019, in the principal amount of $350,000, bears interest at a rate of 5.25% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, and matures on June 1, 2024, unless earlier converted. The APHA 24 is an unsecured obligation and ranks senior in right of payment to all indebtedness that is expressly subordinated in right of payment to APHA 24. The APHA 24 will rank equal in right of payment with all liabilities that are not subordinated. The APHA 24 is effectively junior to any secured indebtedness to the extent of the value of the assets securing such indebtedness. Holders of the APHA 24 may convert all or any portion of their Notes, in multiples of one thousand dollars principal amount, at their option at any time between December 1, 2023 to the maturity date. The initial conversion rate for the APHA 24 will be 89.31162364 shares of common stock per one thousand dollars principal amount of Notes, which will be settled in cash, common shares of Aphria or a combination thereof, at Tilray’s election. This is equivalent to an initial conversion price of approximately $11.20 per common share, subject to adjustments in certain events. In addition, holders of the APHA 24 may convert all or any portion of their Notes, in multiples of one thousand dollars principal amount, at their option at any time preceding December 1, 2023, if any of the following: (a) the last reported sales price of the common shares for at least 20 trading days during a period of 30 consecutive trading days immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (b) during the five-business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollars principal amount of the APHA 24 for each trading day of the measurement period is less than 98% of the product of the last reported sale price of the Company’s common shares and the conversion rate on each such trading day; (c) the Company calls any or all of the APHA 24 for redemption or; (d) upon occurrence of specified corporate event. The Company may not redeem the APHA 24 prior to June 6, 2022, except upon the occurrence of certain changes in tax laws. On or after June 6, 2022, the Company may redeem for cash all or part of the APHA 24, at its option, if the last reported sale price of the Company’s common shares has been at least 130% of the conversion price then in effect for at least 20 trading days during any 30 consecutive trading day period ending on and including trading day immediately preceding the date on which the Company provides notice of redemption. The redemption of the APHA 24 will be equal to 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date. The Company elected the fair value option under ASC 825 Fair Value Measurements The overall change in fair value of the APHA 24 during the year ended May 31, 2022 was a decrease of $163,670 with a foreign exchange impact of $19,021 (2021 – increase of $170,453 and $32,586), which included contractual interest of $13,600 (2021 - $13,600). As at May 31, 2022, there was $259,400 principal outstanding (2021 - $259,400). TLRY 23 May 31, May 31, 2022 2021 Opening balance $ 277,856 $ — Principal amount issued (paid) (88,026 ) 277,856 Unamortized discount (4,634 ) (9,676 ) Net carrying amount $ 185,196 $ 268,180 The TLRY 23 bears interest at a rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. Additional interest may accrue on the TLRY 23 in specified circumstances. The TLRY 23 will mature on October 1, 2023, unless earlier repurchased, redeemed or converted. There are no principal payments required over the five-year The TLRY 23 is an unsecured obligation and ranks senior in right of payment to all of the Company’s indebtedness that is expressly subordinated in right of payment to the TLRY 23; equal in right of payment with any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables but excluding intercompany obligations) of the Company’s current or future subsidiaries. The TLRY 23 includes customary covenants and sets forth certain events of default after which the convertible notes may be declared immediately due and payable, including certain types of bankruptcy or insolvency involving the Company. To the extent the Company so elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants, for the first 365 days after such event of default, consist exclusively of the right to receive additional interest on the notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election (the “cash conversion option”). The initial conversion rate for the convertible notes is 5.9735 shares of common stock per one thousand dollar principal amount of notes, which is equivalent to an initial conversion price of approximately $167.41 per share of common stock, which represents approximately 1,659,737 shares of common stock, based on the $277,856 aggregate principal amount of convertible notes outstanding as of May 31, 2022 (2021 - $nil). Throughout the term of the TLRY 23, the conversion rate may be adjusted upon the occurrence of certain events. Prior to the close of business on the business day immediately preceding April 1, 2023, the TLRY 23 will be convertible only under the specified circumstances. On or after April 1, 2023 until the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their TLRY 23, in multiples of one thousand dollars principal amount, at the option of the holder regardless of the aforementioned circumstances. The Company may from time to time seek to retire or purchase its TLRY 23, in open market purchases, privately negotiated transactions or otherwise. Such purchases or exchanges, if any, will depend on prevailing market conditions, the company's liquidity requirements, contractual restrictions and other factors. During the year, the Company purchased $88,026 of its TLRY 23. As of May 31, 2022, the TLRY 23 is not yet convertible. The convertible notes will become convertible upon the satisfaction of the above circumstances. The remaining unamortized debt discount related to the convertible notes as of May 31, 2022 will be accreted over the remaining term of the TLRY 23, which is approximately 16 months. As of May 31, 2022, the Company was in compliance with all the covenants set forth under the TLRY 23. During the year ended May 31, 2022, the Company recognized total interest expense of $18,860 (2021 – $1,585), which included contractual interest coupon of $14,684 (2021 - $1,158) and amortization of the discount of $4,176 (2021 - $427). |
Warrants
Warrants | 12 Months Ended |
May 31, 2022 | |
Warrants And Rights Note Disclosure [Abstract] | |
Warrants | 18 . Warrants During the year 5,994,651 warrants expired with exercise prices between $3.08 and $9.08. As of May 31, 2022, there are 6,209,000 warrants outstanding, with an original exercise price of $5.95 per warrant, expiring March 17, 2025. Each warrant is exercisable for one common share of the Company. The warrants contain anti-dilution price protection features, which adjust the exercise price of the warrants if the Company subsequently issues common stock at a price lower than the exercise price of the warrants. In the event additional warrants or convertible debt are issued with a lower and/or variable exercise price, the exercise price of the warrants will be adjusted accordingly. During the year ended May 31, 2022, the Company issued shares which triggered the anti-dilution price protection feature lowering the exercise price to $4.30. These warrants are classified as liabilities as they are to be settled in registered shares, and the registration statement is required to be active, unless such shares may be subject to an applicable exemption from registration requirements. The holders, at their sole discretion, may elect to affect a cashless exercise, and be issued exempt securities in accordance with Section 3(a)(9) of the 1933 Act. In the event the Company does not maintain an effective registration statement, the Company may be required to pay a daily cash penalty equal to 1 % of the number of shares of common stock due to be issued multiplied by any trading price of the common stock between the exercise date and the share delivery date, as selected by the holder. Alternatively, the Company may deliver registered common stock purchased by the Company in the open market. The Company may also be required to pay cash if it does not have sufficient authorized shares to deliver to the holders upon exercise. The Company estimated the fair value of the warrant liability at May 31, 2022 at $2.30 per warrant using the Black Scholes pricing model (Level 3) with the following assumptions: Risk-free interest rate of 2.89%, expected volatility of 70%, expected term of 3.3 years, strike price of $4.30 and fair value of common stock of $4.49. Expected volatility is based |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
May 31, 2022 | |
Equity [Abstract] | |
Stockholders' Equity | 19 . Stockholders’ equity Issued and outstanding At May 31, 2022, the Company had 990,000,000 shares authorized to be issued with 532,674,887 shares issued and outstanding, at May 31, 2021 – 743,333,333 and 446,440,641 respectively. During the year-ended May 31, 2022, the Company issued the following shares: a) In September 2021, the Company issued 9,817,061 shares to acquire a 68% interest in SH Acquisition (refer to Note 11 Convertible notes receivable ). The fair value of the shares issued was $117,804. b) In December 2021, the Company issued 12,540,479 shares to acquire all the membership interests of Double Diamond Distillery LLC (refer to Note 9 Business Acquisitions ) c) During the year, the Company issued 51,741,710 shares under its At-the-Market (“ATM”) program for gross proceeds of $267,762. The Company paid $5,253 in commissions and other fees associated with these issuances for net proceeds of $262,509. As a result of the sale of shares from the ATM, the exercise price on the outstanding warrants have been adjusted from $5.95 to $4.30. d) During the year, the Company issued 2,677,596 shares to settle amounts owed to the non-controlling shareholders of Aphria Diamond in the amount of $28,560. In addition, the Company also paid $7,484 to the non-controlling shareholders of Aphria Diamond for an aggregate settlement of $36,044. e) During the year, the Company issued 2,959,386 shares to settle various legal proceedings. f) In December 2021, the Company issued 1,289,628 shares to purchase capital and intangible assets. g) During the year ended May 31, 2022 the company issued 5,208,386 shares for the exercise of various stock-based compensation awards. Stock-based compensation For the year ended May 31, 2022, the total stock-based compensation expense was $ 35,994 Tilray 2018 Equity Incentive Plan and Original Plan The 2018 Equity Incentive Plan (EIP) authorizes the award of stock options, restricted stock units (“RSUs”) and stock appreciation rights (“SARs”) to employees, including officers, non-employee directors and consultants and the employees and consultants of our affiliates. Shares subject to awards granted under the EIP that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the EIP. Additionally, shares become available for future grant under the EIP if they were issued under the EIP and if the Company repurchases them or they are forfeited. This includes shares used to pay the exercise price of an award or to satisfy the tax withholding obligations related to an award. The maximum number of shares of common stock subject to stock awards granted under the EIP or otherwise during any one calendar year to any non-employee director Stock options represent the right to purchase shares of our common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of our shares of common stock on the date of grant. The Company’s compensation committee may provide for stock options to be exercised only as they vest or to be immediately exercisable with any shares issued on exercise being subject to the Company’s right of repurchase that lapses as the shares vest. The maximum term of stock options granted under the EIP is ten years. RSUs represent a right to receive common stock or their cash equivalent for each RSU that vests, which vesting may be based on time or achievement of performance conditions. Unless otherwise determined by our compensation committee at the time of grant, vesting will cease on the date the participant no longer provides services to the Company SARs provide for a payment, or payments, in cash or shares of common stock to the holder based upon the difference between The EIP permits As of April 30, 2021, 9,806,851 shares of common stock had been reserved for issuance under the EIP. The number of shares of common stock reserved for issuance under the 2018 EIP will automatically increase on January 1 of each calendar year, for a period of not more than ten years, starting on January 1, 2019 and ending on and including January 1, 2027, in an amount equal to 4% of the total number of shares of our common stock outstanding on December 31 of the prior calendar year, or a lesser number of shares determined by our Board of Directors. The shares reserved include only the outstanding shares related to stock options and RSUs and excludes stock options outstanding under the Original Plan. Certain employees and other service providers of the Company participate in the equity-based compensation plan of Privateer Holdings, Inc (the “Original Plan”) under the terms and valuation method detailed below. The expected life of the stock options represented the period of time stock options were expected to be outstanding and was estimated considering vesting terms and employees’ historical exercise and post-vesting employment termination behavior. Expected volatility was based on historical volatilities of public companies operating in a similar industry to Privateer Holdings. The risk-free rate is based on the United States Treasury yield curve in effect at the time of grant. The expected dividend yield was determined based on the stock option’s exercise price and expected annual dividend rate at the time of grant. No stock options were granted under the EIP during the year ended May 31, 2022 and 2021. For the year ended May 31, 2020, the fair value of each stock option granted is estimated on grant date using the Black-Scholes option pricing model using Stock-based activity under the EIP and Original Plan for the year ended May 31, 2022 is as follows: EIP Time-based stock option activity Weighted- Weighted- average average remaining Stock exercise contractual Aggregate Options price term (years) intrinsic value Balance, May 31, 2021 3,180,226 $ 14.19 1.3 $ 25,171 Granted — — — — Exercised (171,603 ) 7.76 — — Forfeited — — — — Cancelled (126,874 ) 6.08 — — Balance, May 31, 2022 2,881,749 $ 14.93 6.0 $ Original plan time-based stock option activity Weighted- Weighted- average average remaining Stock exercise contractual Aggregate Options price term (years) intrinsic value Balance, May 31, 2021 917,545 $ 3.97 1.7 $ 11,886 Exercised (735,564 ) 3.36 — — Forfeited (9,016 ) 5.36 — — Cancelled (80,188 ) 9.93 — — Balance, May 31, 2022 92,777 $ 3.52 3.8 $ 117 EIP Time-based RSU activity Weighted- average Weighted- average grant-date remaining Time-based fair value contractual Aggregate RSUs per share term (years) intrinsic value Balance, May 31, 2021 1,205,243 $ 15.16 — $ 20,091 Granted 6,447,993 12.02 — — Vested (564,937 ) 20.33 — — Forfeited (377,519 ) 14.16 — — Cancelled — — — — Balance, May 31, 2022 6,710,780 $ 11.76 2.6 $ 25,894 Predecessor Plan - Aphria Aphria had established the Aphria Omnibus Incentive Plan (the “Predecessor Plan”). Following stockholder approval of the EIP, no new awards have been granted under the Predecessor Plan. In connection with the reverse acquisition Aphria stock options, Aphria RSUs and DSUs issued under the Predecessor Plan were exchanged for options, RSUs under the EIP . As a result of the modification, all grantees were affected, and the Company recognized nil incremental compensation cost. The fair value Stock option Time-based stock option activity May 31, 2022 Weighted Weighted Weighted average average average grant remaining Aggregate Number of exercise date fair contractual Intrinsic options price value term (years) Amount Outstanding, beginning of the year 2,499,185 $ 12.48 $ 6.51 2.4 10,472 Exercised during the year (203,071 ) 8.14 31.88 N/A N/A Granted during the year — — — N/A N/A Forfeited during the year (155,381 ) 18.21 6.15 N/A N/A Expired during the year (301,705 ) 16.14 20.07 N/A N/A Outstanding, end of the year 1,839,028 $ 11.29 $ 64.44 1.8 — Vested and exercisable, end of the year 1,764,777 $ 11.39 $ 65.39 1.8 — Time-based and Performance-based RSU activity May 31, 2022 Weighted average grant - date fair Time- based value per RSUs share Non-vested, beginning of the year 2,794,972 $ 6.88 Granted during the year — — Vested during the year (1,868,691 ) $ 13.79 Forfeited during the year (149,169 ) $ 20.59 Non-vested, end of the year 777,112 $ 11.09 |
Accumulated other comprehensive
Accumulated other comprehensive loss | 12 Months Ended |
May 31, 2022 | |
Equity [Abstract] | |
Accumulated other comprehensive loss | 2 0 . Accumulated other comprehensive loss Accumulated other comprehensive loss includes the following components: Foreign currency translation (loss) gain Unrealized loss on convertible notes receivables Total Balance May 31, 2019 $ 626 $ 274 $ 900 Other comprehensive income (loss) (858 ) (5,476 ) (6,334 ) Balance May 31, 2020 (232 ) (5,202 ) (5,434 ) Settlement of convertible notes receivable — 5,277 5,277 Other comprehensive income (loss) 156,649 (3,824 ) 152,825 Balance May 31, 2021 156,417 (3,749 ) 152,668 Other comprehensive income (loss) (102,004 ) (71,428 ) (173,432 ) Balance May 31, 2022 $ 54,413 $ (75,177 ) $ (20,764 ) |
Non-controlling interests
Non-controlling interests | 12 Months Ended |
May 31, 2022 | |
Text Block [Abstract] | |
Non-controlling interests | 2 1 . Non-controlling interests The following tables summarize the information relating to the Company’s majority-owned subsidiaries, CC Pharma Nordic ApS (75%), Aphria Diamond (51%), ColCanna S.A.S. (90%), and SH Acquisition (68%) before intercompany eliminations. Summarized balance sheet information of the entities in which there is a non-controlling interest as at May 31, 2022: CC Pharma Aphria SH ColCanna Nordic ApS Diamond Acquisition S.A.S. Total Current assets $ 485 $ 20,546 $ — $ 193 $ 21,224 Non-current assets 158 152,786 111,200 141,929 406,073 Current liabilities (642 ) (63,196 ) — (53 ) (63,891 ) Non-current liabilities (410 ) (29,653 ) — (6,537 ) (36,600 ) Net assets (409 ) 80,483 111,200 135,532 326,806 Summarized balance sheet information of the entities in which there is a non-controlling interest as at May 31, 2021: CC Pharma Aphria SH ColCanna Nordic ApS Diamond Acquisition S.A.S. Total Current assets $ 919 $ 19,531 $ — $ 315 $ 20,765 Non-current assets 103 153,696 — 146,587 300,386 Current liabilities (956 ) (28,511 ) — (62 ) (29,529 ) Non-current liabilities (406 ) (69,332 ) — (6,606 ) (76,344 ) Net assets (340 ) 75,384 — 140,234 215,278 Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2022: CC Pharma Aphria SH ColCanna Nordic ApS Diamond Acquisition S.A.S. Total Revenue $ 354 $ 148,323 $ — $ — $ 148,677 Total expenses (recovery) 470 77,057 (11,180 ) 35 66,382 Net (loss) income (116 ) 71,266 11,180 (35 ) 82,295 Other comprehensive (loss) income 47 (2,353 ) (70,778 ) (4,737 ) $ (77,821 ) Net comprehensive income (69 ) 68,913 (59,598 ) (4,772 ) 4,474 Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2021: CC Pharma Aphria ColCanna Nordic ApS Diamond S.A.S. Total Revenue $ 827 $ 131,381 $ — $ 132,208 Total expenses (recovery) 958 67,030 923 68,911 Net (loss) income (131 ) 64,351 (923 ) 63,297 Other comprehensive (loss) income — — — — Net comprehensive loss (131 ) 64,351 (923 ) 63,297 Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2020: Aphria Diamond Marigold ColCanna S.A.S. Total Revenue $ 24,142 $ 40 $ — $ 24,182 Total expenses (recovery) 25,141 (4,995 ) (19,447 ) 699 Net (loss) income (999 ) 5,035 19,447 23,483 Other comprehensive (loss) income — — — — Net comprehensive loss (999 ) 5,035 19,447 23,483 |
Net revenue
Net revenue | 12 Months Ended |
May 31, 2022 | |
Revenues [Abstract] | |
Net revenue | 2 2 . Net revenue Net revenue is comprised of: For the year ended May 31, 2022 2021 2020 Cannabis revenue $ 300,891 $ 264,334 $ 153,477 Cannabis excise taxes (63,369 ) (62,942 ) (23,581 ) Net cannabis revenue 237,522 201,392 129,896 Beverage alcohol revenue 74,959 29,661 — Beverage alcohol excise taxes (3,467 ) (1,062 ) — Net beverage alcohol revenue 71,492 28,599 — Distribution revenue 259,747 277,300 275,430 Wellness revenue 59,611 5,794 — Total $ 628,372 $ 513,085 $ 405,326 |
Cost of goods sold
Cost of goods sold | 12 Months Ended |
May 31, 2022 | |
Cost Of Goods And Services Sold [Abstract] | |
Cost of goods sold | 2 3 . Cost of goods sold Cost of goods sold is comprised of: For the year ended May 31, 2022 2021 2020 Cannabis costs $ 194,834 $ 130,511 $ 68,551 Beverage alcohol costs 32,033 12,687 — Distribution costs 243,231 242,472 240,722 Wellness costs 41,457 4,233 — Total $ 511,555 $ 389,903 $ 309,273 |
General and administrative expe
General and administrative expenses | 12 Months Ended |
May 31, 2022 | |
General And Administrative Expense [Abstract] | |
General and administrative expenses | 2 4 . General and administrative expenses General and administrative expenses are comprised of the following items: For the year ended May 31, 2022 2021 2020 Executive compensation $ 14,128 $ 8,645 $ 6,777 Office and general 27,153 19,503 12,351 Salaries and wages 51,693 37,126 28,252 Stock-based compensation 35,994 17,351 18,079 Insurance 17,536 12,257 9,370 Professional fees 13,047 11,779 14,190 Gain on sale of capital assets (682 ) — — Insurance proceeds (4,032 ) — — Travel and accommodation 4,203 2,711 2,798 Rent 3,761 2,203 1,972 Total $ 162,801 $ 111,575 $ 93,789 |
Interest expense, net
Interest expense, net | 12 Months Ended |
May 31, 2022 | |
Interest Income Expense Net [Abstract] | |
Interest expense, net | 2 5 . Interest expense, net Interest expense, net is comprised of: For the year ended May 31, 2022 2021 2020 Interest income $ 11,736 $ 2,926 $ 6,273 Interest expense (39,680 ) (30,903 ) (25,644 ) $ (27,944 ) $ (27,977 ) $ (19,371 ) |
Non-operating (expense) income
Non-operating (expense) income | 12 Months Ended |
May 31, 2022 | |
Nonoperating Income Expense [Abstract] | |
Non-operating (expense) income | 2 6 . Non-operating (expense) income Non-operating (expense) income is comprised of: For the year ended May 31, 2022 2021 2020 Change in fair value of convertible debenture $ 163,670 $ (170,453 ) $ 53,611 Change in fair value of warrant liability 63,913 1,234 — Foreign exchange (loss) gain (28,383 ) (22,347 ) 6,145 Loss on long-term investments (6,737 ) (2,352 ) (24,295 ) Other non-operating (losses) gains, net 5,208 9,080 (21,266 ) $ 197,671 $ (184,838 ) $ 14,195 |
Change in non-cash working capi
Change in non-cash working capital | 12 Months Ended |
May 31, 2022 | |
Change In Non Cash Working Capital [Abstract] | |
Change in non-cash working capital | 2 7 . Change in non-cash working capital Change in non-cash working capital is comprised of: For the year ended May 31, 2022 2021 2020 Decrease (increase) in: Accounts receivable $ (5,842 ) $ (23,512 ) $ (25,593 ) Prepaids and other current assets 4,472 (6,772 ) (10,899 ) Inventory (45,749 ) (55,205 ) (89,660 ) Increase (decrease) in: Accounts payable and accrued liabilities (44,652 ) 14,635 47,320 $ (91,771 ) $ (70,854 ) $ (78,832 ) |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
May 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and contingencies | 28 . Commitments and contingencies Purchase and other commitments The Company has payments on long-term debt (refer to Note 16 Long-term debt Convertible Debentures Total 2023 2024 2025 2026 2027 Thereafter Long-term debt repayment $ 187,152 67,823 82,400 4,494 4,092 4,380 23,963 Convertible notes, principal and interest 489,029 23,102 206,613 259,314 — — — Material purchase obligations 32,356 26,948 4,527 881 — — — Construction commitments 1,108 1,108 — — — — — Total $ 709,645 $ 118,981 $ 293,540 $ 264,689 $ 4,092 $ 4,380 $ 23,963 Legal proceedings From time to time, the Company and/or its subsidiaries may become defendants in legal actions arising out of the ordinary course and conduct of its business. As of May 31, 2022, in the opinion of management, no claims meet the criteria to record a loss contingency. |
Financial risk management and f
Financial risk management and financial instruments | 12 Months Ended |
May 31, 2022 | |
Financial Risk Management And Financial Instruments [Abstract] | |
Financial risk management and financial instruments | 29 . Financial risk management and financial instruments Financial instruments The Company Significant accounting policies The carrying The Company’s long-term debt of $17,839 (2021 - $20,358) is subject to fixed interest rates. The Company’s long-term debt is valued based on discounting the future cash outflows associated with the long-term debt. The discount rate is based on the incremental premium above market rates for Government of Canada securities of similar duration. In each period thereafter, the incremental premium is held constant while the Government of Canada security is based on the then current market value to derive the discount rate. Fair value hierarchy Financial instruments recorded at fair value are classified using a fair value hierarchy that reflects the significance of inputs used in making the measurements. Cash and cash equivalents are Level 1. The hierarchy is summarized as follows: Level 1 Quoted prices (unadjusted) in active markets for identical assets and liabilities Level 2 Inputs that are observable for the asset or liability, either directly (prices) or indirectly (derived from prices) from observable market data Level 3 Inputs for assets and liabilities not based upon observable market data The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of May 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Level 1 Level 2 Level 3 May 31, 2022 Financial assets Cash and cash equivalents $ 415,909 $ — $ — $ 415,909 Convertible notes receivable — — 111,200 111,200 Equity investments measured at fair value 1,878 2,469 5,703 10,050 Financial liabilities Warrant liability — — (14,255 ) (14,255 ) Contingent consideration — — (16,007 ) (16,007 ) APHA 24 Convertible debenture — — (216,753 ) (216,753 ) Total recurring fair value measurements $ 417,787 $ 2,469 $ (130,112 ) $ 290,144 Level 1 Level 2 Level 3 May 31, 2021 Financial assets Cash and cash equivalents $ 488,466 — — $ 488,466 Convertible notes receivable — 2,485 — 2,485 Equity investments measured at fair value 9,251 2,934 5,500 17,685 Financial liabilities Warrant liability — — (78,168 ) (78,168 ) Contingent consideration — — (60,657 ) (60,657 ) APHA 24 Convertible debenture — — (399,444 ) (399,444 ) Total recurring fair value measurements $ 497,717 $ 5,419 $ (532,769 ) $ (29,633 ) The financial assets and liabilities required to be measured on a recurring basis are its equity consideration, and warrant liability. Convertible notes receivable and long-term investments recorded at fair value: The estimated fair value is determined using the Black Scholes option pricing model, probability of legalization and is classified as Level 3. Warrant : The warrants associated with the warrant liability are classified as Level 3 derivatives. Consequently, the estimated fair value of the warrant liability is determined using the Black Scholes pricing model. Until the warrants are exercised, expire, or other facts and circumstances lead the warrant liability to be reclassified to stockholders’ equity, the warrant liability (which relates to warrants to purchase shares of common stock) is marked-to-market each reporting period with the change in fair value recorded in change in fair value of warrant liability. Any significant adjustments to the unobservable inputs disclosed in the table below would have a direct impact on the fair value of the warrant liability. APHA 24: This is held at fair value. The estimated fair value is determined using the Black Scholes option pricing model and is classified as Level 3. Contingent : The contingent consideration from the acquisition of SweetWater is determined by discounting future expected cash outflows at a discount rate of 5% and probability of achievement of 25%. The unobservable inputs into the future expected cash outflows are classified as Level 3. The opening balances of assets and liabilities categorized within Level 3 of the fair value hierarchy measured at fair value on a recurring basis are reconciled to the closing balances as follows: APHA 24 Convertible Warrant Contingent Convertible Debt Liability Consideration notes receivable Total Balance, May 31, 2021 (399,444 ) (78,168 ) (60,657 ) 2,485 (535,784 ) Additions — — — 170,799 170,799 Disposals — — — (1,580 ) (1,580 ) Unrealized gain (loss) on fair value 182,691 63,913 44,650 (60,504 ) 230,750 Balance, May 31, 2022 $ (216,753 ) $ (14,255 ) $ (16,007 ) $ 111,200 $ (135,815 ) The unrealized the Convertible Debenture, warrant liability, contingent consideration and convertible notes payable are recognized in non-operating income (loss) and other comprehensive income for the convertible notes receivable using the following inputs: Financial asset / financial liability Valuation technique Significant unobservable input Inputs APHA Convertible debentures Black-Scholes Volatility, expected life 70% 2.3 years Warrant liability Black-Scholes Volatility, expected life 70% 3.6 years Contingent consideration Discounted cash flows Discount rate 5% Debt securities classified under available-for-sale method Black-Scholes Interest rate, conversion 20% 0% to 60% Items measured at fair value on a non-recurring basis The Company's Financial risk management The Company has exposure to the following risks from its use of financial instruments: credit; liquidity; currency rate; interest rate price; equity price risk; and capital management risk. (a) Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations. The maximum credit exposure at May 31, 2022, is the carrying amount of cash and cash equivalents, accounts receivable, prepaids and other current assets and convertible notes receivable. All cash and cash equivalents are placed with major financial institutions in Canada, Australia, Portugal, Germany, Colombia, Argentina and the United States. The Company evaluates the collectability of its accounts receivable and maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in the existing accounts receivable portfolio as of the reporting dates based on the estimate of expected net credit losses. Trade receivables included an allowance for doubtful accounts of $5,404 at May 31, 2022 (2021-$4,571). (b) Liquidity risk As at May 31, 2022, the Company’s financial liabilities consist of bank indebtedness and accounts payable and accrued liabilities, which have contractual maturity dates within one-year, long-term debt, and convertible debentures which have contractual maturities over the next five years. The Company maintains a minimum deposit on certain Canadian cash operating accounts tied to loans secured by its Aphria One and SweetWater facilities. The Company maintains debt service charge and leverage covenants on certain loans secured by its Aphria Diamond facilities and 420 that are measured quarterly. The Company believes that it has sufficient operating room with respect to its financial covenants for the next fiscal year and does not anticipate being in breach of any of its financial covenants. The Company manages its liquidity risk by reviewing its capital requirements on an ongoing basis. Based on the Company’s working capital position at May 31, 2022, management regards liquidity risk to be low. (c) Currency rate risk As at May 31, 2022, a portion of the Company’s financial assets and liabilities held in Canadian dollars and Euros consist of cash and cash equivalents, convertible notes receivable, and long-term investments. The Company’s objective in managing its foreign currency risk is to minimize its net exposure to foreign currency cash flows by transacting, to the greatest extent possible, with third parties in the functional currency. The Company is exposed to currency rate risk in other comprehensive income, relating to foreign subsidiaries which operate in a foreign currency. The Company does not currently use foreign exchange contracts to hedge its exposure of its foreign currency cash flows as management has determined that this risk is not significant at this point in time. (d) Interest rate price risk The Company’s exposure to changes in interest rates relates primarily to the Company’s outstanding debt. The Company manages interest rate risk by restricting the type of investments and varying the terms of maturity and issuers of marketable securities. Varying the terms to maturity reduces the sensitivity of the portfolio to the impact of interest rate fluctuations. (e) Equity price risks As of May 31, 2022, the Company held long-term equity investments at fair value and equity investments under the measurement alternative. These investment in equities were acquired as part of our strategic transactions. Accordingly, the changes in fair values of investment in equities measured at fair value or under the measurement alternative are recognized through gain (loss) on long-term investment in the statements of net loss and comprehensive loss. Based on the fair value of investment in equities held as of May 31, 2022, a hypothetical decrease of 10% in the prices for these companies would reduce the fair values of the investments and result in unrealized loss recorded in gain (loss) on long-term investment by $12,123. Similarly, based on the fair value of our warrant liability as of May 31, 2022, a hypothetical increase of 10% in the price for our common stock would increase the change in fair value of warrant liability and result in unrealized loss recorded in non-operating income by $1,787. (f) Capital management The Company’s objectives when managing its capital are to safeguard its ability to continue as a going concern, to meet its capital expenditures for its continued operations, and to maintain a flexible capital structure which optimizes the cost of capital within a framework of acceptable risk. The Company manages its capital structure and adjusts it in light of changes in economic conditions and the risk characteristics of the underlying assets. To maintain or adjust its capital structure, the Company may issue new shares, issue new debt, or acquire or dispose of assets. The Company is not subject to externally imposed capital requirements. Management reviews its capital management approach on an ongoing basis and believes that this approach, given the relative size of the Company, is reasonable. There have been no changes to the Company’s capital management approach in the year. The Company considers its cash and cash equivalents and marketable securities as capital. |
Segment reporting
Segment reporting | 12 Months Ended |
May 31, 2022 | |
Segment Reporting [Abstract] | |
Segment reporting | 3 0 . Segment reporting Information reported to the Chief Operating Decision Maker (“CODM”) for the purpose of resource allocation and assessment of segment performance focuses on the nature of the operations. The Company operates in four segments. 1) cannabis operations, which encompasses the production, distribution and sale of both medical and adult-use cannabis, 2) beverage alcohol operations, which encompasses the production, marketing and sale of beverage alcohol products, 3) distribution operations, which encompasses the purchase and resale of pharmaceuticals products to customers, and 4) wellness products, which encompasses hemp foods and cannabidiol (“CBD”) products. This structure is in line with how our Chief Operating Decision Maker (“CODM”) assesses our performance and allocates resources. Operating segments have not been aggregated and no asset information is provided for the segments because the Company’s CODM does not receive asset information by segment on a regular basis. While the Company reported “business under development” as a fifth segment in its previous Annual Report, management determined that this no longer met the definition of a reporting segment. Segment gross profit from external customers: For the year ended May 31, Cannabis 2022 2021 2020 Net revenue $ 237,522 $ 201,392 $ 129,896 Cost of goods sold 194,834 130,511 68,551 Gross profit 42,688 70,881 61,345 Distribution Net revenue $ 259,747 $ 277,300 $ 275,430 Cost of goods sold 243,231 242,472 240,722 Gross profit 16,516 34,828 34,708 Beverage alcohol Net revenue 71,492 28,599 — Cost of goods sold 32,033 12,687 — Gross profit 39,459 15,912 — Wellness Net revenue 59,611 5,794 — Cost of goods sold 41,457 4,233 — Gross profit 18,154 1,561 — Channels of cannabis revenue were as follows: For the year ended May 31, 2022 2021 2020 Revenue from Canadian medical cannabis products $ 30,599 $ 25,539 $ 28,685 Revenue from Canadian adult-use cannabis products 209,501 222,930 112,207 Revenue from wholesale cannabis products 6,904 6,615 12,585 Revenue from international cannabis products 53,887 9,250 — Less excise taxes (63,369 ) (62,942 ) (23,581 ) Total $ 237,522 $ 201,392 $ 129,896 Geographic net revenue: For the year ended May 31, 2022 2021 2020 North America $ 314,132 $ 229,120 $ 129,663 EMEA 296,911 279,062 271,291 Rest of World 17,329 4,903 4,372 Total $ 628,372 $ 513,085 $ 405,326 Geographic capital assets: May 31, 2022 May 31, 2021 North America $ 464,370 $ 504,575 EMEA 119,409 140,838 Rest of World 3,720 5,285 Total $ 587,499 $ 650,698 Major customers are defined as customers that each individually account for greater than 10% of the Company’s annual revenues. For the years ended May 31, 2022, 2021, and 2020 there were no major customers representing greater than 10% |
Subsequent Events
Subsequent Events | 12 Months Ended |
May 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 3 1 . Subsequent Events On March 3, 2022, we entered into a sales agreement (the “Sales Agreement”) with Jefferies LLC and Canaccord Genuity LLC (each, an “Agent” and together, the “Agents”), pursuant to which we may offer and sell shares of Tilray’s Class 2 common stock, par value $0.0001 per share, having an aggregate offering price of up to $400 million from time to time through an at the market equity offering program under which the Agents act as sales agent (the “ATM Program”). Under the Sales Agreement, the Agents may sell shares by methods deemed to be an "at the market offering" as defined in Rule 415(a)(4) promulgated under the Securities Act of 1933, as amended, including but not limited to sales made directly on or through the Nasdaq Global Select Market or on any other existing trading market for Tilray’s Class 2 common stock. Each Agent will be entitled to a commission of up to three percent (3.0%) of the gross proceeds of each sale of Tilray’s Class 2 common stock made through or to such Agent from time to time under the Sales Agreement. Subsequent to May 31, 2022, we sold an additional 11,920,209 shares of Tilray’s Class 2 common stock under the Sales Agreement, resulting in aggregate net proceeds to us of approximately $46,263, and gross proceeds of approximately $47,207, and paid Agents commissions and fees of approximately $944. As of July 28, 2022, we sold an aggregate of 63,661,919 shares for net proceeds of approximately 308,670 and gross proceeds of $314,969, the remaining availability under the Sales Agreement is approximately $85,031. As a result of the sale of the shares from the ATM, the exercise price on the outstanding warrants have been adjusted to $3.15. On July 12, 2022, we closed the HEXO transaction pursuant to which, among other things, we acquired from HT Investments MA LLC (“HTI”) all of the outstanding principal and interest under a secured convertible note (the “HEXO Note”) issued by HEXO Corp. (“HEXO”) maturing on May 1, 2026. The HEXO Note was amended prior to closing to provide for an adjustment down of the initial conversion price to CAD$0.40 and certain HEXO board appointment and governance rights in favor of Tilray. As of the closing, the HEXO Note had a principal balance of approximately $173 million. As part of the transaction, Tilray delivered consideration totaling approximately $155 million, representing the outstanding principal balance less a purchase price discount equal to 10.8% of such outstanding principal balance. The purchase price was satisfied by Tilray in the form of a newly-issued $50 million convertible promissory note, and the balance in approximately 33 million shares of Tilray’s Class 2 common stock. The HEXO transaction also provided for Tilray and HEXO to enter into commercial agreements providing for co-manufacturing by each of Tilray and HEXO, exclusive supply by Tilray to HEXO of cannabis products for international markets, provisioning by Tilray to HEXO of advisory services and procurement and selling and administrative services. In August 2021, the Board of Directors of the Company established a Special Litigation Committee (the “SLC”) of independent directors to re-assert director control and investigate the derivative claims asserted in In re Tilray, Inc. Reorganization Litigation On July 15, 2022, the SLC reached an agreement in principle with the defendants and certain of the non-parties, and their respective insurers, to resolve the claims asserted in the action in exchange for an aggregate amount of $26.9 million to be paid to Tilray plus mutual releases. The parties’ binding term sheet remains subject to execution of long-form settlement agreements with the respective parties and approval by the Delaware Court of Chancery. The SLC notified the Court of Chancery of the parties’ agreement in principle via letter dated July 18, 2022. See Part I, Item 3 – Legal Proceedings |
Significant accounting polici_2
Significant accounting policies (Policies) | 12 Months Ended |
May 31, 2022 | |
Accounting Policies [Abstract] | |
Cash and cash equivalents | Cash and cash equivalents Cash and cash equivalents . |
Accounts receivable | Accounts receivable The Company As part of the |
Inventory | Inventory Inventory is valued at the lower of cost and net realizable value, determined using weighted average cost. All direct and indirect costs related to inventory are capitalized as they are incurred, and they are subsequently recorded in cost of goods sold on the statements of loss and comprehensive loss at the time inventory is sold. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the end of each reporting period, the Company performs an assessment of inventory and records write-downs for excess and obsolete inventories based on the Company’s estimated forecast of product demand, production requirements, market conditions, regulatory environment, and spoilage. Actual inventory losses may differ from management’s estimates and such differences could be material to the Company’s statements of financial position, statements of loss and comprehensive loss and statements of cash flows. |
Capital assets | Capital assets Capital assets Asset type Depreciation method Depreciation term (estimated useful life) Production facility Straight-line 20 – 30 years Equipment Straight-line 3 – 25 years Leasehold improvements Straight-line Lesser of estimated useful life or lease term Finance lease right-of-use assets Straight-line Lesser of the lease term and the useful life of the leased asset |
Intangible assets | Intangible assets Intangible assets are recorded at cost and amortized on a straight-line basis over the estimated useful lives. The Company uses the following ranges of asset lives: Asset type Amortization term Customer relationships & distribution channel 14 – 16 years Licences, permits & applications 90 months – indefinite Intellectual property, trademarks & brands 15 months – 25 years Non-compete agreements Over term of non-compete Know how 5 years |
Impairment of long-lived assets | Impairment of long-lived assets The Company reviews long-lived assets, including capital assets and definite life intangible assets for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (“asset group”). An impairment loss is recognized when the sum of projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value may be determined using a market approach or income approach. |
Business combinations and goodwill | Business combinations and goodwill The Company accounts for business combinations using the acquisition method in accordance with Accounting Standards Codification, ASC 805, Business Combinations which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition. Contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Contingent consideration that is classified as a liability is remeasured at subsequent reporting dates, with the corresponding gain or loss recognized in profit or loss. Non-controlling interests in the acquiree are measured at fair value on acquisition date. Acquisition-related costs are recognized as expenses in the periods in which the costs are incurred and the services are received (except for the costs to issue debt or equity securities which are recognized according to specific requirements). Purchase price allocations may be preliminary and, during the measurement period not to exceed one year from the date of acquisition, changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined. Goodwill represents the excess of the consideration transferred for the acquisition of subsidiaries over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. Following initial recognition, goodwill is measured at cost less any accumulated impairment losses. |
Impairment of goodwill and indefinite-lived intangible assets | Impairment of goodwill and indefinite-lived intangible assets Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. We operate in four operating segments which are our reporting units, and goodwill is allocated at the operating segment level. The Company reviews goodwill and indefinite-lived intangible assets annually for impairment in the fourth quarter, or more frequently, if events or circumstances indicate that the carrying amount of an asset may not be recoverable. |
Leases | Leases Effective July 1, 2019, arrangements containing leases are evaluated as an operating or finance lease at lease inception. For operating leases, the Company recognizes an operating lease right-of-use ("ROU") asset and operating lease liability at lease commencement based on the present value of lease payments over the lease term. With the exception of certain finance leases, an implicit rate of return is not readily determinable for the Company's leases. For these leases, an incremental borrowing rate is used in determining the present value of lease payments and is calculated based on information available at the lease commencement date. The incremental borrowing rate is determined using a portfolio approach based on the rate of interest the Company would have to pay to borrow funds on a collateralized basis over a similar term. The Company references market yield curves which are risk-adjusted to approximate a collateralized rate in the currency of the lease. These rates are updated on a quarterly basis for measurement of new lease obligations. The Company’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the option will be exercised. Leases with an initial term of 12 months or less are not recognized on the Company's c onsolidated statements of financial position . Operating lease assets are presented as right-of-use assets, and corresponding operating lease liabilities are presented within lease liabilities, on the Company’s c onsolidated statements of financial position . Finance lease assets are included in capital assets , and corresponding finance lease liabilities are included within current lease liabilities , on the Company’s c onsolidated statements of financial position . |
Convertible notes receivable | Convertible notes receivable Convertible notes receivables include various investments in which the Company has the right, or potential right (see Note 11) to convert the indenture into common stock shares of the investee and are classified as available-for-sale and are recorded at fair value. Unrealized gains and losses during the year, net of the related tax effect, are excluded from income and reflected in other comprehensive income (loss), and the cumulative effect is reported as a separate component of shareholders’ equity until realized. The Company assesses its convertible notes receivables for impairment at each measurement date. Convertible notes receivables are impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the duration and extent to which the fair value is less than cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in the statements of loss and comprehensive loss and a new cost basis for the investment is established. The Company also evaluates whether there is a plan to sell the security or it is more likely than not that the Company will be required to sell the security before recovery. If neither of the conditions exist, then only the portion of the impairment loss attributable to credit loss is recorded in the statements of net loss and the remaining amount is recorded in other comprehensive income (loss). |
Long-term investments | Long-term investments Long- term |
Equity method investments | Equity method investments Investments in entities over which the Company does not have a controlling financial interest but has significant influence, are accounted for using the equity method, with the Company’s share of losses reported in loss from equity method investments on the statements of loss and comprehensive loss. Equity method investments are recorded at cost, plus the Company’s share of undistributed earnings or losses, and impairment, if any, within interest in equity investees on the statements of financial position. |
Convertible debentures | Convertible debentures The Company accounts for its convertible debentures in accordance with ASC 470-20 Debt with Conversion and Other Options Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in the statements of loss and comprehensive loss. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in the statements of financial position. For convertible debentures with an embedded conversion feature that did not meet the equity scope exception from derivative accounting pursuant to ASC 815-15, the Company elected the fair value option under ASC 825 Fair Value Measurements |
Warrants | Warrants Warrants are accounted for in accordance with applicable accounting guidance provided in ASC 815 Derivatives and Hedging – Contracts in Entity's Own Equity |
Fair value measurements | Fair value measurements Fair value |
Income taxes | Income taxes Income taxes are recognized in the consolidated statements of loss and comprehensive loss and are comprised of current and deferred taxes. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax basis of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management makes an assessment of the likelihood that a deferred tax asset will be realized, and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. A change in the recognition or measurement of an unrealized tax benefit is reflected in the period during which the change occurs. |
Revenue | Revenue Revenue is recognized when the control of the promised goods, through performance obligation, is transferred to the customer in an amount that reflects the consideration we expect to be entitled to in exchange for the performance obligations. Excise taxes remitted In addition, amounts disclosed as net revenue are net of excise taxes, sales tax, duty tax, allowances, discounts and rebates. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration and the existence of significant financing components, if any. Some contracts for the sale of goods may provide customers with a right of return, volume discount, bonuses for volume/quality achievement, or sales allowance. In addition, the Company may provide in certain circumstances, a retrospective price reduction to a customer based primarily on inventory movement. These items give rise to variable consideration. The Company uses the expected value method to estimate the variable consideration because this method best predicts the amount of variable consideration to which the Company will be entitled. The Company uses historical evidence, current information and forecasts to estimate the variable consideration. The Company reduces revenue and recognizes a contract liability equal to the amount expected to be refunded to the customer in the form of a future rebate or credit for a retrospective price reduction, representing its obligation to return the customer’s consideration. The estimate is updated at each reporting period date. |
Cost of goods sold | Cost of goods sold Cost of |
General and administrative | General and administrative General and administrative expenses are comprised primarily of (i) personnel related costs such as salaries, benefits, annual employee bonus expense and stock-based ‘compensation costs; (ii) legal, accounting, consulting and other professional fees; and (iii) corporate insurance and other facilities costs associated with our corporate and administrative locations. |
Selling | Selling Selling expenses are comprised direct selling costs which primarily consist of (i) commissions paid to our third-party workforce, (ii) patient acquisition and maintenance fees, (iii) Health Canada’s cannabis fees and (iv) freight. |
Marketing and promotions | Marketing and promotion Marketing and promotion expenses are comprised primarily of marketing and advertising expenses. |
Research and development | Research and development Research and development costs are expensed as incurred. Research and development are comprised primarily of costs for personnel |
Stock-based compensation | Stock-based compensation The Company has an omnibus plan which includes issuances of stock options, restricted stock units (“RSUs”) and stock appreciation rights (“SARs”). The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The fair value of RSUs is based on the share price as at date of grant and no SARs were issued to date. The share-based compensation expense is based on the fair value of the stock-based awards at the grant date and the expense is recognized over the related service period following a straight-line vesting expense schedule. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates. Any revisions are recognized in the consolidated statements of loss and comprehensive loss such that the cumulative expense reflects the revised estimate. For performance-based stock options and RSUs, the Company records compensation expense over the estimated service period adjusted for a probability factor of achieving the performance-based milestones. At each reporting date, the Company assesses the probability factor and records compensation expense accordingly, net of estimated forfeitures. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings In computing diluted earnings (loss) per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. |
Critical accounting estimates and judgments | Critical accounting estimates and judgments The preparation Financial statement areas that require significant judgement are as follows: Long-term investments and convertible notes receivable – The determination of fair value of the Company’s long-term investments and convertible notes receivable at other than initial cost is subject to certain limitations. Financial information for private companies in which the Company has investments may not be available and, even if available, that information may be limited and/or unreliable. Use of the valuation approach described below may involve uncertainties and determinations based on the Company’s judgment and any value estimated from these techniques may not be realized or realizable. Company-specific information is considered when determining whether the fair value of a long-term investment or convertible notes receivable should be adjusted upward or downward at the end of each reporting period. In addition to company-specific information, the Company will consider trends in general market conditions and the share performance of comparable publicly traded companies when valuing long-term investments and convertible notes receivable. The fair value of long-term investments and convertible notes receivable may need to be adjusted if: • There has been a significant subsequent equity financing provided by outside investors at a valuation different than the current value of the investee company, in which case the fair value of the investment is set to the value at which that financing took place; • There have been significant corporate, political, or operating events affecting the investee company that, in management’s opinion, have a material impact on the investee company’s prospects and therefore its fair value. In these circumstances, the adjustment to the fair value of the investment will be based on management’s judgment and any value estimated may not be realized or realizable; • The investee company is placed into receivership or bankruptcy; • Based on financial information received from the investee company, it is apparent to the Company that the investee company is unlikely to be able to continue as a going concern; • Important positive or negative management changes by the investee company that the Company’s management believes will have a positive or negative impact on the investee company’s ability to achieve its objectives and build value for shareholders. Adjustment to the fair value of a long-term investment and convertible notes receivable will be based upon management’s judgment and any value estimated may not be realized or realizable. The resulting values for non-publicly traded investments may differ from values that would be realized if a ready market existed. Estimated useful lives, impairment considerations and amortization of capital and intangible assets – Amortization of capital and intangible assets is dependent upon estimates of useful lives based on management’s judgment. Goodwill and indefinite-lived intangible asset impairment testing require 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. Impairment of definite long-lived assets is influenced by judgment in defining a reporting unit and determining the indicators of impairment, and estimates used to measure impairment losses The reporting unit’s fair value is determined using discounted future cash flow models, which incorporate assumptions regarding future events, specifically future cash flows, growth rates and discount rates. Stock-based compensation – The fair value of stock-based compensation expenses are estimated using the Black-Scholes option pricing model and rely on a number of assumptions including the fair value of common shares on the grant date, risk-free rate, volatility rate, annual dividend yield, the expected term, and the estimated rate of forfeiture of options granted. Volatility is estimated by using the historical volatility of the Company. Business combinations – Judgement is used in determining a) whether an acquisition is a business combination or an asset acquisition. We use judgement in applying the acquisition method of accounting for business combinations and estimates to value identifiable assets and liabilities at the acquisition date. Estimates are used to determine cash flow projections, including the period of future benefit, and future growth and discount rates, among other factors. The values allocated to the acquired assets and liabilities assumed affect the amount of goodwill recorded on acquisition. Fair value of assets acquired and liabilities assumed is typically estimated using an income approach, which is based on the present value of future discounted cash flows. Significant estimates in the discounted cash flow model include the discount rate, rate of future revenue growth and profitability of the acquired business and working capital effects. The discount rate considers the relevant risk associated with the business-specific characteristics and the uncertainty related to the ability to achieve projected cash flows. These estimates and the resulting valuations require significant judgment. Management engages third party experts to assist in the valuation of material acquisitions. Convertible debentures – The fair value of Convertible Debentures where the Company had elected the fair value option are determined using the Black-Scholes option pricing model. Assumptions and estimates are made in determining an appropriate conversion price, volatility, dividend yield, and the fair value of common stock. There is judgement in assessing what portion of the gain or loss, if any, relates to the change in the instrument-specific credit risk. Warrant liability – The fair value of the warrant liability is measured using a Black Scholes pricing model. Assumptions and estimates are made in determining an appropriate risk-free interest rate, volatility, term, dividend yield, discount due to exercise restrictions, and the fair value of common stock. Any significant adjustments to the unobservable inputs would have a direct impact on the fair value of the warrant liability. |
Recent accounting pronouncements adopted/not yet adopted | New accounting pronouncements not yet adopted In August 2020, the FASB issued ASU 2020-06, Debt—Debt with Conversion and Other Options (Subtopic 470-20) and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40): Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity In May 2021, the FASB issued ASU 2021-04, Modifications and Extinguishments (Subtopic 470-50), Compensation—Stock Compensation (Topic 718), and Derivatives and Hedging—Contracts in Entity’s Own Equity (Subtopic 815-40) In October 2021, the FASB issued ASU 2021-08, Business Combinations (Subtopic 805), Accounting for Contract Assets and Contract Liabilities from Contracts with Customers In November 2021, the FASB issued ASU 2021-10, Government Assistance (Topic 832), Disclosures by Business Entities about Government Assistance, New accounting pronouncements recently adopted In December – In January 2020, the FASB issued ASU 2020-01, Investments – Equity Securities (Topic 321), Investments - Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |
Significant accounting polici_3
Significant accounting policies (Tables) | 12 Months Ended |
May 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Depreciation Calculation | Capital assets Asset type Depreciation method Depreciation term (estimated useful life) Production facility Straight-line 20 – 30 years Equipment Straight-line 3 – 25 years Leasehold improvements Straight-line Lesser of estimated useful life or lease term Finance lease right-of-use assets Straight-line Lesser of the lease term and the useful life of the leased asset asset consisted of the following: May 31, 2022 May 31, 2021 Land $ 31,882 $ 28,549 Production facilities 453,412 346,510 Equipment 254,486 215,408 Leasehold improvements 7,455 17,059 ROU-assets under finance lease — 34,726 Construction in progress 7,505 85,322 $ 754,740 $ 727,574 Less: accumulated amortization (167,241 ) (76,876 ) Total $ 587,499 $ 650,698 |
Summary of Estimated Useful Lives of Definite Life Intangible Assets | Asset type Amortization term Customer relationships & distribution channel 14 – 16 years Licences, permits & applications 90 months – indefinite Intellectual property, trademarks & brands 15 months – 25 years Non-compete agreements Over term of non-compete Know how 5 years |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
May 31, 2022 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory is comprised of: May 31, 2022 May 31, 2021 Plants $ 14,521 $ 23,083 Dried cannabis 116,739 118,269 Cannabis trim 592 2,931 Cannabis derivatives 24,685 24,158 Cannabis vapes 542 3,791 Cannabis packaging and other inventory items 21,691 31,462 Wellness inventory 13,275 15,171 Beverage alcohol inventory 27,840 5,402 Distribution inventory 25,644 32,162 Total $ 245,529 $ 256,429 |
Capital assets (Tables)
Capital assets (Tables) | 12 Months Ended |
May 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Depreciation Calculation | Capital assets Asset type Depreciation method Depreciation term (estimated useful life) Production facility Straight-line 20 – 30 years Equipment Straight-line 3 – 25 years Leasehold improvements Straight-line Lesser of estimated useful life or lease term Finance lease right-of-use assets Straight-line Lesser of the lease term and the useful life of the leased asset asset consisted of the following: May 31, 2022 May 31, 2021 Land $ 31,882 $ 28,549 Production facilities 453,412 346,510 Equipment 254,486 215,408 Leasehold improvements 7,455 17,059 ROU-assets under finance lease — 34,726 Construction in progress 7,505 85,322 $ 754,740 $ 727,574 Less: accumulated amortization (167,241 ) (76,876 ) Total $ 587,499 $ 650,698 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
May 31, 2022 | |
Leases [Abstract] | |
Summary of Lease-related Assets and Liabilities | The table below presents the lease-related assets and liabilities recorded on the balance sheet. Classification on Balance Sheet May 31, 2022 May 31, 2021 Assets Operating lease, right-of- use assets Right of use assets $ 12,996 $ 18,267 Finance lease, right-of-use assets Capital assets — 34,726 Total right-of-use asset $ 12,996 $ 52,993 Liabilities Current: Operating lease liability Accrued lease obligations - current $ 6,703 $ 3,613 Finance lease liability Accrued lease obligations - current — 651 Non-current: Operating lease liability Accrued lease obligations - non-current 11,329 18,465 Finance lease liability Accrued lease obligations - non-current — 35,481 Total lease liabilities $ 18,032 $ 58,210 |
Summary of Information Related to Lease Costs for Finance and Operating Leases | The table below presents certain information related to the lease costs for finance and operating leases. May 31, 2022 May 31, 2021 Finance lease cost: Amortization of right-of-use assets $ — $ 806 Interest on lease liabilities — 765 Operating lease cost 3,499 1,374 Total lease cost $ 3,499 $ 2,945 |
Summary of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases. May 31, 2022 May 31, 2021 Cash paid for amounts included in the measurement of lease liabilities Operating cash flows from operating leases $ 4,087 $ 1,466 Operating cash flows from finance leases 736 774 Financing cash flows from finance leases 572 231 |
Summary of Future Undiscounted Payment associated with Lease Liabilities | The following table presents the future undiscounted payment associated with lease liabilities as of May 31, 2022: Operating leases 2023 $ 4,115 2024 3,377 2025 2,782 2026 3,047 Thereafter 6,891 Total minimum lease payments $ 20,212 Imputed interest (2,180 ) Obligations recognized $ 18,032 |
Intangible assets (Tables)
Intangible assets (Tables) | 12 Months Ended |
May 31, 2022 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Schedule of Intangible Assets | Intangible assets are comprised of the following items May 31, 2022 May 31, 2021 Customer relationships & distribution channel $ 617,437 $ 239,810 Licenses, permits & applications 377,897 430,270 Non-compete agreements 12,512 12,453 Intellectual property, trademarks, knowhow & brands 634,997 990,917 $ 1,642,843 $ 1,673,450 Less: accumulated amortization (154,124 ) (52,192 ) Less: impairments (210,844 ) (15,340 ) Total $ 1,277,875 $ 1,605,918 |
Schedule of Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: Amortization 2023 $ 67,591 2024 60,947 2025 59,912 2026 59,912 2027 59,912 Thereafter 611,190 Total $ 919,464 |
Business Acquisitions (Tables)
Business Acquisitions (Tables) | 12 Months Ended |
May 31, 2022 | |
Aphria Inc | |
Business Acquisition [Line Items] | |
Schedule of Fair Value of Purchase Price | The fair value of the purchase price on the closing date was, as follows: April 30, 2021 Number of Tilray common shares outstanding at acquisition date 179,635,973 Conversion ratio 0.8381 Tilray common shares issued at closing 214,337,159 Market share price of Aphria converted stock units $ 14.62 Fair value of Tilray common stock transferred to Aphria shareholders 3,133,609 Consideration related to stock-based compensation (1) 71,297 Total fair value of consideration transferred $ 3,204,906 (1) On acquisition date there was consideration in the form of 1,207,010 restricted stock units and 4,782,132 stock options that had been issued before the acquisition date to employees and non-employees of Tilray. The pre-combination fair value of these awards was $17,647 and $53,650, respectively. |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | The table below summarizes fair value of the assets acquired and the liabilities assumed as of May 31, 2022. May 31, 2022 Assets Cash and cash equivalents $ 375,673 Accounts receivable 28,054 Inventory 66,547 Prepaids and other current assets 2,960 Capital assets 136,637 Right-of-use assets, operating leases 12,606 Definite-lived intangible assets (estimated useful life) Distribution channel ( 15 years 404,000 Customer relationships ( 15 years 59,000 Know how ( 5 years 115,000 Brands (10 to 25 years 301,000 Indefinite-lived intangible assets Licenses 200,000 Goodwill 2,234,137 Other assets 22,879 Total assets 3,958,493 Liabilities Accounts payable 62,292 Accrued expenses and other current liabilities 93,120 Accrued lease obligations 21,962 Warrant liability 79,402 Deferred tax liabilities, net 224,915 Convertible notes 267,862 Other liabilities 4,034 Total liabilities 753,587 Net assets acquired $ 3,204,906 |
Breckenridge Acquisition | |
Business Acquisition [Line Items] | |
Summary of Fair Values of Assets Acquired and Liabilities Assumed | . The table below summarizes preliminary estimated fair value of the assets acquired and the liabilities assumed at the effective acquisition date. Amount Consideration Shares $ 114,068 Net assets acquired Current assets Cash and cash equivalents 326 Accounts receivable 2,128 Prepaids and other current assets 367 Inventory 20,351 Long-term assets Capital assets 11,179 Customer relationships (15 years) 9,800 Intellectual property, trademarks & brands (15 years) 69,950 Goodwill 2,797 Total Assets 116,898 Current liabilities Accounts payable and accrued liabilities 2,228 Long-term liabilities Deferred tax liability 602 Total liabilities 2,830 Total net assets acquired $ 114,068 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
May 31, 2022 | |
Goodwill Disclosure [Abstract] | |
Schedule of Carrying Amount of Goodwill | The following table shows the carrying amount of goodwill: Segment May 31, 2022 May 31, 2021 Cannabis 2,640,669 2,628,146 Distribution 4,458 4,458 Beverage alcohol 102,999 100,202 Wellness 77,470 77,470 Effect of foreign exchange 39,640 63,713 Impairments (223,931 ) (41,195 ) $ 2,641,305 $ 2,832,794 |
Convertible notes receivable (T
Convertible notes receivable (Tables) | 12 Months Ended |
May 31, 2022 | |
Convertible Notes Receivable [Abstract] | |
Summary of Convertible Notes Receivable | Convertible notes May 31, 2022 May 31, 2021 10330698 Canada Ltd. (d/b/a Starbuds) $ — $ 828 High Tide Inc. — 1,657 MedMen Enterprises Inc. 111,200 — Total convertible notes receivable 111,200 2,485 Deduct - current portion — (2,485 ) Total convertible notes receivable, non current portion 111,200 — |
Long-term investments (Tables)
Long-term investments (Tables) | 12 Months Ended |
May 31, 2022 | |
Investments All Other Investments [Abstract] | |
Schedule of Long-term Investments | Long-term investments are comprised of the following items: Fair value May 31, 2022 Fair value May 31, 2021 Equity investments measured at fair value 4,347 12,185 Equity investments under measurement alternative 5,703 5,500 Total other investments 10,050 17,685 |
Income taxes and deferred inc_2
Income taxes and deferred income taxes (Tables) | 12 Months Ended |
May 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Loss Before Income Taxes | Loss before income taxes includes the following components: For the year ended May 31, 2022 2021 2020 United States $ (233,697 ) (7,814 ) — Canada (81,772 ) (323,964 ) (88,930 ) Other countries (125,205 ) (13,208 ) (20,255 ) $ (440,674 ) (344,986 ) (109,185 ) |
Summary of (Recoveries) Expense for Income Taxes | The (recoveries) expense for income taxes consists of: For the year ended May 31, 2022 2021 2020 Current: United States $ 262 $ — $ — Canada 23,268 15,227 5,294 Other countries 479 697 375 $ 24,009 15,924 5,669 Deferred: United States $ 520 $ 1,517 $ — Canada (17,154 ) (30,111 ) (9,226 ) Other countries (13,917 ) 3,698 (4,795 ) $ (30,551 ) (24,896 ) (14,021 ) Income tax benefits, net $ (6,542 ) (8,972 ) (8,352 ) |
Summary of Reconciliation of Income Taxes at Statutory Rate with Reported Taxes | A reconciliation of income taxes at the statutory rate with the reported taxes is as follows: For the year ended May 31, 2022 2021 2020 Loss before net income taxes: $ (440,674 ) $ (344,986 ) $ (109,185 ) Income tax benefits at statutory rate (92,542 ) (72,408 ) (22,929 ) Tax impact of foreign operations 81,316 (19,016 ) (6,310 ) Foreign exchange and other 14,941 1,011 (63 ) Non-deductible expenses 6,404 (1,347 ) 2,474 Non-deductible (taxable) losses 748 45,230 13,305 Changes in enacted rates - 135 - Change in fair value of warrant liability (13,359 ) (259 ) - Stock based and other compensation 994 2,902 4,105 Change in valuation allowance 17,255 46,007 1,066 Non deductible dividend - (755 ) - Impact on convertible debenture and other differences (22,299 ) - - Effect of transaction - (10,472 ) - Income tax benefits, net $ (6,542 ) $ (8,972 ) $ (8,352 ) |
Summary of Components of Deferred Tax | The following table summarizes the components of deferred tax: May 31, 2022 2021 2020 Deferred assets Operating loss carryforwards - United States $ 77,868 $ 57,320 $ - Operating loss carryforwards - Canada 132,293 152,382 20,512 Operating loss carryforwards - Other Countries 15,606 7,801 9,037 Capital loss carryforwards 38,087 1,350 1,854 Intangible assets 150,543 86,541 — Property and equipment 20,592 17,107 — Currently nondeductible interest 7,165 9,491 — Partnership interests — 34,108 — Deferred financing costs 1,638 4,237 5,022 Investment tax credits and related pool balance 21,590 526 — Other 44,393 26,434 1,704 Total Deferred tax assets 509,775 397,297 38,129 Less valuation allowance (354,071 ) (265,940 ) (4,583 ) Net deferred tax assets 155,704 131,357 33,546 Deferred tax liabilities Property and equipment (38,387 ) (15,997 ) (8,356 ) Intangible assets (305,577 ) (376,228 ) (69,580 ) Convertible Senior Notes Due 2023 (8,378 ) (4,977 ) (4,056 ) Total deferred tax liabilities (352,342 ) (397,202 ) (81,992 ) Net deferred tax liability $ (196,638 ) (265,845 ) (48,446 ) |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
May 31, 2022 | |
Payables And Accruals [Abstract] | |
Summary of Accounts Payable and Accrued Liabilities | Accounts payable and accrued liabilities comprised of: May 31, 2022 May 31, 2021 Trade payables $ 68,604 $ 57,706 Accrued liabilities 57,497 112,594 Accrued payroll and employment related taxes 17,736 19,390 Income taxes payable 6,150 14,764 Accrued interest 6,772 148 Other accruals 672 8,211 Total $ 157,431 $ 212,813 |
Long-term debt (Tables)
Long-term debt (Tables) | 12 Months Ended |
May 31, 2022 | |
Long Term Debt [Abstract] | |
Schedule of Net Carrying Amount of Long-term Debt Instruments | The following table sets forth the net carrying amount of long-term debt instruments: May 31, 2022 May 31, 2021 Credit facility - C$80,000 - Canadian prime interest rate plus an applicable margin, 3-year term, with a 10-year amortization, repayable in blended monthly payments, due in November 2022 $ 53,720 $ 62,964 Term loan - C$25,000 - Canadian 5-year bond interest rate plus 2.73% with a minimum 4.50%, 5-year term, with a 15-year amortization, repayable in blended monthly payments, due in July 2023 12,750 14,335 Term loan - C$25,000 - 3.95%, compounded monthly, 5-year term with a 15-year amortization, repayable in equal monthly instalments of $188 including interest, due in April 2022 15,050 17,117 Term loan - C$1,250 - Canadian prime interest rate plus 1.5%, 5-year term, with a 10-year amortization, repayable in equal monthly instalments of C$13 including interest, due in August 2026 462 587 Mortgage payable - C$3,750 - Canadian prime interest rate plus 1.5%, 5-year term, with a 20-year amortization, repayable in equal monthly instalments of C$23 including interest, due in August 2026 2,327 2,562 Vendor take-back mortgage - C$2,850 - 6.75%, 5-year term, repayable in equal monthly instalments of $56 including interest, due in June 2021 — 92 Term loan ‐ €5,000 ‐ Euro Interbank Offered Rate plus 1.79%, 5‐year term, repayable in quarterly instalments of €250 plus interest, due in December 2023 1,878 3,356 Term loan ‐ €5,000 ‐ Euro Interbank Offered Rate plus 2.68%, 5‐year term, repayable in quarterly instalments of €250 plus interest, due in December 2023 1,878 3,356 Term loan ‐ €1,500 ‐ Euro Interbank Offered Rate plus 2.00%, 5‐year term, repayable in quarterly instalments of €98 including interest, due in April 2025 1,219 1,831 Term loan ‐ €1,500 ‐ Euro Interbank Offered Rate plus 2.00%, 5‐year term, repayable in quarterly instalments of €98 including interest, due in June 2025 1,307 1,831 Mortgage payable - $22,635 - EUROBIR rate plus 1.5%, 10-year term, with a 10-year amortization, repayable in monthly instalments of $57 plus interest, due in October 2030 21,561 — Term loan - $100,000 - EUROBIR rate plus an applicable margin, 3-year term, repayable in quarterly instalments of $1,875 beginning March 31, 2021 for the first year and $2,500 thereafter, with the outstanding principal due in December 2023 75,000 98,138 Carrying amount of long-term debt 187,152 206,169 Unamortized financing fees (1,450 ) (2,061 ) Net carrying amount 185,702 204,108 Less principal portion included in current liabilities (67,823 ) (36,622 ) Total noncurrent portion of long-term debt $ 117,879 $ 167,486 |
Convertible debentures (Tables)
Convertible debentures (Tables) | 12 Months Ended |
May 31, 2022 | |
Convertible Debentures | |
Debt Instrument [Line Items] | |
Summary of Convertible Notes Payable | The following table sets forth the net carrying amount of the convertible debentures: May 31, 2022 May 31, 2021 5.25% Convertible Notes ("APHA 24") $ 216,753 $ 399,444 5.00% Convertible Notes ("TLRY 23") 185,196 268,180 Total $ 401,949 $ 667,624 |
APHA 24 | |
Debt Instrument [Line Items] | |
Summary of Convertible Notes Payable | APHA 24 May 31, 2022 May 31, 2021 5.25% Contractual debenture $ 350,000 $ 350,000 Debt settlement (90,760 ) (90,760 ) Fair value adjustment (42,487 ) 140,204 Net carrying amount of APHA 24 $ 216,753 $ 399,444 |
TLRY 23 | |
Debt Instrument [Line Items] | |
Summary of Convertible Notes Payable | TLRY 23 May 31, May 31, 2022 2021 Opening balance $ 277,856 $ — Principal amount issued (paid) (88,026 ) 277,856 Unamortized discount (4,634 ) (9,676 ) Net carrying amount $ 185,196 $ 268,180 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
May 31, 2022 | |
Tilray 2018 Equity Incentive Plan and Original Plan | EIP Original Plan and Time-based RSU | |
Schedule of Stock Option Activity | Stock-based activity under the EIP and Original Plan for the year ended May 31, 2022 is as follows: EIP Time-based stock option activity Weighted- Weighted- average average remaining Stock exercise contractual Aggregate Options price term (years) intrinsic value Balance, May 31, 2021 3,180,226 $ 14.19 1.3 $ 25,171 Granted — — — — Exercised (171,603 ) 7.76 — — Forfeited — — — — Cancelled (126,874 ) 6.08 — — Balance, May 31, 2022 2,881,749 $ 14.93 6.0 $ Original plan time-based stock option activity Weighted- Weighted- average average remaining Stock exercise contractual Aggregate Options price term (years) intrinsic value Balance, May 31, 2021 917,545 $ 3.97 1.7 $ 11,886 Exercised (735,564 ) 3.36 — — Forfeited (9,016 ) 5.36 — — Cancelled (80,188 ) 9.93 — — Balance, May 31, 2022 92,777 $ 3.52 3.8 $ 117 EIP Time-based RSU activity Weighted- average Weighted- average grant-date remaining Time-based fair value contractual Aggregate RSUs per share term (years) intrinsic value Balance, May 31, 2021 1,205,243 $ 15.16 — $ 20,091 Granted 6,447,993 12.02 — — Vested (564,937 ) 20.33 — — Forfeited (377,519 ) 14.16 — — Cancelled — — — — Balance, May 31, 2022 6,710,780 $ 11.76 2.6 $ 25,894 |
Predecessor Plan | Time-based Stock Options | Aphria | |
Schedule of Stock Option Activity | Stock option Time-based stock option activity May 31, 2022 Weighted Weighted Weighted average average average grant remaining Aggregate Number of exercise date fair contractual Intrinsic options price value term (years) Amount Outstanding, beginning of the year 2,499,185 $ 12.48 $ 6.51 2.4 10,472 Exercised during the year (203,071 ) 8.14 31.88 N/A N/A Granted during the year — — — N/A N/A Forfeited during the year (155,381 ) 18.21 6.15 N/A N/A Expired during the year (301,705 ) 16.14 20.07 N/A N/A Outstanding, end of the year 1,839,028 $ 11.29 $ 64.44 1.8 — Vested and exercisable, end of the year 1,764,777 $ 11.39 $ 65.39 1.8 — |
Predecessor Plan | Time-based and Performance-based RSU | Aphria | |
Schedule of Time-based and Performance-based RSU Activity | May 31, 2022 Weighted average grant - date fair Time- based value per RSUs share Non-vested, beginning of the year 2,794,972 $ 6.88 Granted during the year — — Vested during the year (1,868,691 ) $ 13.79 Forfeited during the year (149,169 ) $ 20.59 Non-vested, end of the year 777,112 $ 11.09 |
Accumulated other comprehensi_2
Accumulated other comprehensive loss (Tables) | 12 Months Ended |
May 31, 2022 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Accumulated other comprehensive loss includes the following components: Foreign currency translation (loss) gain Unrealized loss on convertible notes receivables Total Balance May 31, 2019 $ 626 $ 274 $ 900 Other comprehensive income (loss) (858 ) (5,476 ) (6,334 ) Balance May 31, 2020 (232 ) (5,202 ) (5,434 ) Settlement of convertible notes receivable — 5,277 5,277 Other comprehensive income (loss) 156,649 (3,824 ) 152,825 Balance May 31, 2021 156,417 (3,749 ) 152,668 Other comprehensive income (loss) (102,004 ) (71,428 ) (173,432 ) Balance May 31, 2022 $ 54,413 $ (75,177 ) $ (20,764 ) |
Non-controlling interests (Tabl
Non-controlling interests (Tables) | 12 Months Ended |
May 31, 2022 | |
Text Block [Abstract] | |
Summary of Information Relating to Company's Majority Owned Subsidiaries | The following tables summarize the information relating to the Company’s majority-owned subsidiaries, CC Pharma Nordic ApS (75%), Aphria Diamond (51%), ColCanna S.A.S. (90%), and SH Acquisition (68%) before intercompany eliminations. Summarized balance sheet information of the entities in which there is a non-controlling interest as at May 31, 2022: CC Pharma Aphria SH ColCanna Nordic ApS Diamond Acquisition S.A.S. Total Current assets $ 485 $ 20,546 $ — $ 193 $ 21,224 Non-current assets 158 152,786 111,200 141,929 406,073 Current liabilities (642 ) (63,196 ) — (53 ) (63,891 ) Non-current liabilities (410 ) (29,653 ) — (6,537 ) (36,600 ) Net assets (409 ) 80,483 111,200 135,532 326,806 Summarized balance sheet information of the entities in which there is a non-controlling interest as at May 31, 2021: CC Pharma Aphria SH ColCanna Nordic ApS Diamond Acquisition S.A.S. Total Current assets $ 919 $ 19,531 $ — $ 315 $ 20,765 Non-current assets 103 153,696 — 146,587 300,386 Current liabilities (956 ) (28,511 ) — (62 ) (29,529 ) Non-current liabilities (406 ) (69,332 ) — (6,606 ) (76,344 ) Net assets (340 ) 75,384 — 140,234 215,278 Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2022: CC Pharma Aphria SH ColCanna Nordic ApS Diamond Acquisition S.A.S. Total Revenue $ 354 $ 148,323 $ — $ — $ 148,677 Total expenses (recovery) 470 77,057 (11,180 ) 35 66,382 Net (loss) income (116 ) 71,266 11,180 (35 ) 82,295 Other comprehensive (loss) income 47 (2,353 ) (70,778 ) (4,737 ) $ (77,821 ) Net comprehensive income (69 ) 68,913 (59,598 ) (4,772 ) 4,474 Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2021: CC Pharma Aphria ColCanna Nordic ApS Diamond S.A.S. Total Revenue $ 827 $ 131,381 $ — $ 132,208 Total expenses (recovery) 958 67,030 923 68,911 Net (loss) income (131 ) 64,351 (923 ) 63,297 Other comprehensive (loss) income — — — — Net comprehensive loss (131 ) 64,351 (923 ) 63,297 Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2020: Aphria Diamond Marigold ColCanna S.A.S. Total Revenue $ 24,142 $ 40 $ — $ 24,182 Total expenses (recovery) 25,141 (4,995 ) (19,447 ) 699 Net (loss) income (999 ) 5,035 19,447 23,483 Other comprehensive (loss) income — — — — Net comprehensive loss (999 ) 5,035 19,447 23,483 |
Net revenue (Tables)
Net revenue (Tables) | 12 Months Ended |
May 31, 2022 | |
Revenues [Abstract] | |
Summary of Net Revenue | Net revenue is comprised of: For the year ended May 31, 2022 2021 2020 Cannabis revenue $ 300,891 $ 264,334 $ 153,477 Cannabis excise taxes (63,369 ) (62,942 ) (23,581 ) Net cannabis revenue 237,522 201,392 129,896 Beverage alcohol revenue 74,959 29,661 — Beverage alcohol excise taxes (3,467 ) (1,062 ) — Net beverage alcohol revenue 71,492 28,599 — Distribution revenue 259,747 277,300 275,430 Wellness revenue 59,611 5,794 — Total $ 628,372 $ 513,085 $ 405,326 |
Cost of Goods Sold (Tables)
Cost of Goods Sold (Tables) | 12 Months Ended |
May 31, 2022 | |
Cost Of Goods And Services Sold [Abstract] | |
Summary of Cost of Goods Sold | Cost of goods sold is comprised of: For the year ended May 31, 2022 2021 2020 Cannabis costs $ 194,834 $ 130,511 $ 68,551 Beverage alcohol costs 32,033 12,687 — Distribution costs 243,231 242,472 240,722 Wellness costs 41,457 4,233 — Total $ 511,555 $ 389,903 $ 309,273 |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
May 31, 2022 | |
General And Administrative Expense [Abstract] | |
Schedule of General and Administrative Expenses | General and administrative expenses are comprised of the following items: For the year ended May 31, 2022 2021 2020 Executive compensation $ 14,128 $ 8,645 $ 6,777 Office and general 27,153 19,503 12,351 Salaries and wages 51,693 37,126 28,252 Stock-based compensation 35,994 17,351 18,079 Insurance 17,536 12,257 9,370 Professional fees 13,047 11,779 14,190 Gain on sale of capital assets (682 ) — — Insurance proceeds (4,032 ) — — Travel and accommodation 4,203 2,711 2,798 Rent 3,761 2,203 1,972 Total $ 162,801 $ 111,575 $ 93,789 |
Interest expense, net (Tables)
Interest expense, net (Tables) | 12 Months Ended |
May 31, 2022 | |
Interest Income Expense Net [Abstract] | |
Summary of Interest Expense, Net | Interest expense, net is comprised of: For the year ended May 31, 2022 2021 2020 Interest income $ 11,736 $ 2,926 $ 6,273 Interest expense (39,680 ) (30,903 ) (25,644 ) $ (27,944 ) $ (27,977 ) $ (19,371 ) |
Non-operating (expense) income
Non-operating (expense) income (Tables) | 12 Months Ended |
May 31, 2022 | |
Nonoperating Income Expense [Abstract] | |
Schedule of Non-Operating (Expense) Income | Non-operating (expense) income is comprised of: For the year ended May 31, 2022 2021 2020 Change in fair value of convertible debenture $ 163,670 $ (170,453 ) $ 53,611 Change in fair value of warrant liability 63,913 1,234 — Foreign exchange (loss) gain (28,383 ) (22,347 ) 6,145 Loss on long-term investments (6,737 ) (2,352 ) (24,295 ) Other non-operating (losses) gains, net 5,208 9,080 (21,266 ) $ 197,671 $ (184,838 ) $ 14,195 |
Change in Non-cash Working Ca_2
Change in Non-cash Working Capital (Tables) | 12 Months Ended |
May 31, 2022 | |
Change In Non Cash Working Capital [Abstract] | |
Summary of Change in Non-cash Working Capital | Change in non-cash working capital is comprised of: For the year ended May 31, 2022 2021 2020 Decrease (increase) in: Accounts receivable $ (5,842 ) $ (23,512 ) $ (25,593 ) Prepaids and other current assets 4,472 (6,772 ) (10,899 ) Inventory (45,749 ) (55,205 ) (89,660 ) Increase (decrease) in: Accounts payable and accrued liabilities (44,652 ) 14,635 47,320 $ (91,771 ) $ (70,854 ) $ (78,832 ) |
Commitments and contingencies (
Commitments and contingencies (Tables) | 12 Months Ended |
May 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Purchase and Other Commitments Maturities | The Company has payments on long-term debt (refer to Note 16 Long-term debt Convertible Debentures Total 2023 2024 2025 2026 2027 Thereafter Long-term debt repayment $ 187,152 67,823 82,400 4,494 4,092 4,380 23,963 Convertible notes, principal and interest 489,029 23,102 206,613 259,314 — — — Material purchase obligations 32,356 26,948 4,527 881 — — — Construction commitments 1,108 1,108 — — — — — Total $ 709,645 $ 118,981 $ 293,540 $ 264,689 $ 4,092 $ 4,380 $ 23,963 |
Financial risk management and_2
Financial risk management and financial instruments (Tables) | 12 Months Ended |
May 31, 2022 | |
Financial Risk Management And Financial Instruments [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of May 31, 2022 and 2021 and indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Level 1 Level 2 Level 3 May 31, 2022 Financial assets Cash and cash equivalents $ 415,909 $ — $ — $ 415,909 Convertible notes receivable — — 111,200 111,200 Equity investments measured at fair value 1,878 2,469 5,703 10,050 Financial liabilities Warrant liability — — (14,255 ) (14,255 ) Contingent consideration — — (16,007 ) (16,007 ) APHA 24 Convertible debenture — — (216,753 ) (216,753 ) Total recurring fair value measurements $ 417,787 $ 2,469 $ (130,112 ) $ 290,144 Level 1 Level 2 Level 3 May 31, 2021 Financial assets Cash and cash equivalents $ 488,466 — — $ 488,466 Convertible notes receivable — 2,485 — 2,485 Equity investments measured at fair value 9,251 2,934 5,500 17,685 Financial liabilities Warrant liability — — (78,168 ) (78,168 ) Contingent consideration — — (60,657 ) (60,657 ) APHA 24 Convertible debenture — — (399,444 ) (399,444 ) Total recurring fair value measurements $ 497,717 $ 5,419 $ (532,769 ) $ (29,633 ) |
Schedule of Balances of Assets and Liabilities Categorized Within Level 3 of Fair Value Hierarchy Measured at Fair Value on Recurring Basis | The opening balances of assets and liabilities categorized within Level 3 of the fair value hierarchy measured at fair value on a recurring basis are reconciled to the closing balances as follows: APHA 24 Convertible Warrant Contingent Convertible Debt Liability Consideration notes receivable Total Balance, May 31, 2021 (399,444 ) (78,168 ) (60,657 ) 2,485 (535,784 ) Additions — — — 170,799 170,799 Disposals — — — (1,580 ) (1,580 ) Unrealized gain (loss) on fair value 182,691 63,913 44,650 (60,504 ) 230,750 Balance, May 31, 2022 $ (216,753 ) $ (14,255 ) $ (16,007 ) $ 111,200 $ (135,815 ) |
Schedule of Estimated Fair Value of Convertible Debenture / Warrant Liability | The unrealized the Convertible Debenture, warrant liability, contingent consideration and convertible notes payable are recognized in non-operating income (loss) and other comprehensive income for the convertible notes receivable using the following inputs: Financial asset / financial liability Valuation technique Significant unobservable input Inputs APHA Convertible debentures Black-Scholes Volatility, expected life 70% 2.3 years Warrant liability Black-Scholes Volatility, expected life 70% 3.6 years Contingent consideration Discounted cash flows Discount rate 5% Debt securities classified under available-for-sale method Black-Scholes Interest rate, conversion 20% 0% to 60% |
Segment reporting (Tables)
Segment reporting (Tables) | 12 Months Ended |
May 31, 2022 | |
Segment Reporting [Abstract] | |
Schedule of Segment Gross Profit From External Customers | Segment gross profit from external customers: For the year ended May 31, Cannabis 2022 2021 2020 Net revenue $ 237,522 $ 201,392 $ 129,896 Cost of goods sold 194,834 130,511 68,551 Gross profit 42,688 70,881 61,345 Distribution Net revenue $ 259,747 $ 277,300 $ 275,430 Cost of goods sold 243,231 242,472 240,722 Gross profit 16,516 34,828 34,708 Beverage alcohol Net revenue 71,492 28,599 — Cost of goods sold 32,033 12,687 — Gross profit 39,459 15,912 — Wellness Net revenue 59,611 5,794 — Cost of goods sold 41,457 4,233 — Gross profit 18,154 1,561 — |
Schedule of Segment Net Revenue From External Customers | Channels of cannabis revenue were as follows: For the year ended May 31, 2022 2021 2020 Revenue from Canadian medical cannabis products $ 30,599 $ 25,539 $ 28,685 Revenue from Canadian adult-use cannabis products 209,501 222,930 112,207 Revenue from wholesale cannabis products 6,904 6,615 12,585 Revenue from international cannabis products 53,887 9,250 — Less excise taxes (63,369 ) (62,942 ) (23,581 ) Total $ 237,522 $ 201,392 $ 129,896 |
Schedule of Geographic Net Revenue | Geographic net revenue: For the year ended May 31, 2022 2021 2020 North America $ 314,132 $ 229,120 $ 129,663 EMEA 296,911 279,062 271,291 Rest of World 17,329 4,903 4,372 Total $ 628,372 $ 513,085 $ 405,326 |
Schedule of Geographic Capital Assets | Geographic capital assets: May 31, 2022 May 31, 2021 North America $ 464,370 $ 504,575 EMEA 119,409 140,838 Rest of World 3,720 5,285 Total $ 587,499 $ 650,698 |
Basis of Preparation - Addition
Basis of Preparation - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Basis Of Preparation [Abstract] | |||
Net loss | $ (434,132) | $ (336,014) | $ (100,833) |
Net cash used in operating activities | (177,262) | (44,717) | $ (100,627) |
Working capital | $ 523,161 | $ 482,368 |
Significant Accounting Polici_4
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
May 31, 2022 Segment shares | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of operating segments | Segment | 4 |
SARs | |
Summary Of Significant Accounting Policies [Line Items] | |
Number of shares issued | shares | 0 |
Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Cash and cash equivalents maturity period | 3 months |
Significant Accounting Polici_5
Significant Accounting Policies - Summary of Depreciation Calculation (Details) | 12 Months Ended |
May 31, 2022 | |
Production Facility | |
Property Plant And Equipment [Line Items] | |
Depreciation method | Straight-line |
Production Facility | Minimum | |
Property Plant And Equipment [Line Items] | |
Depreciation term (estimated useful life) | 20 years |
Production Facility | Maximum | |
Property Plant And Equipment [Line Items] | |
Depreciation term (estimated useful life) | 30 years |
Equipment | |
Property Plant And Equipment [Line Items] | |
Depreciation method | Straight-line |
Equipment | Minimum | |
Property Plant And Equipment [Line Items] | |
Depreciation term (estimated useful life) | 3 years |
Equipment | Maximum | |
Property Plant And Equipment [Line Items] | |
Depreciation term (estimated useful life) | 25 years |
Leasehold Improvements | |
Property Plant And Equipment [Line Items] | |
Depreciation method | Straight-line |
Depreciation term (estimated useful life) | Lesser of estimated useful life or lease term |
Finance Lease Right-of-use Assets | |
Property Plant And Equipment [Line Items] | |
Depreciation method | Straight-line |
Depreciation term (estimated useful life) | Lesser of the lease term and the useful life of the leased asset |
Significant Accounting Polici_6
Significant Accounting Policies - Summary of Estimated Useful Lives of Definite Life Intangible Assets (Details) | 12 Months Ended |
May 31, 2022 | |
Customer Relationships & Distribution Channel | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | 14 years |
Customer Relationships & Distribution Channel | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | 16 years |
Licences, Permits & Applications | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | 90 months |
Licences, Permits & Applications | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | indefinite |
Intellectual Property, Trademarks & Brands | Minimum | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | 15 months |
Intellectual Property, Trademarks & Brands | Maximum | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | 25 years |
Non-compete Agreements | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | Over term of non-compete |
Know How | |
Finite Lived Intangible Assets [Line Items] | |
Amortization term | 5 years |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Inventory [Line Items] | ||
Total | $ 245,529 | $ 256,429 |
Plants | ||
Inventory [Line Items] | ||
Total | 14,521 | 23,083 |
Dried Cannabis | ||
Inventory [Line Items] | ||
Total | 116,739 | 118,269 |
Cannabis Trim | ||
Inventory [Line Items] | ||
Total | 592 | 2,931 |
Cannabis Derivatives | ||
Inventory [Line Items] | ||
Total | 24,685 | 24,158 |
Cannabis Vapes | ||
Inventory [Line Items] | ||
Total | 542 | 3,791 |
Cannabis Packaging and Other Inventory Items | ||
Inventory [Line Items] | ||
Total | 21,691 | 31,462 |
Wellness Inventory | ||
Inventory [Line Items] | ||
Total | 13,275 | 15,171 |
Beverage Alcohol Inventory | ||
Inventory [Line Items] | ||
Total | 27,840 | 5,402 |
Distribution Inventory | ||
Inventory [Line Items] | ||
Total | $ 25,644 | $ 32,162 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - USD ($) | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Inventory [Line Items] | |||
Inventory valuation write down | $ 67,000,000 | $ 19,919,000 | |
Cannabis | |||
Inventory [Line Items] | |||
Inventory valuation write down | 59,500,000 | 19,919,000 | $ 0 |
Distribution Products | |||
Inventory [Line Items] | |||
Inventory valuation write down | 7,500,000 | 0 | 0 |
Beverage Alcohol Inventory | |||
Inventory [Line Items] | |||
Purchase Price Accounting Step-up For Inventory Sold | $ 2,214,000 | $ 835,000 | $ 0 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Details) - USD ($) | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Related Party Transaction [Line Items] | |||
Gain on sale of investments | $ (4,914,000) | $ (1,624,000) | $ (24,295,000) |
Fluent and Cannfections | |||
Related Party Transaction [Line Items] | |||
Ownership and voting interest | 50% | 50% | |
Capital and intangible assets | $ 4,914,000 | ||
Gain on sale of investments | 1,145,000 | ||
Fluent and Cannfections | Edible Cannabis Products | |||
Related Party Transaction [Line Items] | |||
Co-manufacturing fees recorded in cannabis costs of goods sold | 2,560,000 | $ 1,370,000 | |
Selling Expenses | Docklight LLC | |||
Related Party Transaction [Line Items] | |||
Royalty fees | $ 1,430,000 | $ 125,000 |
Capital Assets - Schedule of Ca
Capital Assets - Schedule of Capital Assets (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 754,740 | $ 727,574 |
Less: accumulated amortization | (167,241) | (76,876) |
Total | 587,499 | 650,698 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 31,882 | 28,549 |
Production Facilities | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 453,412 | 346,510 |
Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 254,486 | 215,408 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 7,455 | 17,059 |
ROU Assets Under Finance Lease | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 34,726 | |
Construction in Progress | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 7,505 | $ 85,322 |
Leases - Additional Information
Leases - Additional Information (Details) | 12 Months Ended |
May 31, 2022 USD ($) | |
Lessee Lease Description [Line Items] | |
Operating lease, existence of option to extend | true |
Operating lease, existence of option to terminate | true |
Finance lease, existence of option to extend | true |
Finance lease, existence of option to terminate | true |
Short term lease expense | $ 0 |
Sublease income | $ 0 |
Maximum | |
Lessee Lease Description [Line Items] | |
Operating lease, remaining lease term | 20 years |
Finance lease, remaining lease term | 20 years |
Leases - Summary of Lease-relat
Leases - Summary of Lease-related Assets and Liabilities (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Assets | ||
Operating lease, right-of- use assets | $ 12,996 | $ 18,267 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Operating lease, right-of- use assets | Operating lease, right-of- use assets |
Finance lease, right-of-use assets | $ 34,726 | |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Capital assets | Capital assets |
Total right-of-use asset | $ 12,996 | $ 52,993 |
Liabilities | ||
Operating lease liability, current | $ 6,703 | $ 3,613 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities Current | Liabilities Current |
Finance lease liability, current | $ 651 | |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Liabilities Current | Liabilities Current |
Operating lease liability, non-current | $ 11,329 | $ 18,465 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Finance lease liability, non-current | $ 35,481 | |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Liabilities | Liabilities |
Total lease liabilities | $ 18,032 | $ 58,210 |
Leases - Summary of Information
Leases - Summary of Information Related to Lease Costs for Finance and Operating Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Finance lease cost: | ||
Amortization of right-of-use assets | $ 806 | |
Interest on lease liabilities | 765 | |
Operating lease cost | $ 3,499 | 1,374 |
Total lease cost | $ 3,499 | $ 2,945 |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Cash paid for amounts included in the measurement of lease liabilities | ||
Operating cash flows from operating leases | $ 4,087 | $ 1,466 |
Operating cash flows from finance leases | 736 | 774 |
Financing cash flows from finance leases | $ 572 | $ 231 |
Leases - Summary of Future Undi
Leases - Summary of Future Undiscounted Payment Associated with Lease Liabilities (Details) $ in Thousands | May 31, 2022 USD ($) |
Leases [Abstract] | |
2023 | $ 4,115 |
2024 | 3,377 |
2025 | 2,782 |
2026 | 3,047 |
Thereafter | 6,891 |
Total minimum lease payments | 20,212 |
Imputed interest | (2,180) |
Obligations recognized | $ 18,032 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 1,642,843 | $ 1,673,450 | |
Less: accumulated amortization | (154,124) | (52,192) | |
Less: impairments | (210,844) | (15,340) | $ (15,340) |
Intangible assets, net | 1,277,875 | 1,605,918 | |
Customer Relationships & Distribution Channel | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 617,437 | 239,810 | |
Licenses, Permits & Applications | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 377,897 | 430,270 | |
Non-compete Agreements | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | 12,512 | 12,453 | |
Intellectual Property, Trademarks, Know How & Brands | |||
Finite Lived Intangible Assets [Line Items] | |||
Intangible assets, gross | $ 634,997 | $ 990,917 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Licenses, Permits & Applications | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Non-cash impairment | $ 110,033 | |
Intellectual Property, Trademarks, Know How & Brands | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Non-cash impairment | 85,471 | |
Licenses, Permits & Applications | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Indefinite lived intangible assets | $ 248,411 | $ 412,000 |
Intangible Assets - Schedule _2
Intangible Assets - Schedule of Estimated Amortization Expense (Details) $ in Thousands | May 31, 2022 USD ($) |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | |
2023 | $ 67,591 |
2024 | 60,947 |
2025 | 59,912 |
2026 | 59,912 |
2027 | 59,912 |
Thereafter | 611,190 |
Total | $ 919,464 |
Business Acquisitions - Schedul
Business Acquisitions - Schedule of Fair Value of Purchase Price (Details) - Aphria Inc $ / shares in Units, $ in Thousands | 1 Months Ended |
Apr. 30, 2021 USD ($) $ / shares shares | |
Business Acquisition [Line Items] | |
Conversion ratio | 0.8381 |
Tilray common shares issued at closing | shares | 214,337,159 |
Market share price of Aphria converted stock units | $ / shares | $ 14.62 |
Fair value of Tilray common stock transferred to Aphria shareholders | $ 3,133,609 |
Consideration related to stock-based compensation | 71,297 |
Total fair value of consideration transferred | $ 3,204,906 |
Common Stock | |
Business Acquisition [Line Items] | |
Number of Tilray common shares outstanding at acquisition date | shares | 179,635,973 |
Business Acquisitions - Sched_2
Business Acquisitions - Schedule of Fair Value of Purchase Price (Parenthetical) (Details) - Aphria Inc $ in Thousands | May 03, 2021 USD ($) shares |
Restricted Stock Units (RSUs) | |
Business Acquisition [Line Items] | |
Stock issued | shares | 1,207,010 |
Pre-combination fair value | $ | $ 17,647 |
Equity Option | |
Business Acquisition [Line Items] | |
Stock issued | shares | 4,782,132 |
Pre-combination fair value | $ | $ 53,650 |
Business Acquisitions - Additio
Business Acquisitions - Additional Information (Details) $ in Thousands | 12 Months Ended | ||||
Dec. 07, 2021 USD ($) shares | Nov. 25, 2020 USD ($) | May 31, 2022 USD ($) | May 31, 2021 USD ($) | May 31, 2020 USD ($) | |
Business Acquisition And Goodwill [Line Items] | |||||
Total comprehensive income attributable to stockholders of Tilray Brands, Inc. | $ (650,233) | $ (214,596) | $ (108,874) | ||
Goodwill | 2,641,305 | 2,832,794 | |||
Contingent consideration | 16,007 | 60,657 | |||
Change in fair value of contingent consideration | $ (44,650) | ||||
Discount Rate | |||||
Business Acquisition And Goodwill [Line Items] | |||||
Business combination, contingent consideration, liability, measurement input | 0.05 | ||||
Aphria Inc | |||||
Business Acquisition And Goodwill [Line Items] | |||||
Inventory, changes in non-cash working capital | $ (10,000) | ||||
Decrease in prepaids and other current assets | 6,000 | ||||
Decrease in deferred tax liabilities, net | 11,476 | ||||
Increase in accrued expenses and other current liabilities | 8,000 | ||||
Increase to goodwill | 12,524 | ||||
Revenue | $ 180,000 | ||||
Date of acquisition | Jun. 01, 2020 | ||||
Total comprehensive income attributable to stockholders of Tilray Brands, Inc. | $ 460,000 | ||||
Goodwill | 2,234,137 | ||||
Breckenridge Acquisition | |||||
Business Acquisition And Goodwill [Line Items] | |||||
Revenue | $ 12,000 | ||||
Date of acquisition | Jun. 01, 2021 | ||||
Total comprehensive income attributable to stockholders of Tilray Brands, Inc. | $ 3,000 | ||||
Acquisition, purchase price | $ 114,068 | ||||
Goodwill | $ 2,797 | 2,797 | |||
Breckenridge Acquisition | Class 2 Common Stock | |||||
Business Acquisition And Goodwill [Line Items] | |||||
Number of Tilray common shares outstanding at acquisition date | shares | 12,540,479 | ||||
SW Brewing Company, LLC | |||||
Business Acquisition And Goodwill [Line Items] | |||||
Contingent consideration | $ 60,657 | ||||
Contingent consideration expected payment date | 2023-12 | ||||
Change in fair value of contingent consideration | $ 44,650 | ||||
Fair value of contingent consideration | $ 16,007 | ||||
SW Brewing Company, LLC | Discount Rate | |||||
Business Acquisition And Goodwill [Line Items] | |||||
Business combination, contingent consideration, liability, measurement input | 0.05 |
Business Acquisitions - Summary
Business Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Details) - USD ($) $ in Thousands | Dec. 07, 2021 | May 31, 2022 | May 31, 2021 | Apr. 30, 2021 |
Assets | ||||
Goodwill | $ 2,641,305 | $ 2,832,794 | ||
Aphria Inc | ||||
Consideration | ||||
Contingent consideration | $ 71,297 | |||
Assets | ||||
Cash and cash equivalents | 375,673 | |||
Accounts receivable | 28,054 | |||
Inventory | 66,547 | |||
Prepaids and other current assets | 2,960 | |||
Capital assets | 136,637 | |||
Right-of-use assets, operating leases | 12,606 | |||
Goodwill | 2,234,137 | |||
Other assets | 22,879 | |||
Total assets | 3,958,493 | |||
Liabilities | ||||
Accounts payable | 62,292 | |||
Accrued expenses and other current liabilities | 93,120 | |||
Accrued lease obligations | 21,962 | |||
Warrant liability | 79,402 | |||
Deferred tax liabilities, net | 224,915 | |||
Convertible notes | 267,862 | |||
Other liabilities | 4,034 | |||
Total liabilities | 753,587 | |||
Net assets acquired | 3,204,906 | |||
Breckenridge Acquisition | ||||
Consideration | ||||
Shares | $ 114,068 | |||
Assets | ||||
Cash and cash equivalents | 326 | |||
Accounts receivable | 2,128 | |||
Inventory | 20,351 | |||
Prepaids and other current assets | 367 | |||
Capital assets | 11,179 | |||
Goodwill | 2,797 | 2,797 | ||
Total assets | 116,898 | |||
Liabilities | ||||
Accounts payable and accrued liabilities | 2,228 | |||
Deferred tax liabilities, net | 602 | |||
Total liabilities | 2,830 | |||
Net assets acquired | 114,068 | |||
Licenses | Aphria Inc | ||||
Assets | ||||
Business combination indefinite lived intangible assets | 200,000 | |||
Distribution Channel | Aphria Inc | ||||
Assets | ||||
Business combination intangibles | 404,000 | |||
Customer Relationships | Aphria Inc | ||||
Assets | ||||
Business combination intangibles | 59,000 | |||
Customer Relationships | Breckenridge Acquisition | ||||
Assets | ||||
Business combination intangibles | 9,800 | |||
Know How | Aphria Inc | ||||
Assets | ||||
Business combination intangibles | 115,000 | |||
Brands | Aphria Inc | ||||
Assets | ||||
Business combination intangibles | $ 301,000 | |||
Intellectual Property | Breckenridge Acquisition | ||||
Assets | ||||
Business combination intangibles | $ 69,950 |
Business Acquisitions - Summa_2
Business Acquisitions - Summary of Fair Values of Assets Acquired and Liabilities Assumed (Parenthetical) (Details) | 12 Months Ended | ||
Dec. 07, 2021 | May 31, 2022 | May 31, 2021 | |
Know How | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 5 years | ||
Intellectual Property | Minimum | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 15 months | ||
Intellectual Property | Maximum | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 25 years | ||
Aphria Inc | Distribution Channel | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 15 years | 15 years | |
Aphria Inc | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 15 years | 15 years | |
Aphria Inc | Know How | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 5 years | 5 years | |
Aphria Inc | Brands | Minimum | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 10 years | 10 years | |
Aphria Inc | Brands | Maximum | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 25 years | 25 years | |
Breckenridge Acquisition | Customer Relationships | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 15 years | ||
Breckenridge Acquisition | Intellectual Property | |||
Business Acquisition [Line Items] | |||
Estimated useful life of intangible assets | 15 years |
Goodwill - Schedule of Goodwill
Goodwill - Schedule of Goodwill (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Goodwill [Line Items] | |||
Effect of foreign exchange | $ 39,640 | $ 63,713 | |
Impairments | (223,931) | (41,195) | |
Goodwill | 2,641,305 | 2,832,794 | |
Cannabis | |||
Goodwill [Line Items] | |||
Goodwill, acquired during period | 2,640,669 | 2,628,146 | |
Impairments | (182,736) | $ (41,195) | |
Distribution | |||
Goodwill [Line Items] | |||
Goodwill, acquired during period | 4,458 | 4,458 | |
Beverage Alcohol | |||
Goodwill [Line Items] | |||
Goodwill, acquired during period | 102,999 | 100,202 | |
Wellness | |||
Goodwill [Line Items] | |||
Goodwill, acquired during period | $ 77,470 | $ 77,470 |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - USD ($) | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Goodwill [Line Items] | |||
Impairment charges recorded In goodwill | $ 223,931,000 | $ 41,195,000 | |
Goodwill impairment discount rate | 11.21% | ||
Goodwill impairment terminal growth rate | 5% | ||
Goodwill impairment average revenue growth rate over five years | 46% | ||
Additional Impairment from 1% increase in discount rate | $ 587,000,000 | ||
Additional impairment from 1% decrease in terminal growth rate | 457,000,000 | ||
Additional impairment from 5% decrease in average revenue growth rate | 553,000,000 | ||
Impairment charges | 378,241,000 | 0 | $ 50,679,000 |
Impairment charges recorded in capital assets | 5,229,000 | ||
Impairment charges recorded in intangible assets | 210,844,000 | $ 15,340,000 | 15,340,000 |
Impairment charges offset in net liabilities | 4,065,000 | ||
Impairment charges offset in NCI portion | 7,020,000 | ||
Cannabis | |||
Goodwill [Line Items] | |||
Impairment charges recorded In goodwill | $ 182,736,000 | $ 41,195,000 |
Convertible Notes Receivable -
Convertible Notes Receivable - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||||||
Apr. 10, 2019 CAD ($) shares | Dec. 28, 2018 CAD ($) $ / shares | Sep. 30, 2021 USD ($) shares | Aug. 31, 2021 CAD ($) shares | May 31, 2022 USD ($) shares | May 31, 2021 USD ($) | May 31, 2021 CAD ($) | May 31, 2020 USD ($) | May 31, 2021 CAD ($) | Apr. 11, 2021 CAD ($) | Apr. 10, 2021 CAD ($) | |
Convertible Notes Receivable [Line Items] | |||||||||||
Unrealized loss on convertible notes receivable | $ (71,428) | $ (3,824) | $ (5,476) | ||||||||
Secured Convertible Debentures | High Tide Inc | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument, face amount | $ 2,000 | $ 2,500 | |||||||||
Secured Convertible Debentures | Aphria Inc | Starbuds | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debentures purchased | $ 5,000 | ||||||||||
Debt instrument interest rate percentage | 8.50% | ||||||||||
Debt instrument maturity date | Dec. 28, 2020 | ||||||||||
Debt instrument conversion price per share | $ / shares | $ 0.50 | ||||||||||
Fair value of convertible debentures | 828 | $ 1,000 | |||||||||
Accrued Interest | 385 | $ 465 | |||||||||
Secured Convertible Debentures | Aphria Inc | High Tide Inc | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debentures purchased | $ 4,500 | ||||||||||
Debt instrument interest rate percentage | 10% | ||||||||||
Debt instrument maturity date | Apr. 10, 2021 | ||||||||||
Debt instrument frequency of periodic payment | annually | ||||||||||
Warrants received | shares | 6,000,000 | ||||||||||
LP | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Ownership and voting interest | 68% | ||||||||||
Convertible Notes Receivable | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Proceeds from issuance of debt | $ 948 | ||||||||||
Convertible Notes Receivable | Risk-Free Interest Rate | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument measurement input | 0.0143 | ||||||||||
Convertible Notes Receivable | Expected Volatility | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument measurement input | 0.70 | ||||||||||
Convertible Notes Receivable | Minimum | Probability of Legalization | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument measurement input | 0 | ||||||||||
Convertible Notes Receivable | Maximum | Probability of Legalization | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument measurement input | 60 | ||||||||||
MedMen Enterprises Inc. | Convertible Notes Receivable | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument, face amount | $ 165,799 | ||||||||||
Unrealized loss on convertible notes receivable | $ 71,428 | $ 3,824 | |||||||||
LP | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Shares issued for acquisition, shares | shares | 9,817,061 | 9,817,061 | |||||||||
Shares issued for acquisition | $ 117,804 | $ 117,804 | |||||||||
Ownership and voting interest | 68% | 68% | 68% | ||||||||
Common stock issued, shares | shares | 9,817,061 | ||||||||||
LP | Secured Convertible Debentures | MedMen Enterprises Inc. | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Debt instrument, face amount | $ 165,799 | ||||||||||
Debt instrument maturity date | Aug. 17, 2028 | ||||||||||
LP | Secured Convertible Debentures | MedMen Enterprises Inc. | LIBOR | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Interest rate | 6% | ||||||||||
LP | Secured Convertible Debentures | MedMen Enterprises Inc. | LIBOR | Floor | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Interest rate | 2.50% | ||||||||||
LP | LP | |||||||||||
Convertible Notes Receivable [Line Items] | |||||||||||
Non-controlling interest percentage | 32% |
Convertible Notes Receivable _2
Convertible Notes Receivable - Summary of Convertible Notes Receivable (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Total convertible notes receivable, non current portion | $ 401,949 | $ 667,624 |
Convertible Notes Receivable | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Convertible notes receivable, fair value | 111,200 | 2,485 |
Deduct - current portion | (2,485) | |
Total convertible notes receivable, non current portion | 111,200 | |
Convertible Notes Receivable | Starbuds | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Convertible notes receivable, fair value | 828 | |
Convertible Notes Receivable | High Tide Inc | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Convertible notes receivable, fair value | $ 1,657 | |
Convertible Notes Receivable | MedMen Enterprises Inc. | ||
Schedule Of Trading Securities And Other Trading Assets [Line Items] | ||
Convertible notes receivable, fair value | $ 111,200 |
Long-term Investments - Schedul
Long-term Investments - Schedule of Long-term Investments (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Investments Debt And Equity Securities [Abstract] | ||
Equity investments measured at fair value | $ 4,347 | $ 12,185 |
Equity investments under measurement alternative | 5,703 | 5,500 |
Total other investments | $ 10,050 | $ 17,685 |
Long-term Investments - Additio
Long-term Investments - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |||
Proceeds on sale of investments | $ 8,430 | $ 19,570 | |
Unrealized losses on change in fair value of investments | $ 6,731 | $ 1,567 | $ 23,057 |
Income Taxes and Deferred Inc_3
Income Taxes and Deferred Income Taxes - Summary of Loss Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Canada | $ (81,772) | $ (323,964) | $ (88,930) |
Loss before income taxes | (440,674) | (344,986) | (109,185) |
United States | |||
Other countries | (233,697) | (7,814) | |
Other Countries | |||
Other countries | $ (125,205) | $ (13,208) | $ (20,255) |
Income Taxes and Deferred Inc_4
Income Taxes and Deferred Income Taxes - Summary of (Recoveries) Expense for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Current: | |||
United States | $ 262 | ||
Canada | 23,268 | $ 15,227 | $ 5,294 |
Other countries | 479 | 697 | 375 |
Current | 24,009 | 15,924 | 5,669 |
Deferred: | |||
United States | 520 | 1,517 | |
Canada | (17,154) | (30,111) | (9,226) |
Other countries | (13,917) | 3,698 | (4,795) |
Deferred | (30,551) | (24,896) | (14,021) |
Income tax benefits, net | $ (6,542) | $ (8,972) | $ (8,352) |
Income Taxes and Deferred Inc_5
Income Taxes and Deferred Income Taxes - Summary of Reconciliation of Income Taxes at Statutory Rate with Reported Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Loss before net income taxes: | $ (440,674) | $ (344,986) | $ (109,185) |
Income tax benefits at statutory rate | (92,542) | (72,408) | (22,929) |
Tax impact of foreign operations | 81,316 | (19,016) | (6,310) |
Foreign exchange and other | 14,941 | 1,011 | (63) |
Non-deductible expenses | 6,404 | (1,347) | 2,474 |
Non-deductible (taxable) losses | 748 | 45,230 | 13,305 |
Changes in enacted rates | 135 | ||
Change in fair value of warrant liability | (13,359) | (259) | |
Stock based and other compensation | 994 | 2,902 | 4,105 |
Change in valuation allowance | 17,255 | 46,007 | 1,066 |
Non deductible dividend | (755) | ||
Impact on convertible debenture and other differences | (22,299) | ||
Effect of transaction | (10,472) | ||
Income tax benefits, net | $ (6,542) | $ (8,972) | $ (8,352) |
Income Taxes and Deferred Inc_6
Income Taxes and Deferred Income Taxes - Summary of Components of Deferred Tax (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 | May 31, 2020 |
Deferred assets | |||
Operating loss carryforwards - Canada | $ 132,293 | $ 152,382 | $ 20,512 |
Capital loss carryforwards | 38,087 | 1,350 | 1,854 |
Intangible assets | 150,543 | 86,541 | |
Property and equipment | 20,592 | 17,107 | |
Currently nondeductible interest | 7,165 | 9,491 | |
Partnership interests | 34,108 | ||
Deferred financing costs | 1,638 | 4,237 | 5,022 |
Investment tax credits and related pool balance | 21,590 | 526 | |
Other | 44,393 | 26,434 | 1,704 |
Total Deferred tax assets | 509,775 | 397,297 | 38,129 |
Less valuation allowance | (354,071) | (265,940) | (4,583) |
Net deferred tax assets | 155,704 | 131,357 | 33,546 |
Deferred tax liabilities | |||
Property and equipment | (38,387) | (15,997) | (8,356) |
Intangible assets | (305,577) | (376,228) | (69,580) |
Convertible Senior Notes Due 2023 | (8,378) | (4,977) | (4,056) |
Total deferred tax liabilities | (352,342) | (397,202) | (81,992) |
Net deferred tax liability | (196,638) | (265,845) | (48,446) |
United States | |||
Deferred assets | |||
Operating loss carryforwards | 77,868 | 57,320 | |
Other Countries | |||
Deferred assets | |||
Operating loss carryforwards | $ 15,606 | $ 7,801 | $ 9,037 |
Income Taxes and Deferred Inc_7
Income Taxes and Deferred Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||||
Mar. 27, 2020 | Dec. 22, 2017 | May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Operating Loss Carryforwards [Line Items] | |||||
Adjustable taxable income deductible net interest percentage | 30% | 50% | |||
U.S. statutory federal corporate tax rate | 35% | 21% | |||
Operating loss carry-forwards | $ 449,500 | ||||
Net operating loss carry-forward expiration year | 2028 | ||||
Net operating loss carry-forward expiration period | 20 years | ||||
Unrecognized tax benefits | $ 0 | $ 0 | $ 0 | ||
Interest and penalty expenses related to uncertain tax positions | 0 | 0 | $ 0 | ||
Accrued interest and penalties on unrecognized tax positions | $ 0 | 0 | |||
Earliest Tax Year | Canada | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2017 | ||||
Earliest Tax Year | Germany | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2017 | ||||
Earliest Tax Year | Australia | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2018 | ||||
Earliest Tax Year | United States | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2018 | ||||
Deferred Tax Asset, Valuation Allowance | |||||
Operating Loss Carryforwards [Line Items] | |||||
Increase in deferred tax valuation allowance | $ 88,131 | $ 261,357 | |||
United States | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards offset percentage of taxable income | 100% | 80% | |||
Operating loss carry-forwards | $ 370,800 | ||||
Portugal | Earliest Tax Year | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2018 |
Bank Indebtedness - Additional
Bank Indebtedness - Additional Information (Details) | 12 Months Ended | ||||
May 31, 2022 CAD ($) Lineofcredit | May 31, 2022 EUR (€) Lineofcredit | May 31, 2022 USD ($) | May 31, 2022 CAD ($) | May 31, 2022 EUR (€) | |
Line Of Credit Facility [Line Items] | |||||
Operating line of credit | $ 1,000 | ||||
Line of credit | $ 0 | ||||
CC Pharma | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit | $ 8,123,000 | € 7,571 | |||
Number of operating lines of credit | Lineofcredit | 2 | 2 | |||
Available credit amount | € | € 8,500 | ||||
Four Twenty Corporation (?420?) | Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit | $ 10,000 | ||||
Operating Lines of Credit One | CC Pharma | |||||
Line Of Credit Facility [Line Items] | |||||
Operating line of credit | € | 5,000 | ||||
Operating Lines of Credit Two | CC Pharma | |||||
Line Of Credit Facility [Line Items] | |||||
Operating line of credit | € | € 3,500 | ||||
Prime Rate | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate | 7.50% | 7.50% | |||
Euro Over Night Index Average Plus | Operating Lines of Credit One | CC Pharma | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate | 1.79% | 1.79% | 1.79% | ||
Euro Interbank Offered Rate Plus | Operating Lines of Credit Two | CC Pharma | |||||
Line Of Credit Facility [Line Items] | |||||
Interest rate | 3.682% | 3.682% | 3.682% | ||
EURIBOR | Four Twenty Corporation (?420?) | Revolving Credit Facility | |||||
Line Of Credit Facility [Line Items] | |||||
Line of credit | $ 30,000,000 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payable and Accrued Liabilities (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Accounts Payable And Accrued Liabilities Current And Noncurrent [Abstract] | ||
Trade payables | $ 68,604 | $ 57,706 |
Accrued liabilities | 57,497 | 112,594 |
Accrued payroll and employment related taxes | 17,736 | 19,390 |
Income taxes payable | 6,150 | 14,764 |
Accrued interest | 6,772 | 148 |
Other accruals | 672 | 8,211 |
Total | $ 157,431 | $ 212,813 |
Long-term Debt - Schedule of Ne
Long-term Debt - Schedule of Net Carrying Amount of Long-term Debt Instruments (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ 187,152 | $ 206,169 |
Unamortized financing fees | (1,450) | (2,061) |
Net carrying amount | 185,702 | 204,108 |
Less principal portion included in current liabilities | (67,823) | (36,622) |
Total noncurrent portion of long-term debt | 117,879 | 167,486 |
Credit Facility Due in November 2022 | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 53,720 | 62,964 |
Term Loan Due in July 2023 | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 12,750 | 14,335 |
Term Loan Due in April 2022 | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 15,050 | 17,117 |
Term Loan Due in August 2026 | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 462 | 587 |
Mortgage Payable due in August 2026 | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 2,327 | 2,562 |
Vendor-Take-Back Mortgage Due in June 2021 | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 92 | |
Term Loan Due in December 2023 | Euro Interbank Offered Rate Plus 1.79% | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 1,878 | 3,356 |
Term Loan Due in December 2023 | Euro Interbank Offered Rate Plus 2.68% | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 1,878 | 3,356 |
Term Loan Due in April 2025 | Euro Interbank Offered Rate Plus 2.00% | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 1,219 | 1,831 |
Term Loan Due in June 2025 | Euro Interbank Offered Rate Plus 2.00% | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 1,307 | 1,831 |
Mortgage Payable Due in October 2030 | EUROBIR Rate Plus 1.5% | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | 21,561 | |
Term Loan Principal Due in December 2023 | EUROBIR Rate Plus Applicable Margin | ||
Debt Instrument [Line Items] | ||
Carrying amount of long-term debt | $ 75,000 | $ 98,138 |
Long-term Debt - Schedule of _2
Long-term Debt - Schedule of Net Carrying Amount of Long-term Debt Instruments (Parenthetical) (Details) € in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | |||
May 31, 2022 USD ($) | May 31, 2022 EUR (€) | May 31, 2022 CAD ($) | May 31, 2022 EUR (€) | |
Credit Facility Due in November 2022 | Canadian Prime Interest Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 80,000 | |||
Debt instrument term | 3 years | 3 years | ||
Debt instrument amortization period | 10 years | 10 years | ||
Term Loan Due in July 2023 | Canadian Five Year Bond Interest Rate Plus 2.73 | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 25,000 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument amortization period | 15 years | 15 years | ||
Debt instrument interest rate percentage | 2.73% | 2.73% | 2.73% | |
Term Loan Due in July 2023 | Canadian Five Year Bond Interest Rate Plus 2.73 | Minimum | ||||
Debt Instrument [Line Items] | ||||
Debt instrument interest rate percentage | 4.50% | 4.50% | 4.50% | |
Term Loan Due in April 2022 | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 25,000 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument amortization period | 15 years | 15 years | ||
Debt instrument interest rate percentage | 3.95% | 3.95% | 3.95% | |
Repayment of instalments including interest | $ 188 | |||
Term Loan Due in August 2026 | Canadian Prime Interest Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 1,250 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument amortization period | 10 years | 10 years | ||
Debt instrument interest rate percentage | 1.50% | 1.50% | 1.50% | |
Repayment of instalments including interest | $ 13 | |||
Mortgage Payable due in August 2026 | Canadian Prime Interest Rate | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 3,750 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument amortization period | 20 years | 20 years | ||
Debt instrument interest rate percentage | 1.50% | 1.50% | 1.50% | |
Repayment of instalments including interest | $ 23 | |||
Vendor-Take-Back Mortgage Due in June 2021 | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 2,850 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument interest rate percentage | 6.75% | 6.75% | 6.75% | |
Repayment of instalments including interest | $ 56 | |||
Term Loan Due in December 2023 | Euro Interbank Offered Rate Plus 1.79% | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | € | € 5,000 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument interest rate percentage | 1.79% | 1.79% | 1.79% | |
Repayment of instalments including interest | € | € 250 | |||
Term Loan Due in December 2023 | Euro Interbank Offered Rate Plus 2.68% | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | € | € 5,000 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument interest rate percentage | 2.68% | 2.68% | 2.68% | |
Repayment of instalments including interest | € | € 250 | |||
Term Loan Due in April 2025 | Euro Interbank Offered Rate Plus 2.00% | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | € | € 1,500 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument interest rate percentage | 2% | 2% | 2% | |
Repayment of instalments including interest | € | € 98 | |||
Term Loan Due in June 2025 | Euro Interbank Offered Rate Plus 2.00% | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | € | € 1,500 | |||
Debt instrument term | 5 years | 5 years | ||
Debt instrument interest rate percentage | 2% | 2% | 2% | |
Repayment of instalments including interest | € | € 98 | |||
Mortgage Payable Due in October 2030 | EUROBIR Rate Plus 1.5% | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 22,635 | |||
Debt instrument term | 10 years | 10 years | ||
Debt instrument amortization period | 10 years | 10 years | ||
Debt instrument interest rate percentage | 1.50% | 1.50% | 1.50% | |
Repayment of instalments including interest | $ 57 | |||
Term Loan Principal Due in December 2023 | EUROBIR Rate Plus Applicable Margin | ||||
Debt Instrument [Line Items] | ||||
Credit facility amount | $ 100,000 | |||
Debt instrument term | 3 years | 3 years | ||
Long-term debt, repayments of principal beginning March 31, 2021 for the first year | $ 1,875 | |||
Long-term debt, repayments of principal in rolling year three | $ 2,500 |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) € in Thousands, $ in Thousands, $ in Thousands | 12 Months Ended | ||||
May 31, 2022 USD ($) | May 31, 2022 CAD ($) | May 31, 2022 CAD ($) | May 31, 2022 EUR (€) | May 31, 2021 USD ($) | |
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 187,152 | $ 206,169 | |||
Minimum balance maintained to remove financial covenants. | 5,596 | $ 7,083 | |||
Minimum balance in Canadian cash operating accounts | 1,067 | $ 1,350 | |||
Credit Facility Due in November 2022 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | 53,720 | 62,964 | |||
Credit Facility Due in November 2022 | Secured Debt | Aphria Diamond | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 66,278 | $ 80,000 | |||
Debt instrument, issuance date | Nov. 29, 2019 | Nov. 29, 2019 | |||
Non-controlling interest percentage | 51% | 51% | 51% | ||
Term Loan Due in July 2023 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 12,750 | 14,335 | |||
Term Loan Due in July 2023 | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 20,712 | $ 25,000 | |||
Debt instrument, issuance date | Jul. 27, 2018 | Jul. 27, 2018 | |||
Debt instrument, effective interest rate | 4.68% | 4.68% | 4.68% | ||
Term Loan Due in April 2022 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 15,050 | 17,117 | |||
Term Loan Due in April 2022 | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 20,712 | $ 25,000 | |||
Debt instrument, issuance date | May 09, 2017 | May 09, 2017 | |||
Mortgage Payable due in August 2026 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 2,327 | 2,562 | |||
Mortgage Payable due in August 2026 | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 3,108 | 3,750 | |||
Debt instrument, issuance date | Jul. 22, 2016 | Jul. 22, 2016 | |||
Term Loan Due in August 2026 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 462 | 587 | |||
Term Loan Due in August 2026 | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 1,036 | 1,250 | |||
Debt instrument, issuance date | Jul. 22, 2016 | Jul. 22, 2016 | |||
Vendor-Take-Back Mortgage Due in June 2021 | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 92 | ||||
Vendor-Take-Back Mortgage Due in June 2021 | Secured Debt | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 2,361 | $ 2,850 | |||
Debt instrument, issuance date | Jun. 30, 2016 | Jun. 30, 2016 | |||
Term Loan Due in December 2023 | Secured Debt | CC Pharma | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 16,165 | € 13,000 | |||
Term Loan Due In March Two Thousand Twenty Four | Secured Debt | Four Twenty Corporation | |||||
Debt Instrument [Line Items] | |||||
Carrying amount of long-term debt | $ 100,000 |
Convertible Debentures - Additi
Convertible Debentures - Additional Information (Details) | 1 Months Ended | 12 Months Ended | |
Apr. 30, 2019 USD ($) $ / shares | May 31, 2022 USD ($) shares Tradingday $ / shares | May 31, 2021 USD ($) | |
5.00% Convertible Notes ("TLRY 23") | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 277,856,000 | $ 0 | |
Debt instrument interest rate percentage | 5% | ||
Debt instrument frequency of periodic payment | The TLRY 23 bears interest at a rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year. | ||
Debt instrument maturity date | Oct. 01, 2023 | ||
Debt Instrument, Convertible, Conversion Ratio | 5.9735 | ||
Debt instrument conversion price per share | $ / shares | $ 167.41 | ||
Debt instrument, periodic payment of principal amount | $ 0 | ||
Debt instrument term | 5 years | ||
Debt instrument, default condition | To the extent the Company so elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants, for the first 365 days after such event of default, consist exclusively of the right to receive additional interest on the notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election (the “cash conversion option”). | ||
Debt instrument, convertible, number of common stock | shares | 1,659,737 | ||
Debt instrument, face amount | $ 277,856,000 | 0 | |
Purchase of convertible debentures | $ 88,026,000 | ||
5.00% Convertible Notes ("TLRY 23") | Convertible Debt | |||
Debt Instrument [Line Items] | |||
Debt instrument, convertible, remaining term of accretion of convertible notes | 16 months | ||
Total interest expense | $ 18,860,000 | 1,585,000 | |
Contractual interest coupon | 14,684,000 | 1,158,000 | |
Amortization of discount | $ 4,176,000 | 427,000 | |
5.25% Convertible Notes ("APHA 24") | |||
Debt Instrument [Line Items] | |||
Debt instrument face amount | $ 350,000,000 | ||
Debt instrument interest rate percentage | 5.25% | ||
Debt instrument frequency of periodic payment | bears interest at a rate of 5.25% per annum, payable semi-annually in arrears on June 1 and December 1 of each year, | ||
Debt instrument maturity date | Jun. 01, 2024 | ||
Debt instrument conversion price per share | $ / shares | $ 11.20 | ||
Debt instrument convertible description | Holders of the APHA 24 may convert all or any portion of their Notes, in multiples of one thousand dollars principal amount, at their option at any time between December 1, 2023 to the maturity date. | ||
Debt instrument, convertible, terms of conversion feature | (a) the last reported sales price of the common shares for at least 20 trading days during a period of 30 consecutive trading days immediately preceding fiscal quarter is greater than or equal to 130% of the conversion price on each applicable trading day; (b) during the five-business day period after any five consecutive trading day period (the “measurement period”) in which the trading price per one thousand dollars principal amount of the APHA 24 for each trading day of the measurement period is less than 98% of the product of the last reported sale price of the Company’s common shares and the conversion rate on each such trading day; (c) the Company calls any or all of the APHA 24 for redemption or; (d) upon occurrence of specified corporate event. | ||
Debt instrument, convertible, minimum trading days | Tradingday | 20 | ||
Debt instrument, convertible, consecutive trading days | Tradingday | 30 | ||
Debt instrument, convertible, threshold percentage of stock price trigger | 130% | ||
Debt instrument, convertible, minimum threshold percentage during measurement period | 98% | ||
Percentage of redemption value on principal plus accrued and unpaid interest | 100% | ||
Fair value increase (decrease) of debt instrument | $ 163,670,000 | (170,453,000) | |
Foreign exchange impact | 19,021,000 | ||
Debt instrument contractual interest | 13,600,000 | 13,600,000 | |
Debt instrument principal outstanding | $ 259,400,000 | $ 259,400,000 | |
Debt instrument, face amount | $ 350,000,000 | ||
5.25% Convertible Notes ("APHA 24") | Common Stock | Tilray Inc. | |||
Debt Instrument [Line Items] | |||
Debt Instrument, Convertible, Conversion Ratio | 89.31162364 |
Convertible Debentures - Schedu
Convertible Debentures - Schedule of Components of Net Carrying Amount of Convertible Debentures (Detail) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Debt Instrument [Line Items] | ||
Total | $ 401,949 | $ 667,624 |
5.25% Convertible Notes ("APHA 24") | ||
Debt Instrument [Line Items] | ||
Total | 216,753 | 399,444 |
5.00% Convertible Notes ("TLRY 23") | ||
Debt Instrument [Line Items] | ||
Total | $ 185,196 | $ 268,180 |
Convertible Debentures - Sche_2
Convertible Debentures - Schedule of Convertible Debentures - APHA 24 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Debt Instrument [Line Items] | ||
Convertible debenture | $ 401,949 | $ 667,624 |
5.25% Convertible Notes ("APHA 24") | ||
Debt Instrument [Line Items] | ||
Contractual debenture, gross | 350,000 | 350,000 |
Debt settlement | (90,760) | (90,760) |
Fair value adjustment | (42,487) | 140,204 |
Convertible debenture | $ 216,753 | $ 399,444 |
Convertible Debentures - Sche_3
Convertible Debentures - Schedule of Convertible Debentures - TLRY 23 (Details) - USD ($) $ in Thousands | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Debt Instrument [Line Items] | ||
Net carrying amount | $ 401,949 | $ 667,624 |
5.00% Convertible Notes ("TLRY 23") | ||
Debt Instrument [Line Items] | ||
Opening balance | 277,856 | |
Principal amount issued (paid) | (88,026) | 277,856 |
Unamortized discount | (4,634) | (9,676) |
Net carrying amount | $ 185,196 | $ 268,180 |
Warrants - Additional Informati
Warrants - Additional Information (Details) | 12 Months Ended |
May 31, 2022 USD ($) yr $ / shares shares | |
Class Of Warrant Or Right [Line Items] | |
Class of warrant expired | shares | 5,994,651 |
Class of warrants outstanding, original exercise price | $ 5.95 |
Class of warrants outstanding | shares | 6,209,000 |
Warrant expiry date | Mar. 17, 2025 |
Reduction in exercise price of warrants | $ 4.30 |
Daily cash penalty | 1% |
Level 3 | |
Class Of Warrant Or Right [Line Items] | |
Estimated fair value of warrant liability per warrant | $ 2.30 |
Expected Term | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | yr | 3.3 |
Warrant | Risk-Free Interest Rate | Level 3 | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 2.89 |
Warrant | Expected Volatility | Level 3 | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | 70 |
Warrant | Expected Term | Level 3 | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | yr | 3.3 |
Warrant | Strike Price | Level 3 | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | $ | 4.30 |
Warrant | Fair Value of Common Stock | Level 3 | |
Class Of Warrant Or Right [Line Items] | |
Warrants and Rights Outstanding, Measurement Input | $ | 4.49 |
Minimum | |
Class Of Warrant Or Right [Line Items] | |
Class of warrant expired, exercise price | $ 3.08 |
Class of warrants outstanding, original exercise price | 4.30 |
Maximum | |
Class Of Warrant Or Right [Line Items] | |
Class of warrant expired, exercise price | 9.08 |
Class of warrants outstanding, original exercise price | $ 5.95 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Thousands | 1 Months Ended | 12 Months Ended | |||||
Dec. 07, 2021 | Dec. 31, 2021 | Sep. 30, 2021 | May 31, 2022 | May 31, 2021 | May 31, 2020 | Aug. 31, 2021 | |
Class Of Stock [Line Items] | |||||||
Common stock, shares authorized | 990,000,000 | 743,333,333 | |||||
Common stock, shares issued | 532,674,887 | 446,440,641 | |||||
Common stock, shares outstanding | 532,674,887 | 446,440,641 | |||||
Sale of shares | 51,741,710 | ||||||
Gross proceeds from sale of shares | $ 267,762 | ||||||
Commissions and other fees | 5,253 | ||||||
Net proceeds from sale of shares | $ 262,509 | ||||||
Exercise Price | $ 5.95 | ||||||
Share issuance - DDH note | $ (7,484) | ||||||
Payment to non-controlling shareholders | $ 7,484 | $ 23,895 | |||||
Aggregate settlement | $ 11,855 | $ 6,610 | |||||
Share issuance - legal settlement, shares | 2,959,386 | ||||||
Share issuance - purchase of capital and intangible assets, shares | 1,289,628 | ||||||
Share issuance - options exercised, shares | 5,208,386 | ||||||
Aphria Diamond | |||||||
Class Of Stock [Line Items] | |||||||
Share issuance - DDH note, shares | 2,677,596 | ||||||
Share issuance - DDH note | $ 28,560 | ||||||
Payment to non-controlling shareholders | 7,484 | ||||||
Aggregate settlement | $ 36,044 | ||||||
Maximum | |||||||
Class Of Stock [Line Items] | |||||||
Exercise Price | $ 5.95 | ||||||
Minimum | |||||||
Class Of Stock [Line Items] | |||||||
Exercise Price | $ 4.30 | ||||||
SH Acquisition | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued for acquisition, shares | 9,817,061 | 9,817,061 | |||||
Shares issued for acquisition | $ 117,804 | $ 117,804 | |||||
Acquisition of equity ownership percentage | 68% | 68% | 68% | ||||
Breckenridge Acquisition | |||||||
Class Of Stock [Line Items] | |||||||
Shares issued for acquisition, shares | 12,540,479 | ||||||
Shares issued for acquisition | $ 114,068 |
Stockholders' Equity - Stock-Ba
Stockholders' Equity - Stock-Based Compensation - Additional Information (Details) - USD ($) | 12 Months Ended | |||
May 31, 2022 | May 31, 2021 | May 31, 2020 | Apr. 30, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expenses | $ 35,994,000 | $ 17,351,000 | $ 18,079,000 | |
Stock Appreciation Rights (SARs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation, number of other than options issued | 0 | |||
Tilray 2018 Equity Incentive Plan and Original Plan | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock granted value share based compensation | $ 500,000,000 | |||
Stock granted fair value share based compensation | $ 1,000,000 | |||
Stock options granted | 0 | 0 | ||
Risk-free interest rate | 2.10% | |||
Expected stock option life | 8 years 11 months 19 days | |||
Expected volatility | 61.33% | |||
Tilray 2018 Equity Incentive Plan and Original Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for future issuance | 9,806,851 | |||
Common shares reserved for issuance, annual automatic increase percentage | 4% | |||
Tilray 2018 Equity Incentive Plan and Original Plan | Stock Appreciation Rights (SARs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation, number of other than options issued | 0 | |||
Predecessor Plan | Aphria | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 0.39% | |||
Expected stock option life | 5 years | 5 years | ||
Expected volatility | 70% | 70% | ||
Forfeiture rate | 35% | 20% | ||
Maximum | Tilray 2018 Equity Incentive Plan and Original Plan | Common Stock | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common stock reserved for issuance, term | 10 years | |||
Maximum | Tilray 2018 Equity Incentive Plan and Original Plan | Stock Appreciation Rights (SARs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation, grant term | 10 years | |||
Maximum | Tilray 2018 Equity Incentive Plan and Original Plan | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
Maximum | Predecessor Plan | Aphria | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.56% | |||
Minimum | Tilray 2018 Equity Incentive Plan and Original Plan | Restricted Stock Units (RSUs) | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
Minimum | Predecessor Plan | Aphria | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Risk-free interest rate | 1.20% |
Stockholders' Equity - Schedule
Stockholders' Equity - Schedule of Stock-Based Activity Under EIP and Original Plan (Details) - USD ($) | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Exercised | (5,208,386) | |
EIP Time-based Stock Options | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options, Beginning Balance | 3,180,226 | |
Shares, Exercised | (171,603) | |
Shares, Cancelled | (126,874) | |
Stock Options, Ending Balance | 2,881,749 | 3,180,226 |
Weighted-average exercise price, Beginning Balance | $ 14.19 | |
Weighted-average exercise price, Exercised | 7.76 | |
Weighted-average exercise price, Cancelled | 6.08 | |
Weighted-average exercise price, Ending Balance | $ 14.93 | $ 14.19 |
Weighted average remaining contractual term (years) | 6 years | 1 year 3 months 18 days |
Aggregate intrinsic value | $ 25,171 | |
Original Plan Time-based Stock Option | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options, Beginning Balance | 917,545 | |
Shares, Exercised | (735,564) | |
Shares, Forfeited | (9,016) | |
Shares, Cancelled | (80,188) | |
Stock Options, Ending Balance | 92,777 | 917,545 |
Weighted-average exercise price, Beginning Balance | $ 3.97 | |
Weighted-average exercise price, Exercised | 3.36 | |
Weighted-average exercise price, Forfeited | 5.36 | |
Weighted-average exercise price, Cancelled | 9.93 | |
Weighted-average exercise price, Ending Balance | $ 3.52 | $ 3.97 |
Weighted average remaining contractual term (years) | 3 years 9 months 18 days | 1 year 8 months 12 days |
Aggregate intrinsic value | $ 117 | $ 11,886 |
EIP Time-based RSU | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options, Beginning Balance | 1,205,243 | |
Shares, Granted | 6,447,993 | |
Shares, Vested | (564,937) | |
Shares, Forfeited | (377,519) | |
Stock Options, Ending Balance | 6,710,780 | 1,205,243 |
Weighted-average exercise price, Beginning Balance | $ 15.16 | |
Weighted-average grant date fair value per share, Granted | 12.02 | |
Weighted-average exercise price, Ending Balance | 11.76 | $ 15.16 |
Weighted-average exercise price, Exercised | 20.33 | |
Weighted-average exercise price, Forfeited | $ 14.16 | |
Weighted average remaining contractual term (years) | 2 years 7 months 6 days | |
Aggregate intrinsic value | $ 25,894 | $ 20,091 |
Stockholders' Equity - Schedu_2
Stockholders' Equity - Schedule of Stock Option Activity (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
May 31, 2022 | May 31, 2021 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Shares, Exercised | (5,208,386) | |
Time-based Stock Options | Predecessor Plan | Aphria | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Stock Options, Beginning Balance | 2,499,185 | |
Shares, Exercised | (203,071) | |
Shares, Forfeited | (155,381) | |
Shares, Expired | (301,705) | |
Stock Options, Ending Balance | 1,839,028 | 2,499,185 |
Shares, Vested and exercisable | 1,764,777 | |
Weighted-average exercise price, Beginning Balance | $ 12.48 | |
Weighted average exercise price, Exercised | 8.14 | |
Weighted average exercise price, Forfeited | 18.21 | |
Weighted average exercise price, Expired | 16.14 | |
Weighted-average exercise price, Ending Balance | 11.29 | $ 12.48 |
Weighted average exercise price, Vested and exercisable | 11.39 | |
Weighted average grant date fair value, Beginning Balance | 6.51 | |
Weighted average grant date fair value, Exercised | 31.88 | |
Weighted-average exercise price, Forfeited | 6.15 | |
Weighted average grant date fair value, Expired | 20.07 | |
Weighted average grant date fair value, Ending Balance | 64.44 | $ 6.51 |
Weighted average grant date fair value, Vested and exercisable | $ 65.39 | |
Weighted average remaining contractual term (years) | 1 year 9 months 18 days | 2 years 4 months 24 days |
Weighted average remaining contractual term (years), Vested and exercisable | 1 year 9 months 18 days | |
Aggregate Intrinsic Amount | $ 10,472 |
Stockholders' Equity - Schedu_3
Stockholders' Equity - Schedule of Time-based and Performance-based RSU Activity (Details) - Predecessor Plan - Aphria - Time-based RSUs | 12 Months Ended |
May 31, 2022 $ / shares shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Non-vested, beginning of the year | shares | 2,794,972 |
Vested during the year | shares | (1,868,691) |
Forfeited during the year | shares | (149,169) |
Non-vested, end of the year | shares | 777,112 |
Weighted average grant - date fair value per share, Beginning Balance | $ / shares | $ 6.88 |
Weighted average grant - date fair value per share, Vested | $ / shares | 13.79 |
Weighted average grant - date fair value per share, Forfeited | $ / shares | 20.59 |
Weighted average grant - date fair value per share, Ending Balance | $ / shares | $ 11.09 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Loss- Schedule of Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 152,668 | $ (5,434) | $ 900 |
Other comprehensive income (loss) | (173,432) | 152,825 | (6,334) |
Settlement of convertible notes receivable | 5,277 | ||
Ending balance | (20,764) | 152,668 | (5,434) |
Foreign Currency Translation (Loss) Gain [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 156,417 | (232) | 626 |
Other comprehensive income (loss) | (102,004) | 156,649 | (858) |
Ending balance | 54,413 | 156,417 | (232) |
Unrealized Loss on Convertible Notes Receivables [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (3,749) | (5,202) | 274 |
Other comprehensive income (loss) | (71,428) | (3,824) | (5,476) |
Settlement of convertible notes receivable | 5,277 | ||
Ending balance | $ (75,177) | $ (3,749) | $ (5,202) |
Non-controlling Interests - Add
Non-controlling Interests - Additional Information (Details) | May 31, 2022 |
CC Pharma Nordic ApS | |
Minority Interest [Line Items] | |
Controlling interest, ownership percentage | 75% |
Aphria Diamond | |
Minority Interest [Line Items] | |
Controlling interest, ownership percentage | 51% |
LP | |
Minority Interest [Line Items] | |
Controlling interest, ownership percentage | 68% |
ColCanna S.A.S. | |
Minority Interest [Line Items] | |
Controlling interest, ownership percentage | 90% |
Non-controlling Interests - Sum
Non-controlling Interests - Summary of Information Relating to Company's Majority Owned Subsidiaries (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Minority Interest [Line Items] | |||
Current assets | $ 803,503 | $ 883,609 | |
Current liabilities | (280,342) | (401,241) | |
Revenue | 628,372 | 513,085 | $ 405,326 |
Net loss | (434,132) | (336,014) | (100,833) |
Other comprehensive (loss) income | (196,734) | 152,825 | (6,334) |
Net comprehensive (loss) income | 19,367 | 31,407 | 1,707 |
Non-controlling Interests | Majority-owned Subsidiaries | |||
Minority Interest [Line Items] | |||
Current assets | 21,224 | 20,765 | |
Non-current assets | 406,073 | 300,386 | |
Current liabilities | (63,891) | (29,529) | |
Non-current liabilities | (36,600) | (76,344) | |
Net assets | 326,806 | 215,278 | |
Revenue | 148,677 | 132,208 | 24,182 |
Total expenses (recovery) | 66,382 | 68,911 | 699 |
Net loss | 82,295 | 63,297 | 23,483 |
Other comprehensive (loss) income | (77,821) | ||
Net comprehensive (loss) income | 4,474 | 63,297 | 23,483 |
Non-controlling Interests | Majority-owned Subsidiaries | CC Pharma Nordic ApS | |||
Minority Interest [Line Items] | |||
Current assets | 485 | 919 | |
Non-current assets | 158 | 103 | |
Current liabilities | (642) | (956) | |
Non-current liabilities | (410) | (406) | |
Net assets | (409) | (340) | |
Revenue | 354 | 827 | |
Total expenses (recovery) | 470 | 958 | |
Net loss | (116) | (131) | |
Other comprehensive (loss) income | 47 | ||
Net comprehensive (loss) income | (69) | (131) | |
Non-controlling Interests | Majority-owned Subsidiaries | Marigold | |||
Minority Interest [Line Items] | |||
Revenue | 40 | ||
Total expenses (recovery) | (4,995) | ||
Net loss | 5,035 | ||
Net comprehensive (loss) income | 5,035 | ||
Non-controlling Interests | Majority-owned Subsidiaries | Aphria Diamond | |||
Minority Interest [Line Items] | |||
Current assets | 20,546 | 19,531 | |
Non-current assets | 152,786 | 153,696 | |
Current liabilities | (63,196) | (28,511) | |
Non-current liabilities | (29,653) | (69,332) | |
Net assets | 80,483 | 75,384 | |
Revenue | 148,323 | 131,381 | 24,142 |
Total expenses (recovery) | 77,057 | 67,030 | 25,141 |
Net loss | 71,266 | 64,351 | (999) |
Other comprehensive (loss) income | (2,353) | ||
Net comprehensive (loss) income | 68,913 | 64,351 | (999) |
Non-controlling Interests | Majority-owned Subsidiaries | LP | |||
Minority Interest [Line Items] | |||
Non-current assets | 111,200 | ||
Net assets | 111,200 | ||
Total expenses (recovery) | (11,180) | ||
Net loss | 11,180 | ||
Other comprehensive (loss) income | (70,778) | ||
Net comprehensive (loss) income | (59,598) | ||
Non-controlling Interests | Majority-owned Subsidiaries | ColCanna S.A.S. | |||
Minority Interest [Line Items] | |||
Current assets | 193 | 315 | |
Non-current assets | 141,929 | 146,587 | |
Current liabilities | (53) | (62) | |
Non-current liabilities | (6,537) | (6,606) | |
Net assets | 135,532 | 140,234 | |
Total expenses (recovery) | 35 | 923 | (19,447) |
Net loss | (35) | (923) | 19,447 |
Other comprehensive (loss) income | (4,737) | ||
Net comprehensive (loss) income | $ (4,772) | $ (923) | $ 19,447 |
Net Revenue - Summary of Net Re
Net Revenue - Summary of Net Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Net revenue | $ 628,372 | $ 513,085 | $ 405,326 |
Cannabis Revenue | |||
Net revenue | 300,891 | 264,334 | 153,477 |
Cannabis Excise Taxes | |||
Net revenue | (63,369) | (62,942) | (23,581) |
Net Cannabis Revenue | |||
Net revenue | 237,522 | 201,392 | 129,896 |
Beverage Alcohol Revenue | |||
Net revenue | 74,959 | 29,661 | |
Beverage Alcohol Excise Taxes | |||
Net revenue | (3,467) | (1,062) | |
Net Beverage Alcohol Revenue | |||
Net revenue | 71,492 | 28,599 | |
Distribution Revenue | |||
Net revenue | 259,747 | 277,300 | $ 275,430 |
Wellness Revenue | |||
Net revenue | $ 59,611 | $ 5,794 |
Cost of Goods Sold - Summary of
Cost of Goods Sold - Summary of Cost of Goods Sold (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Cost Of Goods And Services Sold [Abstract] | |||
Cannabis costs | $ 194,834 | $ 130,511 | $ 68,551 |
Beverage alcohol costs | 32,033 | 12,687 | |
Distribution costs | 243,231 | 242,472 | 240,722 |
Wellness costs | 41,457 | 4,233 | |
Total | $ 511,555 | $ 389,903 | $ 309,273 |
General and Administrative Ex_3
General and Administrative Expenses - Schedule of General and Administrative Expenses (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
General And Administrative Expense [Abstract] | |||
Executive compensation | $ 14,128 | $ 8,645 | $ 6,777 |
Office and general | 27,153 | 19,503 | 12,351 |
Salaries and wages | 51,693 | 37,126 | 28,252 |
Stock-based compensation | 35,994 | 17,351 | 18,079 |
Insurance | 17,536 | 12,257 | 9,370 |
Professional fees | 13,047 | 11,779 | 14,190 |
Gain on sale of capital assets | (682) | (1,523) | 8,075 |
Insurance proceeds | (4,032) | ||
Travel and accommodation | 4,203 | 2,711 | 2,798 |
Rent | 3,761 | 2,203 | 1,972 |
Total | $ 162,801 | $ 111,575 | $ 93,789 |
Interest Expense, Net - Summary
Interest Expense, Net - Summary of Interest Expense, Net (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Interest Income Expense Net [Abstract] | |||
Interest income | $ 11,736 | $ 2,926 | $ 6,273 |
Interest expense | (39,680) | (30,903) | (25,644) |
Interest expense, net | $ (27,944) | $ (27,977) | $ (19,371) |
Non-operating (expense) incom_2
Non-operating (expense) income - Schedule of Non-Operating (Expense) Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Nonoperating Income Expense [Abstract] | |||
Change in fair value of convertible debenture | $ 163,670 | $ (170,453) | $ 53,611 |
Change in fair value of warrant liability | 63,913 | 1,234 | |
Foreign exchange (loss) gain | (28,383) | (22,347) | 6,145 |
Loss on long-term investments | (6,737) | (2,352) | (24,295) |
Other non-operating (losses) gains, net | 5,208 | 9,080 | (21,266) |
Non operating (expense) income | $ 197,671 | $ (184,838) | $ 14,195 |
Change in Non-cash Working Ca_3
Change in Non-cash Working Capital - Summary of Change in Non-cash Working Capital (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Change In Non Cash Working Capital [Abstract] | |||
Accounts receivable | $ (5,842) | $ (23,512) | $ (25,593) |
Prepaids and other current assets | 4,472 | (6,772) | (10,899) |
Inventory | (45,749) | (55,205) | (89,660) |
Accounts payable and accrued liabilities | (44,652) | 14,635 | 47,320 |
Total | $ (91,771) | $ (70,854) | $ (78,832) |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Purchase and Other Commitments Maturities (Details) $ in Thousands | May 31, 2022 USD ($) |
Other Commitments [Line Items] | |
Total | $ 709,645 |
2023 | 118,981 |
2024 | 293,540 |
2025 | 264,689 |
2026 | 4,092 |
2027 | 4,380 |
Thereafter | 23,963 |
Long-term Debt Repayment | |
Other Commitments [Line Items] | |
Total | 187,152 |
2023 | 67,823 |
2024 | 82,400 |
2025 | 4,494 |
2026 | 4,092 |
2027 | 4,380 |
Thereafter | 23,963 |
Convertible Notes, Principal and Interest | |
Other Commitments [Line Items] | |
Total | 489,029 |
2023 | 23,102 |
2024 | 206,613 |
2025 | 259,314 |
Material Purchase Obligations | |
Other Commitments [Line Items] | |
Total | 32,356 |
2023 | 26,948 |
2024 | 4,527 |
2025 | 881 |
Construction Commitments | |
Other Commitments [Line Items] | |
Total | 1,108 |
2023 | $ 1,108 |
Financial Risk Management and_3
Financial Risk Management and Financial Instruments - Additional Information (Details) $ in Thousands | 12 Months Ended | |
May 31, 2022 USD ($) | May 31, 2021 USD ($) | |
Financial Risk Management And Financial Instrument [Line Items] | ||
Long-term debt, subject to fixed interest rates | $ 17,839 | $ 20,358 |
Allowance for doubtful accounts | $ 5,404 | $ 4,571 |
Hypothetical decrease in fair value of investments | 10% | |
Estimated decrease in fair values of investments upon hypothetical decrease of 10% in the prices | $ 12,123 | |
Hypothetical increase in common stock | 10% | |
Estimated increase in fair values of warrant liability upon hypothetical increase of 10% in the price of common stock | $ 1,787 | |
Discount Rate | ||
Financial Risk Management And Financial Instrument [Line Items] | ||
Business combination, contingent consideration, liability, measurement input | 0.05 | |
Business combination contingent consideration,Probability achievement | 25% |
Financial Risk Management and_4
Financial Risk Management and Financial Instruments - Schedule of Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Financial assets | ||
Equity investments measured at fair value | $ 4,347 | $ 12,185 |
Financial liabilities | ||
Contingent consideration | (16,007) | (60,657) |
Convertible debenture | (401,949) | (667,624) |
Fair Value, Measurements, Recurring | ||
Financial assets | ||
Cash and cash equivalents | 415,909 | 488,466 |
Convertible notes receivable | 111,200 | 2,485 |
Equity investments measured at fair value | 10,050 | 17,685 |
Financial liabilities | ||
Warrant liability | (14,255) | (78,168) |
Contingent consideration | (16,007) | (60,657) |
Total recurring fair value measurements | 290,144 | (29,633) |
Fair Value, Measurements, Recurring | APHA 24 Convertible Debenture | ||
Financial liabilities | ||
Convertible debenture | (216,753) | (399,444) |
Level 1 | Fair Value, Measurements, Recurring | ||
Financial assets | ||
Cash and cash equivalents | 415,909 | 488,466 |
Equity investments measured at fair value | 1,878 | 9,251 |
Financial liabilities | ||
Total recurring fair value measurements | 417,787 | 497,717 |
Level 2 | Fair Value, Measurements, Recurring | ||
Financial assets | ||
Convertible notes receivable | 2,485 | |
Equity investments measured at fair value | 2,469 | 2,934 |
Financial liabilities | ||
Total recurring fair value measurements | 2,469 | 5,419 |
Level 3 | Fair Value, Measurements, Recurring | ||
Financial assets | ||
Convertible notes receivable | 111,200 | |
Equity investments measured at fair value | 5,703 | 5,500 |
Financial liabilities | ||
Warrant liability | (14,255) | (78,168) |
Contingent consideration | (16,007) | (60,657) |
Total recurring fair value measurements | (130,112) | (532,769) |
Level 3 | Fair Value, Measurements, Recurring | APHA 24 Convertible Debenture | ||
Financial liabilities | ||
Convertible debenture | $ (216,753) | $ (399,444) |
Financial Risk Management and_5
Financial Risk Management and Financial Instruments - Schedule of Balances of Assets and Liabilities Categorized Within Level 3 of Fair Value Hierarchy Measured at Fair Value on Recurring Basis (Details) - Level 3 - Fair Value, Measurements, Recurring $ in Thousands | 12 Months Ended |
May 31, 2022 USD ($) | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning balance | $ (535,784) |
Additions | 170,799 |
Disposals | (1,580) |
Unrealized gain (loss) on fair value | 230,750 |
Ending balance | (135,815) |
APHA 24 Convertible Debenture | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning balance | (399,444) |
Unrealized gain (loss) on fair value | 182,691 |
Ending balance | (216,753) |
Warrant Liability | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning balance | (78,168) |
Unrealized gain (loss) on fair value | 63,913 |
Ending balance | (14,255) |
Contingent Consideration | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning balance | (60,657) |
Unrealized gain (loss) on fair value | 44,650 |
Ending balance | (16,007) |
Convertible Notes Receivable | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Beginning balance | 2,485 |
Additions | 170,799 |
Disposals | (1,580) |
Unrealized gain (loss) on fair value | (60,504) |
Ending balance | $ 111,200 |
Financial Risk Management and_6
Financial Risk Management and Financial Instruments -Schedule of Financial Assets and Liabilities Measurement Inputs and Valuation Techniques (Details) | 12 Months Ended |
May 31, 2022 yr | |
Fair Value Disclosures [Abstract] | |
Debt Instrument, Valuation Technique [Extensible Enumeration] | ValuationsTechniqueBlackScholesMember |
Warrants and Rights Outstanding, Valuation Technique [Extensible Enumeration] | ValuationsTechniqueBlackScholesMember |
Business Combination, Contingent Consideration, Liability, Valuation Technique [Extensible Enumeration] | us-gaap:ValuationTechniqueDiscountedCashFlowMember |
Debt Securities, Available-for-Sale, Valuation Technique [Extensible Enumeration] | ValuationsTechniqueBlackScholesMember |
Volatility [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Debt instrument measurement input | 0.70 |
Warrants and Rights Outstanding, Measurement Input | 0.70 |
Expected Term | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Debt instrument measurement input | 2.3 |
Warrants and Rights Outstanding, Measurement Input | 3.3 |
Discount Rate | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Contingent consideration | 0.05 |
Achievement | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Contingent consideration | 0.20 |
Interest Rate [Member] | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Debt securities classified under available-for-sale method | 0.20 |
Measurement Input, Conversion Price | Minimum | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Debt securities classified under available-for-sale method | 0 |
Measurement Input, Conversion Price | Maximum | |
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | |
Debt securities classified under available-for-sale method | 0.60 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Details) | 12 Months Ended | ||
May 31, 2022 Segment Customer | May 31, 2021 Customer | Dec. 31, 2020 Customer | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 4 | ||
Number of major customers | Customer | 0 | 0 | 0 |
Customer Concentration Risk | Revenue | Major Customers | |||
Segment Reporting Information [Line Items] | |||
Concentration risk, percentage | 10% | 10% | 10% |
Segment Reporting - Schedule of
Segment Reporting - Schedule of Segment Gross Profit From External Customers (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 628,372 | $ 513,085 | $ 405,326 |
Net revenue | 628,372 | 513,085 | 405,326 |
Cost of goods sold | 511,555 | 389,903 | 309,273 |
Gross profit | 116,817 | 123,182 | 96,053 |
Cannabis | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 237,522 | 201,392 | 129,896 |
Cost of goods sold | 194,834 | 130,511 | 68,551 |
Gross profit | 42,688 | 70,881 | 61,345 |
Distribution | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 259,747 | 277,300 | 275,430 |
Cost of goods sold | 243,231 | 242,472 | 240,722 |
Gross profit | 16,516 | 34,828 | $ 34,708 |
Beverage Alcohol | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 71,492 | 28,599 | |
Cost of goods sold | 32,033 | 12,687 | |
Gross profit | 39,459 | 15,912 | |
Wellness | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 59,611 | 5,794 | |
Cost of goods sold | 41,457 | 4,233 | |
Gross profit | $ 18,154 | $ 1,561 |
Segment Reporting - Summary of
Segment Reporting - Summary of Channels of Cannabis Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 628,372 | $ 513,085 | $ 405,326 |
Total | 628,372 | 513,085 | 405,326 |
Cannabis | |||
Segment Reporting Information [Line Items] | |||
Less excise taxes | (63,369) | (62,942) | (23,581) |
Total | 237,522 | 201,392 | 129,896 |
Cannabis | Revenue from Canadian Medical Cannabis Products | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 30,599 | 25,539 | 28,685 |
Cannabis | Revenue from Canadian Adult-use Cannabis Products | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 209,501 | 222,930 | 112,207 |
Cannabis | Revenue from Wholesale Cannabis Products | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 6,904 | 6,615 | $ 12,585 |
Cannabis | Revenue from International Cannabis Products | |||
Segment Reporting Information [Line Items] | |||
Net revenue | $ 53,887 | $ 9,250 |
Segment Reporting - Schedule _2
Segment Reporting - Schedule of Geographic Net Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
May 31, 2022 | May 31, 2021 | May 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Total net revenue | $ 628,372 | $ 513,085 | $ 405,326 |
North America | |||
Segment Reporting Information [Line Items] | |||
Total net revenue | 314,132 | 229,120 | 129,663 |
EMEA | |||
Segment Reporting Information [Line Items] | |||
Total net revenue | 296,911 | 279,062 | 271,291 |
Rest of World | |||
Segment Reporting Information [Line Items] | |||
Total net revenue | $ 17,329 | $ 4,903 | $ 4,372 |
Segment Reporting - Schedule _3
Segment Reporting - Schedule of Geographic Capital Assets (Details) - USD ($) $ in Thousands | May 31, 2022 | May 31, 2021 |
Segment Reporting Information [Line Items] | ||
Capital assets | $ 587,499 | $ 650,698 |
North America | ||
Segment Reporting Information [Line Items] | ||
Capital assets | 464,370 | 504,575 |
EMEA | ||
Segment Reporting Information [Line Items] | ||
Capital assets | 119,409 | 140,838 |
Rest of World | ||
Segment Reporting Information [Line Items] | ||
Capital assets | $ 3,720 | $ 5,285 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) $ / shares in Units, $ in Thousands | 12 Months Ended | ||||||
Jul. 28, 2022 USD ($) $ / shares shares | Jul. 15, 2022 USD ($) | Jul. 12, 2022 USD ($) shares | Jun. 01, 2022 USD ($) shares | Mar. 03, 2022 USD ($) $ / shares | May 31, 2022 USD ($) $ / shares shares | Jul. 12, 2022 $ / shares | |
Subsequent Event [Line Items] | |||||||
Sale of shares | shares | 51,741,710 | ||||||
Net proceeds from sale of shares | $ 262,509 | ||||||
Gross proceeds from sale of shares | 267,762 | ||||||
Agents commissions and fees | $ 5,253 | ||||||
Exercise Price | $ / shares | $ 5.95 | ||||||
Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Settlement amount to resolve claims | $ 26,900 | ||||||
Subsequent Event | HEXO Note | HT Investments MA LLC | |||||||
Subsequent Event [Line Items] | |||||||
Initial conversion price | $ / shares | $ 0.40 | ||||||
Debt instrument maturity date | May 01, 2026 | ||||||
Principal balance | $ 173,000 | ||||||
Acquisition, purchase price | $ 155,000 | ||||||
Purchase price discounted rate | 10.80% | ||||||
Newly issued convertible promissory note | $ 50,000 | ||||||
Class 2 Common Stock | Subsequent Event | HEXO Note | HT Investments MA LLC | |||||||
Subsequent Event [Line Items] | |||||||
Common stock issued, shares | shares | 33,000,000 | ||||||
Sales Agreement | Class 2 Common Shares | |||||||
Subsequent Event [Line Items] | |||||||
Par value per share | $ / shares | $ 0.0001 | ||||||
Aggregate offering price | $ 400,000 | ||||||
Commission percentage | 3% | ||||||
Sales Agreement | Class 2 Common Stock | Subsequent Event | |||||||
Subsequent Event [Line Items] | |||||||
Sale of shares | shares | 63,661,919 | 11,920,209 | |||||
Net proceeds from sale of shares | $ 308,670 | $ 46,263 | |||||
Gross proceeds from sale of shares | 314,969 | 47,207 | |||||
Agents commissions and fees | $ 944 | ||||||
Remaining availability | $ 85,031 | ||||||
Exercise Price | $ / shares | $ 3.15 |