Document and Entity Information
Document and Entity Information - CAD ($) $ in Billions | 12 Months Ended | ||
Mar. 31, 2022 | May 26, 2022 | Sep. 30, 2021 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Mar. 31, 2022 | ||
Document Fiscal Year Focus | 2022 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Canopy Growth Corporation | ||
Entity Central Index Key | 0001737927 | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Interactive Data Current | Yes | ||
Current Fiscal Year End Date | --03-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well Known Seasoned Issuer | Yes | ||
Entity Public Float | $ 5.5 | ||
Entity Common Stock, Shares Outstanding | 402,858,012 | ||
Entity Shell Company | false | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Title of 12(b) Security | Common shares, no par value | ||
Trading Symbol | CGC | ||
Security Exchange Name | NASDAQ | ||
Entity File Number | 001-38496 | ||
Entity Incorporation, State or Country Code | Z4 | ||
Entity Tax Identification Number | 00-0000000 | ||
Entity Address, Address Line One | 1 Hershey Drive | ||
Entity Address, City or Town | Smiths Falls | ||
Entity Address, State or Province | ON | ||
Entity Address, Postal Zip Code | K7A 0A8 | ||
City Area Code | 855 | ||
Local Phone Number | 558-9333 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
ICFR Auditor Attestation Flag | true | ||
Auditor Firm ID | 85 | ||
Auditor Name | KPMG LLP | ||
Auditor Location | Ottawa, Canada | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III of this annual report on Form 10-K incorporates certain information by reference from the registrant’s definitive proxy statement with respect to its 2022 annual meeting of stockholders to be filed with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the close of the registrant’s fiscal year. |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Current assets: | ||
Cash and cash equivalents | $ 776,005 | $ 1,154,653 |
Short-term investments | 595,651 | 1,144,563 |
Restricted short-term investments | 12,216 | 11,332 |
Amounts receivable, net | 96,443 | 92,435 |
Inventory | 204,387 | 367,979 |
Prepaid expenses and other assets | 52,700 | 67,232 |
Total current assets | 1,737,402 | 2,838,194 |
Other financial assets | 800,328 | 708,167 |
Property, plant and equipment | 942,780 | 1,074,537 |
Intangible assets | 252,695 | 308,167 |
Goodwill | 1,866,503 | 1,889,354 |
Other assets | 15,342 | 5,061 |
Total assets | 5,615,050 | 6,823,480 |
Current liabilities: | ||
Accounts payable | 64,270 | 67,262 |
Other accrued expenses and liabilities | 75,278 | 100,813 |
Current portion of long-term debt | 9,296 | 9,827 |
Other liabilities | 64,054 | 106,428 |
Total current liabilities | 212,898 | 284,330 |
Long-term debt | 1,491,695 | 1,573,136 |
Deferred income tax liabilities | 15,991 | 21,379 |
Liability arising from Acreage Arrangement | 47,000 | 600,000 |
Warrant derivative liability | 26,920 | 615,575 |
Other liabilities | 190,049 | 107,240 |
Total liabilities | 1,984,553 | 3,201,660 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 36,200 | 135,300 |
Canopy Growth Corporation shareholders' equity: | ||
Common shares - $nil par value; Authorized - unlimited number of shares; Issued - 394,422,604 shares and 382,875,179 shares, respectively | 7,482,809 | 7,168,557 |
Additional paid-in capital | 2,519,766 | 2,415,650 |
Accumulated other comprehensive loss | (42,282) | (34,240) |
Deficit | (6,370,337) | (6,068,156) |
Total Canopy Growth Corporation shareholders' equity | 3,589,956 | 3,481,811 |
Noncontrolling interests | 4,341 | 4,709 |
Total shareholders' equity | 3,594,297 | 3,486,520 |
Total liabilities and shareholders' equity | $ 5,615,050 | $ 6,823,480 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - shares | Mar. 31, 2022 | Mar. 31, 2021 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares issued | 394,422,604 | 382,875,179 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Income (Loss) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Statement [Abstract] | |||
Revenue | $ 582,218 | $ 607,198 | $ 439,626 |
Excise taxes | 61,893 | 60,549 | 40,854 |
Net revenue | 520,325 | 546,649 | 398,772 |
Cost of goods sold | 713,379 | 479,689 | 430,456 |
Gross margin | (193,054) | 66,960 | (31,684) |
Operating expenses | |||
Selling, general and administrative expenses | 472,756 | 575,389 | 693,737 |
Share-based compensation | 47,525 | 91,149 | 320,276 |
Expected credit losses on financial assets and related charges | 0 | 109,480 | 0 |
Asset impairment and restructuring costs | 369,339 | 534,398 | 623,266 |
Total operating expenses | 889,620 | 1,310,416 | 1,637,279 |
Operating loss | (1,082,674) | (1,243,456) | (1,668,963) |
Loss from equity method investments | (100) | (52,629) | (64,420) |
Other income (expense), net | 753,341 | (387,876) | 224,329 |
Loss before income taxes | (329,433) | (1,683,961) | (1,509,054) |
Income tax recovery | 8,948 | 13,141 | 121,614 |
Net loss | (320,485) | (1,670,820) | (1,387,440) |
Net (loss) income attributable to noncontrolling interests and redeemable noncontrolling interest | (18,304) | 74,100 | (66,114) |
Net loss attributable to Canopy Growth Corporation | $ (302,181) | $ (1,744,920) | $ (1,321,326) |
Basic and diluted loss per share | $ (0.77) | $ (4.69) | $ (3.80) |
Basic and diluted weighted average common shares outstanding | 391,324,285 | 371,662,296 | 348,038,163 |
Comprehensive loss: | |||
Net loss | $ (320,485) | $ (1,670,820) | $ (1,387,440) |
Other comprehensive income (loss), net of income tax effect | |||
Fair value changes of own credit risk of financial liabilities | 21,180 | (100,170) | 141,306 |
Foreign currency translation | (45,352) | (154,969) | 85,498 |
Total other comprehensive income (loss), net of income tax effect | (24,172) | (255,139) | 226,804 |
Comprehensive loss | (344,657) | (1,925,959) | (1,160,636) |
Comprehensive income (loss) attributable to noncontrolling interests and redeemable noncontrolling interest | (18,304) | 74,100 | (66,114) |
Comprehensive loss attributable to Canopy Growth Corporation | $ (326,353) | $ (2,000,059) | $ (1,094,522) |
Consolidated Statements of Shar
Consolidated Statements of Shareholders' Equity - CAD ($) $ in Thousands | Total | Common Shares | Additional Paid-in capitalShare-based Reserve | Additional Paid-in capitalWarrants | Additional Paid-in capitalOwnership Changes | Additional Paid-in capitalRedeemable Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | Deficit | Noncontrolling Interests |
Beginning balance at Mar. 31, 2019 | $ 7,065,708 | $ 6,029,222 | $ 505,172 | $ 1,589,925 | $ (500,963) | $ (2,110) | $ (5,905) | $ (835,118) | $ 285,485 |
Other issuances of common shares and warrants | 91 | 271,966 | (272,234) | 359 | |||||
Exercise of warrants | 446 | 932 | (486) | ||||||
Exercise of Omnibus Plan stock options | 41,413 | 69,951 | (28,538) | ||||||
Share-based compensation | $ 312,929 | $ 312,929 | |||||||
Issuance of replacement equity instruments | 1,885 | 1,885 | |||||||
Issuance and vesting of restricted share units | 1,473 | $ (1,473) | |||||||
CBI warrant modification | $ (1,117,639) | 1,049,153 | (2,166,792) | ||||||
Changes in redeemable noncontrolling interest | (44,513) | (38,024) | (6,489) | ||||||
Ownership changes relating to noncontrolling interests | 8,436 | (440) | 8,876 | ||||||
Comprehensive loss | (1,160,636) | 226,804 | (1,321,326) | (66,114) | |||||
Ending balance at Mar. 31, 2020 | 5,108,120 | 6,373,544 | 517,741 | 2,638,951 | (501,403) | (40,134) | 220,899 | (4,323,236) | 221,758 |
Other issuances of common shares and warrants | 27,856 | 61,809 | (33,953) | ||||||
Exercise of warrants | 245,186 | 315,699 | (70,513) | ||||||
Exercise of Omnibus Plan stock options | 156,897 | 244,170 | (87,273) | ||||||
Share-based compensation | 87,322 | 87,322 | |||||||
Issuance and vesting of restricted share units | 3,051 | (3,051) | |||||||
Completion of plan of arrangement with RIV Capital | (153,935) | 170,284 | (10,976) | (313,243) | |||||
Changes in redeemable noncontrolling interest | (65,550) | (83,627) | 18,077 | ||||||
Ownership changes relating to noncontrolling interests | 6,583 | 39 | 2,527 | 4,017 | |||||
Comprehensive loss | (1,925,959) | (255,139) | (1,744,920) | 74,100 | |||||
Ending balance at Mar. 31, 2021 | 3,486,520 | 7,168,557 | 480,786 | 2,568,438 | (512,340) | (121,234) | (34,240) | (6,068,156) | 4,709 |
Other issuances of common shares and warrants | 267,688 | 298,145 | (30,457) | ||||||
Replacement equity instruments from the acquisition of Supreme Cannabis | 18,916 | 5,566 | 13,350 | ||||||
Exercise of Omnibus Plan stock options | 5,567 | 8,855 | (3,288) | ||||||
Share-based compensation | 46,686 | 46,686 | |||||||
Issuance and vesting of restricted share units | 7,252 | (7,252) | |||||||
Changes in redeemable noncontrolling interest | 99,100 | 82,003 | 17,097 | ||||||
Ownership changes relating to noncontrolling interests | 839 | 839 | |||||||
Redemption of redeemable noncontrolling interest | (2,492) | 2,617 | (5,109) | ||||||
Disposal of consolidated entities | 16,130 | 16,130 | |||||||
Comprehensive loss | (344,657) | (24,172) | (302,181) | (18,304) | |||||
Ending balance at Mar. 31, 2022 | $ 3,594,297 | $ 7,482,809 | $ 492,041 | $ 2,581,788 | $ (509,723) | $ (44,340) | $ (42,282) | $ (6,370,337) | $ 4,341 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | |||
Net loss | $ (320,485) | $ (1,670,820) | $ (1,387,440) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation of property, plant and equipment | 76,247 | 70,914 | 73,716 |
Amortization of intangible assets | 38,171 | 56,204 | 51,297 |
Share of loss on equity method investments | 100 | 52,629 | 64,420 |
Share-based compensation | 47,525 | 91,149 | 320,276 |
Asset impairment and restructuring costs | 332,949 | 519,209 | 571,719 |
Expected credit losses on financial assets and related charges | 0 | 109,480 | 0 |
Income tax recovery | (8,948) | (13,141) | (121,614) |
Non-cash fair value adjustments | (866,739) | 380,758 | (103,027) |
Change in operating assets and liabilities, net of effects from purchases of businesses: | |||
Amounts receivable | 3,741 | (11,994) | 20,979 |
Inventory | 173,189 | 23,107 | (33,952) |
Prepaid expenses and other assets | 24,472 | 77 | (26,917) |
Accounts payable and accrued liabilities | (35,844) | 16,542 | (11,222) |
Other, including non-cash foreign currency | (10,189) | (89,843) | (190,870) |
Net cash used in operating activities | (545,811) | (465,729) | (772,635) |
Cash flows from investing activities: | |||
Purchases of and deposits on property, plant and equipment | (36,684) | (164,502) | (704,944) |
Purchases of intangible assets | (11,429) | (9,639) | (16,957) |
Proceeds on sale of property, plant and equipment | 27,279 | 45,921 | 0 |
Proceeds on sale of intangible assets | 0 | 18,337 | 0 |
Redemption (purchases) of short-term investments | 545,991 | (459,834) | 1,427,482 |
Cash outflow on completion of RIV Arrangement | 0 | (152,801) | 0 |
Net cash proceeds on sale of subsidiaries | 118,149 | 0 | 0 |
Sale of (investments in) equity method investments | 0 | 7,000 | (5,135) |
Investment in other financial assets | (379,414) | (44,721) | (129,590) |
Investment in Acreage Arrangement | 0 | (49,849) | (395,190) |
Loan advanced to Acreage Hempco | 0 | (66,995) | 0 |
Net cash outflow on acquisition of subsidiaries | (14,947) | 0 | (498,838) |
Other investing activities | (18,126) | (7,022) | (24,482) |
Net cash provided by (used in) investing activities | 230,819 | (884,105) | (347,654) |
Cash flows from financing activities: | |||
Proceeds from issuance of common shares and warrants | 2,700 | 0 | 0 |
Proceeds from exercise of stock options | 5,567 | 156,897 | 41,413 |
Proceeds from exercise of warrants | 0 | 245,186 | 446 |
Issuance of long-term debt | 0 | 893,160 | 14,761 |
Repayment of long-term debt | (50,763) | (15,619) | (114,953) |
Other financing activities | (3,037) | (14,855) | 1,172 |
Net cash (used in) provided by financing activities | (45,533) | 1,264,769 | (57,161) |
Effect of exchange rate changes on cash and cash equivalents | (18,123) | (63,458) | (204) |
Net decrease in cash and cash equivalents | (378,648) | (148,523) | (1,177,654) |
Cash and cash equivalents, beginning of period | 1,154,653 | 1,303,176 | 2,480,830 |
Cash and cash equivalents, end of period | 776,005 | 1,154,653 | 1,303,176 |
Cash received during the period: | |||
Income taxes | 1,299 | 4,068 | 0 |
Interest | 16,175 | 26,279 | 66,327 |
Cash paid during the period: | |||
Income taxes | 2,641 | 22,769 | 5,460 |
Interest | 119,249 | 25,649 | 25,472 |
Noncash investing and financing activities | |||
Additions to property, plant and equipment | $ 1,408 | $ 9,962 | $ 44,573 |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1 Canopy Growth Corporation is a publicly traded corporation, incorporated in Canada, with its head office located at 1 Hershey Drive, Smiths Falls, Ontario. References in these consolidated financial statements to “Canopy Growth” or “the Company” refer to Canopy Growth Corporation and its subsidiaries. The principal activities of the Company are the production, distribution and sale of a diverse range of cannabis and cannabinoid-based products for both adult recreational and medical purposes under a portfolio of distinct brands in Canada pursuant to the Cannabis Act, In the year ended March 31, 2020, the Company commenced an organizational and strategic review of its business which resulted in a restructuring of the Company’s global operations, including the closure of certain of the Company’s production facilities and other organizational and operational changes. The Company’s restructuring actions continued during the years ended March 31, 2021 and March 31, 2022. Please refer to Note 5 for further details regarding these restructuring actions. On February 23, 2021, the Company completed a plan of arrangement with its partially-owned subsidiary RIV Capital Inc. (formerly Canopy Rivers Inc.) (“RIV Capital”) and its wholly-owned subsidiary, RIV Capital Corporation (formerly Canopy Rivers Corporation) (“RCC”). As a result of this transaction, the Company no longer controlled RIV Capital and derecognized RIV Capital’s consolidated assets and liabilities from its consolidated financial statements. Refer to Note 6 for a description of the plan of arrangement with RIV Capital. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2022 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2 The consolidated financial statements have been presented in Canadian dollars and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Canopy Growth has determined that the Canadian dollar is the most relevant and appropriate reporting currency as, despite continuing shifts in the relative size of our operations across multiple geographies, the majority of our operations are conducted in Canadian dollars and our financial results are prepared and reviewed internally by management in Canadian dollars. Our consolidated financial statements, and the financial information contained herein, are reported in thousands of Canadian dollars, except share and per share amounts or as otherwise stated. Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation. Variable interest entities A variable interest entity (“VIE”) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity’s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under Accounting Standards Codification (“ASC”) 810 – Consolidations Equity method investments Investments accounted for using the equity method include those investments where the Company (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, and subsequently adjusted for the Company’s share of net income (loss), comprehensive income (loss) and distributions received from the investee. If the current fair value of an investment falls below its carrying amount, this may indicate that an impairment loss should be recorded. Any impairment losses recognized are not reversed in subsequent periods. Use of estimates The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 3 Foreign currency translation In preparing the financial statements of individual entities, transactions in currencies other than the entity’s functional currency are recognized at exchange rates in effect on the date of the transactions. At each reporting date monetary assets and liabilities denominated in foreign currencies are re-translated at the exchange rates applicable at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized through net income (loss). For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates applicable at the balance sheet date. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in accumulated other comprehensive income (loss). Cash equivalents and short-term investments Cash equivalents consist of highly liquid investments with original maturities of three months or less. Investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. The Company’s investments in debt securities, which consist primarily of U.S. government securities and U.S. commercial paper, have been classified and accounted for using the fair value option. Unrealized gains and losses on debt securities are recognized in net income (loss). All other short-term investments are recorded at fair value with gains or losses recognized in net income (loss). Inventory Inventory consists of raw materials, supplies and consumables used in the inventory process, merchandise for sale, finished goods and work-in-process such as pre-harvested cannabis plants, by-products to be extracted, oils, gel capsules and edible products. Inventory is valued at the lower of cost and net realizable value. Costs include direct and indirect labor, consumables, materials, packaging supplies, utilities, facilities costs, quality and testing costs, production related depreciation and other overhead costs. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, age of inventory, historical experience and application of the specific identification method. The Company classifies cannabis inventory as a current asset, although part of such inventory, because of the duration of the cultivation, drying, and conversion process, ordinarily would not be utilized within one year. Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items or components of property, plant and equipment. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized in net income (loss). Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows: Years Buildings and greenhouses 20 - 50 Production and warehouse equipment 5 - 30 Leasehold improvements 3 - 20 Office and lab equipment 3 - 10 Computer equipment 3 - 10 Estimates of useful life and residual value, and the method of depreciation, are reviewed only when events or changes in circumstances indicate that the current estimates or depreciation method are no longer appropriate. Any changes are accounted for on a prospective basis as a change in estimate. Intangible assets Finite lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is provided on a straight-line basis over the following terms: Years Intellectual property 5 - 15 Distribution channel 5 - 11 Operating licenses 8 Software and domain names 3 - 5 Brands 2 - 5 The estimated useful life and amortization method are reviewed at the end of each reporting year, with the effect of any changes in estimate being accounted for on a prospective basis. Goodwill and indefinite lived intangible assets Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company reviews goodwill and indefinite lived intangible assets annually for impairment in the fourth quarter, or sooner, if events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If factors indicate this is the case, then a quantitative test is performed and an impairment is recorded for any excess carrying value above the reporting unit’s fair value, not to exceed the amount of goodwill. Until the three months ended March 31, 2021, the Company had two operating segments, which were also its reportable segments: (i) cannabis, hemp and other consumer products; and (ii) RIV Capital. The goodwill associated with all acquisitions was allocated to the one reporting unit within the cannabis, hemp and other consumer products operating and reportable segment, as this reporting unit held the acquired entities. The Company changed the structure of its internal management reporting in the fourth quarter of the year ended March 31, 2021 (refer to Note 35), and accordingly, identified two operating and reportable segments: (i) global cannabis; and (ii) other consumer products. The reorganization of the Company’s reporting structure changed the composition of its reporting units and required that goodwill be reassigned to the reporting units using a relative fair value allocation approach. Assets and liabilities were also reassigned to the reporting units affected based on the assets that would be employed in, or the liabilities related to, the operations of each reporting unit, and the assets or liabilities that would be considered in determining the fair value of each reporting unit. After this reorganization, the Company’s reporting units with goodwill in the global cannabis segment included (i) cannabis operations, and (ii) C 3 3 In the three months ended March 31, 2022, the Company further changed the composition of its reporting units within the global cannabis segment as a result of (i) the completion of the Company’s divestiture (the “C 3 3 The Company performed its annual goodwill impairment test in the fourth quarter of the year ended March 31, 2022, and recognized an impairment loss in relation to its KeyLeaf and This Works reporting units. Refer to Note 15 for further details. Indefinite lived intangible assets are comprised of certain acquired brand names and operating licenses, which are carried at cost less accumulated impairment losses. The Company reviews the classification each reporting period to decide whether the assessment made about the useful life as indefinite or finite is still appropriate. Any change is accounted for on a prospective basis as a change in estimate. Impairment of long-lived assets The Company evaluates the recoverability of long-lived assets, including property, plant and equipment and finite lived intangible assets whenever events or changes in circumstances indicate a potential impairment exists. The Company groups assets at the lowest level for which cash flows are separately identifiable, referred to as an asset group. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flow is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any. Restricted short-term investments The Company considers short-term investments to be restricted when withdrawal or general use is legally restricted. The Company records restricted short-term investments as current or non-current in the consolidated balance sheets based on the classification of the underlying securities. Redeemable noncontrolling interest Redeemable noncontrolling interest is presented as mezzanine equity. The balance of the redeemable noncontrolling interest is reported at the greater of the initial carrying amount adjusted for the redeemable noncontrolling interest's share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The Company adjusts the carrying amount of the redeemable interest to the redemption amount each period, assuming the interest was redeemable at the balance sheet date with changes in fair value recorded in equity. Revenue recognition The Company’s cannabis revenue is comprised of sales of (i) recreational cannabis products in Canada, either to government agencies or third-party retailers under a “business-to-business” wholesale model, or directly to consumers through the Company’s network of retail stores and e-commerce platforms; and (ii) medical and other cannabis products in Canada and certain other countries. The Company’s other revenue is comprised of sales of vaporizers, beauty, wellness and sleep products, sports nutrition beverages, merchandise, and revenue from other sources. The Company’s revenue-generating activities have a single performance obligation and revenue is recognized at the point in time when control of the product transfers and the Company’s obligations have been fulfilled. This generally occurs when the product is shipped or delivered to the customer, depending upon the method of distribution and shipping terms set forth in the customer contract. In accordance with contracts with certain of the Company’s Canadian provincial customers, the Company fulfills its obligations only when the customer transfers control of the product to the end consumer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for the sale of the Company’s product. Certain of the Company’s customer contracts, most notably those with the Canadian provincial and territorial agencies, may provide the customer with a right of return. In certain circumstances the Company may also provide a retrospective price adjustment to a customer. These items give rise to variable consideration, which is recognized as a reduction of the transaction price based upon the expected amounts of the product returns and price adjustments at the time revenue for the corresponding product sale is recognized. The determination of the reduction of the transaction price for variable consideration requires that the Company make certain estimates and assumptions that affect the timing and amounts of revenue recognized. The Company estimates this variable consideration by taking into account factors such as historical information, current trends, forecasts, provincial and territorial inventory levels, availability of actual results and expectations of demand. The Company recognizes a liability for sales refunds within other current liabilities, and an asset for the value of inventory which is expected to be returned is recognized within prepaid expenses and other assets on the consolidated balance sheets. Sales of products are for cash or otherwise agreed-upon credit terms. The Company’s payment terms vary by location and customer; however, the time period between when revenue is recognized and when payment is due is not significant. The Company estimates and reserves for its bad debt exposure based on its experience with past due accounts and collectability, write-off history, the aging of accounts receivable and an analysis of customer data. Cost of goods sold The types of costs included in cost of goods sold are raw materials, packaging materials, manufacturing costs, plant facilities administrative support and overheads, and freight and warehouse costs, including distribution costs. Advertising Advertising costs are expensed as incurred. Advertising expenses totaled $104,221, $72,377 and $78,474 in the years ended March 31, 2022, 2021, and 2020, respectively. Research and development Research and development costs are expensed as incurred. Research and development expenses totaled $32,344, $57,582, and $61,812 in the years ended March 31, 2022, 2021, and 2020, respectively. Asset impairment and restructuring costs Asset impairment and restructuring costs consist of property, plant and equipment, intangible asset and goodwill impairment charges, asset abandonment costs, contractual and other settlement costs, and employee-related and other restructuring costs recognized in connection with (i) the restructuring of the Company’s global operations that commenced in the year ended March 31, 2020 and continued during the years ended March 31, 2021 and March 31, 2022; and (ii) other impairments. When a long-lived asset is abandoned its carrying amount is adjusted to its salvage value, if any. In determining the salvage value of our long-lived assets, management considers information from manufacturers, historical data, and industry standards. In certain cases, management may obtain third party appraisals to estimate salvage value. Share-based compensation The Company accounts for share-based compensation using the fair value method. With the exception of a limited number of share-based awards subject to market-based performance conditions that are valued using the Monte Carlo simulation model, the fair value of awards granted is estimated at the date of grant using the Black-Scholes model. The share-based compensation expense is based on the fair value of share-based awards at the grant date and the expense is recognized over the related service period following a graded vesting expense schedule. Forfeitures are estimated at the time of grant and revised in subsequent periods if there is a difference in actual forfeitures and the estimate. Effective April 1, 2018, the Company early-adopted ASU 2018-07 – Compensation - Stock Compensation (Topic 718) For awards with service and/or non-market based performance conditions, the amount of compensation expense recognized is based on the number of awards expected to vest, reflecting estimated expected forfeitures, and is adjusted to reflect those awards that do ultimately vest. For awards with performance conditions, the Company recognizes the compensation expense if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at each reporting date. Restricted stock units (“RSUs”) that are settled in cash or common stock at the election of the employee are remeasured to fair value at the end of each reporting period until settlement. This fair value is based on the closing price of the Company's common shares on the last business day before each period end. Income taxes Income taxes are comprised of current and deferred taxes. These taxes are accounted for using the liability method. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using the enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax is recognized on the difference between the carrying amount of an asset or a liability, as reflected in the financial statements, and the corresponding tax base, used in the computation of income for tax purposes (“temporary difference”) and measured using the enacted tax rates and laws as at the balance sheet date that are expected to apply to the income that the Company expects to arise for tax purposes in the period during which the difference is expected to reverse. Management assesses the likelihood that a deferred tax asset will be realized and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The determination of both current and deferred taxes reflects the Company's interpretation of the relevant tax rules and judgement. An unrealized tax benefit may arise in connection with a period that has not yet been reviewed by the relevant tax authority. A change in the recognition or measurement of an unrealized tax benefit is reflected in the period during which the change occurs. Income taxes are recognized in the consolidated statement of operations, except when they relate to a pre-tax item that is recognized in other comprehensive income (loss) or directly in equity, respectively. Income taxes recognized in other comprehensive income (loss) or equity are reclassified to the consolidated statement of operations if the corresponding pre-tax item is reclassified to the consolidated statement of operations. Where income taxes arise from the initial accounting for a business combination, these are embedded in the pre-tax accounting for the business combination. Interest and penalties in respect of income taxes are not recognized in the consolidated statement of operations as a component of income taxes but as a component of interest expense. Earnings (loss) per share Basic earnings (loss) per share is computed by dividing reported net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings (loss) per share is computed by dividing earnings (loss) by the sum of the weighted average number of common shares and the number of dilutive potential common share equivalents outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common shares of the Company during the reporting periods. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of warrants, vested share options, RSUs and the incremental shares issuable upon conversion of the convertible senior notes. As at March 31, 2022, March 31, 2021, and March 31, 2020, all instruments were anti-dilutive. Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models. For other financial assets measured at fair value that earn interest, the Company has elected to present interest income as part of the fair value change in other income (expense), net. COVID-19 estimation uncertainty In March 2020, the World Health Organization recognized the outbreak of COVID-19 as a global pandemic. Government measures to limit the spread of COVID-19, including the closure of non-essential businesses, did not materially impact the Company’s operations during the years ended March 31, 2022, March 31, 2021 and March 31, 2020. The production and sale of cannabis have been recognized as essential services in Canada and across Europe. Due to the rapid developments and uncertainty surrounding COVID-19, it is not possible to predict the impact that COVID-19 will have on the Company’s business, financial position and operating results in the future. Additionally, it is possible that estimates in the Company’s consolidated financial statements will change in the near term as a result of COVID-19. The Company is closely monitoring the impact of the pandemic on all aspects of its business. |
New Accounting Policies
New Accounting Policies | 12 Months Ended |
Mar. 31, 2022 | |
New Accounting Pronouncements And Changes In Accounting Principles [Abstract] | |
New Accounting Policies | 4. NEW ACCOUNTING POLICIES Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Investments-Equity Securities 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) Accounting Guidance not yet adopted Convertible Instruments and Contracts in an Entity’s Own Equity 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 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted after December 15, 2020. |
Asset Impairment and Restructur
Asset Impairment and Restructuring Costs | 12 Months Ended |
Mar. 31, 2022 | |
Restructuring And Related Activities [Abstract] | |
Asset Impairment and Restructuring Costs | 5. ASSET IMPAIRMENT AND RESTRUCTURING COSTS Year Ended March 31, 2022 Restructuring and other charges In the year ended March 31, 2022, the Company recorded charges associated with operational changes resulting from its continuing strategic review of its business. The Company recorded charges in the three months ended June 30, 2021 related to a strategic review of the business conducted as a result of acquisitions completed in that period (see Note 29), which resulted in the closure of the Company’s Niagara-on-the-Lake, Ontario and Langley, British Columbia facilities. In the three months ended March 31, 2022, the Company recorded further charges related to further restructuring actions aligned to its strategic review of the business, which included (i) reducing cultivation costs in the Canadian recreational cannabis business through cultivation-related efficiencies and facility improvements; (ii) implementing a flexible manufacturing platform, including contract manufacturing for certain product formats; (iii) right-sizing indirect costs and generating efficiencies across the Company’s supply chain and procurement; (iv) aligning general and administrative costs with short-term business expectations; and (v) further streamlining the organization to drive process-related efficiencies. The Company also recorded charges associated with changes in the estimated fair value of certain of the Company’s Canadian sites that were closed in December 2020, and costs associated with the closure of those sites. Refer to discussion below for restructuring actions in the year ended March 31, 2021. The Company recorded total inventory write-downs and associated restructuring charges of $123,669 in the year ended March 31, 2022, related primarily to (i) the aforementioned strategic changes to our business, including the shift to a contract manufacturing model for certain product formats and the closure of certain of our production facilities; and (ii) amounts deemed excess based on current and projected market demand. As a result of these actions, the Company recognized aggregate pre-tax charges of $429,810 in the year ended March 31, 2022, and reduced headcount by approximately 250 full-time positions. Other impairments Goodwill The Company performed its annual goodwill impairment test in the three months ended March 31, 2022, and recognized impairment losses totaling $40,748, of which $22,355 relates to the KeyLeaf reporting unit and $18,393 relates to the This Works reporting unit. Refer to Note 15 for further details. Intangible assets In the year ended March 31, 2022, the Company recognized asset impairment charges totaling $26,065 related to certain of its acquired brands and operating licenses. These impairment charges were identified by the Company during its annual impairment testing process, which was conducted in the three months ended March 31, 2022, and reflected in asset impairment and restructuring costs. These other impairment charges related to goodwill and intangible assets are in addition to the restructuring and impairment costs described above and which are associated with the Company’s restructuring actions. A summary of the pre-tax charges totaling $496,623 recognized in connection with the Company’s restructuring actions and other impairments is as follows: Year ended March 31, 2022 Restructuring and other charges Other impairments Total Costs recorded in cost of goods sold: Inventory write-downs and other charges $ 123,669 $ - $ 123,669 Costs recorded in operating expenses: Impairment and abandonment of property, plant and equipment 224,726 - 224,726 Impairment and abandonment of intangible assets 41,404 26,065 67,469 Impairment of goodwill - 40,748 40,748 Contractual and other settlement obligations 6,610 - 6,610 Employee-related and other restructuring costs 29,786 - 29,786 Asset impairment and restructuring costs 302,526 66,813 369,339 Acceleration of share-based compensation expense related to acquisition milestones 3,615 - 3,615 Share-based compensation expense 3,615 - 3,615 Total restructuring, asset impairments and related costs $ 429,810 $ 66,813 $ 496,623 Costs recorded in cost of goods sold In the year ended March 31, 2022, the Company recognized charges of $123,669 relating to inventory write-downs and associated restructuring charges, as described above. Costs recorded in operating expenses The Company recognized asset impairment and restructuring costs of $302,526 in the year ended March 31, 2022 as a result of the restructuring actions described above. The Company impaired and abandoned certain production facilities and brand and intellectual property intangible assets, and a loss totaling $266,130 was recognized in the year ended March 31, 2022, representing the difference between the net book value of the long-lived assets and their estimated salvage value or fair value. Of this loss, $224,726 related to property, plant and equipment, and related primarily to buildings and greenhouses, and production and warehouse equipment, and $41,404 related to brand and intellectual property intangible assets. In the year ended March 31, 2022, the Company recognized contractual and other settlement obligations of $6,610 and employee-related and other restructuring costs of $29,786. In the year ended March 31, 2022, as a result of the restructuring actions described above, the Company accelerated share-based compensation expense relating to the unvested milestones associated with acquisitions completed in prior fiscal years. Accordingly, the Company recognized share-based compensation expense of $3,615 in the year ended March 31, 2022. Year Ended March 31, 2021 Restructuring and other charges In the three months ended June 30, 2020, the Company completed certain of the restructuring actions that had commenced in the year ended March 31, 2020 (refer to discussion below for restructuring actions in the year ended March 31, 2020), including completing the exit of the Company’s operations in South Africa and Lesotho, and the Company recorded final adjustments related to changes in certain estimates recorded at March 31, 2020. In addition, the Company incurred additional costs related primarily to the rationalization of its marketing organization in April 2020. In the three months ended September 30, 2020, the Company recorded (i) adjustments related to changes in the estimated fair value of certain of its Canadian production facilities from March 31, 2020, and (ii) charges related to rationalizing certain research and development activities. In December 2020, as the partial outcome of an ongoing end-to-end strategic review of its operations, the Company announced a series of Canadian operational changes designed to streamline its operations and further improve its gross margins. The Company has ceased operations at its sites in St. John’s, Newfoundland and Labrador; Fredericton, New Brunswick; Edmonton, Alberta; Bowmanville, Ontario; as well as its outdoor cannabis grow operations in Saskatchewan. As a result of these restructuring actions, the Company reduced headcount by approximately 220 full-time positions, and abandoned or impaired certain of its production facilities and intangible assets. Additionally, the Company (i) completed the sale of its production facilities in Aldergrove and Delta, British Columbia in December 2020 and January 2021, respectively, for combined proceeds of $40,650; and (ii) recorded additional charges related to the shifting of the Company’s strategy in Latin America, which the Company commenced in the three months ended March 31, 2020. In addition to recording adjustments associated with changes in certain estimates related to the closure of its Canadian production facilities, in the three months ended March 31, 2021, the Company recognized costs associated with the closure of the production facilities, and rationalizing certain licensing arrangements. This included (i) the impairment of the Company’s equity method investment in More Life in the amount of $10,300; (ii) the difference between the termination payment made by the Company to More Life, and the remaining minimum royalty obligations owing to More Life that were derecognized (refer to Note 29(d); and (iii) charges associated with terminating a licensing agreement with a third party (which included derecognizing the remaining minimum royalty obligations owing to the third party in the amount of $18,810). The Company recorded total inventory write-downs of $25,985 in the year ended March 31, 2021 related to the closure of certain of its Canadian and international production facilities. As a result of these actions the Company recognized aggregate pre-tax charges of $564,049 in the year ended March 31, 2021. Other impairments In the year ended March 31, 2021, the Company recognized licensed brand intangible asset impairment charges totaling $6,634, which were identified during its annual impairment testing process and reflected in asset impairment and restructuring costs. These other impairment charges are in addition to the restructuring and impairment costs described above and associated with the Company’s restructuring actions. A summary of the pre-tax charges totaling $570,683 recognized in connection with the Company’s restructuring actions and other impairments is as follows: Year ended March 31, 2021 Restructuring and other charges Other impairments Total Costs recorded in cost of goods sold: Inventory write-downs $ 25,985 $ - $ 25,985 Costs recorded in operating expenses: Impairment and abandonment of property, plant and equipment 426,748 - 426,748 Impairment and abandonment of intangible assets 54,511 6,634 61,145 Contractual and other settlement obligations 22,352 - 22,352 Employee-related and other restructuring costs 24,153 - 24,153 Asset impairment and restructuring costs 527,764 6,634 534,398 Costs recorded in loss from equity method investments: Impairment of equity method investments 10,300 - 10,300 Total restructuring, asset impairments and related costs $ 564,049 $ 6,634 $ 570,683 Costs recorded in cost of goods sold In the year ended March 31, 2021, the Company recognized charges of $25,985 relating to inventory write-downs associated with its restructuring activities, as described above. Costs recorded in operating expenses The Company recognized asset impairment and restructuring costs of $527,764 in the year ended March 31, 2021 as a result of the restructuring actions described above. As a result of the restructuring actions described above the Company impaired and abandoned certain production facilities, and operating license intangible assets. A loss totaling $481,259 was recognized in the year ended March 31, 2021 representing the difference between the net book value of the long-lived assets and their estimated salvage value or fair value. Of this loss, $426,748 related to property, plant and equipment and $54,511 related to facility operating license intangible assets. The losses relating to property, plant and equipment were primarily attributable to buildings and greenhouses, and production and warehouse equipment. In the year ended March 31, 2021, the Company recognized contractual and other settlement obligations of $22,352 and employee-related and other restructuring costs of $24,153, which included costs associated with the remediation of damages caused by the fire at the Delta facility in November, the closure of the Canadian facilities as described above, and the sale of the British Columbia facilities. Year Ended March 31, 2020 Restructuring and other charges In the three months ended March 31, 2020, the Company commenced an organizational and strategic review of its business which resulted in the following restructuring actions designed to improve organizational focus, streamline operations and align the Company’s production capability with projected demand: (i) the closure of certain of the Company’s greenhouses as they are no longer essential to our Canadian cannabis cultivation footprint; (ii) exiting non-strategic geographies, including South Africa and Lesotho and the Company’s hemp farming operations in New York, and shifting the Company’s strategy in Colombia; and (iii) rationalizing certain marketing and research and development activities. The Company recorded a write-down of inventory in the amount of $55,890 related to these restructuring actions, as well as additional amounts totaling $76,199 deemed excess based on current and projected market demand. As a result of these actions the Company recognized aggregate pre-tax charges of $742,929 in the year ended March 31, 2020 and reduced headcount by approximately 600 full-time positions. Other impairments In the year ended March 31, 2020, the Company recognized contractual and other settlement obligations and brand and license impairment charges totaling $60,020, which were identified during its annual impairment testing process. These charges are reflected in asset impairment and restructuring costs. Additionally, the Company recognized impairment charges relating to certain of its equity method investments totaling $40,326. These charges are recorded in other income (expense), net within the consolidated statements of operations . These other impairment charges are in addition to the restructuring and impairment costs described above and associated with the Company’s restructuring actions . A summary of the pre-tax charges totaling $843,275 recognized in connection with the Company’s restructuring actions and other impairments is as follows: Year ended March 31, 2020 Restructuring and other charges Other impairments Total Costs recorded in cost of goods sold: Inventory write-downs $ 132,089 $ - $ 132,089 Costs recorded in operating expenses: Impairment and abandonment of property, plant and equipment 334,964 - 334,964 Impairment and abandonment of intangible assets 192,987 54,020 247,007 Contractual and other settlement obligations 18,712 6,000 24,712 Employee-related and other restructuring costs 16,583 - 16,583 Asset impairment and restructuring costs 563,246 60,020 623,266 Acceleration of share-based compensation expense related to acquisition milestones 32,694 - 32,694 Share-based compensation expense 32,694 - 32,694 Costs recorded in loss from equity method investments: Impairment of equity method investments 14,900 40,326 55,226 Total restructuring, asset impairments and related costs $ 742,929 $ 100,346 $ 843,275 Costs recorded in cost of goods sold In the year ended March 31, 2020, the Company recognized charges of $132,089 relating to restructuring charges and inventory write-downs, as described above. Costs recorded in operating expenses The Company recognized asset impairment and restructuring costs of $563,246 in the year ended March 31, 2020 as a result of the restructuring actions described above. As a result of the restructuring actions described above the Company impaired and abandoned certain production facilities, operating licenses and other intangible assets. A loss totaling $527,951 was recognized in the year ended March 31, 2020 representing the difference between the net book value of the long-lived assets and their estimated salvage value or fair value. Of this loss, $334,964 related to property, plant and equipment and $192,987 related to brand, intellectual property and license intangible assets. The losses relating to property, plant and equipment were primarily attributable to buildings and greenhouses, and production and warehouse equipment. In the year ended March 31, 2020, the Company recognized contractual and other settlement obligations of $18,712 and employee-related and other restructuring costs of $16,583. In the year ended March 31, 2020, as a result of the restructuring of our operations in Colombia and Lesotho, the Company accelerated share-based compensation expense relating to the unvested milestones associated with the acquisitions of Spectrum Cannabis Colombia S.A.S. (“Spectrum Colombia”), Canindica Capital Ltd. (“Canindica”), and DaddyCann Lesotho PTY Limited (“DCL”) in the year ended March 31, 2019. Accordingly, the Company recognized share-based compensation expense of $32,694 in the year ended March 31, 2020. |
Plan Of Arrangement With Riv Ca
Plan Of Arrangement With Riv Capital | 12 Months Ended |
Mar. 31, 2022 | |
Divestiture [Abstract] | |
Plan Of Arrangement With Riv Capital | 6. PLAN OF ARRANGEMENT WITH RIV CAPITAL On December 21, 2020, the Canopy Growth entered into an arrangement agreement (the “RIV Arrangement Agreement”) with its wholly-owned subsidiary The Tweed Tree Lot Inc. (“Tweed NB”), RIV Capital and its wholly-owned subsidiary RCC, pursuant to which Canopy Growth acquired certain assets from RCC, as set out below, in exchange for cash, Canopy Growth common shares and the surrender of all shares in the capital of RIV Capital held by Canopy Growth in accordance with a plan of arrangement under the Business Corporations Act Pursuant to the RIV Arrangement, Canopy Growth increased its conditional ownership interest in TerrAscend Corp. (“TerrAscend”) through the acquisition of (i) 19,445,285 exchangeable shares in the capital of TerrAscend (the “TerrAscend Exchangeable Shares”) held by RCC; (ii) 2,225,714 common share purchase warrants in the capital of TerrAscend with an exercise price of $5.95 per share held by RCC; (iii) 333,723 common share purchase warrants in the capital of TerrAscend with an exercise price of $6.49 per share held by RCC; and (iv) a loan receivable owing by TerrAscend Canada Inc. (“TerrAscend Canada”) to RCC. The securities in the capital of TerrAscend held by Canopy Growth are not currently convertible or exercisable and will not be convertible or exercisable until federal laws in the United States with respect to marijuana are amended. Pursuant to the RIV Arrangement, Canopy Growth also acquired (i) all of the Class A preferred shares in the capital of Les Serres Vert Cannabis Inc. (“Vert Mirabel”) held by RCC; and (vi) 143 common shares in the capital of Vert Mirabel, thereby increasing Canopy Growth’s ownership of the issued and outstanding common shares in the capital of Vert Mirabel to approximately 55%. In addition, all of the obligations of Tweed NB owing to RCC pursuant to a royalty agreement between the parties were terminated. In exchange for the foregoing, Canopy Growth (i) surrendered 36,468,318 Class B multiple voting shares (“MVS”) and 15,223,938 Class A subordinate voting shares (“SVS”) in the capital of RIV Capital; (ii) made a cash payment to RCC of $115,000; and (iii) issued 3,647,902 Canopy Growth common shares to RCC. As a result, following completion of the RIV Arrangement, Canopy Growth no longer had any equity, debt or other interest in RIV Capital, and no longer had any representation on the RIV Capital board of directors. Following completion of the RIV Arrangement, Canopy Growth now owns 38,890,570 TerrAscend Exchangeable Shares, an aggregate of 22,474,130 common share purchase warrants in the capital of TerrAscend (the “TerrAscend warrants”) and is deemed to own an aggregate of 1,072,450 common shares of TerrAscend that are subject to an option agreement entered into in January 2021 (the “TerrAscend Option”). Canopy Growth beneficially owns, and exercise control or direction over approximately 15% of the issued and outstanding TerrAscend common shares on a fully-diluted basis. Following this transaction, Canopy Growth no longer controls RIV Capital, and Canopy Growth derecognized the consolidated assets and liabilities of RIV Capital from its consolidated financial statements at their carrying amounts. The derecognized assets and liabilities on February 23, 2021, were as follows: Acquired assets TerrAscend Exchangeable Shares $ 291,500 TerrAscend warrants 32,000 Preferred shares in Vert Mirabel 22,600 Settlement of Tweed NB obligations to RCC 15,000 TerrAscend loan 10,000 Common shares in Vert Mirabel 9,075 Total acquired assets $ 380,175 Consideration paid in shares (170,284 ) Consideration paid in cash (115,000 ) $ 94,891 Derecognition of RIV Capital net assets Cash and cash equivalents $ 37,801 Amounts receivable, net 4,327 Prepaid expenses and other assets 995 Equity method investments 5,114 Other financial assets 417,256 Property, plant and equipment 729 Intangible assets 86 Accounts payable (22,038 ) Other accrued expenses and liabilities (1,703 ) Other current liabilities (32,653 ) Other long-term liabilities (303 ) Noncontrolling interests and other (315,144 ) $ 94,467 Gain on completion of RIV Arrangement $ 424 The gain calculated on the derecognition of RIV Capital’s assets and liabilities is the difference between the carrying amounts of the derecognized assets and liabilities of RIV Capital and the fair value of the consideration transferred, being the cash payment made to RCC in the amount of $115,000, the fair value of the Canopy Growth common shares issued to RCC, and the assets acquired. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Mar. 31, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 7. CASH AND CASH EQUIVALENTS The components of cash and cash equivalents are as follows: March 31, March 31, 2022 2021 Cash $ 470,682 $ 436,588 Cash equivalents 305,323 718,065 $ 776,005 $ 1,154,653 |
Short-term Investments
Short-term Investments | 12 Months Ended |
Mar. 31, 2022 | |
Short Term Investments [Abstract] | |
Short-term Investments | 8. SHORT-TERM INVESTMENTS The components of short-term investments are as follows: March 31, March 31, 2022 2021 Term deposits $ 319,092 $ 463,824 Government securities 22,253 136,620 Asset-backed securities 21,905 16,342 Commercial paper and other 232,401 527,777 $ 595,651 $ 1,144,563 The amortized cost of short-term investments at March 31, 2022 is $599,862 (March 31, 2021 – $1,145,364). |
Amounts Receivable, Net
Amounts Receivable, Net | 12 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Amounts Receivable, Net | 9. AMOUNTS RECEIVABLE, NET The components of amounts receivable, net are as follows: March 31, March 31, 2022 2021 Accounts receivable, net $ 78,059 $ 67,106 Indirect taxes receivable 7,524 8,281 Interest receivable 4,406 5,140 Other receivables 6,454 11,908 $ 96,443 $ 92,435 Included in the accounts receivable, net balance at March 31, 2022 is an allowance for doubtful accounts of $4,764 (March 31, 2021 – $1,411). |
Inventory
Inventory | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Inventory | 10. INVENTORY The components of inventory are as follows: March 31, March 31, 2022 2021 Raw materials, packaging supplies and consumables $ 26,821 $ 55,554 Work in progress 65,245 223,652 Finished goods 112,321 88,773 $ 204,387 $ 367,979 In the year ended March 31, 2022, the Company recorded write-downs related to inventory in cost of goods sold of $237,147 (year ended March 31, 2021 – $79,859), including charges of $116,770 (year ended March 31, 2021 – $25,985) associated with the strategic review, as described in Note 5. |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 12 Months Ended |
Mar. 31, 2022 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Assets | 11. PREPAID EXPENSES AND OTHER ASSETS The components of prepaid and other assets are as follows: March 31, March 31, 2022 2021 Prepaid expenses $ 23,041 $ 28,349 Deposits 10,145 18,316 Prepaid inventory 449 1,496 Other assets 19,065 19,071 $ 52,700 $ 67,232 |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Mar. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Other Financial Assets | 12. OTHER FINANCIAL ASSETS The following tables outline changes in other financial assets. Additional details on how the fair value of significant investments are calculated are included in Note 24. Foreign Exercise of Balance at currency options / Balance at March 31, Fair value translation Interest disposal March 31, Entity Instrument 2021 Additions changes adjustments income of shares 2022 TerrAscend Exchangeable Shares Exchangeable shares $ 385,000 $ - $ (156,000 ) $ - $ - $ - $ 229,000 TerrAscend Canada - October 2019 Term loan / debenture 10,240 - 835 - (795 ) - 10,280 TerrAscend Canada - March 2020 Term loan / debenture 56,330 - (1,528 ) - (4,912 ) - 49,890 Arise Bioscience Term loan / debenture 13,077 - 308 (42 ) - - 13,343 TerrAscend - October 2019 Warrants 17,250 - (13,520 ) - - - 3,730 TerrAscend - March 2020 Warrants 152,910 - (92,170 ) - - - 60,740 TerrAscend - December 2020 Warrants 13,240 - (9,780 ) - - - 3,460 TerrAscend Option 10,600 - (4,300 ) - - - 6,300 Wana Option - 442,227 (74,639 ) 4,755 - - 372,343 Acreage Hempco 1 Debenture 27,448 - 5,337 (94 ) (3,867 ) - 28,824 Other - at fair value through net income (loss) Various 14,887 6,457 (10,652 ) (204 ) - (92 ) 10,396 Other - classified as held for investment Loan receivable 7,185 5,000 - - - (163 ) 12,022 $ 708,167 $ 453,684 $ (356,109 ) $ 4,415 $ (9,574 ) $ (255 ) $ 800,328 1 Exercise of Foreign options / Balance at currency Allowance disposal Derecognition Balance at March 31, Fair value translation for expected of shares / of March 31, Entity Instrument 2020 Additions changes adjustments credit losses repayments RIV Capital 1 2021 TerrAscend Exchangeable Shares Exchangeable shares $ 47,000 $ - $ 338,000 $ - $ - $ - $ - $ 385,000 TerrAscend Canada - October 2019 Term loan / debenture 9,520 8,579 (7,859 ) - - - - 10,240 TerrAscend Canada - March 2020 Term loan / debenture 44,300 - 16,942 - - (4,912 ) - 56,330 Arise Bioscience Term loan / debenture - 11,758 1,489 (170 ) - - - 13,077 TerrAscend - October 2019 Warrants 804 4,315 12,131 - - - - 17,250 TerrAscend - March 2020 Warrants 24,200 - 128,710 - - - - 152,910 TerrAscend - December 2020 Warrants - 13,720 (480 ) - - - - 13,240 TerrAscend Option - 13,445 (2,845 ) - - - - 10,600 Acreage Hempco 2 Debenture - 66,995 (37,026 ) (2,521 ) - - - 27,448 SLANG Warrants 3,500 - 5,900 - - - - 9,400 PharmHouse 3 Loan receivable 40,000 - - - (40,000 ) - - - ZeaKal Shares 14,186 - (1,486 ) - - - (12,700 ) - Agripharm Royalty interest 12,600 - (7,200 ) - - - (5,400 ) - Greenhouse Convertible debenture 10,517 - (4,117 ) - - (1,300 ) (5,100 ) - Other - at fair value through net income (loss) Various 28,478 11,251 (7,052 ) - - (4,234 ) (22,956 ) 5,487 Other - classified as held for investment Loan receivable 14,148 11,106 - - (12,956 ) (5,113 ) - 7,185 $ 249,253 $ 141,169 $ 435,107 $ (2,691 ) $ (52,956 ) $ (15,559 ) $ (46,156 ) $ 708,167 1 2 3 Wana On October 14, 2021, the Company and Mountain High Products, LLC, Wana Wellness, LLC and The Cima Group, LLC (collectively, “Wana” and each, a “Wana Entity”) entered into definitive agreements (the “Wana Agreements”) providing the Company with the right, upon the occurrence or waiver (at the Company’s discretion) of changes in U.S. federal law to permit the general cultivation, distribution, and possession of marijuana, or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”), to acquire 100% of the outstanding membership interests of Wana. Wana manufactures and sells gummies in the state of Colorado and licenses its intellectual property to partners, who manufacture, distribute, and sell Wana-branded gummies across the United States and Canada. The Wana Agreements are structured as three separate option agreements whereby the Company has a call option (the “Call Option”) to acquire 100% of the membership interests in each Wana Entity. As consideration for entering into the Wana Agreements, the Company made an upfront cash payment (the “Upfront Payment”) in the aggregate amount of $368,067 (US$297,500). Upon the Company’s exercise of its right to acquire Wana, the Company will make payments equal to 15% of the fair market value of Wana at the time the options are exercised (the “Call Option Payments”). As additional consideration for the right to acquire Wana, the Company expects to make additional deferred payments (the “Deferred Payments”) in respect of Wana as of the 2.5- and 5-year anniversary of the Upfront Payment, computed based on a pre-determined contractual formula as follows: • Deferred Payment 1: 25% of the amount computed as the estimated fair value of Wana at the 2.5-year anniversary, less (i) the Upfront Payment, (ii) Wana debt, and (iii) certain other deductions; plus Wana cash, all at the 2.5-year anniversary. • Deferred Payment 2: 25% of the amount computed as the estimated fair value of Wana at the 5-year anniversary, less (i) the greater of (a) the Upfront Payment and (b) the estimated fair value of Wana at the 2.5-year anniversary, (ii) Wana debt, and (iii) certain other deductions, all at the 5-year anniversary; plus the difference in Wana cash between the 5-year and 2.5-year anniversaries. Payment of the Deferred Payments is not contingent upon the occurrence or waiver (at the Company’s discretion) of the Triggering Event or the exercise of the Call Option. At the Company’s option, the Call Option Payments and the Deferred Payments may be satisfied in cash, common shares or a combination thereof at the Company’s sole discretion. Until such time as the Company exercises its right to acquire Wana, the Company will have no economic or voting interest in Wana, the Company will not control Wana, and the Company and Wana will continue to operate independently. Upon initial recognition, the Company estimated the fair value of the Wana financial instrument to be $442,227, consisting of (i) the Upfront Payment as noted above; and (ii) the present value of the estimated Deferred Payments, totaling $74,160 (see Note 18). The Wana financial instrument, in effect, represents a call option to purchase 100% of Wana for a payment equal to 15% of Wana’s fair market value at the time the option is exercised. At March 31, 2022, the estimated fair value of the Wana financial instrument was $372,343, with the change from initial recognition recorded in other income (expense), net. See Note 24 for additional details on how the fair value of the Wana financial instrument is calculated on a recurring basis. TerrAscend Exchangeable Shares TerrAscend is a publicly traded licensed producer. The TerrAscend Exchangeable Shares will only become convertible into common shares following changes in U.S. federal laws regarding the cultivation, distribution or possession of cannabis, the compliance of TerrAscend with such laws and the approval of the various securities exchanges upon which the issuer’s securities are listed (the “TerrAscend Triggering Event”). The TerrAscend Exchangeable Shares are not transferrable or monetizable until exchanged into common shares. In the interim, the Company will not be entitled to voting rights, dividends or other rights upon dissolution of TerrAscend. As a result, the Company does not have significant influence over TerrAscend and accounts for the TerrAscend Exchangeable Shares as a financial asset at estimated fair value with any changes recorded in other income (expense), net. See Note 6 for information regarding the completion of the plan of arrangement with RIV Capital, which included the acquisition, by Canopy Growth, of the TerrAscend Exchangeable Shares held by RCC. At March 31, 2022 the estimated fair value of the Company’s investment in the TerrAscend Exchangeable Shares was estimated to be $229,000 (March 31, 2021 – $385,000). See Note 24 for additional details on how the fair value of the Company’s investment is calculated on a recurring basis. TerrAscend Canada Term Loan, Debenture, and Warrants – October 2019 On October 2, 2019, RIV Capital completed a $13,243 (US$10,000) investment in TerrAscend Canada, a wholly-owned subsidiary of TerrAscend, which included a term loan with an estimated fair value of $10,853 and TerrAscend warrants with an estimated fair value of $2,390. As part of the completion of the plan of arrangement with RIV Capital, as described in Note 6, Canopy Growth acquired these securities from RCC. The non-cash additions in respect to these investments represents the inherent deferred tax liability on the initial acquisition of the assets from RIV Capital, as the accounting carrying value of the assets exceeds the tax basis. The Company accounts for these instruments as financial assets at estimated fair value, with any changes recorded in other income (expense), net. As of March 31, 2022 , the estimated fair value of the term loan was $10,280 ( March 31, 2021 – $ 10,240 ), and the estimated fair value of the warrants was $3,730 ( March 31, 2021 – $ 17,250 ). See Note 24 for additional details on how the fair value of the Company’s investment is calculated on a recurring basis. TerrAscend Canada Term Loan, Debenture, and TerrAscend Warrants – March 2020 On March 11, 2020, Canopy Growth completed an $80,526 investment in TerrAscend Canada. The investment includes a secured debenture (the “debenture”) for $80,526, that matures the earliest of (i) March 10, 2030 and (ii) the later of March 10, 2025 and the date that is 24 months following the date that is the TerrAscend Triggering Event. The debenture bears interest at a rate of 6.1% and is payable annually. As additional consideration, TerrAscend issued 17,808,975 common share purchase warrants (collectively, the “TerrAscend Warrants”). The TerrAscend Warrants consist of two tranches. The first tranche TerrAscend Warrants total 15,656,242 and are exercisable at a price of $5.41 per common share. They are exercisable upon the occurrence or waiver of TerrAscend the Triggering Event until the earliest of (i) March 10, 2030 and (ii) the later of (A) March 10, 2025 and (B) the date that is 24 months following the occurrence of the TerrAscend Triggering Event. The second tranche TerrAscend Warrants total of 2,152,733 and are exercisable at a price of $3.74 per common share. They are exercisable upon the occurrence or waiver of the TerrAscend Triggering Event until the earliest of (i) March 10, 2031 and (ii) the later of (A) March 10, 2026 and (B) the date that is 36 months following the occurrence of the TerrAscend Triggering Event. Canopy Growth has the right to set-off the applicable exercise price payable for the exercise of the TerrAscend Warrants against any amounts owing by TerrAscend, or any amounts owing under the Loan by TerrAscend Canada. The Company accounts for these instruments as financial assets at estimated fair value, with any changes recorded in other income (expense), net. At issuance, the term loan had an estimated fair value of $54,800 and the TerrAscend Warrants had an estimated fair value of $25,626 with $100 of related transaction costs expensed. As of March 31, 2022, the estimated fair value of the debenture was $49,890 (March 31, 2021 – $56,330) and the Warrants had an estimated fair value of $60,740 (March 31, 2021 – $152,910). See Note 24 for additional details on how the fair value of the Company’s investment is calculated on a recurring basis. Arise Bioscience and Additional TerrAscend Warrants – December 2020 On December 10, 2020, the Company entered into a loan financing agreement with Arise Bioscience, Inc. (“Arise Bioscience”), a wholly owned subsidiary of TerrAscend. The investment is in the amount of US$20,000 ($25,478) (the “Loan”) pursuant to a secured debenture (the “Arise Debenture”). The Arise Debenture bears interest at a rate of 6.1% and is payable beginning in the fourth year after its issuance. The Arise Debenture will mature on December 10, 2030. In connection with the Loan, TerrAscend issued 2,105,718 common share purchase warrants to the Company (the “Additional TerrAscend Warrants”). 1,926,983 Additional TerrAscend Warrants are exercisable at a price of $15.28 per share, and expire on December 10, 2030. 178,735 Additional TerrAscend Warrants are exercisable at a price of $17.19 per share, and expire on December 10, 2031. The Additional TerrAscend Warrants will be exercisable by the Company following the TerrAscend Triggering Event. The Loan is repayable by Arise Bioscience at any time. The Company accounts for these instruments as financial assets at estimated fair value, with any changes recorded in other income (expense), net. At issuance, the Arise Debenture had an estimated fair value of $11,758 and the Additional TerrAscend Warrants had an estimated fair value of $13,720. As of March 31, 2022, the Arise Debenture had an estimated fair value of $13,343 and the Additional TerrAscend Warrants had an estimated fair value of $3,460 (March 31, 2021 – $13,077 and $13,240, respectively). See Note 24 for additional details on how the fair value of the Company’s investment is calculated on a recurring basis. TerrAscend Option On January 13, 2021, the Company entered into the TerrAscend Option to purchase 1,072,450 common shares of TerrAscend for aggregate consideration of US$10,529 ($13,445). The Company accounts for this instrument as a financial asset at estimated fair value, with any changes recorded in other income (expense), net. At March 31, 2022 the estimated fair value of the TerrAscend Option was $6,300 (March 31, 2021 – $10,600). See Note 24 for additional details on how the fair value of the Company’s investment is calculated on a recurring basis. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 13. PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment are as follows: March 31, March 31, 2022 2021 Buildings and greenhouses $ 766,931 $ 651,166 Production and warehouse equipment 159,314 216,925 Leasehold improvements 69,304 106,837 Office and lab equipment 29,879 30,546 Computer equipment 22,293 26,431 Land 18,917 34,747 Right-of-use-assets Buildings and greenhouses 89,228 100,517 Production and warehouse equipment 55 530 Assets in process 19,771 129,428 1,175,692 1,297,127 Less: Accumulated depreciation (232,912 ) (222,590 ) $ 942,780 $ 1,074,537 Depreciation expense included in cost of goods sold for the year ended March 31, 2022 is $50,200 (year ended March 31, 2021 – $51,737; year ended March 31, 2020 – $52,249). Depreciation expense included in selling, general and administrative expenses for the year ended March 31, 2022 is $26,047 (year ended March 31, 2021 – $19,177, year ended March 31, 2020 – $21,467). See Note 5 for information on the impairment and abandonment of property, plant and equipment that resulted in charges in the amount of $224,726 that the Company recognized as part of its restructuring actions in the year ended March 31, 2022 (year ended March 31, 2021 – $426,748; year ended March 31, 2020 – $334,964). |
Intangible Assets
Intangible Assets | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible Assets | 14. INTANGIBLE ASSETS The components of intangible assets are as follows: March 31, 2022 March 31, 2021 Gross Net Gross Net Carrying Carrying Carrying Carrying Amount Amount Amount Amount Finite lived intangible assets Intellectual property $ 138,170 $ 97,638 $ 212,100 $ 168,655 Distribution channel 72,642 24,834 73,756 35,176 Operating licenses 24,400 22,052 - - Software and domain names 29,822 14,206 27,836 18,149 Brands 5,547 3,680 21,812 8,894 Amortizable intangibles in process 5,476 5,476 1,952 1,952 Total $ 276,057 $ 167,886 $ 337,456 $ 232,826 Indefinite lived intangible assets Acquired brands $ 74,809 $ 67,341 Operating licenses 10,000 8,000 Total intangible assets $ 252,695 $ 308,167 Amortization expense included in cost of goods sold for the year ended March 31, 2022 is $81 (year ended March 31, 2021 – $80; year ended March 31, 2020 – $1,030 (year ended March 31, 2021 – $56,124; year ended March 31, 2020 – $50,267 Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: 2023 $ 25,318 2024 $ 24,660 2025 $ 21,040 2026 $ 18,472 2027 $ 17,727 Thereafter $ 60,669 See Note 5 for information on (i) the impairment and abandonment of intangible assets that resulted in charges in the amount of $41,404 that the Company recognized as part of its restructuring actions in the year ended March 31, 2022 (year ended March 31, 2021 – $54,511; year ended March 31, 2020 – $192,987) and (ii) impairment charges of $26,065 in the year ended March 31, 2022 (year ended March 31, 2021 – $6,634; year ended March 31, 2020 – $54,020) |
Goodwill
Goodwill | 12 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 15. GOODWILL The changes in the carrying amount of goodwill are as follows: Balance, March 31, 2020 $ 1,954,471 Foreign currency translation adjustments (65,117 ) Balance, March 31, 2021 $ 1,889,354 Purchase accounting allocations 105,323 Disposal of consolidated entities (58,786 ) Impairment losses (40,748 ) Foreign currency translation adjustments (28,640 ) Balance, March 31, 2022 $ 1,866,503 At March 31, 2022, the Company performed its annual goodwill impairment analysis using the quantitative assessment. The Company concluded that the carrying values of its KeyLeaf and This Works reporting units were higher than their respective estimated fair values as determined using the income valuation method, and a goodwill impairment loss totaling $40,748 was recognized in the year ended March 31, 2022 (year ended March 31, 2021 - $nil). The goodwill impairment loss was comprised of (i) $22,355 related to the KeyLeaf reporting unit, representing the entirety of the goodwill assigned to the KeyLeaf reporting unit; and (ii) $18,393 related to the This Works reporting unit. Certain negative trends, including slower growth rates, resulted in updated long-term financial forecasts indicating lower forecasted revenue and cash flow generation for the KeyLeaf and This Works reporting units. No impairment was noted for any of the Company’s other reporting units, as the estimated fair value of each of the other reporting units with goodwill exceeded their carrying value. The estimated fair value of the cannabis operations reporting unit in the global cannabis segment was determined using the market valuation method, with the most significant assumptions used in applying this method being (i) the price of the Company’s common shares; and (ii) the estimated control premium associated with ownership of the Company’s common shares. The estimated fair values of all other reporting units (KeyLeaf, This Works, BioSteel and Storz & Bickel) were determined using the income valuation method, with the most significant assumptions used in applying this method being (i) the discount rate; (ii) the expected long-term growth rate; and (iii) the annual cash flow projections. These methodologies are consistent with those used by the Company for its annual impairment test conducted at March 31, 2021, and for the quantitative interim goodwill assessment conducted by the Company for the cannabis operations reporting unit at December 31, 2021. The carrying value, at March 31, 2022, of the goodwill associated with the Company’s cannabis operations reporting unit was $1,727,848. For the cannabis operations reporting unit, if all other assumptions were held constant and the estimated control premium was decreased by 500 basis points, the estimated fair value would decrease by 7% and result in an impairment charge. If all other assumptions were held constant and the share price decreased by 10%, the estimated fair value would decrease by 15% and result in an impairment charge. The carrying value, at March 31, 2022, of the goodwill associated with the Company’s BioSteel reporting unit was $57,339. For the BioSteel reporting unit, if all other assumptions were held constant and the discount rate was increased by 50 basis points, the estimated fair value would decrease by 8%. If all other assumptions were held constant and the long-term growth rate was decreased by 50 basis points, the estimated fair value would decrease by 3%. If all other assumptions were held constant and the annual cash flow projections were decreased by 250 basis points, the estimated fair value would decrease by 5%. The carrying value, at March 31, 2022, of the goodwill associated with the Company’s Storz & Bickel reporting unit was $79,027. For the Storz & Bickel reporting unit, if all other assumptions were held constant and the discount rate was increased by 50 basis points, the estimated fair value would decrease by 6%. If all other assumptions were held constant and the long-term growth rate was decreased by 50 basis points, the estimated fair value would decrease by 4%. If all other assumptions were held constant and the annual cash flow projections were decreased by 250 basis points, the estimated fair value would decrease by 3%. At March 31, 2022, the fair value of the cannabis operations reporting unit to which goodwill is assigned exceeded its carrying value by approximately 5% to 10%. Accordingly, the goodwill assigned to the cannabis operations reporting unit is at risk for impairment in future periods. The Company may be required to perform a quantitative goodwill impairment assessment in future periods for the cannabis operations reporting unit, to the extent the Company continues to experience declines in the price of its common shares from March 31, 2022, reductions in the estimated control premium associated with ownership of the Company’s common shares, or other indicators of impairment arise. The carrying value, at March 31, 2022, of the goodwill associated with the Company’s This Works reporting unit was $2,289. |
Other Accrued Expenses and Liab
Other Accrued Expenses and Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Other Accrued Expenses and Liabilities | 16. OTHER ACCRUED EXPENSES AND LIABILITIES The components of other accrued expenses and liabilities are as follows: March 31, March 31, 2022 2021 Employee compensation $ 24,873 $ 47,237 Inventory 10,096 5,426 Professional fees 7,640 11,544 Taxes and government fees 7,144 13,550 Other 25,525 23,056 $ 75,278 $ 100,813 |
Debt
Debt | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Debt | 17. DEBT The components of debt are as follows: March 31, March 31, Maturity Date 2022 2021 Convertible senior notes at 4.25% interest with semi-annual interest payments July 15, 2023 Principal amount $ 600,000 $ 600,000 Accrued interest 5,958 5,664 Non-credit risk fair value adjustment 7,140 109,710 Credit risk fair value adjustment (49,140 ) (27,960 ) 563,958 687,414 Convertible debentures September 10, 2025 32,858 - Accretion debentures September 10, 2025 7,720 - Credit facility March 18, 2026 893,647 891,677 Other revolving debt facility, loan, and financings 2,808 3,872 1,500,991 1,582,963 Less: current portion (9,296 ) (9,827 ) Long-term portion $ 1,491,695 $ 1,573,136 Credit Facility On March 18, 2021, the Company entered into a credit agreement (the “Credit Agreement”) providing for a five-year The Credit Facility has no principal payments, matures on March 18, 2026, has a coupon of LIBOR plus 8.50% and is subject to a LIBOR floor of 1.00%. In the event that LIBOR can no longer be adequately ascertained or is no longer available, an alternative rate as permitted under the Credit Agreement will be used. The Company’s obligations under the Credit Facility are guaranteed by material wholly-owned Canadian and U.S. subsidiaries of the Company. The Credit Facility is secured by substantially all of these assets, including material real property, of the borrowers and each of the guarantors. The C redit A greement contains representations and warranties, and affirmative and negative covenants, including a financial covenant requiring minimum liquidity of US$ 200,000 at the end of each fiscal quarter. The proceeds from the Credit Facility were $893,160, and the carrying amount is reflected net of financing costs. Convertible Notes On June 20, 2018, the Company issued convertible senior notes (the “Notes”) with an aggregate principal amount of $600,000. The Notes bear interest at a rate of 4.25% per annum, payable semi-annually on January 15th and July 15th of each year commencing from January 15, 2019. The Notes will mature on July 15, 2023. The Notes are subordinated in right of payment to any existing and future senior indebtedness, including indebtedness under the revolving debt facility with FCC (as defined below). The Notes will rank senior in right of payment to any future subordinated borrowings. The Notes are effectively junior to any secured indebtedness and the Notes are structurally subordinated to all indebtedness and other liabilities of the Company’s subsidiaries. Holders of the Notes may convert the Notes at their option at any time from January 15, 2023 to the maturity date. The Notes will be convertible, at the holder’s option, at a conversion rate of 20.7577 common shares for every $1 principal amount of Notes (equal to an initial conversion price of approximately $48.18 per common share), subject to adjustments in certain events. In addition, the holder has the right to exercise the conversion option from September 30, 2018 to January 15, 2023, if (i) the market price of the Company common shares for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the 5 business day period after any consecutive 5 trading day period (the “Measurement Period”) in which the trading price per $1 principal amount of the Notes for each trading day in the Measurement Period was less than 98% of the product of the last reported sales price of the Company’s common shares and the conversion rate on each such trading day, (iii) the Notes are called for redemption or (iv) upon occurrence of certain corporate events (a “Fundamental Change”). A Fundamental Change occurred upon completion of the investment by Constellation Brands, Inc. (“CBI”) in the Company in November 2018, and no holders of Notes surrendered any portion of their Notes in connection therewith. The Company may, upon conversion by the holder, elect to settle in either cash, common shares, or a combination of cash and common shares, subject to certain circumstances. Under the terms of the indenture if a Fundamental Change occurs and a holder elects to convert its Notes from and including on the date of the Fundamental Change up to, and including, the business day immediately prior to the Fundamental Change repurchase date, the Company may be required to increase the conversion rate for the Notes surrendered for conversion by a number of additional common shares. Prior to July 20, 2021, the Company could not redeem the Notes except in the event of certain changes in Canadian tax law. On or after July 20, 2021, the Company could redeem for cash, subject to certain conditions, any or all of the Notes, at its option, if the last reported sales price of the Company’s common shares for at least 20 trading days during any 30 consecutive trading day period ending within 5 trading days immediately preceding the date on which the Company provides notice of redemption exceeds 130% of the conversion price on each applicable trading day. The Company may also redeem the Notes, if certain tax laws related to Canadian withholding tax change subject to certain further conditions. The redemption of Notes in either case shall be at a redemption price equal to 100% of the principal amount of the Notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. For accounting purposes, the equity conversion feature did not meet the equity classification guidance, therefore the Company elected the fair value option under ASC 825 – Financial Instruments The overall change in fair value of the Notes during the years ended March 31, 2022 and March 31, 2021 was a decrease of $123,456 and an increase of $237,210, respectively, which included contractual interest of $25,794 and $25,710, respectively. Refer to Note 24 for additional details on how the fair value of the Notes is calculated. Supreme Cannabis Convertible Debentures and Accretion Debentures On October 19, 2018, Supreme Cannabis (as defined below) entered into an indenture with Computershare Trust Company of Canada (the “Trustee”) pursuant to which Supreme Cannabis issued 6.0% senior unsecured convertible debentures (the “Supreme Debentures”) for gross proceeds of $100,000. On September 9, 2020, Supreme Cannabis and the Trustee entered into a supplemental indenture to effect certain amendments to the Supreme Debentures, which included among other things: (i) the cancellation of $63,500 of principal amount of the Supreme Debentures; (ii) an increase in the interest rate to 8% per annum; (iii) the extension of the maturity date to September 10, 2025; and (iv) a reduction in the conversion price to $0.285. In addition, on September 9, 2020, Supreme Cannabis issued new senior unsecured non-convertible debentures (the “Accretion Debentures”). The principal amount began at $nil and accretes at a rate of 11.06% per annum based on the remaining principal amount of the Supreme Debentures of $36,500 to a maximum of $13,500, compounding on a semi-annual basis commencing on September 9, 2020, and ending on September 9, 2023. The Accretion Debentures are payable in cash, but do not bear cash interest and are not convertible into Supreme Shares (as defined below). The principal amount of the Accretion Debentures will amortize, or be paid, at 1.0 % per month over the 24 months prior to maturity. As a result of the Supreme Arrangement (as defined below), the Supreme Debentures remain outstanding as securities of Supreme Cannabis, which, upon conversion will entitle the holder thereof to receive, in lieu of the number of Supreme Shares to which such holder was theretofore entitled, the consideration payable under the Supreme Arrangement that such holder would have been entitled to be issued and receive if, immediately prior to the effective time of the Supreme Arrangement, such holder had been the registered holder of the number of Supreme Shares to which such holder was theretofore entitled. In connection with the Supreme Arrangement, the Company, Supreme Cannabis and the Trustee entered into a supplemental indenture whereby the Company agreed to issue common shares upon conversion of any Supreme Debenture. In addition, the Company may force conversion of the Supreme Debentures outstanding with 30 days’ notice if the daily volume weighted average trading price of the Company’s common shares is greater than $38.59 for any 10 consecutive trading days. The Company, Supreme Cannabis and the Trustee entered into a further supplemental indenture whereby the Company agreed to guarantee the obligations of Supreme Cannabis pursuant to the Supreme Debentures and the Accretion Debentures. Prior to September 9, 2023, the Supreme Debentures are not redeemable. Beginning on and after September 9, 2023, Supreme Cannabis may from time to time, upon providing 60 days prior written notice to the Trustee, redeem the Convertible Debentures outstanding, provided that the Accretion Debentures have already been redeemed in full. Other revolving debt facility, loans, and financings On August 13, 2019 the Company, through its wholly owned subsidiary, Tweed Inc., entered into a $40,000 revolving debt facility with Farm Credit Canada (“FCC”). The facility is secured by the Company’s property in Niagara-on-the-Lake. The extinguishment of $4,912 in previous FCC debt resulted in no gain or loss. The current outstanding balance of the FCC debt facility is $nil (March 31, 2021 – $nil) with an interest rate of 3.70%, or FCC prime rate plus 1.0%. The facility expires on September 3, 2024. Debt payments As of March 31, 2022, the required principal repayments under long-term debt obligations for each of the five succeeding fiscal years and thereafter are as follows: 2023 $ 865 2024 603,865 2025 6,865 2026 966,470 2027 - Thereafter - $ 1,578,065 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 18. OTHER LIABILITIES The components of other liabilities are as follows: As at March 31, 2022 As at March 31, 2021 Current Long-term Total Current Long-term Total Lease liabilities $ 38,035 $ 101,125 $ 139,160 $ 42,061 $ 94,164 $ 136,225 Acquisition consideration and other investment related liabilities 4,020 77,834 81,854 16,577 7,808 24,385 Refund liability 3,437 - 3,437 6,441 - 6,441 Settlement liabilities and other 18,562 11,090 29,652 41,349 5,268 46,617 $ 64,054 $ 190,049 $ 254,103 $ 106,428 $ 107,240 $ 213,668 On October 14, 2021, upon entering into the Wana Agreements, the Company recognized the present value of the estimated Deferred Payments associated with the Wana financial instrument within acquisition consideration and other investment related liabilities, in the amount of $74,160 (see Note 12). At March 31, 2022, the estimated fair value of the Deferred Payments was $70,066, with the change from initial recognition recorded in other income (expense), net. See Note 24 for additional details on how the fair value of the estimated Deferred Payments are calculated on a recurring basis. |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 12 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest | 19. REDEEMABLE NONCONTROLLING INTEREST The net change in the redeemable noncontrolling interests is as follows: Vert Mirabel BioSteel Total As at March 31, 2019 $ 6,400 $ - $ 6,400 Initial recognition of noncontrolling interest - 18,733 18,733 Income (loss) attributable to noncontrolling interest 8,220 (1,731 ) 6,489 Adjustments to redemption amount 5,630 32,498 38,128 As at March 31, 2020 20,250 49,500 69,750 Net loss attributable to redeemable noncontrolling interest (11,906 ) (6,171 ) (18,077 ) Adjustments to redemption amount 3,156 80,471 83,627 As at March 31, 2021 11,500 123,800 135,300 Net loss attributable to redeemable noncontrolling interest (3,165 ) (13,932 ) (17,097 ) Adjustments to redemption amount (7,335 ) (69,559 ) (76,894 ) Redemption of redeemable noncontrolling interest - (5,109 ) (5,109 ) As at March 31, 2022 $ 1,000 $ 35,200 $ 36,200 |
Share Capital
Share Capital | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Share Capital | 20. SHARE CAPITAL CANOPY GROWTH Authorized An unlimited number of common shares. (i) Equity financings There were no equity financings during the years ended March 31, 2022, March 31, 2021 and March 31, 2020. (ii) Other issuances of common shares During the year ended March 31, 2022, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of common shares Share capital Share based reserve Acquisition of Supreme Cannabis 9,013,400 $ 260,668 $ - Completion of acquisition milestones 1,295,285 29,276 (29,721 ) Other issuances 492,741 8,201 (736 ) Total 10,801,426 $ 298,145 $ (30,457 ) During the year ended March 31, 2021, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of common shares Share capital Share based reserve Completion of acquisition milestones 2,598,978 $ 46,903 $ (19,059 ) Other issuances 449,729 14,906 (14,894 ) Total 3,048,707 $ 61,809 $ (33,953 ) During the year ended March 31, 2020, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of common shares Share capital Share based reserve Acquisition of BC Tweed NCI release from escrow 6,940,531 $ 223,036 $ (223,036 ) Completion of acquisition milestones 1,121,605 29,561 (29,687 ) Other issuances 597,936 19,369 (19,511 ) Total 8,660,072 $ 271,966 $ (272,234 ) (iii) Warrants Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2019 107,848,322 $ 43.80 $ 1,589,925 Tranche A warrant modification - - 1,049,153 Issuance of Tranche B warrants 38,454,444 76.68 - Other issuance of warrants 9,200 32.83 359 Exercise of warrants (12,523 ) 35.55 (486 ) Balance outstanding at March 31, 2020 1 146,299,443 $ 52.44 $ 2,638,951 Exercise of warrants (18,882,927 ) 12.98 (70,513 ) Expiry of warrants (343,380 ) 41.49 - Balance outstanding at March 31, 2021 1 127,073,136 $ 58.33 $ 2,568,438 Supreme Cannabis warrants 1,265,742 25.61 13,350 Expiry of warrants (145,831 ) 32.61 - Balance outstanding at March 31, 2022 1 128,193,047 $ 58.04 $ 2,581,788 1 RIV CAPITAL Completion of RIV Arrangement As described in Note 6, the RIV Arrangement was completed on February 23, 2021. Pursuant to the RIV Arrangement, Canopy Growth surrendered 36,468,318 MVS and 15,223,938 SVS in the capital of RIV Capital and as a result held no MVS (March 31, 2020 – 36,468,318) and no SVS (March 31, 2020 – 15,223,938). The Company’s MVS and SVS holdings at March 31, 2020 represented a 27.3% ownership interest and 84.4% voting interest in RIV Capital at that time. The voting rights allowed the Company to direct the relevant activities of RIV Capital such that the Company had control over RIV Capital until the completion of the RIV Arrangement on February 23, 2021, and RIV Capital was consolidated in these financial statements until that date. Upon completion of the RIV Arrangement, the Company no longer controlled RIV Capital, and the Company derecognized RIV Capital’s consolidated assets and liabilities from its consolidated financial statements. Share buyback On April 2, 2020, RIV Capital received approval from the Toronto Stock Exchange (“TSX”) to commence a normal course issuer bid (“NCIB”) to purchase up to 10,409,961 SVS, representing 10% of RIV Capital’s issued and outstanding SVS, in the open market or as otherwise permitted by the TSX, subject to the normal terms and limitations of such bids. The NCIB expired on April 1, 2021. Daily purchases were limited to 70,653 SVS, representing 25% of the average daily trading volume on the TSX over a specified period. The NCIB was utilized at the sole discretion of RIV Capital, with no contractual obligation to purchase any specified number of shares. All SVS purchases made by RIV Capital under the NCIB were funded out of RIV Capital’s working capital and were cancelled immediately. During the period from April 1, 2020 to February 23, 2021, RIV Capital repurchased and cancelled a total of 273,300 SVS under the NCIB program for $307, at a weighted average acquisition price of $1.11 per share. Financings Period from April 1, 2020 to February 23, 2021 There were no financings during the period from April 1, 2020 to February 23, 2021. Year ended March 31, 2020 There were no financings during the year ended March 31, 2020. |
Share-Based Compensation
Share-Based Compensation | 12 Months Ended |
Mar. 31, 2022 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 21. SHARE-BASED COMPENSATION CANOPY GROWTH CORPORATION SHARE-BASED COMPENSATION PLAN Canopy Growth's eligible employees participate in a share-based compensation plan as noted below. On September 21, 2020, the Company’s shareholders approved amendments to the Company’s Amended and Restated Omnibus Incentive Plan (as amended and restated, the “Omnibus Plan”) pursuant to which the Company can issue share-based long-term incentives. The Omnibus Plan approved by the shareholders extended the maximum term of each Option (as defined below) to be granted by the Company to ten years from the date of grant rather than six years from the date of grant. On May 27, 2021, the Board of Directors of the Company approved certain amendments to the Omnibus Plan in order to reduce the maximum number of shares available for issuance under the Omnibus Plan from 15% of the issued and outstanding shares to 10% of the issued and outstanding shares from time to time less the number of shares issuable pursuant to other security-based compensation arrangements of the Company. All directors, officers, employees and independent contractors of the Company are eligible to receive awards of common share purchase options (“Options”), restricted share units (“RSUs”), performance share units (“PSUs”), deferred share units, stock appreciation rights, performance awards, or other shares-based awards (collectively, the “Awards”) under the Omnibus Plan. The maximum number of common shares reserved for Awards is 39,442,260 at March 31, 2022 (March 31, 2021 – 57,431,277). As of March 31, 2022, the only Awards issued have been options, RSUs, and PSUs under the Omnibus Plan. The Omnibus Plan is administered by the Corporate Governance, Compensation and Nominating Committee of the Board of Directors of the Company (the “CGC&N Committee”) which establishes exercise prices, at not less than the market price at the date of grant, and expiry dates. Awards under the Omnibus Plan generally vest in increments with 1/3 Under the Company’s Employee Share Purchase Plan (the “Purchase Plan”) the aggregate number of common shares that may be issued is 600,000, and the maximum number of common shares which may be issued in any one fiscal year shall not exceed 300,000. As of March 31, 2022, the Company has issued a total of 235,813 common shares under the Purchase Plan (March 31, 2021 – 37,312) with 198,501 being issued in the current fiscal year (March 31, 2021 – 37,312). The following is a summary of the changes in the Company’s Omnibus Plan employee options during the years ended March 31, 2020, 2021 and 2022: Options issued Weighted average exercise price Balance outstanding at March 31, 2019 32,831,895 $ 34.10 Options granted 9,454,714 33.87 Options exercised (3,900,032 ) 10.63 Options forfeited/cancelled (5,878,182 ) 44.95 Balance outstanding at March 31, 2020 32,508,395 $ 34.89 Options granted 478,215 28.15 Options exercised (7,062,317 ) 22.22 Options forfeited (8,219,982 ) 41.27 Balance outstanding at March 31, 2021 17,704,311 $ 36.79 Options granted 2,537,290 17.40 Replacement options issued as a result of the acquisition of Supreme Cannabis 140,159 80.53 Options exercised (445,680 ) 12.27 Options forfeited (3,153,118 ) 42.03 Balance outstanding at March 31, 2022 16,782,962 $ 33.89 The following is a summary of the outstanding stock options as at March 31, 2022: Options Outstanding Options Exercisable Weighted Average Weighted Average Remaining Remaining Outstanding at Contractual Life Exercisable at Contractual Life Range of Exercise Prices March 31, 2022 (years) March 31, 2022 (years) $0.06 - $24.62 3,705,144 4.05 1,312,215 2.12 $24.63 - $33.53 4,036,819 3.25 2,285,789 2.68 $33.54 - $36.80 2,984,264 2.24 2,984,264 2.24 $36.81 - $42.84 2,641,567 2.85 2,488,993 2.65 $42.85 - $67.64 3,415,168 2.88 3,005,487 2.83 16,782,962 3.11 12,076,748 2.54 At March 31, 2022, the weighted average exercise price of options outstanding and options exercisable was $33.89 and $38.33, respectively (March 31, 2021 – $36.79 and $36.97, respectively). The Company recorded $27,163 in share-based compensation expense related to Options issued to employees and contractors for the year ended March 31, 2022 (for the year ended March 31, 2021 – $67,737, for the year ended March 31, 2020 – $248,450). The share-based compensation expense for the year ended March 31, 2022 includes an amount related to 1,336,249 options being provided in exchange for services which are subject to performance conditions (for the year ended March 31, 2021 – 2,152,938, for the year ended March 31, 2020 – 2,160,068). The Company issued replacement options to employees in relation to the acquisition of Supreme Cannabis (Note 29) and during the year ended March 31, 2022, recorded share-based compensation expense $823. With the exception of nil options which are subject to market-based performance conditions (March 31, 2021 – 17,559, March 31, 2020 – 571,689) and valued using the Monte Carlo simulation model, the Company uses the Black-Scholes option pricing model to establish the fair value of options granted during the years ended March 31, 2022, 2021 and 2020 on their measurement date by applying the following assumptions: March 31, March 31, March 31, 2022 2021 2020 Risk-free interest rate 1.09% 0.36% 1.38% Expected life of options (years) 3 - 5 1 - 7 3 - 5 Expected volatility 75% 76% 73% Expected forfeiture rate 18% 17% 12% Expected dividend yield nil nil nil Black-Scholes value of each option $9.69 $15.24 $19.83 Volatility was estimated by using the historical volatility of the Company. The expected life in years represents the period of time that Options granted are expected to be outstanding. The risk-free rate was based on zero coupon Canada government bonds with a remaining term equal to the expected life of the Options. During the year ended March 31, 2022, 445,680 Options were exercised ranging in price from $0.06 to $36.34 for gross proceeds of $5,567 (for the year ended March 31, 2021 – 7,062,317 Options were exercised ranging in price from $0.06 to $67.64 for gross proceeds of $156,897, for the year ended March 31, 2020 – 3,900,032 Options were exercised ranging in prices from $0.06 to $40.68 for gross proceeds of $41,413). For the year ended March 31, 2022, the Company recorded $10,709 in share-based compensation expense related to RSUs and PSUs (for the year ended March 31, 2021 – $11,448, for the year ended March 31, 2020 – $2,308). The following is a summary of changes in the Company’s RSUs during the years ended March 31, 2020, 2021 and 2022: Number of RSUs and PSUs Balance outstanding at March 31, 2019 137,228 RSUs granted 875,673 RSUs released (29,892 ) RSUs cancelled and forfeited (100,000 ) Balance outstanding at March 31, 2020 883,009 RSUs granted 142,826 RSUs released (120,399 ) RSUs cancelled and forfeited (152,126 ) Balance outstanding at March 31, 2021 753,310 RSUs and PSUs granted 3,253,671 RSUs and PSUs released (300,319 ) RSUs and PSUs cancelled and forfeited (229,370 ) Balance outstanding at March 31, 2022 3,477,292 During the year ended March 31, 2022, the Company recorded $7,991 in share-based compensation expense related to acquisition milestones (for the year ended March 31, 2021 – $8,136, for the year ended March 31, 2020 – $62,172). During the year ended March 31, 2022, 1,295,285 shares (during the year ended March 31, 2021 – 2,598,978, during the year ended March 31, 2020 – 1,121,605) were released on completion of acquisition milestones. At March 31, 2022, there were up to 275,468 shares to be issued on the completion of acquisition and asset purchase milestones. In certain cases, the number of shares to be issued is based on the volume weighted average share price at the time the milestones are met. The number of shares has been estimated assuming the milestones were met at March 31, 2022. The number of shares excludes shares that were to be issued on July 4, 2023 to the previous shareholders of Spectrum Colombia and Canindica based on the fair market value of the Company’s Latin American business on that date. In the year ended March 31, 2020, as a result of the restructuring of our operations in Colombia and Lesotho, the Company accelerated share-based compensation expense relating to the unvested milestones associated with the acquisitions of Spectrum Colombia, Canindica, and DCL in the year ended March 31, 2019. Accordingly, the Company recognized share-based compensation expense of $32,694 in the year ended March 31, 2020. See Note 5 for further information. BioSteel share-based payments On October 1, 2019, the Company purchased 72% of the outstanding shares of BioSteel Sports Nutrition Inc. (“BioSteel”) (see Note 29(c)(iii)). BioSteel has a stock option plan under which non-transferable options to purchase common shares of BioSteel may be granted to directors, officers, employees, or independent contractors of the BioSteel. As at March 31, 2022, the Company had 1,565,300 (March 31, 2021 – 1,581,000, March 31, 2020 – 1,008,000) options outstanding which vest in equal tranches over a 5-year period. In determining the amount of share-based compensation related to these options, BioSteel used the Black-Scholes option pricing model to establish the fair value of options on their measurement date. The Company recorded $839 of share-based compensation expense related to the BioSteel options during the year ended March 31, 2022 with a corresponding increase in noncontrolling interest (year ended March 31, 2021 – $1,169, March 31, 2020 – $489). RIV Capital Inc. (“RIV Capital”) share-based payments For the period from April 1, 2020 to February 23, 2021, the Company recorded $2,659 in share-based compensation expense related to its former subsidiary, RIV Capital (year ended March 31, 2020 – $6,857). As described in Note 6, the Company disposed of its investment in RIV Capital on February 23, 2021. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 22. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income includes the following components: Foreign currency translation adjustments Changes of own credit risk of financial liabilities Accumulated other comprehensive income (loss) As at March 31, 2019 $ 41,225 $ (47,130 ) $ (5,905 ) Other comprehensive income 85,498 175,260 260,758 Income tax expense - (33,954 ) (33,954 ) As at March 31, 2020 126,723 94,176 220,899 Other comprehensive loss (154,969 ) (100,170 ) (255,139 ) As at March 31, 2021 (28,246 ) (5,994 ) (34,240 ) Disposal of consolidated entities 16,130 - 16,130 Other comprehensive income (loss) (45,352 ) 21,180 (24,172 ) As at March 31, 2022 $ (57,468 ) $ 15,186 $ (42,282 ) |
Noncontrolling Interests
Noncontrolling Interests | 12 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 23. NONCONTROLLING INTERESTS The net change in the noncontrolling interests is as follows: RIV Capital Vert Mirabel BioSteel Other Total As at March 31, 2019 $ 280,012 $ 2,422 $ - $ 3,051 $ 285,485 Comprehensive (loss) income (77,313 ) 12,930 (1,731 ) - (66,114 ) Net (loss) income loss attributable to redeemable noncontrolling interest - (8,220 ) 1,731 - (6,489 ) Share-based compensation 6,857 - 489 - 7,346 Ownership changes 1,530 - - - 1,530 As at March 31, 2020 211,086 7,132 489 3,051 221,758 Comprehensive income (loss) 94,532 (14,261 ) (6,171 ) - 74,100 Net loss attributable to redeemable noncontrolling interest - 11,906 6,171 - 18,077 Share-based compensation 2,659 - 1,169 - 3,828 Ownership changes (308,527 ) (4,777 ) - - (313,304 ) Warrants 250 - - - 250 As at March 31, 2021 - - 1,658 3,051 4,709 Comprehensive loss - (3,165 ) (13,932 ) (1,207 ) (18,304 ) Net loss attributable to redeemable noncontrolling interest - 3,165 13,932 - 17,097 Share-based compensation - - 839 - 839 Ownership changes - - - - - Warrants - - - - - As at March 31, 2022 $ - $ - $ 2,497 $ 1,844 $ 4,341 1 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 24. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • Level 1 - defined as observable inputs such as quoted prices in active markets; • Level 2 - defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and • Level 3 - defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. The Company records cash, accounts receivable, interest receivable and, accounts payable, and other accrued expenses and liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include items such as property, plant and equipment, goodwill and other intangible assets, equity and other investments and other assets. We determine the fair value of these items using Level 3 inputs, as described in the related sections below. The following table represents our financial assets and liabilities measured at estimated fair value on a recurring basis: Fair value measurement using Quoted prices Significant prices in other Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total March 31, 2022 Assets: Short-term investments $ 595,651 $ - $ - $ 595,651 Restricted short-term investments 12,216 - - 12,216 Other financial assets 490 - 787,816 788,306 Liabilities: Convertible senior notes - 563,958 - 563,958 Liability arising from Acreage Arrangement - - 47,000 47,000 Warrant derivative liability - - 26,920 26,920 Other liabilities - - 70,066 70,066 March 31, 2021 Assets: Short-term investments $ 1,144,563 $ - $ - $ 1,144,563 Restricted short-term investments 11,332 - - 11,332 Other financial assets 254 - 700,728 700,982 Liabilities: Convertible senior notes - 687,414 - 687,414 Liability arising from Acreage Arrangement - - 600,000 600,000 Warrant derivative liability - - 615,575 615,575 See Note 5 for further details regarding the abandonment and impairment of long-lived assets as a result of the Company’s restructuring of its global operations and its annual impairment testing for the years ended March 31, 2022, 2021 and 2020. The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 2 financial instruments: Financial asset / financial liability Valuation techniques Key inputs Convertible senior notes Convertible note pricing model Quoted prices in over-the-counter broker market The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments: Financial asset / financial liability Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value Acreage financial instrument Probability weighted expected return model Probability of each scenario Change in probability of occurrence in each scenario will result in a change in fair value Number of common shares to be issued Increase or decrease in value and number of common shares will result in a decrease or increase in fair value Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Estimated premium on US legalization Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value Control premium Increase or decrease in estimated control premium will result in an increase or decrease in fair value Market access premium Increase or decrease in estimated market access premium will result in an increase or decrease in fair value TerrAscend Exchangeable Shares, TerrAscend Option Put option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Hempco Debenture Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value TerrAscend warrants - October 2019, March 2020 Black-Sholes option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value TerrAscend warrants - December 2020 Monte Carlo simulation model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Arise Bioscience term loan, TerrAscend Canada term loan - Discounted cash flow Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value October 2019, March 2020 Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Wana financial instrument - Call Option Discounted cash flow Expected future Wana cash flows Increase or decrease in expected future Wana cash flows will result in an increase or decrease in fair value Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Wana financial instrument - Deferred Payments Monte Carlo simulation model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Volatility of Wana Increase or decrease in volatility will result in an increase or decrease in fair value Warrant derivative liability Monte Carlo simulation model Volatility of Canopy Growth share price Increase or decrease in volatility will result in an increase or decrease in fair value BioSteel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Expected future BioSteel cash flows Increase or decrease in expected future BioSteel cash flows will result in an increase or decrease in fair value Vert Mirabel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 25. REVENUE Revenue is dissaggregated as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Canadian recreational cannabis net revenue Business-to-business 1 $ 143,732 $ 163,585 $ 121,605 Business-to-consumer 61,570 66,016 52,044 205,302 229,601 173,649 Canadian medical cannabis net revenue 2 52,608 55,448 51,647 257,910 285,049 225,296 International and other revenue C 3 36,113 62,335 53,770 Other 43,193 31,296 15,869 79,306 93,631 69,639 Global cannabis net revenue 337,216 378,680 294,935 Other consumer products Storz & Bickel 85,410 80,998 48,329 This Works 32,296 33,314 24,725 BioSteel 44,626 28,530 4,589 Other 20,777 25,127 26,194 Other consumer products revenue 183,109 167,969 103,837 Net revenue $ 520,325 $ 546,649 $ 398,772 1 - $54,928, and year ended March 31, 2020 - $35,649). 2 The Company recognizes variable consideration related to estimated future product returns and price adjustments as a reduction of the transaction price at the time revenue for the corresponding product sale is recognized. Net revenue reflects actual returns and variable consideration related to estimated returns and price adjustments in the amount of $21,464 for the year ended March 31, 2022 (year ended March 31, 2021 – $23,935, and year ended March 31, 2020 – $51,500). As of March 31, 2022, the liability for estimated returns and price adjustments was $3,437 (March 31, 2021 – $6,441). |
Pharmhouse
Pharmhouse | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Pharmhouse | 26. PHARMHOUSE PharmHouse Inc. (“PharmHouse”), a joint venture formed on May 7, 2018, between RIV Capital and 2615975 Ontario Limited (the “PharmHouse JV Partner”), is a company licensed to cultivate cannabis under the Cannabis Act. Upon completion of the RIV Arrangement on February 23, 2021, the Company no longer controlled RIV Capital and RIV Capital’s consolidated assets and liabilities were derecognized from the Company’s consolidated financial statements. The assets and liabilities that were derecognized include those described below in relation to RIV Capital’s investments in, and obligations with respect to, PharmHouse. Refer to Note 6 for further details on the RIV Arrangement. CCAA Proceedings During the year ended March 31, 2021, PharmHouse determined that the previously anticipated timeline to generate cash flows from its offtake agreements with the Company and TerrAscend Canada would not be met, and the ultimate timing and receipt of cash inflows pursuant to these agreements became uncertain. As a result of this, as well as broader sector-wide challenges impacting the Canadian cannabis industry, PharmHouse did not have sufficient liquidity and capital resources to meet its business objectives and became unable to meet its financial obligations as they became due. Accordingly, on September 15, 2020, PharmHouse obtained an order (the “Initial Order”) from the Ontario Superior Court of Justice (the “Court”) granting PharmHouse creditor protection under the Companies’ Creditors Arrangement Act (“CCAA”) (the “CCAA Proceedings”). The Court appointed an independent professional services firm to act as the Monitor of PharmHouse in the CCAA Proceedings while PharmHouse explored a restructuring of its business and operations (the “Restructuring”). On October 29, 2020, PharmHouse received approval from the Court to commence its Sale and Investor Solicitation Process (“SISP”). The SISP process concluded in March 2021, subsequent to the completion of the RIV Arrangement, when PharmHouse entered into a binding asset purchase agreement to sell various operating assets including its facility and certain equipment at the facility. The asset purchase agreement was approved by the Court in March 2021 . PharmHouse Recoverability Assessment As a result of the CCAA Proceedings and the Restructuring, RIV Capital determined that there were indicators of impairment present for its investments in various PharmHouse-related financial assets. RIV Capital performed impairment testing for its various PharmHouse-related financial assets by estimating the fair value of PharmHouse en bloc. Due to the lack of profitable operating history for PharmHouse as a cannabis entity, RIV Capital estimated the fair value of PharmHouse en bloc using an asset-based approach to value PharmHouse’s assets under an orderly liquidation scenario where cannabis operations are not continued at PharmHouse’s facility and the greenhouse is sold for purposes other than cannabis cultivation. This amount was then compared to the carrying values of the various PharmHouse-related financial instruments held by RIV Capital, in sequence based on the priority of claims on PharmHouse’s assets (the “PharmHouse Recoverability Assessment”). The significant components of this fair value analysis included PharmHouse’s greenhouse facility and retrofits, separable machinery and equipment, saleable inventory, and cash. Significant unobservable inputs used by RIV Capital to determine the fair value of PharmHouse’s assets include the selling price per square foot for PharmHouse’s greenhouse facility; the recoverability percentage on the liquidation of PharmHouse’s property, plant and equipment; the selling price per gram of PharmHouse’s existing cannabis inventory; and adjustments for the risk of fair value changes and liquidity. Based on the foregoing, the Company estimated the recoverable value of PharmHouse’s assets in an orderly liquidation scenario to be approximately $57,500. The impact of the PharmHouse Recoverability Assessment on RIV Capital’s various PharmHouse-related financial instruments is described below. PharmHouse Financial Guarantee Prior to February 23, 2021, PharmHouse had entered into a syndicated credit agreement (as amended, the “PharmHouse Credit Agreement”) with a number of Canadian banks (the “PharmHouse Lenders”) to provide PharmHouse with a committed, non-revolving credit facility (the “PharmHouse Credit Facility”) with a maximum principal amount of $90,000, which was fully drawn. The obligations of PharmHouse under the PharmHouse Credit Facility were secured by guarantees of RIV Capital and RCC, and a pledge by RCC of all of the shares of PharmHouse held by it (the “PharmHouse Financial Guarantee”). Accordingly, if PharmHouse was unable to generate sufficient cash flows to service its obligations pursuant to the PharmHouse Credit Facility, RIV Capital and RCC were required to compensate the PharmHouse Lenders for their loss incurred on the PharmHouse Credit Facility. The PharmHouse Credit Agreement also contains other covenants applicable to RIV Capital and RCC. Based on the PharmHouse Recoverability Assessment described above, the Company determined that the fair value of PharmHouse’s assets under an orderly liquidation scenario where the facility is not used for cannabis operations may be less than the principal amount owed by PharmHouse pursuant to the PharmHouse Credit Facility. Accordingly, the Company estimated that, prior to February 23, 2021, it had a financial liability related to the PharmHouse Financial Guarantee, reflecting the estimated shortfall between the recoverable amount of PharmHouse en bloc and the Company’s exposure to the PharmHouse Credit Facility. As at February 23, 2021, the Company estimated the current expected credit loss related to its contingent obligation under the PharmHouse Financial Guarantee to be $32,500, and recognized a financial liability for this amount in the consolidated balance sheet (March 31, 2020 – $nil). Upon completion of the RIV Arrangement on February 23, 2021, this liability was derecognized from the Company’s consolidated balance sheet. During the year ended March 31, 2021, the Company recognized an associated current expected credit loss of $32,500 in net income (loss) (year ended March 31, 2020 – $nil). Other financial assets, including loans receivable Prior to February 23, 2021, RCC had advanced to PharmHouse (i) $40,000 of secured debt financing pursuant to a shareholder loan agreement (March 31, 2020 – $40,000); (ii) $2,450 pursuant to a secured demand promissory note (March 31, 2020 – $2,450); and (iii) $1,206 between August 4, 2020, and September 8, 2020 pursuant to an unsecured promissory note. The Company recognized these instruments as financial assets, initially recorded them at fair value and subsequently measured them at amortized cost. Additionally, pursuant to the Initial Order, RCC entered into an agreement to provide a super-priority, debtor-in-possession interim, non-revolving credit facility to PharmHouse (the “DIP Financing”), with a maximum principal amount available to be drawn by PharmHouse of $9,700, and a maturity date of February 28, 2021. As at February 23, 2021, RCC had advanced $9,300 pursuant to the DIP Financing. As a result of the PharmHouse Recoverability Assessment described above, the Company recognized a current expected credit loss of $32,500 in the year ended March 31, 2021, related to its contingent obligation under the PharmHouse Financial Guarantee that existed prior to the completion of the RIV Arrangement on February 23, 2021 and the resulting derecognition of RIV Capital’s consolidated assets and liabilities. The Company also concluded that the following amounts, as described above, may not be recoverable: (i) $ 9,300 advanced pursuant to DIP Financing; (ii) $ 40,000 advanced under the shareholder loan agreement; (iii) $ 2,450 advanced under the secured demand promissory note; (iv) $ 1,206 advanced under the unsecured demand promissory note; and (v) $ 8,989 in interest receivable in relation to these financial instruments. Additionally, it was determined that certain advances in the amount of $ 15,000 provided to PharmHouse by the Company may not be recoverable, and costs of $ 35 were incurred associated with the Restructuring in the year ended March 31, 2021. Accordingly, the Company recorded expected credit losses on financial assets and related charges of $ 109,480 for the year ended March 31, 2021 (year ended March 31, 2020 – $ nil ). PharmHouse equity method investment As at February 23, 2021, RCC owned 10,998,660 common shares of PharmHouse (March 31, 2020 – 10,998,660 common shares), representing a 49% equity interest on a non-diluted basis. RCC had not yet received any distributions on account of its common share investment in PharmHouse. As a result of the PharmHouse Recoverability Assessment described above, the Company determined that there was an other-than-temporary-impairment and recognized an impairment charge for the full amount of its equity method investment of $32,369. |
Other Income (Expense), Net
Other Income (Expense), Net | 12 Months Ended |
Mar. 31, 2022 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense), Net | 27. OTHER INCOME (EXPENSE), NET Other income (expense), net is dissaggregated as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Fair value changes on other financial assets (356,109 ) $ 435,107 $ (243,965 ) Fair value changes on liability arising from Acreage Arrangement 553,000 (399,849 ) (645,190 ) Fair value changes on convertible senior notes 76,776 (162,540 ) 184,740 Fair value changes on warrant derivative liability 588,655 (293,084 ) 795,149 Fair value changes on acquisition related contingent consideration and other 4,417 39,608 12,293 Interest income 6,601 21,367 66,327 Interest expense (103,944 ) (8,459 ) (6,716 ) Foreign currency gain (loss) 5,415 (18,013 ) (1,245 ) (Loss) gain on disposal/acquisition of consolidated entity (6,762 ) 634 61,775 Other income (expense), net (14,708 ) (2,647 ) 1,161 $ 753,341 $ (387,876 ) $ 224,329 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 28. INCOME TAXES Net loss before income taxes was generated as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Domestic - Canada $ (163,888 ) $ (1,611,210 ) $ (1,167,000 ) Foreign - outside of Canada (165,545 ) (72,751 ) (342,054 ) $ (329,433 ) $ (1,683,961 ) $ (1,509,054 ) The income tax recovery consists of the following: Years ended March 31, March 31, March 31, 2022 2021 2020 Current Domestic - Canada $ 895 $ (19,318 ) $ (12,342 ) Foreign - outside of Canada 1,476 (2,091 ) (4,356 ) $ 2,371 $ (21,409 ) $ (16,698 ) Deferred Domestic - Canada $ 6,353 $ 36,505 $ 78,624 Foreign - outside of Canada 224 (1,955 ) 59,688 6,577 34,550 138,312 Income tax recovery $ 8,948 $ 13,141 $ 121,614 As more fully described in Note 3, income taxes that are required to be reflected in equity, instead of in the consolidated statements of operations, are included in the consolidated statements of shareholders’ equity, if applicable. Current and deferred income tax referred to above is recognized based on the Company’s best estimate of the tax rates expected to apply to the income, loss or temporary difference. The Company is subject to income tax in numerous jurisdictions with varying tax rates. During the current year ended, there were no material changes to the enacted statutory tax rates in the jurisdictions where the majority of the Company’s income for tax purposes was earned or where its material temporary differences or losses are expected to be realized or settled, however the impact of commercial decisions and market forces result in changes to the distribution of income for tax purposes amongst taxing jurisdictions that may result in a change of the effective tax rate applicable to such income, loss or temporary difference. A reconciliation of the amount of income taxes reflected above compared to the expected income taxes calculated at the combined Canadian federal and provincial enacted statutory tax rate of 26.5% for each of the three years ended March 31, 2022, 2021 and 2020 is as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Net loss before income taxes $ (329,433 ) $ (1,683,961 ) $ (1,509,054 ) Expected tax rate 26.5 % 26.5 % 26.5 % Expected income tax recovery 87,300 446,250 399,899 Non-deductible and non-taxable items 17,557 81,883 22,947 Fair value changes on Acreage Arrangement 146,545 (105,960 ) (170,975 ) Fair value changes on warrant derivative liability 155,964 (77,663 ) 210,715 Share-based compensation (9,908 ) (21,121 ) (84,873 ) Change in valuation allowance (361,283 ) (358,964 ) (215,975 ) Effect of tax rates outside of Canada 8,459 10,870 (3,248 ) Non-taxable portion of capital gains and losses (38,440 ) 38,705 (34,961 ) Other 2,754 (859 ) (1,915 ) Income tax recovery $ 8,948 $ 13,141 $ 121,614 Current income taxes payable in the amount of $1,927 (March 31, 2021 – $5,267) is included in accounts payable and current income taxes receivable in the amount of $6,018 (March 31, 2021 – $5,259) is included in other accounts receivable. The Company continues to believe the amount of unrealized tax benefits appropriately reflects the uncertainty of items that are or may in the future be under discussion, audit, dispute or appeal with a tax authority or which otherwise result in uncertainty in the determination of income for tax purposes. If appropriate, an unrealized tax benefit will be realized in the year in which the Company determines that realization is not in doubt. Where the final determined outcome is different from the Company's estimate, such difference will impact the Company's income taxes in the year during which such determination is made. Significant components of deferred income tax assets (liabilities) consist of the following: Years ended March 31, March 31, 2022 2021 Deferred income tax assets Property, plant and equipment $ 78,023 $ 74,603 Intangible assets 671 5,063 Inventory reserves and write-downs 40,324 39,893 Other reserves and accruals 5,939 7,957 Losses carried forward 917,283 608,002 Equity method investments and other financial assets 10,512 14,900 Deferred financing costs 2,740 3,587 Other 5,635 6,226 Gross deferred income tax assets 1,061,127 760,231 Valuation allowances (1,039,130 ) (677,847 ) Total deferred income tax assets, net $ 21,997 $ 82,384 Deferred income tax liabilities Property, plant and equipment $ (4,182 ) $ (25,864 ) Intangible assets (29,832 ) (43,449 ) Equity method investments and other financial assets - (31,176 ) Deferred financing costs (3,353 ) (2,785 ) Other (621 ) (489 ) Total deferred income tax liabilities (37,988 ) (103,763 ) Net deferred income tax assets (liabilities) $ (15,991 ) $ (21,379 ) In evaluating whether it is more likely than not that all or a portion of a deferred income tax asset will be realized consideration is given to the estimated reversal of deferred income tax liabilities and future taxable income. The Company has recognized valuation allowances for operating losses carried forward, capital losses carried forward and other deferred income tax assets when it is believed that it is more likely than not that these items will not be realized. As at March 31, 2022, the Company had temporary differences associated with investments in foreign subsidiaries for which no deferred income tax liabilities have been recognized, as the Company is able to control the timing of the reversal of these temporary differences and material undistributed earnings are considered permanently invested. Determination of the amount of the unrecognized deferred income tax liability is not practicable due to the inherent complexity of the multi-jurisdictional operations of the Company. As at March 31, 2022 the Company has the following losses carried forward available to reduce future years' taxable income, which losses expire as follows: Expiring within 5 years $ - Expiring between 5 and 10 years 1,031 Expiring between 10 and 15 years 156,420 Expiring between 15 and 20 years 2,394,542 Indefinite 377,120 $ 2,929,113 Total in Canada $ 2,547,844 Total in United States 278,458 Total in Europe 55,440 Total in other jurisdictions 47,371 $ 2,929,113 Total operating losses $ 2,929,113 Total capital losses (carried forward indefinitely) 892,360 $ 3,821,473 |
Acquisitions
Acquisitions | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acquisitions | 29. ACQUISITIONS (a) Year ended March 31, 2022 The following table summarizes the consolidated balance sheet impact at acquisition of the Company’s business combinations that occurred in the year ended March 31, 2022. Ace Supreme Valley Cannabis (i) (ii) Other Total Cash and cash equivalents $ 1,544 $ 41,306 $ 1,227 $ 44,077 Inventory 878 33,426 362 34,666 Other current assets 2,249 14,791 335 17,375 Property, plant and equipment 105 187,407 1,510 189,022 Intangible assets Brands 14,000 22,800 - 36,800 Distribution channel - 3,500 - 3,500 Operating licenses - 24,400 2,000 26,400 Goodwill 39,152 58,842 7,329 105,323 Accounts payable and other accrued expenses and liabilities (1,724 ) (12,935 ) (30 ) (14,689 ) Debt and other liabilities - (88,324 ) (1,037 ) (89,361 ) Deferred income tax liabilities (1,899 ) (5,545 ) (540 ) (7,984 ) Net assets acquired $ 54,305 $ 279,668 $ 11,156 $ 345,129 Consideration paid in cash $ 51,836 $ 84 $ 7,104 $ 59,024 Consideration paid in shares - 260,668 4,052 264,720 Replacement options - 629 - 629 Replacement warrants - 13,350 - 13,350 Other consideration 2,469 4,937 - 7,406 Total consideration $ 54,305 $ 279,668 $ 11,156 $ 345,129 Consideration paid in cash $ 51,836 $ 84 $ 7,104 $ 59,024 Less: Cash and cash equivalents acquired (1,544 ) (41,306 ) (1,227 ) (44,077 ) Net cash outflow (inflow) $ 50,292 $ (41,222 ) $ 5,877 $ 14,947 The table above summarizes the fair value of the consideration given and the fair values assigned to the assets acquired and liabilities assumed for each acquisition. Goodwill arose in these acquisitions because the cost of acquisition included a control premium. In addition, the consideration paid for the combination reflected the benefit of expected revenue growth and future market development. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Except for some of the goodwill arising in respect of the Ace Valley and Supreme Cannabis acquisition, none of the goodwill arising on these acquisitions is expected to be deductible in the computation of income for tax purposes. (i) Ace Valley On April 1, 2021, the Company entered into a share purchase agreement (the “AV Share Purchase Agreement”) with Tweed Inc., AV Cannabis Inc. (“Ace Valley”), and the shareholders of Ace Valley (the “AV Vendors”) pursuant to which the Company indirectly acquired 100% of the issued and outstanding shares of Ace Valley for cash consideration of $51,836. Ace Valley is an Ontario-based cannabis brand with a focus on premium, ready-to-enjoy products including vapes, pre-roll joints and gummies. Pursuant to the terms of the AV Share Purchase Agreement, the Company may be required to make certain earn-out payments to the AV Vendors, which may result in an additional cash payment or the issuance of common shares, subject to the fulfillment of certain conditions by April 1, 2023. This represents liability-classified contingent consideration. Management has estimated the fair value of this consideration to be $2,469 by assessing the probability and timing of the fulfillment of the specified conditions and discounting the expected cash outflows to present value. In the year ended March 31, 2022, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. (ii) Supreme Cannabis On June 22, 2021, the Company and The Supreme Cannabis Company, Inc. (“Supreme Cannabis”) completed an arrangement (the “Supreme Arrangement”) pursuant to which the Company acquired 100% of the issued and outstanding common shares of Supreme Cannabis (the “Supreme Shares”). Supreme Cannabis is a producer of recreational, wholesale and medical cannabis products, with a diversified portfolio of distinct cannabis companies, products and brands. Pursuant to the Supreme Arrangement, the Company issued 9,013,400 common shares with a fair value on closing of $260,668 and made a cash payment of $84 to former Supreme Cannabis shareholders in consideration for their Supreme Shares. The Company also assumed the obligation to issue 1,265,742 common shares upon the exercise of outstanding warrants of Supreme Cannabis and issued 140,159 replacement options. The fair value of the obligation upon the exercise of the outstanding warrants of Supreme Cannabis was estimated to be $13,350 using a Black-Scholes model. The replacement options’ fair value totaled $1,452, calculated using a Black-Scholes model, of which $629 was included in consideration paid as it related to pre-combination services and the residual $823 fair value was recognized immediately in share-based compensation expense after the completion of the acquisition. On June 22, 2021, Supreme Cannabis had convertible debentures outstanding with a principal amount of $27,045 which were convertible into 94,895,649 Supreme Shares. As a result of the acquisition the conversion feature was adjusted in accordance with an exchange ratio of 0.011659. The fair value of these convertible debentures on June 22, 2021 was estimated to be $36,593, of which $4,937 was allocated to the conversion feature and $31,656 to the debt component. Due to the timing of this acquisition, the purchase price allocation for the acquisition of Supreme Cannabis is provisional. The fair value assigned to the consideration paid, intangible assets and net assets acquired is based on management’s best estimate using the information currently available and may be revised by the Company as additional information is received. (b) Acquisitions completed in the year ended March 31, 2021 There were no acquisitions during the year ended March 31, 2021. (c) Acquisitions completed in the year ended March 31, 2020 The following table summarizes the consolidated balance sheet impact at acquisition of the Company’s business combinations that occurred in the year ended March 31, 2020: Spectrum Storz & C 3 This Works BioSteel BCT UK Bickel (i) (ii) (iii) (iv) (iv) 30(c)(v) Total Cash and cash equivalents $ 2,818 $ 1,619 $ 225 $ 7,886 $ - $ - $ 12,548 Other current assets 15,140 8,239 12,972 2,296 67 - 38,714 Property, plant and equipment 8,345 478 391 5 895 - 10,114 Intangible assets Brands 10,613 22,114 3,600 - - - 36,327 Distribution channel 4,058 12,988 14,700 - - - 31,746 Operating licenses - - - - 1,158 - 1,158 Intellectual property 36,520 16,848 20,900 5,267 - 24,990 104,525 Software and domain names 8 176 541 - - - 725 Goodwill 287,010 22,214 35,939 85,700 12,861 (24,990 ) 418,734 Accounts payable and other accrued expenses and liabilities (3,652 ) (4,100 ) (3,852 ) (2,176 ) (922 ) - (14,702 ) Debt and other liabilities (3,942 ) - (3,659 ) - - - (7,601 ) Deferred income tax liabilities (11,219 ) (7,911 ) (3,817 ) (838 ) (36 ) - (23,821 ) Net assets $ 345,699 $ 72,665 $ 77,940 $ 98,140 $ 14,023 $ - $ 608,467 Noncontrolling interests - - (18,733 ) - - - (18,733 ) Net assets acquired $ 345,699 $ 72,665 $ 59,207 $ 98,140 $ 14,023 $ - $ 589,734 Consideration paid in cash $ 345,699 $ 72,665 $ 47,924 $ 45,098 $ - $ - $ 511,386 Fair value of previously held equity interest - - - 37,919 14,023 - 51,942 Replacement options - - - 1,885 - - 1,885 Other consideration - - 11,283 13,238 - - 24,521 Total consideration $ 345,699 $ 72,665 $ 59,207 $ 98,140 $ 14,023 $ - $ 589,734 Consideration paid in cash $ 345,699 $ 72,665 $ 47,924 $ 45,098 $ - $ - $ 511,386 Less: Cash and cash equivalents acquired (2,818 ) (1,619 ) (225 ) (7,886 ) - - (12,548 ) Net cash outflow $ 342,881 $ 71,046 $ 47,699 $ 37,212 $ - $ - $ 498,838 The table above summarizes the fair value of the consideration given and the fair values assigned to the assets acquired and liabilities assumed for each acquisition. Goodwill arose in these acquisitions because the cost of acquisition included a control premium. In addition, the consideration paid for the combination reflected the benefit of expected revenue growth and future market development. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. Except for the goodwill arising in respect of the Storz & Bickel GmbH & Co., KG (“Storz & Bickel”) acquisition, none of the goodwill arising on these acquisitions is expected to be deductible in the computation of income for tax purposes. (i) C 3 On April 30, 2019, the Company acquired 100% of the shares of C 3 3 five-year 3 In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Distribution channel $ 4,058 10 Income approach Intellectual property 36,520 10 Relief-from-royalty Licensed brands 10,613 2 Relief-from-royalty Other adjustments Inventory step-up 1,814 Deferred income tax liabilities (11,219 ) Net impact to goodwill $ (41,786 ) (ii) This Works On May 21, 2019, the Company acquired 100% of the shares of TWP UK Holdings Limited (“This Works”) and its subsidiary companies, This Works Products Limited, TWP USA Inc. and TWP IP Limited for total cash consideration of $72,665 (GBP 43,296). Based in London, United Kingdom, This Works is a natural skincare and sleep solutions company. In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Acquired brands $ 19,130 Indefinite Relief-from-royalty Distribution channel 12,988 10 Income approach using a multi-period excess earnings method Intellectual property 16,848 10 Replacement cost Licensed brands 2,984 5 Income approach using a multi-period excess earnings method Other adjustments Inventory step-up 1,755 Deferred income tax liabilities (7,911 ) Net Impact to Goodwill $ (45,794 ) (iii) BioSteel On October 1, 2019, the Company purchased 72% of the outstanding shares of BioSteel, a North America-based producer of sports nutrition products. Initial cash consideration was $50,707 subject to certain adjustments and holdbacks such that $47,924 was advanced on closing. The purchase price was to be further adjusted based on a multiple of BioSteel’s calendar 2019 net revenue. Management has concluded that this purchase price adjustment is nominal. Through its voting rights, the Company controls BioSteel and therefore, the acquisition was accounted for as a business combination. The noncontrolling interests of $18,733 recognized at acquisition date were recorded at their share of fair value. Prior to September 30, 2019, the Company had advanced a total of $8,500 to BioSteel under a secured loan agreement. The acquisition resulted in an effective settlement of the loan payable of $8,500 which has been recorded as other consideration. Immediately following the October 1 acquisition, the Company subscribed for additional shares of BioSteel for consideration of $14,000 which was funded through a cash advance of $10,000 and the conversion of $4,000 of the loan payable. After completing this investment, the Company’s ownership interest in BioSteel is 76.7%. The shares not purchased by the Company will be retained by certain current shareholders and management for a period of up to 5 years (the “Rollover Shareholders”). On the third anniversary of the closing Canopy Growth will have a right to purchase, and the Rollover Shareholders will have a right to sell one half of the remaining interest held by the Rollover Shareholders to Canopy Growth at a specified valuation based on a multiple of BioSteel’s net revenue. On the fifth anniversary of the closing Canopy Growth will have a right to purchase, and the Rollover Shareholders will have a right to sell the balance of the remaining interest held by the Rollover Shareholders to Canopy Growth at a valuation to be mutually agreed upon by the parties. The call and put options represent redeemable noncontrolling interest (“BioSteel Redeemable NCI”) and is recorded at fair value on initial recognition. See Note 19 for a continuity of the BioSteel Redeemable NCI. See Note 24 for additional details on how the fair value is calculated. In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Acquired brands $ 3,600 Indefinite Relief-from-royalty Distribution channel 14,700 11 Income approach using a multi-period excess earnings method Intellectual property 20,900 11 Relief-from-royalty, net of product migration Other adjustments Inventory step-up 2,710 Deferred income tax liabilities (3,817 ) Net impact to goodwill $ (38,093 ) (iv) BCT and Spectrum UK BCT is a cannabis research and development organization in the United Kingdom which was formed in fiscal 2018 through a collaboration agreement between CHI and Beckley Research and Innovations Limited. In the fourth quarter of fiscal 2019, the Company and BCT had formed another joint venture – Spectrum Biomedical UK (“Spectrum UK”). The purpose of Spectrum UK was to become the exclusive distributor of cannabis-based medicinal products made by the Company. Since their inception the Company had been accounting for its 42% interest in BCT and its 67% interest in Spectrum UK using the equity method. Though BCT and Spectrum UK are VIE’s, due to the fact that both entities are jointly controlled, Canopy Growth is not the primary beneficiary of either entity and therefore is not required to consolidate either entity. On October 11, 2019, the Company acquired all its unowned interest in BCT to increase its total ownership of BCT’s issued and outstanding shares to 100%. Following this transaction, the Company will control both BCT and Spectrum UK, and both BCT and Spectrum UK will be accounted for as wholly owned subsidiaries. Cash consideration for this transaction was $58,336 of which $45,098 was advanced on closing, $8,750 was paid during October 2020, and $5,861 was paid on October 1, 2021 and has a fair value of $5,746. Consideration also included 155,565 replacement options. The fair value of the replacement options was determined using a Black-Scholes model and $1,885 of the total fair value has been included as consideration paid to acquire BCT as it related to pre-combination vesting service and $1,987 of the fair value will be recognized as share-based compensation expense ratably over the post-combination vesting period. The acquisition of the unowned interests is accounted for as business combinations achieved in stages under ASC 805. The Company remeasured its 42% interest in BCT and its 67% interest in Spectrum UK to fair value and recognized a total gain of $39,485 which reflects the difference between the carrying value of $12,457 and the implied fair value $51,942. The fair value was estimated to be the transaction price less an estimated control premium of 5%. The consideration paid for BCT included $250 cash and 16,430 replacement options that were issued to a member of key management of the Company that was a shareholder and option holder in BCT. In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Intellectual property $ 5,267 1 Replacement cost Operating license 1,158 1 Replacement cost Other adjustments Deferred income tax liabilities (874 ) Net impact to goodwill $ (5,551 ) (d) More Life On November 7, 2019 the Company entered into agreements with certain entities that are controlled by Aubrey “Drake” Graham to launch the More Life Growth Company (“More Life”). Under the agreements Canopy Growth sold 100% of the shares of 1955625 Ontario Inc., a wholly owned subsidiary of Canopy Growth that holds the Health Canada license for a facility located in Scarborough, Ontario to More Life (“More Life Facility”) in exchange for a 40% interest in More Life. Certain entities that are controlled by Drake hold a 60% ownership interest in More Life. Following this transaction, the Company no longer controlled 1955625 Ontario Inc. and the Company derecognized the assets and liabilities of 1955625 Ontario Inc. from its consolidated financial statements at their carrying amounts. Management has concluded that the subsidiary does not meet the definition of an operation and no goodwill was allocated. The derecognized assets and liabilities on November 7, 2019, were as follows: Current assets $ 100 Intangible assets 2,810 Net assets disposed $ 2,910 Fair value of retained interest 25,200 Gain on disposal of consolidated entity $ 22,290 The gain calculated on the derecognition of 1955625 Ontario Inc.’s assets and liabilities was the difference between the carrying amounts of the derecognized assets and liabilities of 1955625 Ontario Inc. and the fair value of the consideration received, being the fair value of the Company’s interest in More Life. This gain was recognized in other income (expense), net, in the year ended March 31, 2020. The fair value of this interest on the transaction date was estimated to be $25,200 which was determined using a discounted cash flow approach. The most significant inputs to the fair value measurement are the discount rate and expectations about future royalties. As consideration for the 60% interest in More Life, certain entities that are controlled by Drake granted More Life the right to exclusively exploit certain intellectual property and brands in association with the growth, manufacture, production, marketing and sale of cannabis and cannabis-related products, accessories, merchandise and paraphernalia in Canada and internationally. More Life sublicensed such rights in Canada to Canopy Growth in exchange for royalty payments. On November 7, 2019, Canopy Growth recorded an intangible asset equal to the present value of the agreed minimum royalty payments. As part of the Company’s restructuring of its global operations in the year ended March 31, 2020, the Company recognized an impairment charge related to the remaining intangible assets in the amount of $32,717. The Company and More Life agreed to terminate the sublicense agreement between the two parties as of March 1, 2021, and as a result the Company derecognized the remaining minimum royalty obligations owing to More Life in the amount of $33,681. The difference between the termination payment made by the Company to More Life and the remaining minimum royalty obligations was recorded in asset impairment and restructuring costs; refer to Note 5. Through its ownership and other rights, the Company was determined to have significant influence over More Life and accounts for its interest in More Life using the equity method of accounting. The investment was initially recognized at its fair value of $25,200 and adjusted thereafter to recognize the Company’s share of net income (loss) and other comprehensive income (loss). The fair value of the Company’s interest in More Life was estimated to be $10,300 at March 31, 2020 using the same valuation techniques and inputs as described above. As at March 31, 2021, as a result of the termination of the sublicense agreement between the Company and More Life, the Company determined that the fair value of its’ interest in More Life was $nil, and accordingly, the Company recognized an impairment on its equity method investment in the amount of $10,300 in the year ended March 31, 2021 (year ended March 31, 2020 – $14,900) as part of the restructuring of its global operations. See Note 5 for further information. |
C3 Divestiture
C3 Divestiture | 12 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
C3 Divestiture | 30. C 3 On December 15, 2021, the Company entered into an agreement to divest all of its interest in C 3 3 The C 3 3 Following the C 3 3 3 3 Current assets 1 $ 44,568 Property, plant and equipment 9,216 Intangible assets 15,548 Goodwill 53,541 Current liabilities (3,089 ) Deferred income tax liabilities (6,029 ) Cumulative translation adjustment 19,178 Net assets disposed $ 132,933 Consideration received in cash $ 128,316 Future cash consideration 7,233 Costs to sell (1,153 ) Total consideration $ 134,396 Gain on disposal of consolidated entity $ 1,463 1 The gain calculated on the derecognition of C 3 |
Acreage Arrangement and Amendme
Acreage Arrangement and Amendments to Cbi Investor Rights Agreement and Warrants | 12 Months Ended |
Mar. 31, 2022 | |
Business Combinations [Abstract] | |
Acreage Arrangement and Amendments to Cbi Investor Rights Agreement and Warrants | 31. ACREAGE ARRANGEMENT AND AMENDMENTS TO CBI INVESTOR RIGHTS AGREEMENT AND WARRANTS Acreage Arrangement On September 23, 2020, the Company and Acreage Holdings, Inc. (“Acreage”) entered into a second amendment (the “Acreage Amending Agreement”) to the arrangement agreement (the “Acreage Arrangement Agreement”) and plan of arrangement (the “Original Acreage Arrangement”) between the Company and Acreage dated April 18, 2019, as amended on May 15, 2019. In connection with the Acreage Amending Agreement, the Company and Acreage implemented an amended and restated plan of arrangement (the “Acreage Amended Arrangement”) on September 23, 2020. Pursuant to the terms of the Original Acreage Arrangement, shareholders of Acreage and holders of certain securities convertible into the existing Acreage subordinated voting shares as of June 26, 2019, received an immediate aggregate total payment of US$300,000 ($395,190) in exchange for granting Canopy Growth both the right and the obligation to acquire all of the issued and outstanding shares of Acreage following the occurrence or waiver of changes in U.S. federal law to permit the general cultivation, distribution, and possession of marijuana or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”) and subject to the satisfaction or waiver of the conditions set out in the Acreage Arrangement Agreement. The Acreage Amended Arrangement provides for, among other things, the following: • Following the occurrence or waiver (at the discretion of Canopy Growth) of the Triggering Event and subject to the satisfaction or waiver of the conditions set out in the Acreage Arrangement Agreement (as modified in connection with the Acreage Amending Agreement), Canopy Growth will acquire all of the issued and outstanding Class E subordinated voting shares (the “Fixed Shares”) based on an amended exchange ratio equal to 0.3048 of a common share to be received for each Fixed Share held. The foregoing exchange ratio for the Fixed Shares is subject to adjustment in accordance with the Acreage Amended Arrangement if, among other things, Acreage issues greater than the permitted number of Fixed Shares; • Upon the occurrence or waiver (at the discretion of Canopy Growth) of the Triggering Event, Canopy Growth will have the right exercisable for a period of 30 days, to acquire all of the issued and outstanding Class D subordinated voting shares (the “Floating Shares”) for cash or common shares or a combination thereof, in Canopy Growth’s sole discretion at a price equal to the 30-day volume weighted average trading price of the Floating Shares on the Canadian Securities Exchange, subject to a minimum call price of US$6.41 per Floating Share. The foregoing exchange ratio for the Floating Shares is subject to adjustment in accordance with the Acreage Amended Arrangement if Acreage issues greater than the permitted number of Floating Shares. The acquisition of the Floating Shares, if acquired, will take place concurrently with the closing of the acquisition of the Fixed Shares; • Immediately prior to the acquisition of the Fixed Shares, each issued and outstanding Class F multiple voting share will automatically be exchanged for one Fixed Share and thereafter be acquired by Canopy Growth upon the same terms and conditions as the acquisition of the Fixed Shares; • If the occurrence or waiver of the Triggering Event does not occur by September 23, 2030, Canopy Growth’s rights to acquire both the Fixed Shares and the Floating Shares will terminate; • Upon implementation of the Acreage Amended Arrangement, Canopy Growth made a cash payment to the shareholders of Acreage and holders of certain convertible securities in the aggregate amount of US$37,500 ($49,849); and • Acreage is only permitted to issue an aggregate of up to 32,700,000 Fixed Shares and Floating Shares. At March 31, 2022, the right and the obligation (the “Acreage financial instrument”) to acquire the Fixed Shares represents a financial liability of $47,000 (March 31, 2021 – $600,000), as the estimated fair value of the Acreage business is less than the estimated fair value of the consideration to be provided upon the exercise of the Acreage financial instrument. Fair value changes on the Acreage financial instrument are recognized in other income (expense), net; see Note 27. The fair value determination includes a high degree of subjectivity and judgment, which results in significant estimation uncertainty. See Note 24 for additional details on how the fair value of the Acreage financial instrument is calculated on a recurring basis. From a measurement perspective, the Company has elected the fair value option under ASC 825. In connection with the Acreage Amended Arrangement, on September 23, 2020, an affiliate of the Company advanced US$50,000 ($66,995) to Universal Hemp, LLC, a wholly owned subsidiary of Acreage (“Acreage Hempco”) pursuant to a secured debenture (“Hempco Debenture”). In accordance with the terms of the Hempco Debenture, the funds advanced to Acreage Hempco cannot be used, directly or indirectly, in connection with or for any cannabis or cannabis-related operations in the United States, unless and until such operations comply with all applicable laws of the United States. The Hempco Debenture bears interest at a rate of 6.1% per annum and matures on September 23, 2030, or such earlier date in accordance with the terms of the Hempco Debenture. All interest payments made pursuant to the Hempco Debenture are payable in cash by Acreage Hempco. The Hempco Debenture is not convertible and is not guaranteed by Acreage. The amount advanced on September 23, 2020 pursuant to the Hempco Debenture has been recorded in other financial assets (see Note 12), and the Company has elected the fair value option under ASC 825 (see Note 24). At March 31, 2022, the estimated fair value of the Hempco Debenture issued to an affiliate of the Company by Acreage Hempco was $28,824 (March 31, 2021 – $27,448), measured using a discounted cash flow model (see Note 24). Refer to Note 12 for details on fair value changes, foreign currency translation adjustment, and interest received. An additional US$50,000 may be advanced pursuant to the Hempco Debenture subject to the satisfaction of certain conditions by Acreage Hempco. Amendment to the CBI Investor Rights Agreement and warrants On April 18, 2019, certain wholly owned subsidiaries of CBI and Canopy Growth entered into a second amended and restated investor rights agreement and a consent agreement. In connection with these agreements, on June 27, 2019, Canopy Growth (i) extended the term of the first tranche of warrants, which allow CBI to acquire 88.5 million additional shares of Canopy Growth for a fixed price of $50.40 per share (the “Tranche A Warrants”), to November 1, 2023; and (ii) replaced the second tranche of warrants with two new tranches of warrants (the “Tranche B Warrants” and the “Tranche C Warrants”) as follows: • the Tranche B Warrants are exercisable to acquire 38.5 million common shares at a price of C$76.68 per common share; and • the Tranche C Warrants are exercisable to acquire 12.8 million common shares at a price equal to the 5-day volume-weighted average price of the common shares immediately prior to exercise. In connection with the Tranche B Warrants and the Tranche C Warrants, Canopy Growth will provide CBI with a share repurchase credit of up to $1.583 billion on the aggregate exercise price of the Tranche B Warrants and Tranche C Warrants in the event that Canopy Growth does not purchase for cancellation the lesser of (i) 27,378,866 common shares; and (ii) common shares with a value of $1.583 billion, during the period commencing on April 18, 2019 and ending on the date that is 24 months after the date that CBI exercises all of the Tranche A Warrants. The share repurchase credit feature is accounted for as a derivative liability, with the fair value continuing to be $nil at March 31, 2022. The modifications to the Tranche A Warrants resulted in them meeting the definition of a derivative instrument under ASC 815 - Derivatives and Hedging The Tranche B Warrants are accounted for as derivative instruments (the “warrant derivative liability”) measured at fair value in accordance with ASC 815. At March 31, 2022, the fair value of the warrant derivative liability was $26,920 (March 31, 2021 – $615,575), and fair value changes are recognized in other income (expense), net; see Note 27. See Note 24 for additional details on how the fair value of the warrant derivative liability is calculated on a recurring basis. The Tranche C Warrants are accounted for as derivative instruments, with the fair value continuing to be $nil at March 31, 2022. |
Leases
Leases | 12 Months Ended |
Mar. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Leases | 32. LEASES The Company primarily leases office and production facilities, warehouses, production equipment and vehicles. The Company assesses service arrangements to determine if an asset is explicitly or implicitly specified in the agreement and if we have the right to control the use of the identified asset. The right-of-use asset is initially measured at cost, which is primarily comprised of the initial amount of the lease liability, plus initial direct costs and lease payments at or before the lease commencement date, less any lease incentives received, and is amortized on a straight-line basis over the remaining lease term. All right-of-use assets are reviewed periodically for impairment. The lease liability is initially measured at the present value of lease payments, discounted using the interest rate implicit in the lease or, if that rate cannot be readily determined, the incremental borrowing rate. We elected to recognize expenses for leases with a term of 12 months or less on a straight-line basis over the lease term and not to recognize these short-term leases on the balance sheet. Leases have varying terms with remaining lease terms of up to approximately 30 years Lease payments included in the measurement of the lease liability comprise (a) fixed payments, including in-substance fixed payments; (b) variable lease payments that depend on an index or a rate, initially measured using the index or rate as at the commencement date; (c) amounts expected to be payable under a residual value guarantee; and (d) the exercise price under a purchase option that the Company is reasonably certain to exercise, lease payments in an optional renewal period if the Company is reasonably certain to exercise an extension option, and penalties for early termination of a lease unless the Company is reasonably certain not to terminate early. At inception or reassessment of a contract that contains lease and non-lease components, the Company allocates the consideration in the contract to each lease component on the basis of their relative stand-alone prices. Balance sheet location A summary of lease right-of-use assets and liabilities are as follows: March 31, March 31, 2022 2021 Property, plant and equipment Operating lease $ 39,571 $ 47,522 Finance lease 34,333 39,427 $ 73,904 $ 86,949 Other current liabilities: Operating lease $ 11,752 $ 11,491 Finance lease 26,283 30,570 Other long-term liabilities: Operating lease 58,031 62,285 Finance lease 43,094 31,879 $ 139,160 $ 136,225 Lease expense The components of total lease expense are as follows: Years ended March 31, March 31, 2022 2021 Operating lease expense $ 5,245 $ 10,846 Finance lease expense: Amortization of right-of-use assets 3,883 2,303 Interest on lease liabilities 1,667 1,674 $ 10,795 $ 14,823 Lease maturities As of March 31, 2022, the minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows: Operating Leases Finance Leases 2023 $ 12,004 $ 8,023 2024 11,402 8,116 2025 10,923 8,200 2026 9,892 38,476 2027 9,525 3,388 Thereafter 17,761 6,262 Total lease payments $ 71,507 $ 72,465 Less: Interest 1,724 3,088 Total lease liabilities $ 69,783 $ 69,377 As of March 31, 2022, we have additional operating leases that have not yet commenced with immaterial aggregated minimum payments on an undiscounted basis. Supplemental information Years ended March 31, March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,905 $ 18,792 Operating cash flows from finance leases 1,667 1,674 Financing cash flows from finance leases 1,494 2,303 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 9,019 $ 13,592 Finance leases 3,720 1,428 March 31, March 31, 2022 2021 Weighted-average remaining lease term: Operating leases 6 7 Finance leases 4 4 Weighted-average discount rate Operating leases 4.50 % 4.50 % Finance leases 4.50 % 4.50 % |
Related Party
Related Party | 12 Months Ended |
Mar. 31, 2022 | |
Related Party Transactions [Abstract] | |
Related Party | 33. RELATED PARTY Year ended March 31, 2022 There were no reportable related party transactions in the year ended March 31, 2022. Year ended March 31, 2021 On February 23, 2021, the Company completed the RIV Arrangement with RIV Capital and RCC. Refer to Note 6 for a description of the RIV Arrangement. In connection with the Proposal Agreement entered into by the Company and Acreage on June 24, 2020 to amend the terms of the Original Acreage Arrangement, the Company entered into the Second Consent Agreement with CBI and its affiliates. Year ended March 31, 2020 In connection with the Acreage Arrangement Agreement, the Company entered into several agreements with CBI and its affiliates, including the New Investor Rights Agreement, the Consent Agreement and amendments to the Original Tranche B Warrants. See Note 31 for further information. |
Commitments
Commitments | 12 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments | 34. COMMITMENTS The Company has entered into agreements in which it has committed to purchase a minimum amount of inventory, pay a minimum amount of royalty expenses, incur expenditures for property, plant and equipment and procure various other goods or services. The following summarizes the Company’s annual minimum commitments associated with its contractual agreements as of March 31, 2022. This amount excludes the Company’s debt and lease related commitments which are disclosed elsewhere in Notes 17 and 32, respectively in these consolidated financial statements. 2023 $ 130,453 2024 72,653 2025 33,641 2026 24,347 2027 16,936 Thereafter 57,773 $ 335,803 |
Segmented Information
Segmented Information | 12 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Segmented Information | 35. SEGMENTED INFORMATION Reportable segments Prior to the fourth quarter of the year ended March 31, 2021, the Company had the following two operating segments, which were also its reportable segments: (i) cannabis, hemp, and other consumer products; and (ii) RIV Capital. Following the completion of the RIV Arrangement in February 2021 (refer to Note 6) and the completion of restructuring actions in the third and fourth quarters of the year ended March 31, 2021, associated with the end-to-end review of the Company’s operations (refer to Note 5), the Company changed the structure of its internal management financial reporting. Accordingly, in the fourth quarter of the year ended March 31, 2021, the Company began reporting its financial results for the following two operating segments, which are also its reportable segments: (i) global cannabis; and (ii) other consumer products. These segments reflect how the Company’s operations are managed, how the Company’s Chief Executive Officer, who is the chief operating decision maker (“CODM”), allocates resources and evaluates performance, and how the Company’s internal management financial reporting is structured. The Company’s global cannabis segment encompasses the production, distribution, and sale of a diverse range of cannabis and cannabinoid-based consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits. The Company’s other consumer products segment comprises the production, distribution, and sale of consumer products, including (i) Storz & Bickel vaporizers; (ii) This Works beauty, skincare, wellness and sleep products; (iii) BioSteel sports nutrition beverages, mixes, protein, gum and mints; and (iv) other revenue sources. The Company’s CODM evaluates the performance of these two segments focusing on (i) segment net revenue, and (ii) segment gross margin and gross margin percentage as the measure of segment profit or loss. Accordingly, information regarding segment net revenue and segment gross margin for the year ended March 31, 2020 comparative period has been recast to reflect the aforementioned change in reportable segments. The accounting policies of each segment are the same as those disclosed in the summary of significant accounting policies in Note 3. Years ended March 31, March 31, March 31, 2022 2021 2020 Segmented net revenue Global cannabis $ 337,216 $ 378,680 $ 294,935 Other consumer products 183,109 167,969 103,837 $ 520,325 $ 546,649 $ 398,772 Segmented gross margin: Global cannabis $ (251,235 ) $ 7,045 $ (76,836 ) Other consumer products 58,181 59,915 45,152 (193,054 ) 66,960 (31,684 ) Selling, general and administrative expenses 472,756 575,389 693,737 Share-based compensation 47,525 91,149 320,276 Expected credit losses on financial assets and relates charges - 109,480 - Asset impairment and restructuring costs 369,339 534,398 623,266 Operating loss (1,082,674 ) (1,243,456 ) (1,668,963 ) Loss from equity method investments (100 ) (52,629 ) (64,420 ) Other income (expense), net 753,341 (387,876 ) 224,329 Loss before incomes taxes $ (329,433 ) $ (1,683,961 ) $ (1,509,054 ) Asset information by segment is not provided to, or reviewed by, the Company’s CODM as it is not used to make strategic decisions, allocate resources, or assess performance. Entity-wide disclosures Disaggregation of net revenue by geographic area: Years ended March 31, March 31, March 31, 2022 2021 2020 Canada $ 296,369 $ 329,172 $ 256,166 Germany 90,874 116,379 93,945 United States 82,080 64,926 24,568 Other 51,002 36,172 24,093 $ 520,325 $ 546,649 $ 398,772 Disaggregation of long-lived tangible assets by geographic area: March 31, March 31, 2022 2021 Canada $ 827,591 $ 847,678 United States 63,247 143,747 Other 51,942 83,112 $ 942,780 $ 1,074,537 For the year ended March 31, 2022, one customer represented more than 10% of the Company’s net revenue (years ended March 31, 2021 and 2020, none and one, respectively). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2022 | |
Subsequent Events [Abstract] | |
Subsequent Events | 36. SUBSEQUENT EVENTS Plan to Acquire Jetty On May 18, 2022, the Company and Lemurian, Inc. (“Jetty”), a California-based producer of high-quality cannabis extracts and clean vape technology, announced that they entered into definitive agreements (the “Jetty Agreements”) providing Canopy Growth, by way of a wholly-owned subsidiary, the right to acquire, upon federal permissibility of THC in the U.S. or earlier at our election, up to 100% of the outstanding capital stock of Jetty. Under the Jetty Agreements, the Company will make aggregate upfront payments in the amount of approximately US$69,000, payable through a combination of cash and Canopy Growth common shares, a majority of which will be in Canopy Growth common shares, in exchange for approximately 75% of the equity interests in Jetty, subject to certain adjustments. Upon exercise of the rights to acquire up to 100% of the equity interests in Jetty covered by the first option agreement, the Company will make an additional payment pursuant to the terms of the Jetty Agreements, also to be satisfied through a combination of cash and Canopy Growth common shares. Until such time as the Company elects to exercise its rights to acquire Jetty, the Company will have no direct or indirect economic or voting interests in Jetty, the Company will not directly or indirectly control Jetty, and the Company, on the one hand, and Jetty, on the other hand, will continue to operate independently of one another. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The accompanying consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation. |
Variable interest entities | Variable interest entities A variable interest entity (“VIE”) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity’s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under Accounting Standards Codification (“ASC”) 810 – Consolidations |
Equity method investments | Equity method investments Investments accounted for using the equity method include those investments where the Company (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, and subsequently adjusted for the Company’s share of net income (loss), comprehensive income (loss) and distributions received from the investee. If the current fair value of an investment falls below its carrying amount, this may indicate that an impairment loss should be recorded. Any impairment losses recognized are not reversed in subsequent periods. |
Use of estimates | Use of estimates The preparation of these consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. |
Foreign currency translation | Foreign currency translation In preparing the financial statements of individual entities, transactions in currencies other than the entity’s functional currency are recognized at exchange rates in effect on the date of the transactions. At each reporting date monetary assets and liabilities denominated in foreign currencies are re-translated at the exchange rates applicable at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized through net income (loss). For the purposes of presenting consolidated financial statements, the assets and liabilities of foreign operations are translated into Canadian dollars at the exchange rates applicable at the balance sheet date. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in accumulated other comprehensive income (loss). |
Cash equivalents and short-term investments | Cash equivalents and short-term investments Cash equivalents consist of highly liquid investments with original maturities of three months or less. Investments with maturities greater than 90 days but less than one year at the date of purchase are included in short-term investments. The Company’s investments in debt securities, which consist primarily of U.S. government securities and U.S. commercial paper, have been classified and accounted for using the fair value option. Unrealized gains and losses on debt securities are recognized in net income (loss). All other short-term investments are recorded at fair value with gains or losses recognized in net income (loss). |
Inventory | Inventory Inventory consists of raw materials, supplies and consumables used in the inventory process, merchandise for sale, finished goods and work-in-process such as pre-harvested cannabis plants, by-products to be extracted, oils, gel capsules and edible products. Inventory is valued at the lower of cost and net realizable value. Costs include direct and indirect labor, consumables, materials, packaging supplies, utilities, facilities costs, quality and testing costs, production related depreciation and other overhead costs. The Company records inventory reserves for obsolete and slow-moving inventory. Inventory reserves are based on inventory obsolescence trends, age of inventory, historical experience and application of the specific identification method. The Company classifies cannabis inventory as a current asset, although part of such inventory, because of the duration of the cultivation, drying, and conversion process, ordinarily would not be utilized within one year. |
Property, plant and equipment | Property, plant and equipment Property, plant and equipment is recorded at cost less accumulated depreciation. Major additions and improvements are capitalized, while maintenance and repairs are expensed as incurred. When significant parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items or components of property, plant and equipment. When assets are retired or disposed of, the cost and accumulated depreciation are removed from the respective accounts and any related gain or loss is recognized in net income (loss). Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows: Years Buildings and greenhouses 20 - 50 Production and warehouse equipment 5 - 30 Leasehold improvements 3 - 20 Office and lab equipment 3 - 10 Computer equipment 3 - 10 Estimates of useful life and residual value, and the method of depreciation, are reviewed only when events or changes in circumstances indicate that the current estimates or depreciation method are no longer appropriate. Any changes are accounted for on a prospective basis as a change in estimate. |
Intangible assets | Intangible assets Finite lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is provided on a straight-line basis over the following terms: Years Intellectual property 5 - 15 Distribution channel 5 - 11 Operating licenses 8 Software and domain names 3 - 5 Brands 2 - 5 The estimated useful life and amortization method are reviewed at the end of each reporting year, with the effect of any changes in estimate being accounted for on a prospective basis. |
Goodwill and indefinite lived intangible assets | Goodwill and indefinite lived intangible assets Goodwill is allocated to the reporting unit in which the business that created the goodwill resides. A reporting unit is an operating segment, or a business unit one level below that operating segment, for which discrete financial information is prepared and regularly reviewed by segment management. The Company reviews goodwill and indefinite lived intangible assets annually for impairment in the fourth quarter, or sooner, if events or circumstances indicate that the carrying amount of an asset may not be recoverable. The Company may elect to first assess qualitative factors to determine whether it is more likely than not that the fair value of a reporting unit is less than its carrying amount. If factors indicate this is the case, then a quantitative test is performed and an impairment is recorded for any excess carrying value above the reporting unit’s fair value, not to exceed the amount of goodwill. Until the three months ended March 31, 2021, the Company had two operating segments, which were also its reportable segments: (i) cannabis, hemp and other consumer products; and (ii) RIV Capital. The goodwill associated with all acquisitions was allocated to the one reporting unit within the cannabis, hemp and other consumer products operating and reportable segment, as this reporting unit held the acquired entities. The Company changed the structure of its internal management reporting in the fourth quarter of the year ended March 31, 2021 (refer to Note 35), and accordingly, identified two operating and reportable segments: (i) global cannabis; and (ii) other consumer products. The reorganization of the Company’s reporting structure changed the composition of its reporting units and required that goodwill be reassigned to the reporting units using a relative fair value allocation approach. Assets and liabilities were also reassigned to the reporting units affected based on the assets that would be employed in, or the liabilities related to, the operations of each reporting unit, and the assets or liabilities that would be considered in determining the fair value of each reporting unit. After this reorganization, the Company’s reporting units with goodwill in the global cannabis segment included (i) cannabis operations, and (ii) C 3 3 In the three months ended March 31, 2022, the Company further changed the composition of its reporting units within the global cannabis segment as a result of (i) the completion of the Company’s divestiture (the “C 3 3 The Company performed its annual goodwill impairment test in the fourth quarter of the year ended March 31, 2022, and recognized an impairment loss in relation to its KeyLeaf and This Works reporting units. Refer to Note 15 for further details. Indefinite lived intangible assets are comprised of certain acquired brand names and operating licenses, which are carried at cost less accumulated impairment losses. The Company reviews the classification each reporting period to decide whether the assessment made about the useful life as indefinite or finite is still appropriate. Any change is accounted for on a prospective basis as a change in estimate. |
Impairment of long-lived assets | Impairment of long-lived assets The Company evaluates the recoverability of long-lived assets, including property, plant and equipment and finite lived intangible assets whenever events or changes in circumstances indicate a potential impairment exists. The Company groups assets at the lowest level for which cash flows are separately identifiable, referred to as an asset group. When indicators of potential impairment are present the Company prepares a projected undiscounted cash flow analysis for the respective asset or asset group. If the sum of the undiscounted cash flow is less than the carrying value of the asset or asset group, an impairment loss is recognized equal to the excess of the carrying value over the fair value, if any. |
Restricted short-term investments | Restricted short-term investments The Company considers short-term investments to be restricted when withdrawal or general use is legally restricted. The Company records restricted short-term investments as current or non-current in the consolidated balance sheets based on the classification of the underlying securities. |
Redeemable noncontrolling interest | Redeemable noncontrolling interest Redeemable noncontrolling interest is presented as mezzanine equity. The balance of the redeemable noncontrolling interest is reported at the greater of the initial carrying amount adjusted for the redeemable noncontrolling interest's share of earnings or losses and other comprehensive income or loss, or its estimated redemption value. The Company adjusts the carrying amount of the redeemable interest to the redemption amount each period, assuming the interest was redeemable at the balance sheet date with changes in fair value recorded in equity. |
Revenue recognition | Revenue recognition The Company’s cannabis revenue is comprised of sales of (i) recreational cannabis products in Canada, either to government agencies or third-party retailers under a “business-to-business” wholesale model, or directly to consumers through the Company’s network of retail stores and e-commerce platforms; and (ii) medical and other cannabis products in Canada and certain other countries. The Company’s other revenue is comprised of sales of vaporizers, beauty, wellness and sleep products, sports nutrition beverages, merchandise, and revenue from other sources. The Company’s revenue-generating activities have a single performance obligation and revenue is recognized at the point in time when control of the product transfers and the Company’s obligations have been fulfilled. This generally occurs when the product is shipped or delivered to the customer, depending upon the method of distribution and shipping terms set forth in the customer contract. In accordance with contracts with certain of the Company’s Canadian provincial customers, the Company fulfills its obligations only when the customer transfers control of the product to the end consumer. Revenue is measured as the amount of consideration the Company expects to receive in exchange for the sale of the Company’s product. Certain of the Company’s customer contracts, most notably those with the Canadian provincial and territorial agencies, may provide the customer with a right of return. In certain circumstances the Company may also provide a retrospective price adjustment to a customer. These items give rise to variable consideration, which is recognized as a reduction of the transaction price based upon the expected amounts of the product returns and price adjustments at the time revenue for the corresponding product sale is recognized. The determination of the reduction of the transaction price for variable consideration requires that the Company make certain estimates and assumptions that affect the timing and amounts of revenue recognized. The Company estimates this variable consideration by taking into account factors such as historical information, current trends, forecasts, provincial and territorial inventory levels, availability of actual results and expectations of demand. The Company recognizes a liability for sales refunds within other current liabilities, and an asset for the value of inventory which is expected to be returned is recognized within prepaid expenses and other assets on the consolidated balance sheets. Sales of products are for cash or otherwise agreed-upon credit terms. The Company’s payment terms vary by location and customer; however, the time period between when revenue is recognized and when payment is due is not significant. The Company estimates and reserves for its bad debt exposure based on its experience with past due accounts and collectability, write-off history, the aging of accounts receivable and an analysis of customer data. |
Cost of goods sold | Cost of goods sold The types of costs included in cost of goods sold are raw materials, packaging materials, manufacturing costs, plant facilities administrative support and overheads, and freight and warehouse costs, including distribution costs. |
Advertising | Advertising Advertising costs are expensed as incurred. Advertising expenses totaled $104,221, $72,377 and $78,474 in the years ended March 31, 2022, 2021, and 2020, respectively. |
Research and development | Research and development Research and development costs are expensed as incurred. Research and development expenses totaled $32,344, $57,582, and $61,812 in the years ended March 31, 2022, 2021, and 2020, respectively. |
Asset impairment and restructuring costs | Asset impairment and restructuring costs Asset impairment and restructuring costs consist of property, plant and equipment, intangible asset and goodwill impairment charges, asset abandonment costs, contractual and other settlement costs, and employee-related and other restructuring costs recognized in connection with (i) the restructuring of the Company’s global operations that commenced in the year ended March 31, 2020 and continued during the years ended March 31, 2021 and March 31, 2022; and (ii) other impairments. When a long-lived asset is abandoned its carrying amount is adjusted to its salvage value, if any. In determining the salvage value of our long-lived assets, management considers information from manufacturers, historical data, and industry standards. In certain cases, management may obtain third party appraisals to estimate salvage value. |
Share-based compensation | Share-based compensation The Company accounts for share-based compensation using the fair value method. With the exception of a limited number of share-based awards subject to market-based performance conditions that are valued using the Monte Carlo simulation model, the fair value of awards granted is estimated at the date of grant using the Black-Scholes model. The share-based compensation expense is based on the fair value of share-based awards at the grant date and the expense is recognized over the related service period following a graded vesting expense schedule. Forfeitures are estimated at the time of grant and revised in subsequent periods if there is a difference in actual forfeitures and the estimate. Effective April 1, 2018, the Company early-adopted ASU 2018-07 – Compensation - Stock Compensation (Topic 718) For awards with service and/or non-market based performance conditions, the amount of compensation expense recognized is based on the number of awards expected to vest, reflecting estimated expected forfeitures, and is adjusted to reflect those awards that do ultimately vest. For awards with performance conditions, the Company recognizes the compensation expense if and when the Company concludes that it is probable that the performance condition will be achieved. The Company reassesses the probability of achieving the performance condition at each reporting date. Restricted stock units (“RSUs”) that are settled in cash or common stock at the election of the employee are remeasured to fair value at the end of each reporting period until settlement. This fair value is based on the closing price of the Company's common shares on the last business day before each period end. |
Income taxes | Income taxes Income taxes are comprised of current and deferred taxes. These taxes are accounted for using the liability method. Current tax is recognized in connection with income for tax purposes, unrealized tax benefits and the recovery of tax paid in a prior period and measured using the enacted tax rates and laws applicable to the taxation period during which the income for tax purposes arose. Deferred tax is recognized on the difference between the carrying amount of an asset or a liability, as reflected in the financial statements, and the corresponding tax base, used in the computation of income for tax purposes (“temporary difference”) and measured using the enacted tax rates and laws as at the balance sheet date that are expected to apply to the income that the Company expects to arise for tax purposes in the period during which the difference is expected to reverse. Management assesses the likelihood that a deferred tax asset will be realized and a valuation allowance is provided to the extent that it is more likely than not that all or a portion of a deferred tax asset will not be realized. The determination of both current and deferred taxes reflects the Company's interpretation of the relevant tax rules and judgement. An unrealized tax benefit may arise in connection with a period that has not yet been reviewed by the relevant tax authority. A change in the recognition or measurement of an unrealized tax benefit is reflected in the period during which the change occurs. Income taxes are recognized in the consolidated statement of operations, except when they relate to a pre-tax item that is recognized in other comprehensive income (loss) or directly in equity, respectively. Income taxes recognized in other comprehensive income (loss) or equity are reclassified to the consolidated statement of operations if the corresponding pre-tax item is reclassified to the consolidated statement of operations. Where income taxes arise from the initial accounting for a business combination, these are embedded in the pre-tax accounting for the business combination. Interest and penalties in respect of income taxes are not recognized in the consolidated statement of operations as a component of income taxes but as a component of interest expense. |
Earnings (loss) per share | Earnings (loss) per share Basic earnings (loss) per share is computed by dividing reported net income (loss) by the weighted average number of common shares outstanding for the reporting period. Diluted earnings (loss) per share is computed by dividing earnings (loss) by the sum of the weighted average number of common shares and the number of dilutive potential common share equivalents outstanding during the period. Diluted earnings (loss) per share reflects the potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common shares of the Company during the reporting periods. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of warrants, vested share options, RSUs and the incremental shares issuable upon conversion of the convertible senior notes. As at March 31, 2022, March 31, 2021, and March 31, 2020, all instruments were anti-dilutive. |
Fair value measurements | Fair value measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The Company calculates the estimated fair value of financial instruments using quoted market prices whenever available. When quoted market prices are not available, the Company uses standard pricing models. For other financial assets measured at fair value that earn interest, the Company has elected to present interest income as part of the fair value change in other income (expense), net. |
COVID-19 estimation uncertainty | COVID-19 estimation uncertainty In March 2020, the World Health Organization recognized the outbreak of COVID-19 as a global pandemic. Government measures to limit the spread of COVID-19, including the closure of non-essential businesses, did not materially impact the Company’s operations during the years ended March 31, 2022, March 31, 2021 and March 31, 2020. The production and sale of cannabis have been recognized as essential services in Canada and across Europe. Due to the rapid developments and uncertainty surrounding COVID-19, it is not possible to predict the impact that COVID-19 will have on the Company’s business, financial position and operating results in the future. Additionally, it is possible that estimates in the Company’s consolidated financial statements will change in the near term as a result of COVID-19. The Company is closely monitoring the impact of the pandemic on all aspects of its business. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes Investments-Equity Securities 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) Accounting Guidance not yet adopted Convertible Instruments and Contracts in an Entity’s Own Equity 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 simplifies the accounting for convertible instruments by reducing the number of accounting models for convertible debt instruments and convertible preferred stock. In addition, ASU 2020-06 enhances information transparency by making targeted improvements to the disclosures for convertible instruments and earnings-per-share guidance and amends the guidance for the derivatives scope exception for contracts in an entity’s own equity to reduce form-over-substance-based accounting conclusions. ASU 2020-06 is effective for interim and annual periods beginning after December 15, 2021, with early adoption permitted after December 15, 2020. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accounting Policies [Abstract] | |
Summary of Expected Useful Life of Property, Plant and Equipment | Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows: Years Buildings and greenhouses 20 - 50 Production and warehouse equipment 5 - 30 Leasehold improvements 3 - 20 Office and lab equipment 3 - 10 Computer equipment 3 - 10 The components of property, plant and equipment are as follows: March 31, March 31, 2022 2021 Buildings and greenhouses $ 766,931 $ 651,166 Production and warehouse equipment 159,314 216,925 Leasehold improvements 69,304 106,837 Office and lab equipment 29,879 30,546 Computer equipment 22,293 26,431 Land 18,917 34,747 Right-of-use-assets Buildings and greenhouses 89,228 100,517 Production and warehouse equipment 55 530 Assets in process 19,771 129,428 1,175,692 1,297,127 Less: Accumulated depreciation (232,912 ) (222,590 ) $ 942,780 $ 1,074,537 |
Summary of Finite Lived Intangible Assets Useful Life | Finite lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is provided on a straight-line basis over the following terms: Years Intellectual property 5 - 15 Distribution channel 5 - 11 Operating licenses 8 Software and domain names 3 - 5 Brands 2 - 5 |
Asset Impairment and Restruct_2
Asset Impairment and Restructuring Costs (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Restructuring And Related Activities [Abstract] | |
Summary of Pre-tax Charges Recognized in Restructuring Actions and Other Impairments | A summary of the pre-tax charges totaling $496,623 recognized in connection with the Company’s restructuring actions and other impairments is as follows: Year ended March 31, 2022 Restructuring and other charges Other impairments Total Costs recorded in cost of goods sold: Inventory write-downs and other charges $ 123,669 $ - $ 123,669 Costs recorded in operating expenses: Impairment and abandonment of property, plant and equipment 224,726 - 224,726 Impairment and abandonment of intangible assets 41,404 26,065 67,469 Impairment of goodwill - 40,748 40,748 Contractual and other settlement obligations 6,610 - 6,610 Employee-related and other restructuring costs 29,786 - 29,786 Asset impairment and restructuring costs 302,526 66,813 369,339 Acceleration of share-based compensation expense related to acquisition milestones 3,615 - 3,615 Share-based compensation expense 3,615 - 3,615 Total restructuring, asset impairments and related costs $ 429,810 $ 66,813 $ 496,623 A summary of the pre-tax charges totaling $570,683 recognized in connection with the Company’s restructuring actions and other impairments is as follows: Year ended March 31, 2021 Restructuring and other charges Other impairments Total Costs recorded in cost of goods sold: Inventory write-downs $ 25,985 $ - $ 25,985 Costs recorded in operating expenses: Impairment and abandonment of property, plant and equipment 426,748 - 426,748 Impairment and abandonment of intangible assets 54,511 6,634 61,145 Contractual and other settlement obligations 22,352 - 22,352 Employee-related and other restructuring costs 24,153 - 24,153 Asset impairment and restructuring costs 527,764 6,634 534,398 Costs recorded in loss from equity method investments: Impairment of equity method investments 10,300 - 10,300 Total restructuring, asset impairments and related costs $ 564,049 $ 6,634 $ 570,683 A summary of the pre-tax charges totaling $843,275 recognized in connection with the Company’s restructuring actions and other impairments is as follows: Year ended March 31, 2020 Restructuring and other charges Other impairments Total Costs recorded in cost of goods sold: Inventory write-downs $ 132,089 $ - $ 132,089 Costs recorded in operating expenses: Impairment and abandonment of property, plant and equipment 334,964 - 334,964 Impairment and abandonment of intangible assets 192,987 54,020 247,007 Contractual and other settlement obligations 18,712 6,000 24,712 Employee-related and other restructuring costs 16,583 - 16,583 Asset impairment and restructuring costs 563,246 60,020 623,266 Acceleration of share-based compensation expense related to acquisition milestones 32,694 - 32,694 Share-based compensation expense 32,694 - 32,694 Costs recorded in loss from equity method investments: Impairment of equity method investments 14,900 40,326 55,226 Total restructuring, asset impairments and related costs $ 742,929 $ 100,346 $ 843,275 |
Plan Of Arrangement With Riv _2
Plan Of Arrangement With Riv Capital (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Divestiture [Abstract] | |
Schedule Of Derecognized Assets And Liabilities | The derecognized assets and liabilities on February 23, 2021, were as follows: Acquired assets TerrAscend Exchangeable Shares $ 291,500 TerrAscend warrants 32,000 Preferred shares in Vert Mirabel 22,600 Settlement of Tweed NB obligations to RCC 15,000 TerrAscend loan 10,000 Common shares in Vert Mirabel 9,075 Total acquired assets $ 380,175 Consideration paid in shares (170,284 ) Consideration paid in cash (115,000 ) $ 94,891 Derecognition of RIV Capital net assets Cash and cash equivalents $ 37,801 Amounts receivable, net 4,327 Prepaid expenses and other assets 995 Equity method investments 5,114 Other financial assets 417,256 Property, plant and equipment 729 Intangible assets 86 Accounts payable (22,038 ) Other accrued expenses and liabilities (1,703 ) Other current liabilities (32,653 ) Other long-term liabilities (303 ) Noncontrolling interests and other (315,144 ) $ 94,467 Gain on completion of RIV Arrangement $ 424 |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Cash And Cash Equivalents [Abstract] | |
Components of Cash and Cash Equivalents | The components of cash and cash equivalents are as follows: March 31, March 31, 2022 2021 Cash $ 470,682 $ 436,588 Cash equivalents 305,323 718,065 $ 776,005 $ 1,154,653 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Short Term Investments [Abstract] | |
Components of Short-term Investments | The components of short-term investments are as follows: March 31, March 31, 2022 2021 Term deposits $ 319,092 $ 463,824 Government securities 22,253 136,620 Asset-backed securities 21,905 16,342 Commercial paper and other 232,401 527,777 $ 595,651 $ 1,144,563 |
Amounts Receivable, Net (Tables
Amounts Receivable, Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Receivables [Abstract] | |
Components of Amounts Receivable, Net | The components of amounts receivable, net are as follows: March 31, March 31, 2022 2021 Accounts receivable, net $ 78,059 $ 67,106 Indirect taxes receivable 7,524 8,281 Interest receivable 4,406 5,140 Other receivables 6,454 11,908 $ 96,443 $ 92,435 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: March 31, March 31, 2022 2021 Raw materials, packaging supplies and consumables $ 26,821 $ 55,554 Work in progress 65,245 223,652 Finished goods 112,321 88,773 $ 204,387 $ 367,979 |
Prepaid Expenses and Other As_2
Prepaid Expenses and Other Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Components of Prepaid and Other Assets | The components of prepaid and other assets are as follows: March 31, March 31, 2022 2021 Prepaid expenses $ 23,041 $ 28,349 Deposits 10,145 18,316 Prepaid inventory 449 1,496 Other assets 19,065 19,071 $ 52,700 $ 67,232 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Schedule Of Investments [Abstract] | |
Summary of Changes in Other Financial Assets | The following tables outline changes in other financial assets. Additional details on how the fair value of significant investments are calculated are included in Note 24. Foreign Exercise of Balance at currency options / Balance at March 31, Fair value translation Interest disposal March 31, Entity Instrument 2021 Additions changes adjustments income of shares 2022 TerrAscend Exchangeable Shares Exchangeable shares $ 385,000 $ - $ (156,000 ) $ - $ - $ - $ 229,000 TerrAscend Canada - October 2019 Term loan / debenture 10,240 - 835 - (795 ) - 10,280 TerrAscend Canada - March 2020 Term loan / debenture 56,330 - (1,528 ) - (4,912 ) - 49,890 Arise Bioscience Term loan / debenture 13,077 - 308 (42 ) - - 13,343 TerrAscend - October 2019 Warrants 17,250 - (13,520 ) - - - 3,730 TerrAscend - March 2020 Warrants 152,910 - (92,170 ) - - - 60,740 TerrAscend - December 2020 Warrants 13,240 - (9,780 ) - - - 3,460 TerrAscend Option 10,600 - (4,300 ) - - - 6,300 Wana Option - 442,227 (74,639 ) 4,755 - - 372,343 Acreage Hempco 1 Debenture 27,448 - 5,337 (94 ) (3,867 ) - 28,824 Other - at fair value through net income (loss) Various 14,887 6,457 (10,652 ) (204 ) - (92 ) 10,396 Other - classified as held for investment Loan receivable 7,185 5,000 - - - (163 ) 12,022 $ 708,167 $ 453,684 $ (356,109 ) $ 4,415 $ (9,574 ) $ (255 ) $ 800,328 1 Exercise of Foreign options / Balance at currency Allowance disposal Derecognition Balance at March 31, Fair value translation for expected of shares / of March 31, Entity Instrument 2020 Additions changes adjustments credit losses repayments RIV Capital 1 2021 TerrAscend Exchangeable Shares Exchangeable shares $ 47,000 $ - $ 338,000 $ - $ - $ - $ - $ 385,000 TerrAscend Canada - October 2019 Term loan / debenture 9,520 8,579 (7,859 ) - - - - 10,240 TerrAscend Canada - March 2020 Term loan / debenture 44,300 - 16,942 - - (4,912 ) - 56,330 Arise Bioscience Term loan / debenture - 11,758 1,489 (170 ) - - - 13,077 TerrAscend - October 2019 Warrants 804 4,315 12,131 - - - - 17,250 TerrAscend - March 2020 Warrants 24,200 - 128,710 - - - - 152,910 TerrAscend - December 2020 Warrants - 13,720 (480 ) - - - - 13,240 TerrAscend Option - 13,445 (2,845 ) - - - - 10,600 Acreage Hempco 2 Debenture - 66,995 (37,026 ) (2,521 ) - - - 27,448 SLANG Warrants 3,500 - 5,900 - - - - 9,400 PharmHouse 3 Loan receivable 40,000 - - - (40,000 ) - - - ZeaKal Shares 14,186 - (1,486 ) - - - (12,700 ) - Agripharm Royalty interest 12,600 - (7,200 ) - - - (5,400 ) - Greenhouse Convertible debenture 10,517 - (4,117 ) - - (1,300 ) (5,100 ) - Other - at fair value through net income (loss) Various 28,478 11,251 (7,052 ) - - (4,234 ) (22,956 ) 5,487 Other - classified as held for investment Loan receivable 14,148 11,106 - - (12,956 ) (5,113 ) - 7,185 $ 249,253 $ 141,169 $ 435,107 $ (2,691 ) $ (52,956 ) $ (15,559 ) $ (46,156 ) $ 708,167 1 2 3 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Property Plant And Equipment [Abstract] | |
Summary of Expected Useful Life of Property, Plant and Equipment | Depreciation is calculated on a straight-line basis over the expected useful lives of the assets, which are as follows: Years Buildings and greenhouses 20 - 50 Production and warehouse equipment 5 - 30 Leasehold improvements 3 - 20 Office and lab equipment 3 - 10 Computer equipment 3 - 10 The components of property, plant and equipment are as follows: March 31, March 31, 2022 2021 Buildings and greenhouses $ 766,931 $ 651,166 Production and warehouse equipment 159,314 216,925 Leasehold improvements 69,304 106,837 Office and lab equipment 29,879 30,546 Computer equipment 22,293 26,431 Land 18,917 34,747 Right-of-use-assets Buildings and greenhouses 89,228 100,517 Production and warehouse equipment 55 530 Assets in process 19,771 129,428 1,175,692 1,297,127 Less: Accumulated depreciation (232,912 ) (222,590 ) $ 942,780 $ 1,074,537 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Summary of Components of Intangible Assets | The components of intangible assets are as follows: March 31, 2022 March 31, 2021 Gross Net Gross Net Carrying Carrying Carrying Carrying Amount Amount Amount Amount Finite lived intangible assets Intellectual property $ 138,170 $ 97,638 $ 212,100 $ 168,655 Distribution channel 72,642 24,834 73,756 35,176 Operating licenses 24,400 22,052 - - Software and domain names 29,822 14,206 27,836 18,149 Brands 5,547 3,680 21,812 8,894 Amortizable intangibles in process 5,476 5,476 1,952 1,952 Total $ 276,057 $ 167,886 $ 337,456 $ 232,826 Indefinite lived intangible assets Acquired brands $ 74,809 $ 67,341 Operating licenses 10,000 8,000 Total intangible assets $ 252,695 $ 308,167 |
Summary of Estimated Amortization Expense | Estimated amortization expense for each of the five succeeding fiscal years and thereafter is as follows: 2023 $ 25,318 2024 $ 24,660 2025 $ 21,040 2026 $ 18,472 2027 $ 17,727 Thereafter $ 60,669 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: Balance, March 31, 2020 $ 1,954,471 Foreign currency translation adjustments (65,117 ) Balance, March 31, 2021 $ 1,889,354 Purchase accounting allocations 105,323 Disposal of consolidated entities (58,786 ) Impairment losses (40,748 ) Foreign currency translation adjustments (28,640 ) Balance, March 31, 2022 $ 1,866,503 |
Other Accrued Expenses and Li_2
Other Accrued Expenses and Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Components of Other Accrued Expenses and Liabilities | The components of other accrued expenses and liabilities are as follows: March 31, March 31, 2022 2021 Employee compensation $ 24,873 $ 47,237 Inventory 10,096 5,426 Professional fees 7,640 11,544 Taxes and government fees 7,144 13,550 Other 25,525 23,056 $ 75,278 $ 100,813 |
Debt (Tables)
Debt (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Debt Disclosure [Abstract] | |
Summary of Components of Debt | The components of debt are as follows: March 31, March 31, Maturity Date 2022 2021 Convertible senior notes at 4.25% interest with semi-annual interest payments July 15, 2023 Principal amount $ 600,000 $ 600,000 Accrued interest 5,958 5,664 Non-credit risk fair value adjustment 7,140 109,710 Credit risk fair value adjustment (49,140 ) (27,960 ) 563,958 687,414 Convertible debentures September 10, 2025 32,858 - Accretion debentures September 10, 2025 7,720 - Credit facility March 18, 2026 893,647 891,677 Other revolving debt facility, loan, and financings 2,808 3,872 1,500,991 1,582,963 Less: current portion (9,296 ) (9,827 ) Long-term portion $ 1,491,695 $ 1,573,136 |
Summary of Required Principal Repayments Under Long-term Debt Obligations | As of March 31, 2022, the required principal repayments under long-term debt obligations for each of the five succeeding fiscal years and thereafter are as follows: 2023 $ 865 2024 603,865 2025 6,865 2026 966,470 2027 - Thereafter - $ 1,578,065 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Liabilities | The components of other liabilities are as follows: As at March 31, 2022 As at March 31, 2021 Current Long-term Total Current Long-term Total Lease liabilities $ 38,035 $ 101,125 $ 139,160 $ 42,061 $ 94,164 $ 136,225 Acquisition consideration and other investment related liabilities 4,020 77,834 81,854 16,577 7,808 24,385 Refund liability 3,437 - 3,437 6,441 - 6,441 Settlement liabilities and other 18,562 11,090 29,652 41,349 5,268 46,617 $ 64,054 $ 190,049 $ 254,103 $ 106,428 $ 107,240 $ 213,668 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Net Change in Redeemable Noncontrolling Interests | The net change in the redeemable noncontrolling interests is as follows: Vert Mirabel BioSteel Total As at March 31, 2019 $ 6,400 $ - $ 6,400 Initial recognition of noncontrolling interest - 18,733 18,733 Income (loss) attributable to noncontrolling interest 8,220 (1,731 ) 6,489 Adjustments to redemption amount 5,630 32,498 38,128 As at March 31, 2020 20,250 49,500 69,750 Net loss attributable to redeemable noncontrolling interest (11,906 ) (6,171 ) (18,077 ) Adjustments to redemption amount 3,156 80,471 83,627 As at March 31, 2021 11,500 123,800 135,300 Net loss attributable to redeemable noncontrolling interest (3,165 ) (13,932 ) (17,097 ) Adjustments to redemption amount (7,335 ) (69,559 ) (76,894 ) Redemption of redeemable noncontrolling interest - (5,109 ) (5,109 ) As at March 31, 2022 $ 1,000 $ 35,200 $ 36,200 |
Share Capital (Tables)
Share Capital (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Summary of Issuances of Stock Other | During the year ended March 31, 2022, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of common shares Share capital Share based reserve Acquisition of Supreme Cannabis 9,013,400 $ 260,668 $ - Completion of acquisition milestones 1,295,285 29,276 (29,721 ) Other issuances 492,741 8,201 (736 ) Total 10,801,426 $ 298,145 $ (30,457 ) During the year ended March 31, 2021, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of common shares Share capital Share based reserve Completion of acquisition milestones 2,598,978 $ 46,903 $ (19,059 ) Other issuances 449,729 14,906 (14,894 ) Total 3,048,707 $ 61,809 $ (33,953 ) During the year ended March 31, 2020, the Company issued the following common shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of common shares Share capital Share based reserve Acquisition of BC Tweed NCI release from escrow 6,940,531 $ 223,036 $ (223,036 ) Completion of acquisition milestones 1,121,605 29,561 (29,687 ) Other issuances 597,936 19,369 (19,511 ) Total 8,660,072 $ 271,966 $ (272,234 ) |
Summary of Warrants | Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2019 107,848,322 $ 43.80 $ 1,589,925 Tranche A warrant modification - - 1,049,153 Issuance of Tranche B warrants 38,454,444 76.68 - Other issuance of warrants 9,200 32.83 359 Exercise of warrants (12,523 ) 35.55 (486 ) Balance outstanding at March 31, 2020 1 146,299,443 $ 52.44 $ 2,638,951 Exercise of warrants (18,882,927 ) 12.98 (70,513 ) Expiry of warrants (343,380 ) 41.49 - Balance outstanding at March 31, 2021 1 127,073,136 $ 58.33 $ 2,568,438 Supreme Cannabis warrants 1,265,742 25.61 13,350 Expiry of warrants (145,831 ) 32.61 - Balance outstanding at March 31, 2022 1 128,193,047 $ 58.04 $ 2,581,788 1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Outstanding Stock Options | The following is a summary of the outstanding stock options as at March 31, 2022: Options Outstanding Options Exercisable Weighted Average Weighted Average Remaining Remaining Outstanding at Contractual Life Exercisable at Contractual Life Range of Exercise Prices March 31, 2022 (years) March 31, 2022 (years) $0.06 - $24.62 3,705,144 4.05 1,312,215 2.12 $24.63 - $33.53 4,036,819 3.25 2,285,789 2.68 $33.54 - $36.80 2,984,264 2.24 2,984,264 2.24 $36.81 - $42.84 2,641,567 2.85 2,488,993 2.65 $42.85 - $67.64 3,415,168 2.88 3,005,487 2.83 16,782,962 3.11 12,076,748 2.54 |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | the Company uses the Black-Scholes option pricing model to establish the fair value of options granted during the years ended March 31, 2022, 2021 and 2020 on their measurement date by applying the following assumptions: March 31, March 31, March 31, 2022 2021 2020 Risk-free interest rate 1.09% 0.36% 1.38% Expected life of options (years) 3 - 5 1 - 7 3 - 5 Expected volatility 75% 76% 73% Expected forfeiture rate 18% 17% 12% Expected dividend yield nil nil nil Black-Scholes value of each option $9.69 $15.24 $19.83 |
Summary of Changes in RSUs | The following is a summary of changes in the Company’s RSUs during the years ended March 31, 2020, 2021 and 2022: Number of RSUs and PSUs Balance outstanding at March 31, 2019 137,228 RSUs granted 875,673 RSUs released (29,892 ) RSUs cancelled and forfeited (100,000 ) Balance outstanding at March 31, 2020 883,009 RSUs granted 142,826 RSUs released (120,399 ) RSUs cancelled and forfeited (152,126 ) Balance outstanding at March 31, 2021 753,310 RSUs and PSUs granted 3,253,671 RSUs and PSUs released (300,319 ) RSUs and PSUs cancelled and forfeited (229,370 ) Balance outstanding at March 31, 2022 3,477,292 |
Omnibus Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Employee Stock Options | The following is a summary of the changes in the Company’s Omnibus Plan employee options during the years ended March 31, 2020, 2021 and 2022: Options issued Weighted average exercise price Balance outstanding at March 31, 2019 32,831,895 $ 34.10 Options granted 9,454,714 33.87 Options exercised (3,900,032 ) 10.63 Options forfeited/cancelled (5,878,182 ) 44.95 Balance outstanding at March 31, 2020 32,508,395 $ 34.89 Options granted 478,215 28.15 Options exercised (7,062,317 ) 22.22 Options forfeited (8,219,982 ) 41.27 Balance outstanding at March 31, 2021 17,704,311 $ 36.79 Options granted 2,537,290 17.40 Replacement options issued as a result of the acquisition of Supreme Cannabis 140,159 80.53 Options exercised (445,680 ) 12.27 Options forfeited (3,153,118 ) 42.03 Balance outstanding at March 31, 2022 16,782,962 $ 33.89 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated other comprehensive income includes the following components: Foreign currency translation adjustments Changes of own credit risk of financial liabilities Accumulated other comprehensive income (loss) As at March 31, 2019 $ 41,225 $ (47,130 ) $ (5,905 ) Other comprehensive income 85,498 175,260 260,758 Income tax expense - (33,954 ) (33,954 ) As at March 31, 2020 126,723 94,176 220,899 Other comprehensive loss (154,969 ) (100,170 ) (255,139 ) As at March 31, 2021 (28,246 ) (5,994 ) (34,240 ) Disposal of consolidated entities 16,130 - 16,130 Other comprehensive income (loss) (45,352 ) 21,180 (24,172 ) As at March 31, 2022 $ (57,468 ) $ 15,186 $ (42,282 ) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Noncontrolling Interest [Abstract] | |
Summary of Net Change in Noncontrolling Interests | The net change in the noncontrolling interests is as follows: RIV Capital Vert Mirabel BioSteel Other Total As at March 31, 2019 $ 280,012 $ 2,422 $ - $ 3,051 $ 285,485 Comprehensive (loss) income (77,313 ) 12,930 (1,731 ) - (66,114 ) Net (loss) income loss attributable to redeemable noncontrolling interest - (8,220 ) 1,731 - (6,489 ) Share-based compensation 6,857 - 489 - 7,346 Ownership changes 1,530 - - - 1,530 As at March 31, 2020 211,086 7,132 489 3,051 221,758 Comprehensive income (loss) 94,532 (14,261 ) (6,171 ) - 74,100 Net loss attributable to redeemable noncontrolling interest - 11,906 6,171 - 18,077 Share-based compensation 2,659 - 1,169 - 3,828 Ownership changes (308,527 ) (4,777 ) - - (313,304 ) Warrants 250 - - - 250 As at March 31, 2021 - - 1,658 3,051 4,709 Comprehensive loss - (3,165 ) (13,932 ) (1,207 ) (18,304 ) Net loss attributable to redeemable noncontrolling interest - 3,165 13,932 - 17,097 Share-based compensation - - 839 - 839 Ownership changes - - - - - Warrants - - - - - As at March 31, 2022 $ - $ - $ 2,497 $ 1,844 $ 4,341 1 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Summary of Financial Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The following table represents our financial assets and liabilities measured at estimated fair value on a recurring basis: Fair value measurement using Quoted prices Significant prices in other Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total March 31, 2022 Assets: Short-term investments $ 595,651 $ - $ - $ 595,651 Restricted short-term investments 12,216 - - 12,216 Other financial assets 490 - 787,816 788,306 Liabilities: Convertible senior notes - 563,958 - 563,958 Liability arising from Acreage Arrangement - - 47,000 47,000 Warrant derivative liability - - 26,920 26,920 Other liabilities - - 70,066 70,066 March 31, 2021 Assets: Short-term investments $ 1,144,563 $ - $ - $ 1,144,563 Restricted short-term investments 11,332 - - 11,332 Other financial assets 254 - 700,728 700,982 Liabilities: Convertible senior notes - 687,414 - 687,414 Liability arising from Acreage Arrangement - - 600,000 600,000 Warrant derivative liability - - 615,575 615,575 |
Level 2 | |
Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 2 and Level 3 Financial Instruments | The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 2 financial instruments: Financial asset / financial liability Valuation techniques Key inputs Convertible senior notes Convertible note pricing model Quoted prices in over-the-counter broker market |
Level 3 | |
Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 2 and Level 3 Financial Instruments | The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments: Financial asset / financial liability Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value Acreage financial instrument Probability weighted expected return model Probability of each scenario Change in probability of occurrence in each scenario will result in a change in fair value Number of common shares to be issued Increase or decrease in value and number of common shares will result in a decrease or increase in fair value Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Estimated premium on US legalization Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value Control premium Increase or decrease in estimated control premium will result in an increase or decrease in fair value Market access premium Increase or decrease in estimated market access premium will result in an increase or decrease in fair value TerrAscend Exchangeable Shares, TerrAscend Option Put option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Hempco Debenture Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value TerrAscend warrants - October 2019, March 2020 Black-Sholes option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value TerrAscend warrants - December 2020 Monte Carlo simulation model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Arise Bioscience term loan, TerrAscend Canada term loan - Discounted cash flow Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value October 2019, March 2020 Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Wana financial instrument - Call Option Discounted cash flow Expected future Wana cash flows Increase or decrease in expected future Wana cash flows will result in an increase or decrease in fair value Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Wana financial instrument - Deferred Payments Monte Carlo simulation model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Volatility of Wana Increase or decrease in volatility will result in an increase or decrease in fair value Warrant derivative liability Monte Carlo simulation model Volatility of Canopy Growth share price Increase or decrease in volatility will result in an increase or decrease in fair value BioSteel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Expected future BioSteel cash flows Increase or decrease in expected future BioSteel cash flows will result in an increase or decrease in fair value Vert Mirabel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue | Revenue is dissaggregated as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Canadian recreational cannabis net revenue Business-to-business 1 $ 143,732 $ 163,585 $ 121,605 Business-to-consumer 61,570 66,016 52,044 205,302 229,601 173,649 Canadian medical cannabis net revenue 2 52,608 55,448 51,647 257,910 285,049 225,296 International and other revenue C 3 36,113 62,335 53,770 Other 43,193 31,296 15,869 79,306 93,631 69,639 Global cannabis net revenue 337,216 378,680 294,935 Other consumer products Storz & Bickel 85,410 80,998 48,329 This Works 32,296 33,314 24,725 BioSteel 44,626 28,530 4,589 Other 20,777 25,127 26,194 Other consumer products revenue 183,109 167,969 103,837 Net revenue $ 520,325 $ 546,649 $ 398,772 1 - $54,928, and year ended March 31, 2020 - $35,649). 2 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Income (Expense), Net | Other income (expense), net is dissaggregated as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Fair value changes on other financial assets (356,109 ) $ 435,107 $ (243,965 ) Fair value changes on liability arising from Acreage Arrangement 553,000 (399,849 ) (645,190 ) Fair value changes on convertible senior notes 76,776 (162,540 ) 184,740 Fair value changes on warrant derivative liability 588,655 (293,084 ) 795,149 Fair value changes on acquisition related contingent consideration and other 4,417 39,608 12,293 Interest income 6,601 21,367 66,327 Interest expense (103,944 ) (8,459 ) (6,716 ) Foreign currency gain (loss) 5,415 (18,013 ) (1,245 ) (Loss) gain on disposal/acquisition of consolidated entity (6,762 ) 634 61,775 Other income (expense), net (14,708 ) (2,647 ) 1,161 $ 753,341 $ (387,876 ) $ 224,329 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Income Tax Disclosure [Abstract] | |
Summary of Net Loss Before Income Taxes | Net loss before income taxes was generated as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Domestic - Canada $ (163,888 ) $ (1,611,210 ) $ (1,167,000 ) Foreign - outside of Canada (165,545 ) (72,751 ) (342,054 ) $ (329,433 ) $ (1,683,961 ) $ (1,509,054 ) |
Summary of Income Tax Recovery | The income tax recovery consists of the following: Years ended March 31, March 31, March 31, 2022 2021 2020 Current Domestic - Canada $ 895 $ (19,318 ) $ (12,342 ) Foreign - outside of Canada 1,476 (2,091 ) (4,356 ) $ 2,371 $ (21,409 ) $ (16,698 ) Deferred Domestic - Canada $ 6,353 $ 36,505 $ 78,624 Foreign - outside of Canada 224 (1,955 ) 59,688 6,577 34,550 138,312 Income tax recovery $ 8,948 $ 13,141 $ 121,614 |
Summary of Reconciliation of Amount of Income Taxes Compared to Expected Income Taxes Calculated at Combined Federal and Provincial Enacted Statutory Tax Rate | A reconciliation of the amount of income taxes reflected above compared to the expected income taxes calculated at the combined Canadian federal and provincial enacted statutory tax rate of 26.5% for each of the three years ended March 31, 2022, 2021 and 2020 is as follows: Years ended March 31, March 31, March 31, 2022 2021 2020 Net loss before income taxes $ (329,433 ) $ (1,683,961 ) $ (1,509,054 ) Expected tax rate 26.5 % 26.5 % 26.5 % Expected income tax recovery 87,300 446,250 399,899 Non-deductible and non-taxable items 17,557 81,883 22,947 Fair value changes on Acreage Arrangement 146,545 (105,960 ) (170,975 ) Fair value changes on warrant derivative liability 155,964 (77,663 ) 210,715 Share-based compensation (9,908 ) (21,121 ) (84,873 ) Change in valuation allowance (361,283 ) (358,964 ) (215,975 ) Effect of tax rates outside of Canada 8,459 10,870 (3,248 ) Non-taxable portion of capital gains and losses (38,440 ) 38,705 (34,961 ) Other 2,754 (859 ) (1,915 ) Income tax recovery $ 8,948 $ 13,141 $ 121,614 |
Summary of Significant Compenents of Deferred Income Tax Assets (Liabilities) | Significant components of deferred income tax assets (liabilities) consist of the following: Years ended March 31, March 31, 2022 2021 Deferred income tax assets Property, plant and equipment $ 78,023 $ 74,603 Intangible assets 671 5,063 Inventory reserves and write-downs 40,324 39,893 Other reserves and accruals 5,939 7,957 Losses carried forward 917,283 608,002 Equity method investments and other financial assets 10,512 14,900 Deferred financing costs 2,740 3,587 Other 5,635 6,226 Gross deferred income tax assets 1,061,127 760,231 Valuation allowances (1,039,130 ) (677,847 ) Total deferred income tax assets, net $ 21,997 $ 82,384 Deferred income tax liabilities Property, plant and equipment $ (4,182 ) $ (25,864 ) Intangible assets (29,832 ) (43,449 ) Equity method investments and other financial assets - (31,176 ) Deferred financing costs (3,353 ) (2,785 ) Other (621 ) (489 ) Total deferred income tax liabilities (37,988 ) (103,763 ) Net deferred income tax assets (liabilities) $ (15,991 ) $ (21,379 ) |
Summary of Losses Carried Forward Available to Reduce Future Years' Taxable Income | As at March 31, 2022 the Company has the following losses carried forward available to reduce future years' taxable income, which losses expire as follows: Expiring within 5 years $ - Expiring between 5 and 10 years 1,031 Expiring between 10 and 15 years 156,420 Expiring between 15 and 20 years 2,394,542 Indefinite 377,120 $ 2,929,113 Total in Canada $ 2,547,844 Total in United States 278,458 Total in Europe 55,440 Total in other jurisdictions 47,371 $ 2,929,113 Total operating losses $ 2,929,113 Total capital losses (carried forward indefinitely) 892,360 $ 3,821,473 |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Business Acquisition [Line Items] | |
Summary of Consolidated Balance Sheet Impact at Acquisition of Company's Business Combinations | The following table summarizes the consolidated balance sheet impact at acquisition of the Company’s business combinations that occurred in the year ended March 31, 2022. Ace Supreme Valley Cannabis (i) (ii) Other Total Cash and cash equivalents $ 1,544 $ 41,306 $ 1,227 $ 44,077 Inventory 878 33,426 362 34,666 Other current assets 2,249 14,791 335 17,375 Property, plant and equipment 105 187,407 1,510 189,022 Intangible assets Brands 14,000 22,800 - 36,800 Distribution channel - 3,500 - 3,500 Operating licenses - 24,400 2,000 26,400 Goodwill 39,152 58,842 7,329 105,323 Accounts payable and other accrued expenses and liabilities (1,724 ) (12,935 ) (30 ) (14,689 ) Debt and other liabilities - (88,324 ) (1,037 ) (89,361 ) Deferred income tax liabilities (1,899 ) (5,545 ) (540 ) (7,984 ) Net assets acquired $ 54,305 $ 279,668 $ 11,156 $ 345,129 Consideration paid in cash $ 51,836 $ 84 $ 7,104 $ 59,024 Consideration paid in shares - 260,668 4,052 264,720 Replacement options - 629 - 629 Replacement warrants - 13,350 - 13,350 Other consideration 2,469 4,937 - 7,406 Total consideration $ 54,305 $ 279,668 $ 11,156 $ 345,129 Consideration paid in cash $ 51,836 $ 84 $ 7,104 $ 59,024 Less: Cash and cash equivalents acquired (1,544 ) (41,306 ) (1,227 ) (44,077 ) Net cash outflow (inflow) $ 50,292 $ (41,222 ) $ 5,877 $ 14,947 There were no acquisitions during the year ended March 31, 2021. The following table summarizes the consolidated balance sheet impact at acquisition of the Company’s business combinations that occurred in the year ended March 31, 2020: Spectrum Storz & C 3 This Works BioSteel BCT UK Bickel (i) (ii) (iii) (iv) (iv) 30(c)(v) Total Cash and cash equivalents $ 2,818 $ 1,619 $ 225 $ 7,886 $ - $ - $ 12,548 Other current assets 15,140 8,239 12,972 2,296 67 - 38,714 Property, plant and equipment 8,345 478 391 5 895 - 10,114 Intangible assets Brands 10,613 22,114 3,600 - - - 36,327 Distribution channel 4,058 12,988 14,700 - - - 31,746 Operating licenses - - - - 1,158 - 1,158 Intellectual property 36,520 16,848 20,900 5,267 - 24,990 104,525 Software and domain names 8 176 541 - - - 725 Goodwill 287,010 22,214 35,939 85,700 12,861 (24,990 ) 418,734 Accounts payable and other accrued expenses and liabilities (3,652 ) (4,100 ) (3,852 ) (2,176 ) (922 ) - (14,702 ) Debt and other liabilities (3,942 ) - (3,659 ) - - - (7,601 ) Deferred income tax liabilities (11,219 ) (7,911 ) (3,817 ) (838 ) (36 ) - (23,821 ) Net assets $ 345,699 $ 72,665 $ 77,940 $ 98,140 $ 14,023 $ - $ 608,467 Noncontrolling interests - - (18,733 ) - - - (18,733 ) Net assets acquired $ 345,699 $ 72,665 $ 59,207 $ 98,140 $ 14,023 $ - $ 589,734 Consideration paid in cash $ 345,699 $ 72,665 $ 47,924 $ 45,098 $ - $ - $ 511,386 Fair value of previously held equity interest - - - 37,919 14,023 - 51,942 Replacement options - - - 1,885 - - 1,885 Other consideration - - 11,283 13,238 - - 24,521 Total consideration $ 345,699 $ 72,665 $ 59,207 $ 98,140 $ 14,023 $ - $ 589,734 Consideration paid in cash $ 345,699 $ 72,665 $ 47,924 $ 45,098 $ - $ - $ 511,386 Less: Cash and cash equivalents acquired (2,818 ) (1,619 ) (225 ) (7,886 ) - - (12,548 ) Net cash outflow $ 342,881 $ 71,046 $ 47,699 $ 37,212 $ - $ - $ 498,838 |
Summary of Derecognized Assets and Liabilities | Following this transaction, the Company no longer controlled 1955625 Ontario Inc. and the Company derecognized the assets and liabilities of 1955625 Ontario Inc. from its consolidated financial statements at their carrying amounts. Management has concluded that the subsidiary does not meet the definition of an operation and no goodwill was allocated. The derecognized assets and liabilities on November 7, 2019, were as follows: Current assets $ 100 Intangible assets 2,810 Net assets disposed $ 2,910 Fair value of retained interest 25,200 Gain on disposal of consolidated entity $ 22,290 |
C3 | |
Business Acquisition [Line Items] | |
Summary of Measurement Period Adjustments | In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Distribution channel $ 4,058 10 Income approach Intellectual property 36,520 10 Relief-from-royalty Licensed brands 10,613 2 Relief-from-royalty Other adjustments Inventory step-up 1,814 Deferred income tax liabilities (11,219 ) Net impact to goodwill $ (41,786 ) |
This Works | |
Business Acquisition [Line Items] | |
Summary of Measurement Period Adjustments | In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Acquired brands $ 19,130 Indefinite Relief-from-royalty Distribution channel 12,988 10 Income approach using a multi-period excess earnings method Intellectual property 16,848 10 Replacement cost Licensed brands 2,984 5 Income approach using a multi-period excess earnings method Other adjustments Inventory step-up 1,755 Deferred income tax liabilities (7,911 ) Net Impact to Goodwill $ (45,794 ) |
BioSteel | |
Business Acquisition [Line Items] | |
Summary of Measurement Period Adjustments | In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Acquired brands $ 3,600 Indefinite Relief-from-royalty Distribution channel 14,700 11 Income approach using a multi-period excess earnings method Intellectual property 20,900 11 Relief-from-royalty, net of product migration Other adjustments Inventory step-up 2,710 Deferred income tax liabilities (3,817 ) Net impact to goodwill $ (38,093 ) |
BCT and Spectrum UK | |
Business Acquisition [Line Items] | |
Summary of Measurement Period Adjustments | In the year ended March 31, 2020, the Company finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include: Useful life Measurement period impact Adjustments (years) Valuation methodology Acquisition related intangible assets Intellectual property $ 5,267 1 Replacement cost Operating license 1,158 1 Replacement cost Other adjustments Deferred income tax liabilities (874 ) Net impact to goodwill $ (5,551 ) |
C3 Divestiture (Tables)
C3 Divestiture (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Discontinued Operations And Disposal Groups [Abstract] | |
Summary of Derecognized Assets and Liabilities Transferred | Current assets 1 $ 44,568 Property, plant and equipment 9,216 Intangible assets 15,548 Goodwill 53,541 Current liabilities (3,089 ) Deferred income tax liabilities (6,029 ) Cumulative translation adjustment 19,178 Net assets disposed $ 132,933 Consideration received in cash $ 128,316 Future cash consideration 7,233 Costs to sell (1,153 ) Total consideration $ 134,396 Gain on disposal of consolidated entity $ 1,463 1 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Lessee Disclosure [Abstract] | |
Summary of Lease Right-of-use Assets and Liabilities | A summary of lease right-of-use assets and liabilities are as follows: March 31, March 31, 2022 2021 Property, plant and equipment Operating lease $ 39,571 $ 47,522 Finance lease 34,333 39,427 $ 73,904 $ 86,949 Other current liabilities: Operating lease $ 11,752 $ 11,491 Finance lease 26,283 30,570 Other long-term liabilities: Operating lease 58,031 62,285 Finance lease 43,094 31,879 $ 139,160 $ 136,225 |
Summary of Components of Total Lease Expense | The components of total lease expense are as follows: Years ended March 31, March 31, 2022 2021 Operating lease expense $ 5,245 $ 10,846 Finance lease expense: Amortization of right-of-use assets 3,883 2,303 Interest on lease liabilities 1,667 1,674 $ 10,795 $ 14,823 |
Summary of Minimum Payments Due for Lease Liabilities | As of March 31, 2022, the minimum payments due for lease liabilities for each of the five succeeding fiscal years and thereafter are as follows: Operating Leases Finance Leases 2023 $ 12,004 $ 8,023 2024 11,402 8,116 2025 10,923 8,200 2026 9,892 38,476 2027 9,525 3,388 Thereafter 17,761 6,262 Total lease payments $ 71,507 $ 72,465 Less: Interest 1,724 3,088 Total lease liabilities $ 69,783 $ 69,377 |
Summary of Supplemental Information of Leases | Supplemental information Years ended March 31, March 31, 2022 2021 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 12,905 $ 18,792 Operating cash flows from finance leases 1,667 1,674 Financing cash flows from finance leases 1,494 2,303 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ 9,019 $ 13,592 Finance leases 3,720 1,428 March 31, March 31, 2022 2021 Weighted-average remaining lease term: Operating leases 6 7 Finance leases 4 4 Weighted-average discount rate Operating leases 4.50 % 4.50 % Finance leases 4.50 % 4.50 % |
Commitments (Tables)
Commitments (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Annual Minimum Commitments Associated with Contractual Agreements | The Company has entered into agreements in which it has committed to purchase a minimum amount of inventory, pay a minimum amount of royalty expenses, incur expenditures for property, plant and equipment and procure various other goods or services. The following summarizes the Company’s annual minimum commitments associated with its contractual agreements as of March 31, 2022. This amount excludes the Company’s debt and lease related commitments which are disclosed elsewhere in Notes 17 and 32, respectively in these consolidated financial statements. 2023 $ 130,453 2024 72,653 2025 33,641 2026 24,347 2027 16,936 Thereafter 57,773 $ 335,803 |
Segmented Information (Tables)
Segmented Information (Tables) | 12 Months Ended |
Mar. 31, 2022 | |
Segment Reporting [Abstract] | |
Summary of Reconciliation of Operating Profit (Loss) from Segments to Consolidated | Years ended March 31, March 31, March 31, 2022 2021 2020 Segmented net revenue Global cannabis $ 337,216 $ 378,680 $ 294,935 Other consumer products 183,109 167,969 103,837 $ 520,325 $ 546,649 $ 398,772 Segmented gross margin: Global cannabis $ (251,235 ) $ 7,045 $ (76,836 ) Other consumer products 58,181 59,915 45,152 (193,054 ) 66,960 (31,684 ) Selling, general and administrative expenses 472,756 575,389 693,737 Share-based compensation 47,525 91,149 320,276 Expected credit losses on financial assets and relates charges - 109,480 - Asset impairment and restructuring costs 369,339 534,398 623,266 Operating loss (1,082,674 ) (1,243,456 ) (1,668,963 ) Loss from equity method investments (100 ) (52,629 ) (64,420 ) Other income (expense), net 753,341 (387,876 ) 224,329 Loss before incomes taxes $ (329,433 ) $ (1,683,961 ) $ (1,509,054 ) |
Summary of Disaggregation of Net Revenue by Geographic Area | Disaggregation of net revenue by geographic area: Years ended March 31, March 31, March 31, 2022 2021 2020 Canada $ 296,369 $ 329,172 $ 256,166 Germany 90,874 116,379 93,945 United States 82,080 64,926 24,568 Other 51,002 36,172 24,093 $ 520,325 $ 546,649 $ 398,772 |
Summary of Disaggregation of Long-lived Assets by Geographic Areas | Disaggregation of long-lived tangible assets by geographic area: March 31, March 31, 2022 2021 Canada $ 827,591 $ 847,678 United States 63,247 143,747 Other 51,942 83,112 $ 942,780 $ 1,074,537 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Summary of Expected Useful Life of Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Buildings and Greenhouses | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 20 years |
Buildings and Greenhouses | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 50 years |
Leasehold Improvements | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 3 years |
Leasehold Improvements | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 20 years |
Production and Warehouse Equipment | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 5 years |
Production and Warehouse Equipment | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 30 years |
Computer Equipment | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 3 years |
Computer Equipment | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 10 years |
Office and Lab Equipment | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 3 years |
Office and Lab Equipment | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Expected useful life of property, plant and equipment | 10 years |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Summary of Finite Lived Intangible Assets Useful Life (Details) | 12 Months Ended |
Mar. 31, 2022 | |
Distribution Channel | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 5 years |
Distribution Channel | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 11 years |
Operating Licenses | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 8 years |
Intellectual Property | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 5 years |
Intellectual Property | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 15 years |
Brands | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 2 years |
Brands | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 5 years |
Software and Domain Names | Minimum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 3 years |
Software and Domain Names | Maximum | |
Summary Of Significant Accounting Policies [Line Items] | |
Useful life of intangible assets | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Additional Information (Details) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021UnitSegment | Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($)Segment | Mar. 31, 2020CAD ($) | |
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of operating segments | Segment | 2 | 2 | ||
Advertising expenses | $ 104,221 | $ 72,377 | $ 78,474 | |
Research and development expenses | $ 32,344 | $ 57,582 | $ 61,812 | |
Cannabis, Hemp and Other Consumer Products | ||||
Summary Of Significant Accounting Policies [Line Items] | ||||
Number of reporting units | Unit | 1 |
Asset Impairment and Restruct_3
Asset Impairment and Restructuring Costs - Additional Information (Details) $ in Thousands | Mar. 01, 2021CAD ($) | Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($) | Mar. 31, 2020CAD ($) | Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($) | Mar. 31, 2020CAD ($) |
Restructuring Cost And Reserve [Line Items] | |||||||
Inventory write-downs | $ 237,147 | $ 79,859 | |||||
Aggregate pre-tax charges | $ 429,810 | 564,049 | $ 742,929 | ||||
Number of full time positions eliminated | 250 | 600 | |||||
Goodwill impairment loss | $ 40,748 | $ 40,748 | |||||
Total restructuring, asset impairment and related costs | 496,623 | 570,683 | $ 843,275 | ||||
Share-based compensation | 47,525 | 91,149 | 320,276 | ||||
Additional amounts of deemed excess | $ 76,199 | ||||||
Canadian And International Production Facilities | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Inventory write-downs | 25,985 | ||||||
Third Party | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Derecognized royalty obligations | $ 18,810 | ||||||
More Life | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Impairment of equity method investments | $ 10,300 | 10,300 | 14,900 | ||||
Derecognized royalty obligations | $ 33,681 | ||||||
Aldergrove and Delta | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Proceeds from sale of assets | 40,650 | ||||||
Property, Plant and Equipment | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and other charges | 224,726 | 426,748 | 334,964 | ||||
This Work | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Goodwill impairment loss | 18,393 | ||||||
KeyLeaf | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Goodwill impairment loss | $ 22,355 | ||||||
Asset Impairment and Restructuring Costs | Brand and License | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Brand and license impairment charges | 6,634 | 60,020 | |||||
Asset Impairment and Restructuring Costs | KeyLeaf | Brand and License | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Brand and license impairment charges | 26,065 | ||||||
Costs Recorded in Operating Expenses | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and other charges | 302,526 | 527,764 | 563,246 | ||||
Impairment losses | 266,130 | 481,259 | 527,951 | ||||
Share-based compensation | 3,615 | 32,694 | |||||
Costs Recorded in Operating Expenses | Property, Plant and Equipment | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and other charges | 224,726 | 426,748 | 334,964 | ||||
Impairment losses | 224,726 | 426,748 | 334,964 | ||||
Costs Recorded in Operating Expenses | Brand, Intellectual Property and License Intangible Assets | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Impairment losses | 41,404 | 54,511 | 192,987 | ||||
Costs Recorded in Operating Expenses | Contractual And Other Settlement Obligations | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and other charges | 6,610 | 22,352 | 18,712 | ||||
Costs Recorded in Operating Expenses | Employee-related and Other Restructuring Costs | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Restructuring and other charges | 29,786 | 24,153 | 16,583 | ||||
Other Income (Expense) | Other Financial Assets and Equity Method Investments | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Impairment of equity method investments | 40,326 | ||||||
Costs Recorded in Cost of Goods Sold | |||||||
Restructuring Cost And Reserve [Line Items] | |||||||
Inventory write-downs | $ 55,890 | 123,669 | 25,985 | 132,089 | |||
Restructuring and other charges | $ 123,669 | $ 25,985 | $ 132,089 |
Asset Impairment and Restruct_4
Asset Impairment and Restructuring Costs - Summary of Pre-tax Charges Recognized in Restructuring Actions and Other Impairments (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Restructuring Cost And Reserve [Line Items] | |||
Share-based compensation | $ 47,525 | $ 91,149 | $ 320,276 |
Restructuring and share-based compensation | 429,810 | 564,049 | 742,929 |
Asset impairment and restructuring costs | 332,949 | 519,209 | 571,719 |
Other impairments | 66,813 | 6,634 | 100,346 |
Total asset impairment and restructuring costs | 369,339 | 534,398 | 623,266 |
Total restructuring, asset impairment and related costs | 496,623 | 570,683 | 843,275 |
Property, Plant and Equipment | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 224,726 | 426,748 | 334,964 |
Intangible Assets | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 41,404 | 54,511 | 192,987 |
Asset impairment and restructuring costs | 26,065 | 6,634 | 54,020 |
Costs Recorded in Operating Expenses | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 302,526 | 527,764 | 563,246 |
Share-based compensation | 3,615 | 32,694 | |
Asset impairment and restructuring costs | 66,813 | 6,634 | 60,020 |
Total asset impairment and restructuring costs | 369,339 | 534,398 | 623,266 |
Costs Recorded in Operating Expenses | Spectrum Columbia and Canindica Acquisitions | |||
Restructuring Cost And Reserve [Line Items] | |||
Acceleration of share-based compensation expense related to acquisition milestones | 32,694 | ||
Costs Recorded in Operating Expenses | Property, Plant and Equipment | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 224,726 | 426,748 | 334,964 |
Total asset impairment and restructuring costs | 224,726 | 426,748 | 334,964 |
Costs Recorded in Operating Expenses | Intangible Assets | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 41,404 | 54,511 | 192,987 |
Asset impairment and restructuring costs | 26,065 | 6,634 | 54,020 |
Total asset impairment and restructuring costs | 67,469 | 61,145 | 247,007 |
Costs Recorded in Operating Expenses | Goodwill | |||
Restructuring Cost And Reserve [Line Items] | |||
Asset impairment and restructuring costs | 40,748 | ||
Total asset impairment and restructuring costs | 40,748 | ||
Costs Recorded in Operating Expenses | Contractual And Other Settlement Obligations | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 6,610 | 22,352 | 18,712 |
Asset impairment and restructuring costs | 6,000 | ||
Total asset impairment and restructuring costs | 6,610 | 22,352 | 24,712 |
Costs Recorded in Operating Expenses | Employee-related and Other Restructuring Costs | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 29,786 | 24,153 | 16,583 |
Total asset impairment and restructuring costs | 29,786 | 24,153 | 16,583 |
Costs Recorded in Operating Expenses | Spectrum Columbia and Canindica Acquisitions | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 3,615 | ||
Total asset impairment and restructuring costs | 3,615 | ||
Costs Recorded in Cost of Goods Sold | |||
Restructuring Cost And Reserve [Line Items] | |||
Restructuring and other charges | 123,669 | 25,985 | 132,089 |
Total asset impairment and restructuring costs | $ 123,669 | 25,985 | 132,089 |
Costs Recorded in Loss from Equity Method Investments | |||
Restructuring Cost And Reserve [Line Items] | |||
Impairment of equity method investments restructuring | 10,300 | 14,900 | |
Impairment of equity method investments | 40,326 | ||
Impairment of equity method investments cost | $ 10,300 | $ 55,226 |
Plan Of Arrangement With Riv _3
Plan Of Arrangement With Riv Capital - Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Thousands | Dec. 21, 2020$ / sharesshares | Mar. 31, 2022CAD ($)$ / sharesshares | Mar. 31, 2022USD ($)shares | Mar. 31, 2021CAD ($)shares |
Class Of Stock [Line Items] | ||||
Common stock, shares issued | 394,422,604 | 394,422,604 | 382,875,179 | |
Cash payment | $ | $ 470,682 | $ 436,588 | ||
Tweed N B | ||||
Class Of Stock [Line Items] | ||||
Ownership percentage | 15.00% | 15.00% | ||
Canopy Rivers | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares issued | 3,647,902 | 3,647,902 | ||
Cash payment | $ | $ 115,000 | |||
Canopy Rivers | Multiple Voting Shares | ||||
Class Of Stock [Line Items] | ||||
Exchangeable shares in the capital | 36,468,318 | 36,468,318 | ||
Canopy Rivers | Subordinated Voting Shares | ||||
Class Of Stock [Line Items] | ||||
Exchangeable shares in the capital | 15,223,938 | 15,223,938 | ||
RIV Arrangement | ||||
Class Of Stock [Line Items] | ||||
Exchangeable shares in the capital | 19,445,285 | 19,445,285 | ||
Common share purchase warrants in the capital | 333,723 | 2,225,714 | ||
Warrant price per share | $ / shares | $ 5.95 | $ 6.49 | ||
RIV Arrangement | Tweed N B | ||||
Class Of Stock [Line Items] | ||||
Exchangeable shares in the capital | 38,890,570 | 38,890,570 | ||
Common share purchase warrants in the capital | 22,474,130 | |||
Acquired shares of common stock | 1,072,450 | 1,072,450 | ||
Maximum | RIV Arrangement | ||||
Class Of Stock [Line Items] | ||||
Percentage of ownership increase in common shares outstanding | 55.00% |
Plan Of Arrangement With Riv _4
Plan Of Arrangement With Riv Capital - Schedule of Derecognized Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Jan. 31, 2022 | Mar. 31, 2021 | Feb. 23, 2021 | Mar. 31, 2020 | Mar. 31, 2019 |
Class Of Stock [Line Items] | ||||||
Warrant value | $ 2,581,788 | $ 2,568,438 | $ 2,638,951 | $ 1,589,925 | ||
Preferred shares in Vert Mirabel | $ 22,600 | |||||
Common shares in Vert Mirabel | 9,075 | |||||
Total acquired assets | 380,175 | |||||
Consideration paid in shares | 170,284 | |||||
Consideration paid in cash | 115,000 | |||||
Total Assets and Liabilities | 94,891 | |||||
Cash and cash equivalents | $ 19,338 | 37,801 | ||||
Amounts receivable, net | 4,327 | |||||
Prepaid expenses and other assets | 995 | |||||
Equity method investments | 5,114 | |||||
Other financial assets | 417,256 | |||||
Property, plant and equipment | 729 | |||||
Intangible assets | 86 | |||||
Accounts payable | (22,038) | |||||
Other accrued expenses and liabilities | (1,703) | |||||
Other current liabilities | (32,653) | |||||
Other long-term liabilities | (303) | |||||
Noncontrolling interests and other | (315,144) | |||||
Disposal Group, Including Discontinued Operation, Liabilities | 94,467 | |||||
Gain on completion of RIV Arrangement | 424 | |||||
TerrAscend | ||||||
Class Of Stock [Line Items] | ||||||
TerrAscend Exchangeable Shares | 291,500 | |||||
Warrant value | 32,000 | |||||
TerrAscend loan | 10,000 | |||||
Tweed N B | ||||||
Class Of Stock [Line Items] | ||||||
Settlement of Tweed NB obligations to RCC | $ 15,000 |
Cash and Cash Equivalents - Com
Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 470,682 | $ 436,588 |
Cash equivalents | 305,323 | 718,065 |
Cash and cash equivalents | $ 776,005 | $ 1,154,653 |
Short-term Investments - Compon
Short-term Investments - Components of Short-term Investments (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Marketable Securities [Line Items] | ||
Short-term investments | $ 595,651 | $ 1,144,563 |
Term Deposits | ||
Marketable Securities [Line Items] | ||
Short-term investments | 319,092 | 463,824 |
Government securities | ||
Marketable Securities [Line Items] | ||
Short-term investments | 22,253 | 136,620 |
Asset-backed securities | ||
Marketable Securities [Line Items] | ||
Short-term investments | 21,905 | 16,342 |
Commercial paper and other | ||
Marketable Securities [Line Items] | ||
Short-term investments | $ 232,401 | $ 527,777 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Short Term Investments [Abstract] | ||
Amortized cost of short-term investments | $ 599,862 | $ 1,145,364 |
Amounts Receivable, Net - Compo
Amounts Receivable, Net - Components of Amounts Receivable, Net (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Receivables [Abstract] | ||
Accounts receivable, net | $ 78,059 | $ 67,106 |
Indirect taxes receivable | 7,524 | 8,281 |
Interest receivable | 4,406 | 5,140 |
Other receivables | 6,454 | 11,908 |
Amounts receivable, net | $ 96,443 | $ 92,435 |
Amounts Receivable, Net - Addit
Amounts Receivable, Net - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 4,764 | $ 1,411 |
Inventory - Components of Inven
Inventory - Components of Inventory (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Inventory Disclosure [Abstract] | ||
Raw materials, packaging supplies and consumables | $ 26,821 | $ 55,554 |
Work in progress | 65,245 | 223,652 |
Finished goods | 112,321 | 88,773 |
Inventory | $ 204,387 | $ 367,979 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Inventory [Line Items] | ||
Inventory write-downs | $ 237,147 | $ 79,859 |
Inventory write-downs | ||
Inventory [Line Items] | ||
Charges associated with strategic review | $ 116,770 | $ 25,985 |
Prepaid Expenses and Other As_3
Prepaid Expenses and Other Assets - Components of Prepaid and Other Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 23,041 | $ 28,349 |
Deposits | 10,145 | 18,316 |
Prepaid inventory | 449 | 1,496 |
Other assets | 19,065 | 19,071 |
Prepaid and other assets | $ 52,700 | $ 67,232 |
Other Financial Assets - Summar
Other Financial Assets - Summary of Changes in Other Financial Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Schedule Of Investments [Line Items] | ||
Beginning balance | $ 708,167 | $ 249,253 |
Additions | 453,684 | 141,169 |
Fair value changes | (356,109) | 435,107 |
Foreign currency translation adjustments | 4,415 | (2,691) |
Interest income | (9,574) | |
Allowance for expected credit losses | (52,956) | |
Exercise of options / disposal of shares | (255) | (15,559) |
Derecognition of RIV Capital | (46,156) | |
Ending balance | 800,328 | 708,167 |
TerrAscend Exchangeable Shares | Exchangeable Shares | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 385,000 | 47,000 |
Fair value changes | (156,000) | 338,000 |
Ending balance | 229,000 | 385,000 |
TerrAscend Canada - October 2019 | Term loan / debenture | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 10,240 | 9,520 |
Additions | 8,579 | |
Fair value changes | 835 | (7,859) |
Interest income | (795) | |
Ending balance | 10,280 | 10,240 |
TerrAscend Canada March 2020 | Term loan / debenture | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 56,330 | 44,300 |
Fair value changes | (1,528) | 16,942 |
Interest income | (4,912) | |
Exercise of options / disposal of shares | (4,912) | |
Ending balance | 49,890 | 56,330 |
Arise Bioscience | Term loan / debenture | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 13,077 | |
Additions | 11,758 | |
Fair value changes | 308 | 1,489 |
Foreign currency translation adjustments | (42) | (170) |
Ending balance | 13,343 | 13,077 |
TerrAscend - October 2019 | Warrants | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 17,250 | 804 |
Additions | 4,315 | |
Fair value changes | (13,520) | 12,131 |
Ending balance | 3,730 | 17,250 |
TerrAscend - March 2020 | Warrants | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 152,910 | 24,200 |
Fair value changes | (92,170) | 128,710 |
Ending balance | 60,740 | 152,910 |
TerrAscend - December 2020 | Warrants | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 13,240 | |
Additions | 13,720 | |
Fair value changes | (9,780) | (480) |
Ending balance | 3,460 | 13,240 |
TerrAscend | Equity Option | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 10,600 | |
Additions | 13,445 | |
Fair value changes | (4,300) | (2,845) |
Ending balance | 6,300 | 10,600 |
Wana | Equity Option | ||
Schedule Of Investments [Line Items] | ||
Additions | 442,227 | |
Fair value changes | (74,639) | |
Foreign currency translation adjustments | 4,755 | |
Ending balance | 372,343 | |
Acreage Hempco2 | Debenture | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 27,448 | |
Additions | 66,995 | |
Fair value changes | 5,337 | (37,026) |
Foreign currency translation adjustments | (94) | (2,521) |
Interest income | (3,867) | |
Ending balance | 28,824 | 27,448 |
Other At Fair Value Through Net Income (Loss) | Various | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 14,887 | |
Additions | 6,457 | |
Fair value changes | (10,652) | |
Foreign currency translation adjustments | (204) | |
Exercise of options / disposal of shares | (92) | |
Ending balance | 10,396 | 14,887 |
Other - Classified as Held for Investment | Loan Receivable | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 7,185 | 14,148 |
Additions | 5,000 | 11,106 |
Allowance for expected credit losses | (12,956) | |
Exercise of options / disposal of shares | (163) | (5,113) |
Ending balance | 12,022 | 7,185 |
SLANG | Warrants | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 9,400 | 3,500 |
Fair value changes | 5,900 | |
Ending balance | 9,400 | |
Pharm House | Loan Receivable | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 40,000 | |
Allowance for expected credit losses | (40,000) | |
Zea Kal Inc | Shares | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 14,186 | |
Fair value changes | (1,486) | |
Derecognition of RIV Capital | (12,700) | |
Agripharm | Royalty Interest | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 12,600 | |
Fair value changes | (7,200) | |
Derecognition of RIV Capital | (5,400) | |
Greenhouse | Convertible Debenture | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | 10,517 | |
Fair value changes | (4,117) | |
Exercise of options / disposal of shares | (1,300) | |
Derecognition of RIV Capital | (5,100) | |
Other At Fair Value Through Net Income (Loss) | Various | ||
Schedule Of Investments [Line Items] | ||
Beginning balance | $ 5,487 | 28,478 |
Additions | 11,251 | |
Fair value changes | (7,052) | |
Exercise of options / disposal of shares | (4,234) | |
Derecognition of RIV Capital | (22,956) | |
Ending balance | $ 5,487 |
Other Financial Assets -Additio
Other Financial Assets -Additional Information (Details) $ / shares in Units, $ in Thousands, $ in Thousands | Oct. 14, 2021CAD ($)Number | Dec. 10, 2020CAD ($)$ / sharesshares | Mar. 11, 2020CAD ($)Tranche$ / sharesshares | Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($) | Oct. 14, 2021USD ($)Number | Jan. 13, 2021CAD ($)shares | Jan. 13, 2021USD ($)shares | Dec. 10, 2020USD ($) | Oct. 02, 2019CAD ($) | Oct. 02, 2019USD ($) |
Schedule Of Investments [Line Items] | |||||||||||
Investment in the exchangeable shares fair value | $ 229,000 | $ 385,000 | |||||||||
Deferred Payment1 | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Percentage of Fair Value at the time of Option Exercised | 25.00% | ||||||||||
Estimate Fair Value Anniversary Year | 2 years 6 months | ||||||||||
Deferred Payment2 | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Percentage of Fair Value at the time of Option Exercised | 25.00% | ||||||||||
Estimate Fair Value Anniversary Year | 5 years | ||||||||||
Wana | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Outstanding Membership Interests | 100.00% | 100.00% | |||||||||
Number of option agreements | Number | 3 | 3 | |||||||||
Ownership percentage | 100.00% | 100.00% | |||||||||
Proceeds from Warrant Exercises | $ 368,067 | ||||||||||
Percentage of Fair Value at the time of Option Exercised | 15.00% | ||||||||||
Debt Instrument, Fair Value Disclosure | $ 442,227 | $ 372,343 | |||||||||
Estimated Deferred Payments | $ 74,160 | ||||||||||
Percentage Of Outstanding Membership Interest Acquired | 100.00% | ||||||||||
Wana | Deferred Payment1 | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Upfront payment anniversary years | 2 years 6 months | ||||||||||
Wana | Deferred Payment2 | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Upfront payment anniversary years | 5 years | ||||||||||
Wana | U S D | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Proceeds from Warrant Exercises | $ 297,500 | ||||||||||
TerrAscend Canada | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 80,526 | ||||||||||
Number of tranches of warrants issued | Tranche | 2 | ||||||||||
Investment transaction costs | $ 100 | ||||||||||
TerrAscend Canada | First Tranche | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Warrants exercisable | shares | 15,656,242 | ||||||||||
Warrant exercisable price per share | $ / shares | $ 5.41 | ||||||||||
Warrants exercisable description | They are exercisable upon the occurrence or waiver of TerrAscend the Triggering Event until the earliest of (i) March 10, 2030 and (ii) the later of (A) March 10, 2025 and (B) the date that is 24 months following the occurrence of the TerrAscend Triggering Event. | ||||||||||
TerrAscend Canada | Second Tranche | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Warrants exercisable | shares | 2,152,733 | ||||||||||
Warrant exercisable price per share | $ / shares | $ 3.74 | ||||||||||
Warrants exercisable description | They are exercisable upon the occurrence or waiver of the TerrAscend Triggering Event until the earliest of (i) March 10, 2031 and (ii) the later of (A) March 10, 2026 and (B) the date that is 36 months following the occurrence of the TerrAscend Triggering Event. | ||||||||||
TerrAscend Canada | Warrants | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 25,626 | $ 60,740 | 152,910 | ||||||||
Number of additional shares invested | shares | 17,808,975 | ||||||||||
TerrAscend Canada | Term Loan | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 54,800 | $ 49,890 | 56,330 | ||||||||
TerrAscend Canada | Secured Debenture | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 80,526 | ||||||||||
Debt instrument, maturity date, description | matures the earliest of (i) March 10, 2030 and (ii) the later of March 10, 2025 and the date that is 24 months following the date that is the TerrAscend Triggering Event. | ||||||||||
Annual interest rate | 6.10% | ||||||||||
Debt instrument, frequency of periodic payment | annually | ||||||||||
TerrAscend Canada | RIV Capital | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 13,243 | $ 10,000 | |||||||||
TerrAscend Canada | RIV Capital | TerrAscend Warrants | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 3,730 | 17,250 | 2,390 | ||||||||
TerrAscend Canada | RIV Capital | Term Loan | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | 10,280 | 10,240 | $ 10,853 | ||||||||
Arise Bioscience | First Tranche | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Warrants exercisable | shares | 1,926,983 | ||||||||||
Warrant exercisable price per share | $ / shares | $ 15.28 | ||||||||||
Warrants exercisable expiration date | Dec. 10, 2030 | ||||||||||
Arise Bioscience | Second Tranche | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Warrants exercisable | shares | 178,735 | ||||||||||
Warrant exercisable price per share | $ / shares | $ 17.19 | ||||||||||
Warrants exercisable expiration date | Dec. 10, 2031 | ||||||||||
Arise Bioscience | TerrAscend Warrants | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 13,720 | 3,460 | 13,240 | ||||||||
Number of additional shares invested | shares | 2,105,718 | ||||||||||
Arise Bioscience | Secured Debenture | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 11,758 | 13,343 | 13,077 | ||||||||
Arise Bioscience | Secured Debenture | Loans | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 25,478 | $ 20,000 | |||||||||
Annual interest rate | 6.10% | 6.10% | |||||||||
Debenture maturity date | Dec. 10, 2030 | ||||||||||
TerrAscend Option | Equity Option | |||||||||||
Schedule Of Investments [Line Items] | |||||||||||
Loans, warrants and options | $ 13,445 | $ 10,529 | |||||||||
Business acquisition additional number of shares issuable | shares | 1,072,450 | 1,072,450 | |||||||||
Investment in subsidiary | $ 6,300 | $ 10,600 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Components of Property, Plant and Equipment (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,175,692 | $ 1,297,127 |
Less: Accumulated depreciation | (232,912) | (222,590) |
Property, plant and equipment, net | 942,780 | 1,074,537 |
Buildings and Greenhouses | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 766,931 | 651,166 |
Buildings and Greenhouses | Right-of-Use-Assets | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 89,228 | 100,517 |
Production and Warehouse Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 159,314 | 216,925 |
Production and Warehouse Equipment | Right-of-Use-Assets | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 55 | 530 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 69,304 | 106,837 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 18,917 | 34,747 |
Office and Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 29,879 | 30,546 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 22,293 | 26,431 |
Assets in Process | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 19,771 | $ 129,428 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Property Plant And Equipment [Line Items] | |||
Depreciation of property, plant and equipment | $ 76,247 | $ 70,914 | $ 73,716 |
Property, Plant and Equipment | |||
Property Plant And Equipment [Line Items] | |||
Charges associated with strategic review | 224,726 | 426,748 | 334,964 |
Costs Recorded in Cost of Goods Sold | |||
Property Plant And Equipment [Line Items] | |||
Depreciation of property, plant and equipment | 50,200 | 51,737 | 52,249 |
Charges associated with strategic review | 123,669 | 25,985 | 132,089 |
Selling, General and Administrative Expenses | |||
Property Plant And Equipment [Line Items] | |||
Depreciation of property, plant and equipment | $ 26,047 | $ 19,177 | $ 21,467 |
Intangible Assets - Summary of
Intangible Assets - Summary of Components of Intangible Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | $ 276,057 | $ 337,456 |
Net Carrying Amount | 167,886 | 232,826 |
Total intangible assets | 252,695 | 308,167 |
Intellectual Property | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 138,170 | 212,100 |
Net Carrying Amount | 97,638 | 168,655 |
Distribution Channel | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 72,642 | 73,756 |
Net Carrying Amount | 24,834 | 35,176 |
Software and Domain Names | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 29,822 | 27,836 |
Net Carrying Amount | 14,206 | 18,149 |
Operating Licenses | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 24,400 | 0 |
Net Carrying Amount | 22,052 | 0 |
Indefinite lived intangible assets | 10,000 | 8,000 |
Brands | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 5,547 | 21,812 |
Net Carrying Amount | 3,680 | 8,894 |
Amortizable Intangibles in Process | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 5,476 | 1,952 |
Net Carrying Amount | 5,476 | 1,952 |
Acquired Brands | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Indefinite lived intangible assets | $ 74,809 | $ 67,341 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 38,171 | $ 56,204 | $ 51,297 |
Asset impairment and restructuring costs | 332,949 | 519,209 | 571,719 |
Intangible Assets | |||
Finite Lived Intangible Assets [Line Items] | |||
Restructuring and other charges | 41,404 | 54,511 | 192,987 |
Asset impairment and restructuring costs | 26,065 | 6,634 | 54,020 |
Costs Recorded in Cost of Goods Sold | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | 81 | 80 | 1,030 |
Restructuring and other charges | 123,669 | 25,985 | 132,089 |
Selling, General and Administrative Expenses | |||
Finite Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 38,090 | $ 56,124 | $ 50,267 |
Intangible Assets - Summary o_2
Intangible Assets - Summary of Estimated Amortization Expense (Details) $ in Thousands | Mar. 31, 2022CAD ($) |
Finite Lived Intangible Assets Future Amortization Expense Current And Five Succeeding Fiscal Years [Abstract] | |
2023 | $ 25,318 |
2024 | 24,660 |
2025 | 21,040 |
2026 | 18,472 |
2027 | 17,727 |
Thereafter | $ 60,669 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | |
Goodwill [Line Items] | |||
Beginning Balance | $ 1,889,354 | $ 1,954,471 | |
Purchase accounting allocations | 105,323 | ||
Impairment losses | $ (40,748) | (40,748) | |
Foreign currency translation adjustments | (28,640) | (65,117) | |
Ending Balance | 1,866,503 | 1,866,503 | $ 1,889,354 |
Consolidated Entities | |||
Goodwill [Line Items] | |||
Disposal of consolidated entities | $ (58,786) | $ (58,786) |
Goodwill - Additional Informati
Goodwill - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Goodwill [Line Items] | ||||
Goodwill impairment loss | $ 40,748 | $ 40,748 | ||
Goodwill | 1,866,503 | 1,866,503 | $ 1,889,354 | $ 1,954,471 |
Key Leaf Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 22,355 | |||
This Works Reporting Unit | ||||
Goodwill [Line Items] | ||||
Goodwill impairment loss | 18,393 | |||
Goodwill | $ 2,289 | $ 2,289 | ||
Cannabis Operations Reporting Unit | ||||
Goodwill [Line Items] | ||||
Estimated fair value decrease percentage | 15.00% | |||
Share price decrease percentage | 10.00% | |||
Cannabis Operations Reporting Unit | Minimum | ||||
Goodwill [Line Items] | ||||
Goodwill percentage of fair value in excess of carrying value | 5.00% | 5.00% | ||
Cannabis Operations Reporting Unit | Maximum | ||||
Goodwill [Line Items] | ||||
Goodwill percentage of fair value in excess of carrying value | 10.00% | 10.00% | ||
Cannabis Operations Reporting Unit | Estimated Control Premium Decreased by 100 Basis Points | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 1,727,848 | $ 1,727,848 | ||
Decrease in estimated control premium | 5.00% | |||
Estimated fair value decrease percentage | 7.00% | |||
BioSteel Reporting Unit | Discount Rate Increased by 50 Basis Points | ||||
Goodwill [Line Items] | ||||
Goodwill | 57,339 | $ 57,339 | ||
Estimated fair value decrease percentage | 8.00% | |||
Increase in discount rate | 0.50% | |||
BioSteel Reporting Unit | Annual Cash Flow Projections Decreased By 250 Basis Points | ||||
Goodwill [Line Items] | ||||
Estimated fair value decrease percentage | 5.00% | |||
Decrease in annual cash flow projections | 2.50% | |||
BioSteel Reporting Unit | Long Term Growth Rate Decreased By50 Basis Points | ||||
Goodwill [Line Items] | ||||
Estimated fair value decrease percentage | 3.00% | |||
Decrease in long-term growth rate | 0.50% | |||
Storz & Bickel Reporting Unit | Discount Rate Increased by 50 Basis Points | ||||
Goodwill [Line Items] | ||||
Goodwill | $ 79,027 | $ 79,027 | ||
Estimated fair value decrease percentage | 6.00% | |||
Increase in discount rate | 0.50% | |||
Storz & Bickel Reporting Unit | Annual Cash Flow Projections Decreased By 250 Basis Points | ||||
Goodwill [Line Items] | ||||
Estimated fair value decrease percentage | 3.00% | |||
Decrease in annual cash flow projections | 2.50% | |||
Storz & Bickel Reporting Unit | Long Term Growth Rate Decreased By50 Basis Points | ||||
Goodwill [Line Items] | ||||
Estimated fair value decrease percentage | 4.00% | |||
Decrease in long-term growth rate | 0.50% |
Other Accrued Expenses and Li_3
Other Accrued Expenses and Liabilities - Components of Other Accrued Expenses and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Employee compensation | $ 24,873 | $ 47,237 |
Inventory | 10,096 | 5,426 |
Professional fees | 7,640 | 11,544 |
Taxes and government fees | 7,144 | 13,550 |
Other | 25,525 | 23,056 |
Other accrued expenses and liabilities | $ 75,278 | $ 100,813 |
Debt - Summary of Components of
Debt - Summary of Components of Debt (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Debt Instrument [Line Items] | ||
Other revolving debt facility, loan, and financings | $ 2,808 | $ 3,872 |
Long Term Debt | 1,500,991 | 1,582,963 |
Current portion of long-term debt | 9,296 | 9,827 |
Long-term debt | 1,491,695 | 1,573,136 |
Debt | 1,500,991 | 1,582,963 |
Less: current portion | (9,296) | (9,827) |
Long-term portion | $ 1,491,695 | 1,573,136 |
4.25% Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Debenture maturity date | Jul. 15, 2023 | |
Principal amount | $ 600,000 | 600,000 |
Accrued interest | 5,958 | 5,664 |
Non-credit risk fair value adjustment | 7,140 | 109,710 |
Credit risk fair value adjustment | (49,140) | (27,960) |
Senior Notes | $ 563,958 | 687,414 |
Convertible Debentures | ||
Debt Instrument [Line Items] | ||
Convertible debentures | Sep. 10, 2025 | |
Convertible debentures | $ 32,858 | 0 |
Accretion debentures | ||
Debt Instrument [Line Items] | ||
Convertible debentures | Sep. 10, 2025 | |
Accretion debentures | $ 7,720 | 0 |
Revolving Credit Facility | ||
Debt Instrument [Line Items] | ||
Convertible debentures | Mar. 18, 2026 | |
Credit facility | $ 893,647 | $ 891,677 |
Debt - Summary of Components _2
Debt - Summary of Components of Debt (Parenthetical) (Details) | Mar. 31, 2022 |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Annual interest rate | 4.25% |
Debt - Additional Information (
Debt - Additional Information (Details) | Mar. 18, 2021CAD ($) | Mar. 18, 2021USD ($) | Sep. 09, 2020CAD ($) | Aug. 13, 2019CAD ($) | Jun. 20, 2018CAD ($)Trading_Day$ / shares | Sep. 09, 2020CAD ($) | Oct. 19, 2018CAD ($)$ / shares | Mar. 31, 2022CAD ($) | Mar. 31, 2021CAD ($) | Mar. 31, 2020CAD ($) |
Debt Instrument [Line Items] | ||||||||||
Issuance of long-term debt | $ 893,160,000 | $ 0 | $ 893,160,000 | $ 14,761,000 | ||||||
Accretion Rate | 11.06% | |||||||||
Conversion Of Outstanding Debentures Description | In addition, the Company may force conversion of the Supreme Debentures outstanding with 30 days’ notice if the daily volume weighted average trading price of the Company’s common shares is greater than $38.59 for any 10 consecutive trading days. The Company, Supreme Cannabis and the Trustee entered into a further supplemental indenture whereby the Company agreed to guarantee the obligations of Supreme Cannabis pursuant to the Supreme Debentures and the Accretion Debentures | |||||||||
Supreme Cannabis | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate | 6.00% | |||||||||
Interest at a rate | 6.00% | |||||||||
Maturity date | Sep. 10, 2025 | |||||||||
Conversion price | $ / shares | $ 0.285 | |||||||||
Proceeds from the Credit Facility | $ 100,000,000 | |||||||||
Cancellation of Debt | $ 63,500,000 | |||||||||
Debenture maturity date | Sep. 10, 2025 | |||||||||
Monthly Interest Rate | 1.00% | 1.00% | ||||||||
Farm Credit Canada | Tweed Farms Inc | Revolving Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate | 3.70% | |||||||||
Interest at a rate | 3.70% | |||||||||
Maturity date | Sep. 3, 2024 | |||||||||
Debenture maturity date | Sep. 3, 2024 | |||||||||
Line of credit facility, maximum borrowing capacity | $ 40,000,000 | |||||||||
Extinguishment of debt, amount | $ 4,912,000 | |||||||||
Debt Instrument, Description of Variable Rate Basis | prime rate plus 1.0% | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||||||||
Minimum | Supreme Cannabis | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Proceeds from the Credit Facility | $ 13,500,000 | |||||||||
Maximum | Supreme Cannabis | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate | 8.00% | |||||||||
Interest at a rate | 8.00% | |||||||||
Proceeds from the Credit Facility | $ 36,500,000 | |||||||||
Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Minimum liquidity, each fiscal quarter | $ 200,000,000 | |||||||||
Credit Facility | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Senior secured debt, Term | 5 years | |||||||||
Principal amount | $ 750,000 | |||||||||
Senior credit facility | $ 500,000 | |||||||||
Loan amortization payment | $ 0 | |||||||||
Convertible debentures | Mar. 18, 2026 | |||||||||
Principal amount | $ 750,000 | |||||||||
L I B O R Plus | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate | 8.50% | |||||||||
Interest at a rate | 8.50% | |||||||||
L I B O R Floor | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Annual interest rate | 1.00% | |||||||||
Interest at a rate | 1.00% | |||||||||
4.25% Convertible Senior Notes [Member] | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Principal amount | $ 600,000,000 | |||||||||
Annual interest rate | 4.25% | |||||||||
Principal amount | $ 600,000,000 | |||||||||
Interest at a rate | 4.25% | |||||||||
Frequency of periodic payment team | semi-annually on January 15th and July 15th of each year commencing from January 15, 2019 | |||||||||
Maturity date | Jul. 15, 2023 | |||||||||
Convertible senior notes conversion time start from | Jan. 15, 2023 | |||||||||
Conversion rate for every dollar one of principal amount of notes | $ / shares | $ 20.7577 | |||||||||
Convertible, If-converted value in excess of principal | $ 1,000 | |||||||||
Conversion price | $ / shares | $ 48.18 | |||||||||
Debt Conversion, Description | (i) the market price of the Company common shares for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the 5 business day period after any consecutive 5 trading day period (the “Measurement Period”) in which the trading price per $1 principal amount of the Notes for each trading day in the Measurement Period was less than 98% of the product of the last reported sales price of the Company’s common shares and the conversion rate on each such trading day, (iii) the Notes are called for redemption or (iv) upon occurrence of certain corporate events (a “Fundamental Change”). A Fundamental Change occurred upon completion of the investment by Constellation Brands, Inc. (“CBI”) in the Company in November 2018, and no holders of Notes surrendered any portion of their Notes in connection therewith. | |||||||||
Conversion price percentage | 130.00% | 130.00% | ||||||||
Convertible measurement period threshold trading days | 5 days | |||||||||
Convertible measurement period threshold consecutive trading days | 5 days | |||||||||
Convertible conversion price | $ / shares | $ 1 | |||||||||
Maximum discount to last reported sales price | 98.00% | |||||||||
Debt instrument, redemption, description | Prior to July 20, 2021, the Company could not redeem the Notes except in the event of certain changes in Canadian tax law. | |||||||||
Debt instrument, redemption period, start date | Jul. 20, 2021 | |||||||||
Debt instrument, redemption threshold trading days | 20 days | |||||||||
Debt instrument, redemption threshold consecutive trading days | 30 days | |||||||||
Number of trading days to provide notice of redemption | 5 days | |||||||||
Debt instrument, redemption price, percentage | 100.00% | |||||||||
Debt instrument, change in fair value of notes | $ (123,456,000) | 237,210,000 | ||||||||
Debt instrument, change in fair value of notes from contractual interest | $ 25,794,000 | $ 25,710,000 | ||||||||
Debenture maturity date | Jul. 15, 2023 | |||||||||
4.25% Convertible Senior Notes [Member] | Minimum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Threshold consecutive trading days | Trading_Day | 20 | |||||||||
4.25% Convertible Senior Notes [Member] | Maximum | ||||||||||
Debt Instrument [Line Items] | ||||||||||
Threshold consecutive trading days | Trading_Day | 30 |
Debt - Summary of Required Prin
Debt - Summary of Required Principal Repayments Under Long-term Debt Obligations (Details) $ in Thousands | Mar. 31, 2022CAD ($) |
Long Term Debt By Maturity [Abstract] | |
2023 | $ 865 |
2024 | 603,865 |
2025 | 6,865 |
2026 | 966,470 |
Long-term debt obligations | $ 1,578,065 |
Other Liabilities - Components
Other Liabilities - Components of Other Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Oct. 14, 2021 | Mar. 31, 2021 |
Current | |||
Lease liabilities | $ 38,035 | $ 42,061 | |
Acquisition consideration and other investment related liabilities | 4,020 | 16,577 | |
Refund liability | 3,437 | 6,441 | |
Settlement liabilities and other | 18,562 | 41,349 | |
Other Liabilities Current | 64,054 | 106,428 | |
Long-term | |||
Lease liabilities, long-term | 101,125 | 94,164 | |
Acquisition consideration and other investment related liabilities | 77,834 | 7,808 | |
Settlement liabilities and other | 11,090 | 5,268 | |
Other liabilities, long-term | 190,049 | 107,240 | |
Total | |||
Lease liabilities | 139,160 | 136,225 | |
Acquisition consideration and other investment related liabilities | 81,854 | $ 74,160 | 24,385 |
Refund liability | 3,437 | 6,441 | |
Settlement liabilities and other | 29,652 | 46,617 | |
Other liabilities | $ 254,103 | $ 213,668 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Oct. 14, 2021 | Mar. 31, 2021 |
Other Liabilities Disclosure [Abstract] | |||
Acquisition consideration and other investment related liabilities | $ 81,854 | $ 74,160 | $ 24,385 |
Estimated fair value of deferred payments | $ 70,066 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Summary of Net Change in Redeemable Noncontrolling Interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Redeemable Noncontrolling Interest [Line Items] | |||
Beginning balance | $ 135,300 | $ 69,750 | $ 6,400 |
Initial recognition of noncontrolling interest | 18,733 | ||
Income (loss) attributable to noncontrolling interest | (17,097) | (18,077) | 6,489 |
Adjustments to redemption amount | (76,894) | 83,627 | 38,128 |
Ending balance | 36,200 | 135,300 | 69,750 |
Redeemable Noncontrolling Interest [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redemption of redeemable noncontrolling interest | (5,109) | ||
Vert Mirabel | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Beginning balance | 11,500 | 20,250 | 6,400 |
Income (loss) attributable to noncontrolling interest | (3,165) | (11,906) | 8,220 |
Adjustments to redemption amount | (7,335) | 3,156 | 5,630 |
Ending balance | 1,000 | 11,500 | 20,250 |
BioSteel | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Beginning balance | 123,800 | 49,500 | |
Initial recognition of noncontrolling interest | 18,733 | ||
Income (loss) attributable to noncontrolling interest | (13,932) | (6,171) | (1,731) |
Adjustments to redemption amount | (69,559) | 80,471 | 32,498 |
Ending balance | 35,200 | $ 123,800 | $ 49,500 |
BioSteel | Redeemable Noncontrolling Interest [Member] | |||
Redeemable Noncontrolling Interest [Line Items] | |||
Redemption of redeemable noncontrolling interest | $ (5,109) |
Share Capital - Additional Info
Share Capital - Additional Information (Details) $ / shares in Units, $ in Thousands | Apr. 02, 2020shares | Feb. 23, 2021CAD ($)$ / sharesshares | Mar. 31, 2020CAD ($)shares | Mar. 31, 2022shares | Mar. 31, 2021 |
Class Of Stock [Line Items] | |||||
Number of equity financing | 0 | 0 | 0 | ||
Financings | $ | $ 0 | $ 0 | |||
Subordinated Voting Shares | |||||
Class Of Stock [Line Items] | |||||
Daily purchases of common shares, limit | 70,653 | ||||
Average daily trading volume | 25.00% | ||||
RIV Capital [Member] | |||||
Class Of Stock [Line Items] | |||||
Ownership percentage | 27.30% | ||||
Voting rights percentage | 84.40% | ||||
RIV Capital [Member] | Subordinated Voting Shares | |||||
Class Of Stock [Line Items] | |||||
Treasury shares | 15,223,938 | 15,223,938 | 0 | ||
Maximum number of shares authorized to be repurchased | 10,409,961 | ||||
Percentage of subordinated voting shares issuable from treasury | 10.00% | ||||
NCIB expiration date | Apr. 1, 2021 | ||||
Stock repurchased and cancelled, shares | 273,300 | ||||
Stock repurchased and cancelled, value | $ | $ 307 | ||||
Weighted Average price, per share | $ / shares | $ 1.11 | ||||
RIV Capital [Member] | Multiple Voting Shares | |||||
Class Of Stock [Line Items] | |||||
Treasury shares | 36,468,318 | 36,468,318 | 0 |
Share Capital - Summary of Issu
Share Capital - Summary of Issuances of Stock Other (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Equity Class Of Treasury Stock [Line Items] | |||
Completion of acquisition milestones, Number of shares | 1,295,285 | 2,598,978 | 1,121,605 |
Completion of acquisition milestones, Number of shares | 1,295,285 | 2,598,978 | 1,121,605 |
Share Capital | |||
Equity Class Of Treasury Stock [Line Items] | |||
Completion of acquisition milestones | $ 29,276 | $ 46,903 | $ 29,561 |
Share-based Reserve | |||
Equity Class Of Treasury Stock [Line Items] | |||
Completion of acquisition milestones | $ (29,721) | $ (19,059) | $ (29,687) |
Acquisition Of Supreme Cannabis [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Number of common shares | 9,013,400 | ||
Share capital | $ 260,668 | ||
Number of common shares | 9,013,400 | ||
Other Issuances [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Number of common shares | 492,741 | 449,729 | 597,936 |
Share capital | $ 8,201 | $ 14,906 | $ 19,369 |
Share based reserve | $ (736) | $ (14,894) | $ (19,511) |
Number of common shares | 492,741 | 449,729 | 597,936 |
Total [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Number of common shares | 10,801,426 | 3,048,707 | 8,660,072 |
Share capital | $ 298,145 | $ 61,809 | $ 271,966 |
Share based reserve | $ (30,457) | $ (33,953) | $ (272,234) |
Number of common shares | 10,801,426 | 3,048,707 | 8,660,072 |
BC Tweed NCI [Member] | |||
Equity Class Of Treasury Stock [Line Items] | |||
Number of common shares | 6,940,531 | ||
Share capital | $ 223,036 | ||
Share based reserve | $ (223,036) | ||
Number of common shares | 6,940,531 |
Share Capital - Summary of Warr
Share Capital - Summary of Warrants (Details) - CAD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Class Of Warrant Or Right [Line Items] | |||
Number of whole warrants, Beginning balance | 127,073,136 | 146,299,443 | 107,848,322 |
Number of whole warrants, Other issuance of warrants | 9,200 | ||
Number of whole warrants, Exercise of warrants | (18,882,927) | (12,523) | |
Number of whole warrants,Supreme Cannabis Warrants | 1,265,742 | ||
Number of whole warrants, Expiry of warrants | (145,831) | (343,380) | |
Number of whole warrants, Ending balance | 128,193,047 | 127,073,136 | 146,299,443 |
Average exercise price, Beginning balance | $ 58.33 | $ 52.44 | $ 43.80 |
Average exercise price, Other issuance of warrants | 32.83 | ||
Average exercise price, Exercise of warrants | 12.98 | 35.55 | |
Average exercise price,Supreme Cannabis warrants | 25.61 | ||
Average exercise price, Expiry of warrants | $ 32.61 | 41.49 | |
Average exercise price, Ending balance | $ 58.04 | $ 58.33 | $ 52.44 |
Warrant value, Beginning balance | $ 2,568,438 | $ 2,638,951 | $ 1,589,925 |
Warrant value, Other issuance of warrants | 359 | ||
Warrant value, Exercise of warrants | (70,513) | (486) | |
Warrant Value, Supreme Cannabis warrants | 13,350 | ||
Warrant value, Ending balance | $ 2,581,788 | $ 2,568,438 | 2,638,951 |
Tranche A | |||
Class Of Warrant Or Right [Line Items] | |||
Warrant value, Warrant modification | $ 1,049,153 | ||
Tranche B | |||
Class Of Warrant Or Right [Line Items] | |||
Number of whole warrants, Issuance of warrants | 38,454,444 | ||
Average exercise price, Issuance of warrants | $ 76.68 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Thousands | May 27, 2021 | Sep. 21, 2020 | Feb. 23, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Jun. 22, 2021 | Oct. 01, 2019 | Mar. 31, 2019 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Options extended period | 10 years | ||||||||
Options maximum period | 6 years | ||||||||
Weighted average exercise price of options outstanding | $ 33.89 | $ 36.79 | |||||||
Weighted average exercise price of options exercisable | $ 38.33 | $ 36.97 | |||||||
Stock options outstanding | 16,782,962 | ||||||||
Proceeds from exercise of stock options | $ 5,567 | $ 156,897 | $ 41,413 | ||||||
Share-based compensation | $ 47,525 | $ 91,149 | $ 320,276 | ||||||
Number of shares released on completion of acquisition milestones | 1,295,285 | 2,598,978 | 1,121,605 | ||||||
Number of shares to be issued on completion of acquisition and asset purchase milestones | 275,468 | ||||||||
RIV Capital [Member] | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ 2,659 | $ 6,857 | |||||||
Acquisition Milestones | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation | $ 7,991 | $ 8,136 | 62,172 | ||||||
Costs Recorded in Operating Expenses | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation | 3,615 | $ 32,694 | |||||||
Supreme Cannabis | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ 823 | ||||||||
Percentage of outstanding shares purchased | 100.00% | ||||||||
Bio Steel Sports Nutrition Inc | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options outstanding | 1,565,300 | 1,581,000 | 1,008,000 | ||||||
Share-based compensation | $ 839 | $ 1,169 | $ 489 | ||||||
Percentage of outstanding shares purchased | 72.00% | ||||||||
Vesting period | 5 years | ||||||||
Employee Stock Option | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ 27,163 | $ 67,737 | $ 248,450 | ||||||
Stock Option Subject To Performance Conditions | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expense, options subject to performance conditions | 1,336,249 | 2,152,938 | 2,160,068 | ||||||
Options with Market Based Performance Conditions and Valued Using Monte Carlo Simulation Model | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Stock options outstanding | 0 | 17,559 | 571,689 | ||||||
Restricted Stock Units (RSUs) | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Share-based compensation expense | $ 10,709 | $ 11,448 | $ 2,308 | ||||||
Omnibus Incentive Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Number of common shares reserved for Awards | 39,442,260 | 57,431,277 | |||||||
Options expiration period | 10 years | ||||||||
Weighted average exercise price of options outstanding | $ 33.89 | $ 36.79 | $ 34.89 | $ 34.10 | |||||
Stock options outstanding | 16,782,962 | 17,704,311 | 32,508,395 | 32,831,895 | |||||
Options exercised | 445,680 | 7,062,317 | 3,900,032 | ||||||
Exercise price | $ 12.27 | $ 22.22 | $ 10.63 | ||||||
Proceeds from exercise of stock options | $ 5,567 | $ 156,897 | $ 41,413 | ||||||
Omnibus Incentive Plan | Share-based Payment Arrangement, Tranche One | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of awards vesting on each anniversaries from date of grant | 33.33% | ||||||||
Omnibus Incentive Plan | Share-based Payment Arrangement, Tranche Two | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of awards vesting on each anniversaries from date of grant | 33.33% | ||||||||
Omnibus Incentive Plan | Share-based Payment Arrangement, Tranche Three | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of awards vesting on each anniversaries from date of grant | 33.33% | ||||||||
Employee Stock Purchase Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Aggregate number of common shares authorized | 600,000 | ||||||||
Equity shares issued to shareholders | 198,501 | 37,312 | |||||||
Maximum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of number of shares issuable from treasury pursuant to awards | 15.00% | ||||||||
Maximum | Omnibus Incentive Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Exercise price | $ 36.34 | $ 67.64 | $ 40.68 | ||||||
Maximum | Employee Stock Purchase Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Equity shares issued to shareholders | 300,000 | 235,813 | 37,312 | ||||||
Minimum | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Percentage of number of shares issuable from treasury pursuant to awards | 10.00% | ||||||||
Minimum | Omnibus Incentive Plan | |||||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||||||||
Exercise price | $ 0.06 | $ 0.06 | $ 0.06 |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of the Changes in Omnibus Plan Employee Options (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding, ending balance | 16,782,962 | ||
Weighted average exercise price outstanding, beginning balance | $ 36.79 | ||
Weighted average exercise price outstanding, ending balance | $ 33.89 | $ 36.79 | |
Omnibus Incentive Plan | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Options outstanding, beginning balance | 17,704,311 | 32,508,395 | 32,831,895 |
Options granted | 2,537,290 | 478,215 | 9,454,714 |
Replacement options issued as a result of the acquisition of Supreme Cannabis | 140,159 | ||
Options exercised | (445,680) | (7,062,317) | (3,900,032) |
Options forfeited/cancelled | (3,153,118) | (8,219,982) | (5,878,182) |
Options outstanding, ending balance | 16,782,962 | 17,704,311 | 32,508,395 |
Weighted average exercise price outstanding, beginning balance | $ 36.79 | $ 34.89 | $ 34.10 |
Weighted average exercise price, Options granted | 17.40 | 28.15 | 33.87 |
Weighted average exercise price, Replacement options issued as a result of the acquisition of Supreme Cannabis | 80.53 | ||
Weighted average exercise price, Options exercised | 12.27 | 22.22 | 10.63 |
Weighted average exercise price, Options forfeited/cancelled | 42.03 | 41.27 | 44.95 |
Weighted average exercise price outstanding, ending balance | $ 33.89 | $ 36.79 | $ 34.89 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of Outstanding Stock Options (Details) | 12 Months Ended |
Mar. 31, 2022$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding | 16,782,962 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 1 month 9 days |
Options Exercisable | 12,076,748 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 6 months 14 days |
Range One | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 0.06 |
Range of Exercise Prices, Upper Range | $ / shares | $ 24.62 |
Options Outstanding | 3,705,144 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 18 days |
Options Exercisable | 1,312,215 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 1 month 13 days |
Range Two | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 24.63 |
Range of Exercise Prices, Upper Range | $ / shares | $ 33.53 |
Options Outstanding | 4,036,819 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 3 months |
Options Exercisable | 2,285,789 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 8 months 4 days |
Range Three | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 33.54 |
Range of Exercise Prices, Upper Range | $ / shares | $ 36.80 |
Options Outstanding | 2,984,264 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 2 months 26 days |
Options Exercisable | 2,984,264 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 2 months 26 days |
Range Four | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 36.81 |
Range of Exercise Prices, Upper Range | $ / shares | $ 42.84 |
Options Outstanding | 2,641,567 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 10 months 6 days |
Options Exercisable | 2,488,993 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 7 months 24 days |
Range Five | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 42.85 |
Range of Exercise Prices, Upper Range | $ / shares | $ 67.64 |
Options Outstanding | 3,415,168 |
Options Outstanding, Weighted Average Remaining Contractual Life | 2 years 10 months 17 days |
Options Exercisable | 3,005,487 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 9 months 29 days |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model (Details) - $ / shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Risk-free interest rate | 1.09% | 0.36% | 1.38% |
Expected volatility | 75.00% | 76.00% | 73.00% |
Expected forfeiture rate | 18.00% | 17.00% | 12.00% |
Black-Scholes value of each option | $ 9.69 | $ 15.24 | $ 19.83 |
Minimum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life of options (years) | 3 years | 1 year | 3 years |
Maximum | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected life of options (years) | 5 years | 7 years | 5 years |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Changes in RSUs (Details) - Restricted Stock Units (RSUs) - shares | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Beginning balance | 753,310 | 883,009 | 137,228 |
RSUs and PSUs granted | 3,253,671 | 142,826 | 875,673 |
RSUs and PSUs released | (300,319) | (120,399) | (29,892) |
RSUs and PSUs cancelled and forfeited | (229,370) | (152,126) | (100,000) |
Ending balance | 3,477,292 | 753,310 | 883,009 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 3,486,520 | $ 5,108,120 | $ 7,065,708 |
Disposal of consolidated entities | 16,130 | ||
Other comprehensive income (loss) | (24,172) | (255,139) | 260,758 |
Income tax expense | (33,954) | ||
Ending balance | 3,594,297 | 3,486,520 | 5,108,120 |
Foreign Currency Translation Adjustments | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (28,246) | 126,723 | 41,225 |
Other comprehensive income (loss) | (45,352) | (154,969) | 85,498 |
Ending balance | (57,468) | (28,246) | 126,723 |
Changes of Own Credit Risk of Financial Liabilities | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (5,994) | 94,176 | (47,130) |
Other comprehensive income (loss) | 21,180 | (100,170) | 175,260 |
Income tax expense | (33,954) | ||
Ending balance | 15,186 | (5,994) | 94,176 |
Accumulated Other Comprehensive Income (Loss) | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | (34,240) | 220,899 | (5,905) |
Ending balance | $ (42,282) | $ (34,240) | $ 220,899 |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary of Net Change in Noncontrolling Interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Minority Interest [Line Items] | |||
Beginning balance | $ 3,486,520 | $ 5,108,120 | $ 7,065,708 |
Comprehensive (loss) income | (18,304) | 74,100 | (66,114) |
Net (loss) income loss attributable to redeemable noncontrolling interest | 17,097 | 18,077 | (6,489) |
Share-based compensation | 47,525 | 91,149 | 320,276 |
Ending balance | 3,594,297 | 3,486,520 | 5,108,120 |
Noncontrolling Interests | |||
Minority Interest [Line Items] | |||
Beginning balance | 4,709 | 221,758 | 285,485 |
Comprehensive (loss) income | (18,304) | 74,100 | (66,114) |
Net (loss) income loss attributable to redeemable noncontrolling interest | 17,097 | 18,077 | (6,489) |
Share-based compensation | 839 | 3,828 | 7,346 |
Ownership changes | (313,304) | 1,530 | |
Warrants | 250 | ||
Ending balance | 4,341 | 4,709 | 221,758 |
RIV Capital | |||
Minority Interest [Line Items] | |||
Beginning balance | 211,086 | 280,012 | |
Comprehensive (loss) income | 94,532 | (77,313) | |
Share-based compensation | 2,659 | 6,857 | |
Ownership changes | (308,527) | 1,530 | |
Warrants | 250 | ||
Ending balance | 211,086 | ||
Vert Mirabel | |||
Minority Interest [Line Items] | |||
Beginning balance | 7,132 | 2,422 | |
Comprehensive (loss) income | (3,165) | (14,261) | 12,930 |
Net (loss) income loss attributable to redeemable noncontrolling interest | 3,165 | 11,906 | (8,220) |
Ownership changes | (4,777) | ||
Ending balance | 7,132 | ||
BioSteel | |||
Minority Interest [Line Items] | |||
Beginning balance | 1,658 | 489 | |
Comprehensive (loss) income | (13,932) | (6,171) | (1,731) |
Net (loss) income loss attributable to redeemable noncontrolling interest | 13,932 | 6,171 | 1,731 |
Share-based compensation | 839 | 1,169 | 489 |
Ending balance | 2,497 | 1,658 | 489 |
Other | |||
Minority Interest [Line Items] | |||
Beginning balance | 3,051 | 3,051 | 3,051 |
Comprehensive (loss) income | (1,207) | ||
Ending balance | $ 1,844 | $ 3,051 | $ 3,051 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis (Details) - Fair Value Measurements Recurring - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Assets: | ||
Short-term investments | $ 595,651 | $ 1,144,563 |
Restricted short-term investments | 12,216 | 11,332 |
Other financial assets | 788,306 | 700,982 |
Liabilities: | ||
Convertible senior notes | 563,958 | 687,414 |
Other liabilities | 70,066 | |
Acreage | ||
Liabilities: | ||
Derivative liability | 47,000 | 600,000 |
Warrant | ||
Liabilities: | ||
Derivative liability | 26,920 | 615,575 |
Level 1 | ||
Assets: | ||
Short-term investments | 595,651 | 1,144,563 |
Restricted short-term investments | 12,216 | 11,332 |
Other financial assets | 490 | 254 |
Level 2 | ||
Liabilities: | ||
Convertible senior notes | 563,958 | 687,414 |
Level 3 | ||
Assets: | ||
Other financial assets | 787,816 | 700,728 |
Liabilities: | ||
Other liabilities | 70,066 | |
Level 3 | Acreage | ||
Liabilities: | ||
Derivative liability | 47,000 | 600,000 |
Level 3 | Warrant | ||
Liabilities: | ||
Derivative liability | $ 26,920 | $ 615,575 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 2 Financial Instruments (Details) - Level 2 - Convertible Senior Notes | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Convertible note pricing model |
Key inputs | Quoted prices in over-the-counter broker market |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 3 Financial Instruments (Details) - Level 3 | 12 Months Ended |
Mar. 31, 2022 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Monte Carlo simulation model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Acreage Financial Instrument Probability of Each Scenario | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Probability weighted expected return model |
Significant unobservable inputs | Probability of each scenario |
Relationship of unobservable inputs to fair value | Change in probability of occurrence in each scenario will result in a change in fair value |
Acreage Financial Instrument Value and Number of Canopy Shares Issued | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Number of common shares to be issued |
Relationship of unobservable inputs to fair value | Increase or decrease in value and number of common shares will result in a decrease or increase in fair value |
Acreage Financial Instrument Intrinsic Value of Acreage | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Acreage Financial Instrument Probability and Timing of US Legalization | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Estimated premium on US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value |
Acreage Financial Instrument Estimated Premium on US Legalization | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Control premium |
Relationship of unobservable inputs to fair value | Increase or decrease in estimated control premium will result in an increase or decrease in fair value |
Acreage Financial Instrument Control Premium | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Market access premium |
Relationship of unobservable inputs to fair value | Increase or decrease in estimated market access premium will result in an increase or decrease in fair value |
TerrAscend Canada Term Loan - October 2019 March 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
TerrAscend Exchangeable Shares, TerrAscend Option | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Put option pricing model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Hempco Debenture | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
Terr Ascend Warrants - December 2019, March 2020, December 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Black-Sholes option pricing model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Arise Bioscience Term Loan | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Wana Financial Instrument - Call Option | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Expected future Wana cash flows |
Relationship of unobservable inputs to fair value | Increase or decrease in expected future Wana cash flows will result in an increase or decrease in fair value |
BioSteel Redeemable Noncontrolling Interest Future Wholesale Price and Production Levels | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Expected future BioSteel cash flows |
Relationship of unobservable inputs to fair value | Increase or decrease in expected future BioSteel cash flows will result in an increase or decrease in fair value |
Wana Financial Instrument - Call Option, Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
Wana Financial Instrument - Deferred Payments, Volatility | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Volatility of Wana |
Relationship of unobservable inputs to fair value | Increase or decrease in volatility will result in an increase or decrease in fair value |
Warrant Derivative Liability Volatility of Canopy Growth Share Price | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Monte Carlo simulation model |
Significant unobservable inputs | Volatility of Canopy Growth share price |
Relationship of unobservable inputs to fair value | Increase or decrease in volatility will result in an increase or decrease in fair value |
Wana Financial Instrument - Deferred Payments | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Monte Carlo simulation model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Vert Mirabel Redeemable Noncontrolling Interest Future Wholesale Price and Production Levels | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Future wholesale price and production levels |
Relationship of unobservable inputs to fair value | Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value |
Vert Mirabel Redeemable Noncontrolling Interest Future Wholesale Price and Production Levels Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
BioSteel Redeemable Noncontrolling Interest Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | ||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | $ 582,218 | $ 607,198 | $ 439,626 | |
Net revenue | 520,325 | 546,649 | 398,772 | |
Canadian Recreational Cannabis Net Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 205,302 | 229,601 | 173,649 | |
Canadian Medical Cannabis Net Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | [1] | 52,608 | 55,448 | 51,647 |
Canadian Cannabis Net Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 257,910 | 285,049 | 225,296 | |
International and Other Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 79,306 | 93,631 | 69,639 | |
Global Cannabis Net Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 337,216 | 378,680 | 294,935 | |
Consumer Products and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 183,109 | 167,969 | 103,837 | |
C3 | International and Other Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 36,113 | 62,335 | 53,770 | |
Business to Business | Canadian Recreational Cannabis Net Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | [2] | 143,732 | 163,585 | 121,605 |
Business to Consumer | Canadian Recreational Cannabis Net Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 61,570 | 66,016 | 52,044 | |
Other | International and Other Revenue | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 43,193 | 31,296 | 15,869 | |
Other | Consumer Products and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 20,777 | 25,127 | 26,194 | |
Storz & Bickel | Consumer Products and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 85,410 | 80,998 | 48,329 | |
This Work | Consumer Products and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | 32,296 | 33,314 | 24,725 | |
BioSteel | Consumer Products and Other | ||||
Disaggregation Of Revenue [Line Items] | ||||
Gross revenue | $ 44,626 | $ 28,530 | $ 4,589 | |
[1] | Canadian medical cannabis net revenue reflects excise taxes of $5,227 (year ended March 31, 2021 - $5,621, and year ended March 31, 2020 - $5,205). | |||
[2] | Canadian recreational business-to-business net revenue reflects excise taxes of $56,666 (year ended March 31, 2021 |
Revenue - Summary of Disaggre_2
Revenue - Summary of Disaggregation of Revenue (Parenthetical) (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Disaggregation Of Revenue [Line Items] | |||
Net revenue | $ 520,325 | $ 546,649 | $ 398,772 |
CANADA | |||
Disaggregation Of Revenue [Line Items] | |||
Net revenue | 296,369 | 329,172 | 256,166 |
CANADA | Recreational Cannabis Revenue | |||
Disaggregation Of Revenue [Line Items] | |||
Net revenue | 56,666 | 54,928 | 35,649 |
CANADA | Medical Cannabis Revenue | |||
Disaggregation Of Revenue [Line Items] | |||
Net revenue | $ 5,227 | $ 5,621 | $ 5,205 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |||
Allowance for estimated returns and price adjustments | $ 21,464 | $ 23,935 | $ 51,500 |
Liability for estimated returns and price adjustments | $ 3,437 | $ 6,441 |
Pharmhouse - Additional informa
Pharmhouse - Additional information (Details) - PharmHouse $ in Thousands | 12 Months Ended |
Mar. 31, 2022CAD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Date of formation of joint venture entity | May 7, 2018 |
Recoverable amount of assets on liquidation | $ 57,500 |
Pharmhouse - Pharmhouse financi
Pharmhouse - Pharmhouse financial guarantee - Additional information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 23, 2021 | |
Line Of Credit Facility [Line Items] | ||||
Financial liabilities | $ 1,984,553 | $ 3,201,660 | ||
Expected credit loss in net income (loss) | $ (302,181) | (1,744,920) | $ (1,321,326) | |
Pharmhouse Credit Agreement | ||||
Line Of Credit Facility [Line Items] | ||||
Non - revolving credit facility, maximum Principle amount | $ 90,000 | |||
Expected credit loss | $ (32,500) | |||
Expected credit loss in net income (loss) | $ 32,500 |
Pharmhouse - Other financial as
Pharmhouse - Other financial assets, including loans receivable - Additional information (Details) - CAD ($) $ in Thousands | Aug. 04, 2020 | Mar. 31, 2021 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | Feb. 23, 2021 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Expected credit losses on financial assets and related charges | $ 0 | $ 109,480 | $ 0 | |||
PharmHouse | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Loss in interest receivable in relation to the financial instruments | 8,989 | |||||
Advances written off | $ 35,000 | 15,000,000 | ||||
Expected credit losses on financial assets and related charges | 109,480 | |||||
PharmHouse | Shareholder Loan Agreement | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Secured debt | 40,000 | $ 40,000 | ||||
PharmHouse | Debtor In Possession | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Line of credit facility, pursuant to the agreement | 9,300 | |||||
Contingent irrecoverable credit losses | 9,300 | |||||
PharmHouse | Pharmhouse Credit Agreement | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Expected credit losses on financial assets | 32,500 | |||||
PharmHouse | Shareholder Loan Agreement | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Contingent irrecoverable credit losses | 40,000 | |||||
PharmHouse | Secured Demand Promissory Note | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Secured debt | $ 2,450 | 2,450 | ||||
Contingent irrecoverable credit losses | 2,450 | |||||
PharmHouse | Unsecured Demand Promissory Note | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Debt financing pursuant to a unsecured demand promisory note | $ 1,206 | |||||
Contingent irrecoverable credit losses | $ 1,206 | |||||
PharmHouse | Financial Asset Past Due | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Financing increased amount | $ 9,700 |
Pharmhouse - PharmHouse equity
Pharmhouse - PharmHouse equity method investment - Additional information (Details) - PharmHouse - CAD ($) $ in Thousands | Feb. 23, 2021 | Mar. 31, 2020 |
Schedule Of Equity Method Investments [Line Items] | ||
Common shares owned in joint venture | 10,998,660 | 10,998,660 |
Ownership percentage | 49.00% | |
Equity method investments | $ 32,369 |
Other Income (Expense), Net - S
Other Income (Expense), Net - Schedule of Other Income (Expense), Net (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Other Income And Expenses [Abstract] | |||
Fair value changes on other financial assets | $ (356,109) | $ 435,107 | $ (243,965) |
Fair value changes on liability arising from Acreage Arrangement | 553,000 | (399,849) | (645,190) |
Fair value changes on convertible senior notes | 76,776 | (162,540) | 184,740 |
Fair value changes on warrant derivative liability | 588,655 | (293,084) | 795,149 |
Fair value changes on acquisition related contingent consideration and other | 4,417 | 39,608 | 12,293 |
Interest income | 6,601 | 21,367 | 66,327 |
Interest expense | (103,944) | (8,459) | (6,716) |
Foreign currency gain (loss) | 5,415 | (18,013) | (1,245) |
(Loss) gain on disposal/acquisition of consolidated entity | (6,762) | 634 | 61,775 |
Other income (expense), net | (14,708) | (2,647) | 1,161 |
Other income (expense), net | $ 753,341 | $ (387,876) | $ 224,329 |
Income Taxes - Summary of Net L
Income Taxes - Summary of Net Loss Before Income Taxes (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic - Canada | $ (163,888) | $ (1,611,210) | $ (1,167,000) |
Foreign - outside of Canada | (165,545) | (72,751) | (342,054) |
Loss before income taxes | $ (329,433) | $ (1,683,961) | $ (1,509,054) |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax Recovery (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Domestic - Canada | $ 895 | $ (19,318) | $ (12,342) |
Foreign - outside of Canada | 1,476 | (2,091) | (4,356) |
Current income tax recovery | 2,371 | (21,409) | (16,698) |
Domestic - Canada | 6,353 | 36,505 | 78,624 |
Foreign - outside of Canada | 224 | (1,955) | 59,688 |
Deferred income tax recovery | 6,577 | 34,550 | 138,312 |
Income tax recovery | $ 8,948 | $ 13,141 | $ 121,614 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Examination [Line Items] | |||
Combined Canadian federal and provincial enacted statutory tax rate | 26.50% | 26.50% | 26.50% |
Other Accounts Receivable | |||
Income Tax Examination [Line Items] | |||
Current income taxes receivable | $ 6,018 | $ 5,259 | |
Accounts Payable | |||
Income Tax Examination [Line Items] | |||
Current income taxes payable | $ 1,927 | $ 5,267 |
Income Taxes - Summary of Recon
Income Taxes - Summary of Reconciliation of Amount of Income Taxes Compared to Expected Income Taxes Calculated at Combined Federal and Provincial Enacted Statutory Tax Rate (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Disclosure [Abstract] | |||
Net loss before income taxes | $ (329,433) | $ (1,683,961) | $ (1,509,054) |
Expected tax rate | 26.50% | 26.50% | 26.50% |
Expected income tax recovery | $ 87,300 | $ 446,250 | $ 399,899 |
Non-deductible and non-taxable items | 17,557 | 81,883 | 22,947 |
Fair value changes on Acreage Arrangement | 146,545 | (105,960) | (170,975) |
Fair value changes on warrant derivative liability | 155,964 | (77,663) | 210,715 |
Share-based compensation | (9,908) | (21,121) | (84,873) |
Change in valuation allowance | (361,283) | (358,964) | (215,975) |
Effect of tax rates outside of Canada | 8,459 | 10,870 | (3,248) |
Non-taxable portion of capital gains and losses | (38,440) | 38,705 | (34,961) |
Other | 2,754 | (859) | (1,915) |
Income tax recovery | $ 8,948 | $ 13,141 | $ 121,614 |
Income Taxes - Summary of Signi
Income Taxes - Summary of Significant Compenents of Deferred Income Tax Assets (Liabilities) (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Deferred income tax assets | ||
Property, plant and equipment | $ 78,023 | $ 74,603 |
Intangible assets | 671 | 5,063 |
Inventory reserves and write-downs | 40,324 | 39,893 |
Other reserves and accruals | 5,939 | 7,957 |
Losses carried forward | 917,283 | 608,002 |
Equity method investments and other financial assets | 10,512 | 14,900 |
Deferred financing costs | 2,740 | 3,587 |
Other | 5,635 | 6,226 |
Gross deferred income tax assets | 1,061,127 | 760,231 |
Valuation allowances | (1,039,130) | (677,847) |
Total deferred income tax assets, net | 21,997 | 82,384 |
Deferred income tax liabilities | ||
Property, plant and equipment | (4,182) | (25,864) |
Intangible assets | (29,832) | (43,449) |
Equity method investments and other financial assets | (31,176) | |
Deferred financing costs | (3,353) | (2,785) |
Other | (621) | (489) |
Total deferred income tax liabilities | (37,988) | (103,763) |
Net deferred income tax assets (liabilities) | $ (15,991) | $ (21,379) |
Income Taxes - Summary of Losse
Income Taxes - Summary of Losses Carried Forward Available to Reduce Future Years' Taxable Income (Details) $ in Thousands | Mar. 31, 2022CAD ($) |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | $ 2,929,113 |
Losses carried forward available to reduce future years' taxable income | 3,821,473 |
Expiring between 5 and 10 Years | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 1,031 |
Expiring between 10 and 15 Years | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 156,420 |
Expiring between 15 and 20 years | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 2,394,542 |
Indefinite | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 377,120 |
Indefinite | Capital Loss Carry forward | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 892,360 |
CANADA | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 2,547,844 |
United States | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 278,458 |
Europe | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | 55,440 |
Other Jurisdictions | |
Operating Loss Carryforwards [Line Items] | |
Losses carried forward available to reduce future years' taxable income | $ 47,371 |
Acquisitions - Summary of Conso
Acquisitions - Summary of Consolidated Balance Sheet Impact at Acquisition of Company's Business Combinations (Details) £ in Thousands, $ in Thousands | Oct. 01, 2021CAD ($) | Jun. 22, 2021CAD ($) | Apr. 01, 2021CAD ($) | Oct. 11, 2019CAD ($) | Oct. 01, 2019CAD ($) | Sep. 29, 2019CAD ($) | May 21, 2019CAD ($) | May 21, 2019GBP (£) | Apr. 30, 2019CAD ($) | Oct. 31, 2020CAD ($) | Mar. 31, 2022CAD ($)shares | Mar. 31, 2020CAD ($) | Mar. 31, 2021CAD ($) |
Business Acquisition [Line Items] | |||||||||||||
Goodwill | $ 1,866,503 | $ 1,954,471 | $ 1,889,354 | ||||||||||
Ace Valley | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 1,544 | ||||||||||||
Inventory | 878 | ||||||||||||
Other current assets | 2,249 | ||||||||||||
Property, plant and equipment | 105 | ||||||||||||
Goodwill | 39,152 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (1,724) | ||||||||||||
Deferred income tax liabilities | (1,899) | ||||||||||||
Net assets acquired | 54,305 | ||||||||||||
Consideration paid in cash | 51,836 | ||||||||||||
Other consideration | 2,469 | ||||||||||||
Total consideration | $ 51,836 | 54,305 | |||||||||||
Less: Cash and cash equivalents acquired | (1,544) | ||||||||||||
Net cash outflow (inflow) | 50,292 | ||||||||||||
Supreme Cannabis | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 41,306 | ||||||||||||
Inventory | 33,426 | ||||||||||||
Other current assets | 14,791 | ||||||||||||
Property, plant and equipment | 187,407 | ||||||||||||
Goodwill | 58,842 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (12,935) | ||||||||||||
Debt and other liabilities | (88,324) | ||||||||||||
Deferred income tax liabilities | (5,545) | ||||||||||||
Net assets acquired | 279,668 | ||||||||||||
Consideration paid in cash | $ 84 | $ 84 | |||||||||||
Consideration paid in shares | shares | 260,668 | ||||||||||||
Replacement options | $ 140,159 | $ 629 | |||||||||||
Replacement warrants | 13,350 | ||||||||||||
Other consideration | 4,937 | ||||||||||||
Total consideration | 279,668 | ||||||||||||
Less: Cash and cash equivalents acquired | (41,306) | ||||||||||||
Net cash outflow (inflow) | (41,222) | ||||||||||||
Other | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 1,227 | ||||||||||||
Inventory | 362 | ||||||||||||
Other current assets | 335 | ||||||||||||
Property, plant and equipment | 1,510 | ||||||||||||
Goodwill | 7,329 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (30) | ||||||||||||
Debt and other liabilities | (1,037) | ||||||||||||
Deferred income tax liabilities | (540) | ||||||||||||
Net assets acquired | 11,156 | ||||||||||||
Consideration paid in cash | $ 7,104 | ||||||||||||
Consideration paid in shares | shares | 4,052 | ||||||||||||
Total consideration | $ 11,156 | ||||||||||||
Less: Cash and cash equivalents acquired | (1,227) | ||||||||||||
Net cash outflow (inflow) | 5,877 | ||||||||||||
2022 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 44,077 | ||||||||||||
Inventory | 34,666 | ||||||||||||
Other current assets | 17,375 | ||||||||||||
Property, plant and equipment | 189,022 | ||||||||||||
Goodwill | 105,323 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (14,689) | ||||||||||||
Debt and other liabilities | (89,361) | ||||||||||||
Deferred income tax liabilities | (7,984) | ||||||||||||
Net assets acquired | 345,129 | ||||||||||||
Consideration paid in cash | $ 59,024 | ||||||||||||
Consideration paid in shares | shares | 264,720 | ||||||||||||
Replacement options | $ 629 | ||||||||||||
Replacement warrants | 13,350 | ||||||||||||
Other consideration | 7,406 | ||||||||||||
Total consideration | 345,129 | ||||||||||||
Less: Cash and cash equivalents acquired | (44,077) | ||||||||||||
Net cash outflow (inflow) | 14,947 | ||||||||||||
C3 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 2,818 | ||||||||||||
Inventory | $ 1,814 | ||||||||||||
Other current assets | 15,140 | ||||||||||||
Property, plant and equipment | 8,345 | ||||||||||||
Goodwill | (41,786) | 287,010 | |||||||||||
Accounts payable and other accrued expenses and liabilities | (3,652) | ||||||||||||
Debt and other liabilities | (3,942) | ||||||||||||
Deferred income tax liabilities | (11,219) | (11,219) | |||||||||||
Net assets acquired | 345,699 | ||||||||||||
Consideration paid in cash | 345,699 | ||||||||||||
Total consideration | $ 345,699 | 345,699 | |||||||||||
Less: Cash and cash equivalents acquired | (2,818) | ||||||||||||
Net cash outflow (inflow) | 342,881 | ||||||||||||
Net assets | 345,699 | ||||||||||||
This Works | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 1,619 | ||||||||||||
Inventory | $ 1,755 | ||||||||||||
Other current assets | 8,239 | ||||||||||||
Property, plant and equipment | 478 | ||||||||||||
Goodwill | (45,794) | 22,214 | |||||||||||
Accounts payable and other accrued expenses and liabilities | (4,100) | ||||||||||||
Deferred income tax liabilities | (7,911) | (7,911) | |||||||||||
Net assets acquired | 72,665 | ||||||||||||
Consideration paid in cash | 72,665 | ||||||||||||
Total consideration | $ 72,665 | £ 43,296 | 72,665 | ||||||||||
Less: Cash and cash equivalents acquired | (1,619) | ||||||||||||
Net cash outflow (inflow) | 71,046 | ||||||||||||
Net assets | 72,665 | ||||||||||||
BioSteel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 225 | ||||||||||||
Inventory | $ 2,710 | ||||||||||||
Other current assets | 12,972 | ||||||||||||
Property, plant and equipment | 391 | ||||||||||||
Goodwill | (38,093) | 35,939 | |||||||||||
Accounts payable and other accrued expenses and liabilities | (3,852) | ||||||||||||
Debt and other liabilities | (3,659) | ||||||||||||
Deferred income tax liabilities | (3,817) | (3,817) | |||||||||||
Net assets acquired | 59,207 | ||||||||||||
Consideration paid in cash | 47,924 | 47,924 | |||||||||||
Other consideration | $ 8,500 | 11,283 | |||||||||||
Total consideration | 59,207 | ||||||||||||
Less: Cash and cash equivalents acquired | (225) | ||||||||||||
Net cash outflow (inflow) | 47,699 | ||||||||||||
Net assets | 77,940 | ||||||||||||
Noncontrolling interests | (18,733) | (18,733) | |||||||||||
Contingent consideration | $ 10,000 | ||||||||||||
BCT | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 7,886 | ||||||||||||
Other current assets | 2,296 | ||||||||||||
Property, plant and equipment | 5 | ||||||||||||
Goodwill | 85,700 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (2,176) | ||||||||||||
Deferred income tax liabilities | (838) | ||||||||||||
Net assets acquired | 98,140 | ||||||||||||
Consideration paid in cash | 45,098 | ||||||||||||
Fair value of previously held equity interest | $ 5,746 | 37,919 | |||||||||||
Replacement options | 1,885 | ||||||||||||
Other consideration | 13,238 | ||||||||||||
Total consideration | 98,140 | ||||||||||||
Less: Cash and cash equivalents acquired | (7,886) | ||||||||||||
Net cash outflow (inflow) | 37,212 | ||||||||||||
Net assets | 98,140 | ||||||||||||
Noncontrolling interests | $ (51,942) | ||||||||||||
Contingent consideration | $ 5,861 | $ 45,098 | $ 8,750 | ||||||||||
Spectrum UK | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Other current assets | 67 | ||||||||||||
Property, plant and equipment | 895 | ||||||||||||
Goodwill | 12,861 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (922) | ||||||||||||
Deferred income tax liabilities | (36) | ||||||||||||
Net assets acquired | 14,023 | ||||||||||||
Fair value of previously held equity interest | 14,023 | ||||||||||||
Total consideration | 14,023 | ||||||||||||
Net assets | 14,023 | ||||||||||||
Storz & Bickel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Goodwill | (24,990) | ||||||||||||
2020 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Cash and cash equivalents | 12,548 | ||||||||||||
Other current assets | 38,714 | ||||||||||||
Property, plant and equipment | 10,114 | ||||||||||||
Goodwill | 418,734 | ||||||||||||
Accounts payable and other accrued expenses and liabilities | (14,702) | ||||||||||||
Debt and other liabilities | (7,601) | ||||||||||||
Deferred income tax liabilities | (23,821) | ||||||||||||
Net assets acquired | 589,734 | ||||||||||||
Consideration paid in cash | 511,386 | ||||||||||||
Fair value of previously held equity interest | 51,942 | ||||||||||||
Replacement options | 1,885 | ||||||||||||
Other consideration | 24,521 | ||||||||||||
Total consideration | 589,734 | ||||||||||||
Less: Cash and cash equivalents acquired | (12,548) | ||||||||||||
Net cash outflow (inflow) | 498,838 | ||||||||||||
Net assets | 608,467 | ||||||||||||
Noncontrolling interests | (18,733) | ||||||||||||
Brands | Ace Valley | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 14,000 | ||||||||||||
Brands | Supreme Cannabis | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 22,800 | ||||||||||||
Brands | 2022 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 36,800 | ||||||||||||
Brands | C3 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 10,613 | ||||||||||||
Brands | This Works | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 22,114 | ||||||||||||
Brands | BioSteel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 3,600 | ||||||||||||
Brands | 2020 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 36,327 | ||||||||||||
Distribution Channel | Supreme Cannabis | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 3,500 | ||||||||||||
Distribution Channel | 2022 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 3,500 | ||||||||||||
Distribution Channel | C3 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 4,058 | ||||||||||||
Distribution Channel | This Works | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 12,988 | ||||||||||||
Distribution Channel | BioSteel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 14,700 | ||||||||||||
Distribution Channel | 2020 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 31,746 | ||||||||||||
Operating Licenses | Supreme Cannabis | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 24,400 | ||||||||||||
Operating Licenses | Other | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 2,000 | ||||||||||||
Operating Licenses | 2022 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 26,400 | ||||||||||||
Operating Licenses | Spectrum UK | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 1,158 | ||||||||||||
Operating Licenses | 2020 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 1,158 | ||||||||||||
Intellectual Property | C3 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 36,520 | ||||||||||||
Intellectual Property | This Works | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 16,848 | ||||||||||||
Intellectual Property | BioSteel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 20,900 | ||||||||||||
Intellectual Property | BCT | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 5,267 | ||||||||||||
Intellectual Property | Storz & Bickel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 24,990 | ||||||||||||
Intellectual Property | 2020 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 104,525 | ||||||||||||
Software and Domain Names | C3 | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 8 | ||||||||||||
Software and Domain Names | This Works | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 176 | ||||||||||||
Software and Domain Names | BioSteel | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | 541 | ||||||||||||
Software and Domain Names | 2020 Acquisitions | |||||||||||||
Business Acquisition [Line Items] | |||||||||||||
Intangible assets | $ 725 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Details) - CAD ($) | Mar. 31, 2022 | Mar. 31, 2020 |
C3 | ||
Business Acquisition [Line Items] | ||
Goodwill expected to be deductible for income tax purposes | $ 0 | $ 0 |
Acquisitions - Ace Valley - Add
Acquisitions - Ace Valley - Additional Information (Details) - Ace Valley - CAD ($) $ in Thousands | Apr. 01, 2021 | Mar. 31, 2022 |
Business Acquisition [Line Items] | ||
Business acquisition, acquisition date | Apr. 1, 2021 | |
Percentage of outstanding shares purchased | 100.00% | |
Business acquisition, total purchase consideration | $ 51,836 | $ 54,305 |
Business Combination, Contingent Consideration, Liability | $ 2,469 |
Acquisitions - Supreme Cannabis
Acquisitions - Supreme Cannabis - Additional Information (Details) - Supreme Cannabis $ in Thousands | Jun. 22, 2021CAD ($)Instrumentshares | Mar. 31, 2022CAD ($) |
Business Acquisition [Line Items] | ||
Name of acquiree | Supreme Cannabis | |
Date of acquisition | Jun. 22, 2021 | |
Percentage of outstanding shares purchased | 100.00% | |
Number of common shares | shares | 9,013,400 | |
Shares issued, value | $ 260,668 | |
Consideration paid in cash | 84 | $ 84 |
Replacement options | 140,159 | $ 629 |
Fair value of outstanding warrant | 13,350 | |
Fair value of replacement options | 1,452 | |
Fair value of replacement options included as consideration paid | 629 | |
Fair value of replacement options recognized as share-based compensation expense | 823 | |
Debentures Subject to Mandatory Redemption | ||
Business Acquisition [Line Items] | ||
Principal amount of convertible debt | $ 27,045 | |
Number of shares convertible | Instrument | 94,895,649 | |
Share exchange ratio | 0.011659 | |
Debt Instrument, Fair Value Disclosure | $ 36,593 | |
Conversion feature of debt | 4,937 | |
Debt component | $ 31,656 | |
Warrant | ||
Business Acquisition [Line Items] | ||
Number of common shares | shares | 1,265,742 |
Acquisitions - C3 - Additional
Acquisitions - C3 - Additional Information (Details) - C3 - CAD ($) $ in Thousands | Apr. 30, 2019 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||
Business acquisition, acquisition date | Apr. 30, 2019 | |
Percentage of outstanding shares purchased | 100.00% | |
Business acquisition, total purchase consideration | $ 345,699 | $ 345,699 |
Business cooperation agreement term | 5 years | |
Business cooperation agreement, cash paid | $ 7,804 |
Acquisitions - C3 - Summary of
Acquisitions - C3 - Summary of Measurement Period Adjustments (Details) - CAD ($) $ in Thousands | Apr. 30, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||||
Net impact to goodwill | $ 1,866,503 | $ 1,889,354 | $ 1,954,471 | |
C3 | ||||
Business Acquisition [Line Items] | ||||
Inventory step-up | $ 1,814 | |||
Deferred income tax liabilities | (11,219) | (11,219) | ||
Net impact to goodwill | (41,786) | $ 287,010 | ||
C3 | Distribution Channel | Income Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 4,058 | |||
Acquisition related intangible assets, Useful life (years) | 10 years | |||
C3 | Intellectual Property | Relief-from-Royalty | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 36,520 | |||
C3 | Intellectual Property | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Useful life (years) | 10 years | |||
C3 | Licensed Brands | Relief-from-Royalty | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 10,613 | |||
C3 | Licensed Brands | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Useful life (years) | 2 years |
Acquisitions - This Works - Add
Acquisitions - This Works - Additional Information (Details) - This Works £ in Thousands, $ in Thousands | May 21, 2019CAD ($) | May 21, 2019GBP (£) | Mar. 31, 2020CAD ($) |
Business Acquisition [Line Items] | |||
Business acquisition, acquisition date | May 21, 2019 | May 21, 2019 | |
Percentage of outstanding shares purchased | 100.00% | 100.00% | |
Business acquisition, total purchase consideration | $ 72,665 | £ 43,296 | $ 72,665 |
Acquisitions - This Works - Sum
Acquisitions - This Works - Summary of Measurement Period Adjustments (Details) - CAD ($) $ in Thousands | May 21, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||||
Net impact to goodwill | $ 1,866,503 | $ 1,889,354 | $ 1,954,471 | |
This Works | ||||
Business Acquisition [Line Items] | ||||
Inventory | $ 1,755 | |||
Deferred income tax liabilities | (7,911) | (7,911) | ||
Net impact to goodwill | (45,794) | $ 22,214 | ||
This Works | Acquired Brands | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | 19,130 | |||
This Works | Distribution Channel | Income Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 12,988 | |||
Acquisition related intangible assets, Useful life (years) | 10 years | |||
This Works | Intellectual Property | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 16,848 | |||
Acquisition related intangible assets, Useful life (years) | 10 years | |||
This Works | Licensed Brands | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Useful life (years) | 5 years | |||
This Works | Licensed Brands | Income Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 2,984 |
Acquisitions - BioSteel - Addit
Acquisitions - BioSteel - Additional Information (Details) - CAD ($) $ in Thousands | Oct. 01, 2019 | Sep. 29, 2019 | Mar. 31, 2020 |
BioSteel | |||
Business Acquisition [Line Items] | |||
Ownership interest | 76.70% | ||
BioSteel | |||
Business Acquisition [Line Items] | |||
Percentage of outstanding shares purchased | 72.00% | ||
Business combination, initial cash consideration | $ 50,707 | ||
Consideration paid in cash | 47,924 | $ 47,924 | |
Business combination, noncontrolling interests | 18,733 | 18,733 | |
Secured loan agreement | $ 8,500 | ||
Other consideration | $ 8,500 | $ 11,283 | |
Business acquisition, total purchase consideration | 14,000 | ||
Business combination, consideration cash paid in advance | 10,000 | ||
Business combination, consideration payable | $ 4,000 | ||
Maximum Rollover Period | 5 years |
Acquisitions - BioSteel - Summa
Acquisitions - BioSteel - Summary of Measurement Period Adjustments (Details) - CAD ($) $ in Thousands | Oct. 01, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||||
Net impact to goodwill | $ 1,866,503 | $ 1,889,354 | $ 1,954,471 | |
BioSteel | ||||
Business Acquisition [Line Items] | ||||
Inventory step-up | $ 2,710 | |||
Deferred income tax liabilities | (3,817) | (3,817) | ||
Net impact to goodwill | (38,093) | $ 35,939 | ||
BioSteel | Acquired Brands | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | 3,600 | |||
BioSteel | Distribution Channel | Income Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 14,700 | |||
Acquisition related intangible assets, Useful life (years) | 11 years | |||
BioSteel | Intellectual Property | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 20,900 | |||
Acquisition related intangible assets, Useful life (years) | 11 years |
Acquisitions - BCT and Spectrum
Acquisitions - BCT and Spectrum UK - Additional Information (Details) - CAD ($) $ in Thousands | Oct. 01, 2021 | Oct. 11, 2019 | Oct. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 |
BCT | |||||
Business Acquisition [Line Items] | |||||
VIE's, of not primary beneficiary | 42.00% | 42.00% | |||
Percentage ownership of wholly owned subsidiaries | 100.00% | ||||
Business acquisition, total purchase consideration | $ 58,336 | ||||
Contingent consideration | $ 5,861 | $ 45,098 | $ 8,750 | ||
Fair value of previously held equity interest | $ 5,746 | $ 37,919 | |||
Business acquisition, replacement options | 155,565 | ||||
Fair value of replacement options | $ 1,885 | ||||
Business acquisition, compensation expense | 1,987 | ||||
Business acquisition, Remeasurement Gain (Loss) | 39,485 | ||||
Business acquisition, carrying value of unowned interest | 12,457 | ||||
Business combination, noncontrolling interests | $ 51,942 | ||||
Business Combination Percentage of Estimated Control Premium | 5.00% | ||||
Consideration paid in cash | 45,098 | ||||
BCT | Key Management Personnel | |||||
Business Acquisition [Line Items] | |||||
Consideration paid in cash | $ 250 | ||||
BCT | Replacement Options | Management | |||||
Business Acquisition [Line Items] | |||||
Number of common shares | 16,430 | ||||
Spectrum UK | |||||
Business Acquisition [Line Items] | |||||
VIE's, of not primary beneficiary | 67.00% | 67.00% | |||
Fair value of previously held equity interest | $ 14,023 |
Acquisitions - BCT and Spectr_2
Acquisitions - BCT and Spectrum UK - Summary of Measurement Period Adjustments (Details) - CAD ($) $ in Thousands | Oct. 11, 2019 | Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 |
Business Acquisition [Line Items] | ||||
Net impact to goodwill | $ 1,866,503 | $ 1,889,354 | $ 1,954,471 | |
BCT and Spectrum UK | ||||
Business Acquisition [Line Items] | ||||
Net impact to goodwill | $ (5,551) | |||
BCT and Spectrum UK | Intellectual Property | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 5,267 | |||
Acquisition related intangible assets, Useful life (years) | 1 year | |||
BCT and Spectrum UK | Operating License | Valuation, Cost Approach | ||||
Business Acquisition [Line Items] | ||||
Acquisition related intangible assets, Value | $ 1,158 | |||
Acquisition related intangible assets, Useful life (years) | 1 year | |||
B C T And Spectrum U K | ||||
Business Acquisition [Line Items] | ||||
Deferred income tax liabilities | $ (874) |
Loss From Equity Method Investm
Loss From Equity Method Investments - More Life - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 01, 2021 | Nov. 07, 2019 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 | Mar. 31, 2022 |
Schedule Of Equity Method Investments [Line Items] | ||||||
Goodwill | $ 1,889,354 | $ 1,889,354 | $ 1,954,471 | $ 1,866,503 | ||
More Life | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ownership interest | 60.00% | |||||
Fair value of retained interest | 10,300 | |||||
Impairment charge related to remaining intangible assets | 32,717 | |||||
Derecognized royalty obligations | $ 33,681 | |||||
Fair value of equity method investments | $ 25,200 | |||||
Impairment of equity method investments | $ 10,300 | $ 10,300 | $ 14,900 | |||
More Life | Drake | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Ownership percentage | 40.00% | |||||
Ownership interest | 60.00% | |||||
More Life | 1955625 Ontario Inc. | ||||||
Schedule Of Equity Method Investments [Line Items] | ||||||
Percentage of ownership to be sold | 100.00% | |||||
Goodwill | $ 0 | |||||
Fair value of retained interest | $ 25,200 |
Loss From Equity Method Inves_2
Loss From Equity Method Investments - Summary of Derecognized Assets and Liabilities (Details) - CAD ($) $ in Thousands | Nov. 07, 2019 | Feb. 23, 2021 |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Intangible assets | $ 86 | |
1955625 Ontario Inc. | ||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Current assets | $ 100 | |
Intangible assets | 2,810 | |
Net assets disposed | 2,910 | |
Fair value of retained interest | 25,200 | |
Gain on disposal of consolidated entity | $ 22,290 |
C3 Divestiture - Additional Inf
C3 Divestiture - Additional Information (Details) - Jan. 31, 2022 - C3 € in Thousands, $ in Thousands | CAD ($) | EUR (€) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | ||
Proceeds from Divestiture of Businesses | $ 128,316 | € 88,698 |
Earnout Payment Receivable | € | € 42,600 | |
Disposal of consolidated entities | $ | $ 53,541 |
C3 Divestiture - Summary of Der
C3 Divestiture - Summary of Derecognized Assets and Liabilities Transferred (Details) € in Thousands, $ in Thousands | Jan. 31, 2022CAD ($) | Jan. 31, 2022EUR (€) | Feb. 23, 2021CAD ($) |
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Property, plant and equipment | $ 729 | ||
C3 | |||
Income Statement Balance Sheet And Additional Disclosures By Disposal Groups Including Discontinued Operations [Line Items] | |||
Current assets | $ 44,568 | ||
Property, plant and equipment | 9,216 | ||
Intangible assets | 15,548 | ||
Disposal of consolidated entities | 53,541 | ||
Current liabilities | (3,089) | ||
Deferred income tax liabilities | (6,029) | ||
Cumulative translation adjustment | 19,178 | ||
Net assets disposed | 132,933 | ||
Consideration received in cash | 128,316 | € 88,698 | |
Future cash consideration | 7,233 | ||
Costs to sell | (1,153) | ||
Total consideration | 134,396 | ||
Gain on disposal of consolidated entity | $ 1,463 |
C3 Divestiture - Summary of D_2
C3 Divestiture - Summary of Derecognized Assets and Liabilities Transferred (Parenthetical) (Details) - CAD ($) $ in Thousands | Jan. 31, 2022 | Feb. 23, 2021 |
Discontinued Operations And Disposal Groups [Abstract] | ||
Cash and cash equivalents | $ 19,338 | $ 37,801 |
Acreage Arrangement and Amend_2
Acreage Arrangement and Amendments to Cbi Investor Rights Agreement and Warrants - Additional Information (Details) $ / shares in Units, $ / shares in Units, $ in Thousands | Jun. 24, 2020CAD ($)shares | Jun. 24, 2020USD ($)$ / sharesshares | Jun. 27, 2019CAD ($) | Jun. 27, 2019USD ($) | Mar. 31, 2022CAD ($)shares | Mar. 31, 2022USD ($) | Mar. 31, 2021CAD ($) | Mar. 31, 2020CAD ($) | Apr. 18, 2019$ / sharesshares |
Business Acquisition [Line Items] | |||||||||
Derivative, financial liability | $ 26,920,000 | $ 615,575,000 | |||||||
Debentures bear interest rate per annum | 6.10% | ||||||||
Warrant expiration date | Nov. 1, 2023 | ||||||||
Estimated fair value | $ (588,655,000) | 293,084,000 | $ (795,149,000) | ||||||
Tranche A Warrants | |||||||||
Business Acquisition [Line Items] | |||||||||
Warrants to acquire shares | shares | 88,500,000 | ||||||||
Warrant price per share | $ / shares | $ 50.40 | ||||||||
Tranche B Warrants | |||||||||
Business Acquisition [Line Items] | |||||||||
Warrants to acquire shares | shares | 38,500,000 | ||||||||
Warrant price per share | $ / shares | $ 76.68 | ||||||||
Tranche C Warrants | |||||||||
Business Acquisition [Line Items] | |||||||||
Warrants to acquire shares | shares | 12,800,000 | ||||||||
Derivative liability | $ 0 | ||||||||
Tranche B and C Warrants | Second Amended and Restated Investor Rights Agreement and Consent Agreement | |||||||||
Business Acquisition [Line Items] | |||||||||
Number of common stock shares to be repurchased to avoid providing repurchase credit | shares | 27,378,866 | ||||||||
Value of common stock to be repurchased to avoid providing repurchase credit | $ 1,583,000,000 | ||||||||
Derivative liability | 0 | ||||||||
Debenture | |||||||||
Business Acquisition [Line Items] | |||||||||
Payments to acquire investments | 66,995,000 | $ 50,000 | |||||||
Estimated fair value | 28,824,000 | 27,448,000 | |||||||
Additional payment upon satisfaction of certain conditions | $ 50,000 | ||||||||
Warrants | |||||||||
Business Acquisition [Line Items] | |||||||||
Derivative, financial liability | 26,920,000 | 615,575,000 | |||||||
Maximum | Second Amended and Restated Investor Rights Agreement and Consent Agreement | |||||||||
Business Acquisition [Line Items] | |||||||||
Share repurchase credit limit | 1,583,000,000 | ||||||||
Acreage | |||||||||
Business Acquisition [Line Items] | |||||||||
Aggregate payment | $ 49,849,000 | $ 37,500 | $ 395,190,000 | $ 300,000 | |||||
Acreage | Acreage Financial Instrument | |||||||||
Business Acquisition [Line Items] | |||||||||
Derivative, financial liability | $ 47,000,000 | $ 600,000,000 | |||||||
Acreage | Maximum | |||||||||
Business Acquisition [Line Items] | |||||||||
Number Of Fixed And Floating Shares Issued | shares | 32,700,000 | 32,700,000 | |||||||
Acreage | Class E Subordinated Voting Shares | Fixed Shares | |||||||||
Business Acquisition [Line Items] | |||||||||
Common stock shares conversion ratio | 0.3048 | 0.3048 | |||||||
Acreage | Class D Subordinated Voting Shares | Fixed Shares | |||||||||
Business Acquisition [Line Items] | |||||||||
Minimum call price | $ / shares | $ 6.41 |
Leases - Additional Information
Leases - Additional Information (Details) - Maximum | Mar. 31, 2022 |
Lessee Lease [Line Items] | |
Lessee, operating lease, term | 30 years |
Lessee, finance lease, term | 30 years |
Leases - Summary of Lease Right
Leases - Summary of Lease Right-of-use Assets and Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Lessee Disclosure [Abstract] | ||
Operating lease | $ 39,571 | $ 47,522 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment | Property, plant and equipment |
Finance lease | $ 34,333 | $ 39,427 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible Enumeration] | Property, plant and equipment | Property, plant and equipment |
Operating and finance lease right of use asset | $ 73,904 | $ 86,949 |
Operating lease | $ 11,752 | $ 11,491 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance lease | $ 26,283 | $ 30,570 |
Finance Lease, Liability, Current, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Operating lease | $ 58,031 | $ 62,285 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Finance lease | $ 43,094 | $ 31,879 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible Enumeration] | Other liabilities | Other liabilities |
Total finance lease liability, noncurrent | $ 139,160 | $ 136,225 |
Leases - Summary of Components
Leases - Summary of Components of Total Lease Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Disclosure [Abstract] | ||
Operating lease expense | $ 5,245 | $ 10,846 |
Amortization of right-of-use assets | 3,883 | 2,303 |
Interest on lease liabilities | 1,667 | 1,674 |
Total lease expense | $ 10,795 | $ 14,823 |
Leases - Summary of Minimum Pay
Leases - Summary of Minimum Payments Due for Lease Liabilities (Details) $ in Thousands | Mar. 31, 2022CAD ($) |
Lessee Disclosure [Abstract] | |
2023 | $ 12,004 |
2024 | 11,402 |
2025 | 10,923 |
2026 | 9,892 |
2027 | 9,525 |
Thereafter | 17,761 |
Total lease payments | 71,507 |
Less: Interest | 1,724 |
Total lease liabilities | $ 69,783 |
Operating Lease, Liability, Statement of Financial Position [Extensible Enumeration] | Other Liabilities |
2023 | $ 8,023 |
2024 | 8,116 |
2025 | 8,200 |
2026 | 38,476 |
2027 | 3,388 |
Thereafter | 6,262 |
Total lease payments | 72,465 |
Less: Interest | 3,088 |
Total lease liabilities | $ 69,377 |
Leases - Summary of Measurement
Leases - Summary of Measurement of Lease Liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Disclosure [Abstract] | ||
Operating cash flows from operating leases | $ 12,905 | $ 18,792 |
Operating cash flows from finance leases | 1,667 | 1,674 |
Financing cash flows from finance leases | $ 1,494 | $ 2,303 |
Leases - Summary of Right-of-us
Leases - Summary of Right-of-use Assets Obtained in Exchange for New Lease Liabilities (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2022 | Mar. 31, 2021 | |
Lessee Disclosure [Abstract] | ||
Operating leases | $ 9,019 | $ 13,592 |
Finance leases | $ 3,720 | $ 1,428 |
Leases - Summary of Weighted Av
Leases - Summary of Weighted Average Remaining Lease Term (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Lessee Disclosure [Abstract] | ||
Operating leases | 7 years | 7 years |
Finance leases | 4 years | 4 years |
Leases - Summary of Weighted _2
Leases - Summary of Weighted Average Discount Rate (Details) | Mar. 31, 2022 | Mar. 31, 2021 |
Lessee Disclosure [Abstract] | ||
Operating leases | 4.50% | 4.50% |
Finance leases | 4.50% | 4.50% |
Commitments - Summary of Annual
Commitments - Summary of Annual Minimum Commitments Associated with Contractual Agreements (Details) $ in Thousands | Mar. 31, 2022CAD ($) |
Commitments And Contingencies Disclosure [Abstract] | |
2023 | $ 130,453 |
2024 | 72,653 |
2025 | 33,641 |
2026 | 24,347 |
2027 | 16,936 |
Thereafter | 57,773 |
Total annual minimum commitment associated with contractual agreements | $ 335,803 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021Segment | Mar. 31, 2022Customer | Mar. 31, 2021SegmentCustomer | Mar. 31, 2020Customer | |
Segment Reporting Information [Line Items] | ||||
Number of operating segments | Segment | 2 | 2 | ||
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | ||||
Segment Reporting Information [Line Items] | ||||
Concentration risk customer number of customers | Customer | 1 | 0 | 1 |
Segmented Information - Summary
Segmented Information - Summary of Reconciliation of Operating Profit (Loss) from Segments to Consolidated (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Segment Reporting Information [Line Items] | |||
Net revenue | $ 520,325 | $ 546,649 | $ 398,772 |
Gross margin | (193,054) | 66,960 | (31,684) |
Selling, general and administrative expenses | 472,756 | 575,389 | 693,737 |
Share-based compensation | 47,525 | 91,149 | 320,276 |
Expected credit losses on financial assets and related charges | 0 | 109,480 | 0 |
Asset impairment and restructuring costs | 369,339 | 534,398 | 623,266 |
Operating loss | (1,082,674) | (1,243,456) | (1,668,963) |
Loss from equity method investments | (100) | (52,629) | (64,420) |
Other income (expense), net | 753,341 | (387,876) | 224,329 |
Net loss before income taxes | (329,433) | (1,683,961) | (1,509,054) |
Global Cannabis | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 337,216 | 378,680 | 294,935 |
Gross margin | (251,235) | 7,045 | (76,836) |
Other Consumer Products | |||
Segment Reporting Information [Line Items] | |||
Net revenue | 183,109 | 167,969 | 103,837 |
Gross margin | $ 58,181 | $ 59,915 | $ 45,152 |
Segmented Information - Summa_2
Segmented Information - Summary of Disaggregation of Net Revenue by Geographic Area (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2022 | Mar. 31, 2021 | Mar. 31, 2020 | |
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue | $ 520,325 | $ 546,649 | $ 398,772 |
CANADA | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue | 296,369 | 329,172 | 256,166 |
Germany | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue | 90,874 | 116,379 | 93,945 |
United States | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue | 82,080 | 64,926 | 24,568 |
Other | |||
Revenues From External Customers And Long Lived Assets [Line Items] | |||
Net revenue | $ 51,002 | $ 36,172 | $ 24,093 |
Segmented Information - Summa_3
Segmented Information - Summary of Disaggregation of Long-lived Tangible Assets by Geographic Areas (Details) - CAD ($) $ in Thousands | Mar. 31, 2022 | Mar. 31, 2021 |
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Net revenue | $ 942,780 | $ 1,074,537 |
CANADA | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Net revenue | 827,591 | 847,678 |
United States | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Net revenue | 63,247 | 143,747 |
Other | ||
Revenues From External Customers And Long Lived Assets [Line Items] | ||
Net revenue | $ 51,942 | $ 83,112 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Details) - Company and Lemurian, Inc. (Jetty) - Subsequent Event $ in Thousands | May 18, 2022CAD ($) |
Subsequent Event [Line Items] | |
Acquisition of outstanding capital stock | 100.00% |
Upfront payments | $ 69,000 |
Ownership percentage | 75.00% |
Percentage of ownership increase in common shares outstanding | 100.00% |