Document and Entity Information
Document and Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 17, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | TLRY | ||
Entity Registrant Name | TILRAY, INC. | ||
Entity Central Index Key | 0001731348 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Common Stock, Shares Outstanding | 171,757,688 | ||
Entity Public Float | $ 675.6 | ||
Title of 12(b) Security | Class 2 Common Stock, $0.0001 par value per share | ||
Entity File Number | 001-38594 | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 82-4310622 | ||
Entity Interactive Data Current | Yes | ||
Security Exchange Name | NASDAQ | ||
Entity Address, Address Line One | 1100 Maughan Road | ||
Entity Address, City or Town | Nanaimo | ||
Entity Address, State or Province | BC | ||
Entity Address, Postal Zip Code | V9X IJ2 | ||
City Area Code | 844 | ||
Local Phone Number | 845-7291 | ||
Document Annual Report | true | ||
Document Transition Report | false | ||
Documents Incorporated by Reference | DOCUMENTS INCORPORATED BY REFERENCE Part III incorporates certain information by reference from the definitive proxy statement to be filed by the registrant in connection with the 2021 Annual Meeting of Stockholders (the “Proxy Statement”) with the Securities and Exchange Commission pursuant to Regulation 14A not later than 120 days after the end of the year ended December 31, 2020, provided that if such Proxy Statement is not filed within such period, such information will be included in an amendment to this Form 10‑K to be filed within such 120-day period. |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 189,702 | $ 96,791 |
Accounts receivable, net of allowance for credit losses of $887 and provision for sales returns of $1,651 (December 31, 2019 - $615 and $1,400, respectively) | 29,033 | 36,202 |
Inventory | 93,645 | 87,861 |
Prepayments and other current assets | 34,640 | 38,173 |
Total current assets | 347,020 | 259,027 |
Property and equipment, net | 199,559 | 184,217 |
Operating lease, right-of-use assets | 17,985 | 17,514 |
Intangible assets, net | 186,445 | 228,828 |
Goodwill | 166,915 | 163,251 |
Equity method investments | 9,300 | 11,448 |
Other investments | 14,369 | 24,184 |
Other assets | 4,356 | 7,861 |
Total assets | 945,949 | 896,330 |
Current liabilities | ||
Accounts payable | 17,776 | 39,125 |
Accrued expenses and other current liabilities | 39,946 | 50,829 |
Accrued lease obligations | 2,913 | 2,473 |
Warrant liability | 120,647 | |
Total current liabilities | 181,282 | 92,427 |
Accrued lease obligations | 30,623 | 29,407 |
Deferred tax liability | 49,274 | 53,363 |
Convertible notes, net of issuance costs | 257,789 | 430,210 |
Senior Facility, net of transaction costs | 48,470 | |
Other liabilities | 4,612 | 5,652 |
Total liabilities | 572,050 | 611,059 |
Commitments and contingencies (refer to Note 20) | ||
Stockholders’ equity | ||
Additional paid-in capital | 1,095,781 | 705,671 |
Accumulated other comprehensive income | 8,205 | 9,719 |
Accumulated deficit | (730,103) | (430,130) |
Total stockholders' equity | 373,899 | 285,271 |
Total liabilities and stockholders' equity | 945,949 | 896,330 |
Class 1 common stock [Member] | ||
Stockholders’ equity | ||
Common stock value | 2 | |
Class 2 common stock [Member] | ||
Stockholders’ equity | ||
Common stock value | $ 16 | $ 9 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Allowance for doubtful accounts receivable | $ 887 | $ 615 |
Provision for sales returns | $ 1,651 | $ 1,400 |
Class 1 common stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 233,333,333 | 250,000,000 |
Common stock, shares issued | 0 | 16,666,667 |
Common stock, shares outstanding | 0 | 16,666,667 |
Class 2 common stock [Member] | ||
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, shares authorized | 500,000,000 | 500,000,000 |
Common stock, shares issued | 158,456,087 | 86,114,558 |
Common stock, shares outstanding | 158,456,087 | 86,114,558 |
Consolidated Statements of Net
Consolidated Statements of Net Loss and Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Revenue | $ 210,482 | $ 166,979 | $ 43,130 |
Cost of sales | 185,827 | 190,475 | 28,855 |
Gross profit (loss) | 24,655 | (23,496) | 14,275 |
General and administrative expenses | 85,883 | 110,903 | 48,577 |
Sales and marketing expenses | 54,666 | 63,813 | 15,828 |
Research and development expenses | 4,411 | 9,172 | 5,864 |
Depreciation and amortization expenses | 13,722 | 11,607 | 1,598 |
Impairment of assets | 61,114 | 112,070 | |
Acquisition-related (income) expenses, net | (31,427) | 248 | |
Loss from equity method investments | 5,983 | 4,504 | |
Operating loss | (201,124) | (304,138) | (57,840) |
Foreign exchange (gain) loss, net | (13,169) | (5,944) | 7,234 |
Change in fair value of warrant liability | 100,286 | ||
Gain on debt conversion | (61,118) | ||
Interest expenses, net | 39,219 | 34,690 | 9,110 |
Finance income from ABG | (764) | ||
Other expenses (income), net | 10,333 | (2,501) | (2,010) |
Loss before income taxes | (276,675) | (329,619) | (72,174) |
Deferred income tax recoveries | (5,376) | (8,847) | (4,485) |
Current income tax (recoveries) expenses | (226) | 397 | 34 |
Net loss | $ (271,073) | $ (321,169) | $ (67,723) |
Net loss per share - basic and diluted | $ (2.15) | $ (3.20) | $ (0.82) |
Weighted average shares used in computation of net loss per share - basic and diluted | 126,041,710 | 100,455,677 | 83,009,656 |
Net loss | $ (271,073) | $ (321,169) | $ (67,723) |
Foreign currency translation (loss) gain, net | (1,497) | 5,174 | 662 |
Unrealized loss on investments | (17) | (21) | (765) |
Other comprehensive income (loss) | (1,514) | 5,153 | (103) |
Comprehensive loss | $ (272,587) | $ (316,016) | $ (67,826) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | At-the-Market [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | Alef [Member] | Natura Naturals Inc | Natura Contingent Consideration | Manitoba Harvest U S L L C | Investments | S And S Acquisition | ABG [Member] | Preferred Shares [Member] | Common Stock [Member] | Common Stock [Member]At-the-Market [Member] | Common Stock [Member]Alef [Member] | Common Stock [Member]Natura Naturals Inc | Common Stock [Member]Natura Contingent Consideration | Common Stock [Member]Manitoba Harvest U S L L C | Common Stock [Member]Investments | Common Stock [Member]S And S Acquisition | Common Stock [Member]Downstream Merger [Member] | Common Stock [Member]ABG [Member] | Additional Paid-In Capital [Member] | Additional Paid-In Capital [Member]At-the-Market [Member] | Additional Paid-In Capital [Member]Alef [Member] | Additional Paid-In Capital [Member]Natura Naturals Inc | Additional Paid-In Capital [Member]Natura Contingent Consideration | Additional Paid-In Capital [Member]Manitoba Harvest U S L L C | Additional Paid-In Capital [Member]Investments | Additional Paid-In Capital [Member]S And S Acquisition | Additional Paid-In Capital [Member]ABG [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Other Comprehensive Income [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Deficit [Member] | Accumulated Deficit [Member]Cumulative Effect, Period of Adoption, Adjustment [Member] | Accumulated Deficit [Member]ABG [Member] | |
Beginning Balance at Dec. 31, 2017 | $ (4,852) | $ 31,736 | $ 3,866 | $ (40,454) | ||||||||||||||||||||||||||||||||
Shares issued for preferred shares, net of issuance costs | 52,560 | $ 2 | 52,558 | |||||||||||||||||||||||||||||||||
Shares issued for preferred shares, net of issuance costs, shares | 7,794,042 | |||||||||||||||||||||||||||||||||||
Conversion of preferred shares | (2) | [1] | $ (2) | $ 2 | ||||||||||||||||||||||||||||||||
Conversion of preferred stock, shares | (7,794,042) | 7,794,042 | ||||||||||||||||||||||||||||||||||
Shares issued for acquisition | $ 2,855 | $ 2,855 | ||||||||||||||||||||||||||||||||||
Shares issued for acquisition, shares | 26,825 | |||||||||||||||||||||||||||||||||||
Common stock issuance, net of issuance costs | 160,792 | $ 8 | 160,784 | |||||||||||||||||||||||||||||||||
Common stock issuance, net of issuance costs, shares | 85,350,000 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expenses | 20,988 | 20,988 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (103) | (103) | ||||||||||||||||||||||||||||||||||
Deferred tax liability related to convertible notes, net of issuance costs | (8,809) | (8,809) | ||||||||||||||||||||||||||||||||||
Equity component related to issuance of convertible notes, net of issuance costs | 41,945 | 41,945 | ||||||||||||||||||||||||||||||||||
Net loss | (67,723) | (67,723) | ||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2018 | 197,653 | $ 10 | 302,057 | 3,763 | (108,177) | |||||||||||||||||||||||||||||||
Ending Balance (ASU 2016-01 [Member]) at Dec. 31, 2018 | $ 803 | $ (803) | ||||||||||||||||||||||||||||||||||
Ending Balance (ASC 842 [Member]) at Dec. 31, 2018 | $ 19 | $ 19 | ||||||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2018 | 93,170,867 | |||||||||||||||||||||||||||||||||||
Shares issued for acquisition | $ 15,099 | $ 4,450 | $ 128,710 | $ 10,551 | $ 3,189 | $ 125,097 | $ 15,099 | $ 4,450 | $ 128,710 | $ 10,551 | $ 3,189 | $ 125,097 | ||||||||||||||||||||||||
Shares issued for acquisition, shares | 180,332 | 238,826 | 2,109,252 | 550,646 | 79,289 | (2,212,025) | 1,680,214 | |||||||||||||||||||||||||||||
ABG finance receivable, net of finance income | (27,553) | (27,553) | ||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation plans | 506 | 506 | ||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation plans, shares | 1,575,455 | |||||||||||||||||||||||||||||||||||
Common stock issuance, net of issuance costs | $ 111,073 | $ 1 | $ 111,072 | |||||||||||||||||||||||||||||||||
Common stock issuance, net of issuance costs, shares | 5,396,501 | |||||||||||||||||||||||||||||||||||
Shares issued for employee compensation | 651 | 651 | ||||||||||||||||||||||||||||||||||
Shares issued for employee compensation, shares | 11,868 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expenses | 31,842 | 31,842 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | 5,153 | 5,153 | ||||||||||||||||||||||||||||||||||
Net loss | (321,169) | (321,169) | ||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2019 | 285,271 | $ 11 | 705,671 | 9,719 | (430,130) | |||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2019 | 102,781,225 | |||||||||||||||||||||||||||||||||||
Proceeds from ABG Profit Participation Arrangement | $ 1,353 | 1,353 | ||||||||||||||||||||||||||||||||||
Write-off of ABG finance receivable | $ 28,900 | $ (28,900) | ||||||||||||||||||||||||||||||||||
Escrow shares released from downstream merger | (644) | (644) | ||||||||||||||||||||||||||||||||||
Escrow shares released shares from downstream merger, shares | (61,776) | |||||||||||||||||||||||||||||||||||
Shares issued under registered offering, net of issuance costs | 19,829 | $ 1 | 19,828 | |||||||||||||||||||||||||||||||||
Shares issued under registered offering, net of issuance costs, Shares | 7,250,000 | |||||||||||||||||||||||||||||||||||
Shares issued for exercise of pre-funded warrants | 49,055 | $ 1 | 49,054 | |||||||||||||||||||||||||||||||||
Shares issued for exercise of pre-funded warrants, shares | 11,750,000 | |||||||||||||||||||||||||||||||||||
Shares issued for acquisition | 2,215 | 2,215 | ||||||||||||||||||||||||||||||||||
Shares issued for acquisition, shares | 286,618 | 6,934 | ||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation plans | 11,284 | 11,284 | ||||||||||||||||||||||||||||||||||
Shares issued under stock-based compensation plans, shares | 2,972,022 | |||||||||||||||||||||||||||||||||||
Common stock issuance, net of issuance costs | $ 125,143 | $ 1 | $ 125,142 | |||||||||||||||||||||||||||||||||
Common stock issuance, net of issuance costs, shares | 16,131,487 | |||||||||||||||||||||||||||||||||||
Shares issued for convertible debt settlement | 123,264 | $ 2 | 123,262 | |||||||||||||||||||||||||||||||||
Shares issued for convertible debt settlement, shares | 17,339,577 | |||||||||||||||||||||||||||||||||||
Stock-based compensation expenses | 29,716 | 29,716 | ||||||||||||||||||||||||||||||||||
Other comprehensive (loss) income | (1,514) | (1,514) | ||||||||||||||||||||||||||||||||||
Net loss | (271,073) | (271,073) | ||||||||||||||||||||||||||||||||||
Ending Balance at Dec. 31, 2020 | $ 373,899 | $ 16 | $ 1,095,781 | $ 8,205 | $ (730,103) | |||||||||||||||||||||||||||||||
Ending Balance, Shares at Dec. 31, 2020 | 158,456,087 | |||||||||||||||||||||||||||||||||||
[1] | For supplemental cash flow information related to leases, refer to Note 10. |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Deficit) (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
ABG [Member] | |
Finance income | $ 2,700 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net loss | $ (271,073) | $ (321,169) | $ (67,723) |
Adjusted for the following items: | |||
Inventory valuation adjustments | 38,419 | 68,583 | 384 |
Depreciation and amortization expenses | 18,654 | 15,849 | 3,562 |
Impairment of assets | 61,114 | 112,070 | |
Stock-based compensation expenses | 29,716 | 31,842 | 20,988 |
Change in fair value of warrant liability | 100,286 | ||
Gain on sale of short-term investment | (2,631) | ||
Change in fair value of contingent consideration | (46,914) | ||
Loss from equity method investments | 5,983 | 4,504 | |
Loss from equity investments measured at fair value | 4,283 | 939 | 6 |
Loss from sale of investment | 2,440 | ||
Interest on debt securities | (798) | (149) | |
Deferred taxes | (5,376) | (8,847) | (4,485) |
Amortization of discount on convertible notes | 10,317 | 9,843 | 2,180 |
Amortization of transaction costs on Senior Facility | 1,372 | ||
Foreign currency (gain) loss | (13,169) | (5,944) | 6,477 |
Accretion related to obligations under finance leases | 1,435 | 367 | |
Issuance costs on registered offering recorded to net loss | 3,953 | ||
Non-cash interest expenses | 1,643 | 5,669 | |
Credit loss expenses | 401 | ||
Provision for doubtful accounts | 251 | 1,723 | 285 |
Loss (gain) on disposal of property and equipment | 1,851 | 2,436 | (2) |
Gain on Convertible Debt, Net | (61,118) | ||
Changes in non-cash working capital: | |||
Accounts receivable | 6,291 | (14,820) | (16,512) |
Inventory | (30,065) | (102,643) | (9,226) |
Prepayments and other current assets | (5,404) | (51,408) | (2,487) |
Accounts payable | (20,485) | 20,003 | 5,218 |
Accrued expenses and other liabilities | (10,272) | 28,301 | 9,418 |
Net cash used in operating activities | (129,351) | (258,065) | (46,248) |
Investing activities | |||
Business combinations, net of cash acquired | (163,889) | ||
Investment in equity method investees | (3,764) | (14,201) | |
Change in deposits and other assets | (2,689) | ||
Purchases of short-term and other investments | (1,350,666) | (319,373) | |
Proceeds from sales and maturities of short-term investments | 4,067 | 1,383,632 | 274,497 |
Purchases of property and equipment | (44,644) | (73,741) | (50,198) |
Proceeds from disposal of property and equipment | 2,661 | 6,581 | 713 |
Purchases of intangible assets | (4,875) | (4,259) | |
Net cash used in investing activities | (41,680) | (253,181) | (98,620) |
Financing activities | |||
Proceeds from at-the market equity offering, net of costs | 124,500 | 111,073 | |
Proceeds from issuance of registered offering, net of issuance costs | 85,465 | ||
Proceeds from ABG Profit Participation Arrangement | 1,353 | 4,187 | |
Payment of ABG finance liability | (1,500) | (500) | |
Payment under Privateer Holdings debt facilities | (36,940) | ||
Advances under Privateer Holdings debt and construction facilities | 3,453 | ||
Proceeds from Preferred Shares - Series A, net of transaction costs | 52,560 | ||
Proceeds from exercise of stock options | 11,502 | 5,458 | |
Payment on the settlement of stock options | (1,263) | (5,014) | |
Payment of mortgage debt | (9,136) | ||
Payment of obligations under finance lease | (504) | ||
Proceeds from issuance of Senior Facility, net of transaction costs | 46,395 | ||
Repayment of Senior Facility | (1,605) | ||
Proceeds from issuance of convertible notes, net of issuance costs | 460,269 | ||
Proceeds from issuance of common stock pursuant to IPO, net | 160,792 | ||
Net cash provided by financing activities | 264,847 | 114,700 | 630,998 |
Effect of foreign currency translation on cash and cash equivalents | (905) | 6,082 | (1,198) |
Increase (decrease) in cash and cash equivalents | 92,911 | (390,464) | 484,932 |
Cash and cash equivalents, beginning of period | 96,791 | 487,255 | 2,323 |
Cash and cash equivalents, end of period | $ 189,702 | 96,791 | $ 487,255 |
Investment In ABG [Member] | |||
Investing activities | |||
Investment in ABG Profit Participation Arrangement | $ (33,333) |
Description of Business and Sum
Description of Business and Summary | 12 Months Ended |
Dec. 31, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business and Summary | 1. Description of Business and Summary Tilray, Inc., a Delaware corporation, and its wholly owned subsidiaries (collectively “Tilray”, the “Company”, “we”, “our”, or “us”) Prior to January 2018, the Company operated its business under Decatur Holdings, B.V. (“Decatur”), which was formed in March 2016. Decatur was incorporated under the laws of the Netherlands on March 8, 2016 as a wholly owned subsidiary of Privateer Holdings, Inc. (“Privateer Holdings”). On January 25, 2018, Privateer Holdings transferred the equity interest in Decatur to Tilray. Decatur was subsequently dissolved on December 27, 2018. The transfers of the equity interests were between entities under common control and were recorded at their carrying amounts. The consolidated financial statements of the Company (“the financial statements”) are prepared, on a continuity of interest basis, reflecting the historical financial information of Decatur prior to January 25, 2018. On December 15, 2020, we entered into an Arrangement Agreement (the “Arrangement Agreement” with Aphria Inc. (“Aphria”), pursuant to which Tilray will acquire all of the issued and outstanding common shares of Aphria pursuant to a plan of arrangement (the “Plan of Arrangement”) under the Business Corporations Act (the “Arrangement”). Subject to the terms and conditions set forth in the Arrangement Agreement and the Plan of Arrangement, each outstanding common share of Aphria outstanding immediately prior to the effective time of the Arrangement will be transferred to Tilray in exchange for 0.8381 of a share (of Tilray Class 2 common stock). The Agreements have not been finalized and as such, the financial statements do not reflect the effect of the transaction. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Basis of presentation The accompanying consolidated financial statements reflect the accounts of the Company. The financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. For the fiscal year ended December 31, 2020 the Company reported a consolidated net loss of $271,073 and a consolidated net loss of $321,169 and $67,723 for the years ending December 31, 2019 and December 31, 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company had cash flows used in operating activities of $129,351, $258,065 and $46,248, respectively. The Company had net cash inflows for the year ended December 31, 2020 of $92,911. As at December 31, 2020 and 2019, the Company had working capital of $165,738 and $166,600 respectively, reflecting an increase in cash of $92,911, a reduction in payables of $32,232, and the addition of $120,647 in warrant liability for the year ending December 31, 2020. Current management forecasts and related assumptions support the view that the Company can adequately manage the operational needs of the business with the current cash on hand for the next twelve months from the date of issuance of these financial statements. These financial statements reflect all adjustments, which, in the opinion of management, are necessary for a fair presentation of the Company’s financial position and results of operations. Basis of consolidation These financial statements include the accounts of the following entities wholly owned by the Company as of December 31, 2020: Name of entity Date of formation Place of incorporation Natura Naturals Inc. May 31, 1985 Canada Tilray, Inc. July 8, 2005 United States Manitoba Harvest USA LLC February 8, 2010 United States Tilray Canada, Ltd. September 6, 2013 Canada Dorada Ventures, Ltd. October 18, 2013 Canada FHF Holdings Ltd. July 15, 2015 Canada High Park Farms Ltd. February 19, 2016 Canada Tilray Deutschland GmbH November 3, 2016 Germany Pardal Holdings, Lda. April 5, 2017 Portugal Tilray Portugal Unipessoal, Lda. April 20, 2017 Portugal Tilray Australia New Zealand Pty. Ltd. May 9, 2017 Australia Tilray Ventures Ltd. June 6, 2017 Ireland Manitoba Harvest Japan K.K. August 29, 2017 Japan High Park Holdings, Ltd. February 8, 2018 Canada Fresh Hemp Foods Ltd. May 7, 2018 Canada Natura Naturals Holdings Inc. May 17, 2018 Canada National Cannabinoid Clinics Pty Ltd. September 19, 2018 Australia Tilray Latin America SpA November 19, 2018 Chile Tilray Portugal II, Lda. December 11, 2018 Portugal High Park Gardens Inc. February 7, 2019 Canada 1197879 B.C. Ltd February 15, 2019 Canada High Park Shops Inc. August 15, 2019 Canada Privateer Evolution, LLC December 12, 2019 United States Tilray France SAS July 2, 2020 France High Park Holdings B.V. July 15, 2020 Netherlands High Park Botanicals B.V. July 17, 2020 Netherlands The entities listed above are wholly owned by the Company and have been formed or acquired to support the intended operations of the Company and all intercompany transactions and balances have been eliminated in the financial statements of the Company. The financial statements also include variable interest entities (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support, is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights, or do not substantively participate in the gains and losses of the entity. Upon inception of a contractual agreement, the Company performs an assessment to determine whether the arrangement contains a variable interest in a legal entity and whether that legal entity is a VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE entity that could potentially be significant to the VIE. Where the Company concludes it is the primary beneficiary of a VIE, the Company consolidates the accounts of that VIE. When the Company is not the primary beneficiary, the VIE is accounted for using the equity method and is included in equity method investments on the balance sheets. At December 31, 2020, 2019 and 2018, the Company had no consolidated VIEs. Refer to Note 7 for the Company’s VIEs accounted for using the equity method. The Company regularly reviews and reconsiders previous conclusions regarding whether it is the primary beneficiary of a VIE. The Company also reviews and reconsiders previous conclusions regarding whether the Company holds a variable interest in a potential VIE, the status of an entity as a VIE, and whether the Company is required to consolidate such a VIE in the financial statements when a change occurs. New accounting pronouncements recently adopted Allowance for credit losses In June 2016, the Financial Accounting Standard Board, (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance was subsequently amended by ASU 2018-19, Codification Improvements, ASU 2019-04, Codification Improvements, ASU 2019-05, Targeted Transition Relief, ASU 2019-10, Effective Dates, and ASU 2019-11, Codification Improvements. These ASUs are referred to collectively as the new guidance on current expected credit loss (“CECL”). As a result of the adoption of the new CECL guidance on January 1, 2020, the Company has changed its accounting policy for the allowance for credit losses, as it relates to accounts receivable and available-for-sale debt securities. The adoption of the CECL guidance did not have a material impact on the financial statements at January 1, 2020. Disclosure framework – fair value measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 removes (a) the prior requirement to disclose the amount and reason for transfers between Level 1 and Level 2 of the fair value hierarchy contained in ASC Topic 820, (b) the policy for timing of transfers between levels, and (c) the valuation process used for Level 3 fair value measurements. ASU 2018-13 also adds, among other items, a requirement to disclose the range and weighted average of significant unobservable inputs used in Level 3 fair value measurements. The Company adopted ASU 2018-13 effective January 1, 2020 and such adoption did not have a material effect on its financial statements. Use of estimates and significant judgments The preparation Examples of key estimates in these financial statements include the value of Class 2 common shares with transfer restrictions, asset impairment including the impact of COVID-19 on estimated future cash flows and fair values, imputed interest for loans receivable, the allowance for credit losses, provisions for prepayments and other current assets, inventory valuation adjustments that contemplate the market value of, and demand for inventory, estimated useful lives of property and equipment and intangible assets, valuation allowance on deferred income tax assets, determining the fair value of financial instruments, fair value of stock-based compensation, estimated variable consideration on contracts with customers, sales return estimates, the fair value of the convertible notes and equity component and the classification, the fair value of the warrant liability using a Monte Carlo pricing model, incremental borrowing rates and lease terms applicable to lease contracts. Financial statement areas that require significant judgments are as follows: Variable interest entities - The Company assesses all variable interests in entities and uses judgment when determining if the Company is the primary beneficiary. Other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and the level of involvement of other parties. Asset impairment – Asset impairment tests require the allocation of assets to asset groups, where appropriate, which requires significant judgment and interpretation with respect to the integration between the assets and shared resources. Asset impairment tests require the determination of whether there is an indication of impairment. The assessment of whether an indication of impairment exists is performed at the end of each reporting period and requires the application of judgment, historical experience, and external and internal sources of information. Leases – The Company applies judgment in determining whether a contract contains a lease and if a lease is classified as an operating lease or a finance lease. The Company determines the lease term as the non-cancellable term of the lease, which may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has several lease contracts that include extension and termination options. The Company applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). The Company also applies judgment in allocating the consideration in a contract between lease and non-lease components. It considers whether the Company can benefit from the right-of-use asset either on its own or together with other resources and whether the asset is highly dependent on or highly interrelated with another right-of-use asset. Reclassifications The Company reclassified previously disclosed amounts related to inventory valuation adjustments and stock-based compensation expenses to conform with the disclosures as of December 31, 2020. Inventory valuation adjustments were previously disclosed as a separate component of cost of sales on the Company’s Consolidated Statements of Net Loss and Comprehensive Loss. As of December 31, 2020, these amounts are included under the caption of cost of sales. Year Ended December 31, 2019 2018 Inventory valuation adjustment no longer disclosed separately from cost of sales $ 68,583 $ 4,561 Stock-based compensation expenses was previously presented as a separate line item in the Company’s under the respective caption in financial statements where compensation paid to the same employees is recorded. These reclassifications are summarized as follows: Year Ended December 31, 2019 2018 General and administrative expenses $ 26,499 $ 18,926 Sales and marketing expenses 2,729 462 Research and development expenses 2,614 1,600 The Consolidated Statements of Net Loss and Comprehensive Loss for the years ended December 31, 2019 and 2018 were reclassified to conform to the current period’s presentation. Loss on disposal of property and equipment, formerly presented in other expenses (income) is now presented in general and administrative expenses. Foreign currency These financial statements are presented in the United States dollar (“USD”), which is the Company’s reporting currency. Functional currencies for the entities in these financial statements are their respective local currencies, including USD, Canadian dollar (“CAD”), Euro, Australian dollar, Chilean Peso, Great Britain Pound and Japanese Yen. The assets and liabilities of each of the Company’s subsidiaries are translated to USD at the foreign exchange rate in effect at the balance sheet date. Certain transactions affecting the stockholders’ equity (deficit) are translated at historical foreign exchange rates. The consolidated statements of net loss and comprehensive loss and statements of cash flows are translated to USD by applying the average foreign exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive loss. The Company’s monetary assets and liabilities denominated in foreign currencies are translated to the functional currency by applying the foreign exchange rate in effect at the balance sheet date. Revenues and expenses are translated using the average foreign exchange rate in effect during the reporting period. Realized and unrealized foreign currency differences are recognized in the statements of net loss and comprehensive loss. Net loss per share Basic net loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding for the reported period. Diluted net 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 stock of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options and the incremental shares issuable upon conversion of the convertible notes. Potential dilutive common share equivalents consist of stock options, restricted stock units (“RSUs”) and restricted stock awards. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As of December 31, 2020, there were 28,784,308 common share equivalents with potential dilutive impact (2019 – 10,532,988, 2018 – 7,902,263). Since the Company is in a net loss for all periods presented in these financial statements, there is no difference between the Company’s basic and diluted net loss per share for the periods presented. Business combinations and goodwill The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations, which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition. Any excess of the purchase consideration over the net fair value of tangible and identified intangible assets acquired less liabilities assumed is recorded as goodwill. The costs of business acquisitions, including fees for accounting, legal, professional consulting and valuation specialists, are expensed as incurred within acquisition-related (income) expenses, net. Purchase price allocations may be preliminary and, during the measurement period not to exceed one year from the date of acquisition, changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined. For business combinations achieved in stages, the Company’s previously held interest in the acquiree is remeasured at its acquisition date fair value, with the resulting gain or loss recorded in the statements of net loss and comprehensive loss. For a pre-existing relationship between the Company and the acquiree that is not extinguished on the business combination, such a relationship is considered effectively settled as part of the business combination even if it is not legally cancelled. At the acquisition date, it becomes an intercompany relationship and is eliminated upon consolidation. The estimated fair value of acquired assets and assumed liabilities are determined primarily using a discounted cash flow approach, with estimated cash flows discounted at a rate that the Company believes a market participant would determine to be commensurate with the inherent risks associated with the asset and related estimated cash flow streams. Contingent consideration in a business combination is remeasured at fair value each reporting period until the contingency is resolved and any change in fair value from either the passage of time or events occurring after the acquisition date, is recorded within acquisition-related (income) expenses, net on the statements of net loss and comprehensive loss. Cash and cash equivalents Cash and cash equivalents are comprised of cash and highly liquid investments that are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalents include amounts held in USD, CAD, Euro, Australian dollar, Chilean Peso, Great Britain Pound, Japanese Yen, corporate bonds, commercial paper, treasury bills and money market funds. Accounts receivable and allowance for credit losses Accounts receivable – the Company maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in its accounts receivable portfolio as of the reporting dates based on the projection of expected credit losses. The Company applies the aging method to estimate the allowance for expected credit losses. The aging method is applied to accounts receivables at the business unit level to reflect shared risk characteristics, such as receivable type, customer type and geographical location. The aging method assigns accounts receivables to a level of delinquency and applies loss rates to each class based on historical loss experience. The Company also considers relevant qualitative and quantitative factors to assess whether historical loss experience should be adjusted to better reflect the risk characteristics of the current classes and the expected future loss. This assessment incorporates all available information relevant to considering the collectability of its current classes, including considering economic and business conditions, default trends, changes in its class composition, among other internal and external factors. The expected credit loss estimates are adjusted for current conditions and reasonable supportable forecasts. As part of the Company’s analysis of expected credit losses, it may analyze contracts on an individual basis in situations where such accounts receivables exhibit unique risk characteristics and are not expected to experience similar losses to the rest of their class. Available-for-sale debt securities – The Company assesses its available-for-sale debt securities for impairment at each measurement date. When the fair value is less than the amortized cost, the Company assesses whether it intends to sell the security. When it is assessed that the Company will sell the security or the Company will be required to sell before recovery, the difference between the fair value and amortized cost is recorded as an impairment of assets in the statements of net loss and comprehensive loss. When the Company does not intend to sell and it is not more likely than not that the Company will be required to sell before recovery, the Company assesses whether a portion of the unrealized loss is a result of a credit loss. The Company recognizes the portion related to credit loss as credit loss expenses in general and administrative expenses within the statements of net loss and comprehensive loss and the portion of unrealized loss related to factors other than credit losses in other comprehensive loss. The Company determines the best estimate of the present value of cash flows expected to be collected from the available-for-sale debt securities on an individual basis based on past events, current conditions and forecasts relevant to the individual securities. Inventory Inventory is comprised of raw materials, finished goods and work-in-progress. Cost includes expenditures directly related to the manufacturing process as well as suitable portions of related production overheads, based on normal operating capacity. Cannabis: Inventory costs include pre-harvest, post-harvest, shipment and fulfillment, as well as costs related to accessories. Pre-harvest costs include labor and direct materials to grow cannabis, which includes water, electricity, nutrients, integrated pest management, growing supplies and allocated overhead. Post-harvest costs include costs associated with drying, trimming, blending, extracting, purifying, quality testing and allocated overhead. Shipment and fulfillment costs include the costs of packaging, labelling, courier services, allocated overhead, and excise taxes. Hemp: Inventory cost includes seeds, packaging and co-packing. Seed costs include commodity cost paid to farmers, genetic seed cost to provide and manage contracted farmers, hulling and processing costs, including labor and overhead. Packaging costs include packaging materials, labor and overhead to run machinery. Co-packing cost are generally for products not manufactured by the Company directly and would include all costs to produce the products. Inventory is stated at the lower of cost or net realizable value, determined using weighted average cost. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the end of each reporting period, the Company performs an assessment of inventory and records write-downs for excess and obsolete inventories based on the Company’s estimated forecast of product demand, production requirements, market conditions, regulatory environment, and spoilage . Actual inventory losses may differ from management’s estimates and such differences could be material to the Company’s balance sheets, statements of net loss and comprehensive loss and statements of cash flows. Property and equipment Property and equipment are recorded at cost net of accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful life of buildings ranges from twenty to twenty-five years and the estimated useful life of property and equipment, other than buildings, ranges from three to fifteen years . Land is not depreciated. Leasehold improvements are depreciated over the lesser of the asset’s estimated useful life or the remaining lease term. 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. Maintenance and repairs are charged to expenses as incurred. Significant expenditures, which extend the useful lives of assets or increase productivity, are capitalized. When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate items or components of property and equipment. Construction-in-process includes construction progress payments, deposits, engineering costs, interest expense on long-term construction projects and other costs directly related to the construction of the facilities. Expenditures are capitalized during the construction period and construction in progress is transferred to the relevant class of property and equipment when the assets are available for use, at which point the depreciation of the asset commences. The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Interest incurred relating to the construction or expansion of facilities is capitalized to the construction in progress. The Company ceases the capitalization of interest when construction activities are substantially completed and the facility is available for commercial use. Intangible assets Intangible assets include intangible assets acquired as part of business combinations, asset acquisitions and other business transactions. The Company records intangible assets at cost, net of accumulated amortization and accumulated impairment losses, if any. Cost is measured based on the fair values of cash consideration paid and equity interests issued. The cost of an intangible asset acquired is its acquisition date fair value. The Company capitalizes certain internal-use software development costs, consisting primarily of contractor costs and employee salaries and benefits allocated to the software. Capitalization of costs incurred in connection with internally developed software commences when both the preliminary project stage is completed and management has authorized further funding for the project, based on a determination that it is probable the project will be completed and used to perform the function intended. Capitalization of costs ceases no later than the point at which the project is substantially complete and ready for its intended use. All other costs are expensed as incurred. Amortization is calculated on a straight-line basis over three years. Costs incurred for enhancements that are expected to result in additional functionalities are capitalized. Amortization of definite life intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Patents 4 years Customer relationships 14 to 16 years Developed technology 10 years Websites 3 years Definite life trademarks and licenses Term of agreements When there is no foreseeable limit on the period of time over which an intangible asset is expected to contribute to the cash flows of the Company, an intangible asset is determined to have an indefinite life. Indefinite life intangible assets are not amortized, but tested for impairment annually or more frequently when indicators of impairment exist. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-life intangible asset is impaired by the amount of the excess. The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Impairment of long-lived assets The Company reviews long-lived assets, including property and equipment and definite life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (“asset group”). An impairment loss is recognized when the sum of projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. The reversal of impairment losses is prohibited. Impairment of goodwill and indefinite life intangible assets Goodwill and indefinite life intangible assets are tested for impairment annually, or more frequently when events or circumstances indicate that impairment may have occurred. As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit (for goodwill) is less than its carrying value, a quantitative impairment test to compare the fair value to the carrying value. An impairment charge is recorded if the carrying value exceeds the fair value. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right‐of‐use (“ROU”) assets and accrued obligations under operating lease (current and non-current) in the balance sheets. Finance lease ROU assets are included in property and equipment, net and accrued obligations under finance lease (current and non-current) in the balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are classified as a finance lease or an operating lease. A finance lease is a lease in which 1) ownership of the property transfers to the lessee by the end of the lease term; 2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; 3) the lease is for a major part of the remaining economic life of the underlying asset; 4) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value; or 5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company classifies a lease as an operating lease when it does not meet any one of these criteria. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU assets also include any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For finance leases, lease expenses are the sum of interest on the lease obligations and amortization of the ROU assets. ROU assets are amortized based on the lesser of the lease term and the useful life of the leased asset according to the property and equipment accounting policy. If ownership of the ROU assets transfers to the Company at the end of the lease term or if the Company is reasonably certain to exercise a purchase option, amortization is calculated using the estimated useful life of the leased asset, according to the property and equipment accounting policy. For operating leases, the lease expenses are generally recognized on a straight-line basis over the lease term and recorded to general and administrative expenses in the statements of net loss and comprehensive loss. The Company has elected to apply the practical expedient, for each class of underlying asset, except real estate leases, to not separate non-lease components from the associated lease components of the lessee’s contract and account for both components as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less that do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Short-term leases include real estate and vehicles and are not significant in comparison to the Company’s overall lease portfolio. The Company continues to recognize the lease payments associated with these leases as expenses on a straight-line basis over the lease term. Investments Debt securities Debt securities are classified as available-for-sale and are recorded at fair value. Unrealized gains and losses during the year, net of the related tax effect, are excluded from income and reflected in other comprehensive income (loss), and the cumulative effect is reported as a separate component of shareholders’ equity until realized. Debt securities are impaired when |
Assets Reclassified from Held f
Assets Reclassified from Held for Sale to Held and Used | 12 Months Ended |
Dec. 31, 2020 | |
Assets Of Disposal Group Including Discontinued Operation [Abstract] | |
Assets Reclassified from Held for Sale to Held and Used | 3. Assets Reclassified from Held for Sale to Held and Used On May 26, 2020, the Company announced its decision to close its High Park Gardens Facility, a wholly-owned subsidiary of the Company based in Leamington, Ontario in response to its anticipated future product needs and the current economic climate. At that time, the Company concluded that the assets attributable to High Park Gardens met the criteria for classification as assets held for sale and that the closure did not represent a strategic shift that would have a major impact on the Company’s business plan or its primary markets, and therefore did not qualify as a discontinued operation. As a result of the Company’s decision to close this facility, the Company recognized impairment charges of $25,051 recorded to impairment of assets within the statements of net loss and comprehensive loss to adjust the fair value, less costs to sell, of the assets classified as held for sale. This included impairment charges of $13,616 relating to land and buildings, $10,239 relating to the write-down to nil of its cultivation license (refer to Note 11) and $1,196 relating to foreign currency translation adjustments. On December 16, 2020, the Company made a decision to discontinue marketing the High Park Gardens Facility and to retain the disposal group for future operations. The Company reclassified the assets to held and used measured at fair value in the Company’s cannabis segment. When the Company reclassified the assets of the High Park Gardens facility to held and used, the Company recognized additional impairment charges of $2,875 relating to land and buildings recorded to impairment of assets within the statements of net loss and comprehensive loss to adjust to the fair values of the respective assets. No assets were classified as held for sale as of December 31, 2020 or December 31, 2019. |
ABG Profit Participation Arrang
ABG Profit Participation Arrangement | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
ABG Profit Participation Arrangement | 4. ABG Profit Participation Arrangement On January 24, 2020, the Company entered into (i) an Amended and Restated Profit Participation Agreement (the “A&R Profit Participation Agreement”) with ABG, which amended and restated in its entirety the Profit Participation Agreement, dated January 14, 2019, and (ii) the First Amendment to Payment Agreement with ABG (the “Payment Agreement Amendment”), which amends the Payment Agreement, dated January 14, 2019. The Company and ABG agreed that Tilray no longer has any obligation to pay the additional consideration with an aggregate value of $83,333 in cash or in shares of Class 2 common stock. In addition, the Company is not entitled to any guaranteed minimum participation rights and beginning January 1, 2020 through December 31, 2028, the Company agreed that it is not entitled to any participation rights until such participation rights with respect to each contract year exceeds $10,000, and in the event the participation rights thresholds are achieved, the Company is entitled to the full 49% participation rights. As a result of entering into the A&R Profit Participation Agreement and the Payment Agreement Amendment, the Company derecognized the ABG finance receivable, $ 7,011 of which was recorded to impairment of assets through the statements of net loss and comprehensive loss and $ 28,900 of which was recorded through accumulated deficit in January 2020 . The Company entered into a Trademark License Agreement with ABG on April 1, 2019 for the use of the Prince trademark (“ABG Prince Agreement”). Under the ABG Prince Agreement, the Company pays a royalty on actual product sales in addition to a guaranteed minimum royalty payment (“GMR”) of $500 on April 1, 2019, October 1, 2019, January 1, 2020 and July 1, 2020, with subsequent quarterly payments of $375 commencing January 1, 2021 until the maturity date of December 31, 2025. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | 5. Inventory Inventory is comprised of the following items: December 31, 2020 2019 Raw materials $ 15,223 $ 15,926 Work-in-process 61,867 53,973 Finished goods 16,555 17,962 Total $ 93,645 $ 87,861 Inventory is written down for any obsolescence, spoilage and excess inventory or when the net realizable value of inventory is less than the carrying value. During the year ended December 31, 2020, the Company recorded charges for inventory and inventory-related write downs as a component of cost of sales. Cannabis products were written down by $24,288 and hemp products were written down by $4,040 (2019: $49,378 and $3,880). Included in the inventory-related write downs in the cannabis segment are write downs of $4,934 resulted from a loss on deposit payments for future purchases of inventory to secure supply (refer to Note 6) and $5,157 of additional termination penalties to the same supplier. |
Prepayments and Other Current A
Prepayments and Other Current Assets | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepayments and Other Current Assets | 6. Prepayments and Other Current Assets Prepayments and other current assets are comprised of the following items: December 31, 2020 2019 Deposits $ 15,976 $ 25,490 Taxes receivable 12,122 6,165 Prepayments 6,542 5,847 ABG finance receivable - current — 671 Total $ 34,640 $ 38,173 Deposits include advance payments on future purchases of inventory to secure supply. During the year ended December 31, 2020, the Company reached agreement with certain suppliers to terminate supply agreements. As a result, deposits have been written down by $4,934 in the Cannabis segment and were recorded in cost of sales in the statements of net loss and comprehensive loss (refer to Note 5). |
Investments
Investments | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Investments | 7. Investments Other investments Long-term investments are comprised of the following items: December 31, 2020 December 31, 2019 Equity investments measured at fair value $ 477 $ 4,183 Equity investments under measurement alternative 11,392 14,954 Debt securities classified under available-for-sale method 2,500 5,047 Total other investments $ 14,369 $ 24,184 The Company’s equity investments at fair value consist of publicly traded shares and warrants held by the Company. The Company’s equity investments under measurement alternative include equity investments without readily determinable fair values. At December 31, 2020 the Company’s debt securities under available-for-sale method consists of a convertible debt instrument with an interest rate of 10% For the year ended December 31, 2020, there was $2,440 (2019- $0) realized loss recognized related to equity investments at fair value. Unrealized losses recognized in other income, net during the year ended December 31, 2020 on equity investments still held at December 31, 2020 is $4,283 (2019 - $939). During 2020 an equity investment under the measurement alternative became publicly traded and its remaining shares are now held as an equity method investment measured at fair value which contributed to unrealized losses during the period. Equity method investments On December 31, 2018, t he Company entered into a joint venture with Anheuser-Busch InBev (“AB InBev”) to research and develop non-alcohol beverages containing cannabis. Under the terms of the arrangement, the Company and AB InBev each have 50% ownership and 50% voting interest in the Plain Vanilla Research Limited Partnership (“Fluent”), headquartered in Canada. The Company has determined that Fluent is a VIE, but the Company is not the primary beneficiary as the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, the Company does not consolidate the financial statements of Fluent and accounts for this investment using the equity method of accounting. At the date of initial investment there was no difference in the carrying value of the investment and the proportional interest in the underlying equity in the net assets of Fluent. At December 31, 2020 the maximum exposure to loss is limited to the Company’s equity investment in the joint venture. The Company has made capital contributions of $3,764 (2019 - $12,000, 2018 - $0) to Fluent during the year ended December 31, 2020. In addition, the Company had purchased $4,300 of equipment which was subsequently sold to Fluent at the net book value of $4,300 during the year ended December 31, 2019. The Company provides production support services to Fluent on a cost recovery basis. During the year ended December 31, 2020, total fees charged were $4,113 (2019 - $388). Total amounts included in accounts payable is $674 at Dec 31, 2020 (December 31, 2019 - $388). On September 19, 2019, t he Company entered into a joint venture with Cannfections Group Inc. (“Cannfections”) to develop and manufacture confectionary cannabis products. Under the terms of the arrangement, the Company and Cannfections each have 50% ownership and 50% voting interest. At the date of initial investment, there was no difference in the carrying value of the investment and the proportional interest in the underlying equity in the net assets of Cannfections. During the year ended December 31, 2020 the company incurred $436 in expenses for purchases from Cannfections (2019 - $84). During the year ended December 31, 2020 the Company made no contributions to the joint venture. During the year ended December 31, 2019, the Company contributed $3,600 to the joint venture, consisting of $1,901 of cash and $1,699 of Class 2 common stock. The Company’s ownership interests in its equity method investments as of December 31, 2020 and 2019 were as follows: Approximate Carrying value Loss from equity method investments Year ended ownership % December 31, 2020 December 31, 2020 Investment in Fluent 50% $ 5,291 $ (6,253 ) Investment in Cannfections 50% 4,009 270 Total equity method investments $ 9,300 $ (5,983 ) Approximate Carrying value Loss from equity method investments Year ended ownership % December 31, 2019 December 31, 2019 Investment in Fluent 50% $ 7,836 $ (4,437 ) Investment in Cannfections 50% 3,612 (67 ) Total equity method investments $ 11,448 $ (4,504 ) Summary financial information for the equity method investments on an aggregated basis was as follows: December 31, 2020 December 31, 2019 Current assets $ 12,644 $ 13,942 Non current assets $ 6,608 $ 4,987 Current liabilities $ 5,663 $ 1,561 Non current liabilities $ — $ — Year ended Year ended December 31, 2020 December 31, 2019 Revenues $ 5,844 $ 113 Gross profit $ 2,118 $ 78 Net loss $ (11,966 ) $ (9,008 ) |
Accounts Receivable and Allowan
Accounts Receivable and Allowance for Credit Losses | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable And Allowance For Credit Losses [Abstract] | |
Accounts Receivable and Allowance for Credit Losses | 8. Accounts Receivable and Allowance for Credit Losses The Company maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in the existing accounts receivable portfolio as of the reporting dates based on the estimate of expected net credit losses. The following table provides activity in the allowance for credit losses for the year ended December 31, 2020: Allowance for credit losses, January 1, 2020 $ 615 Provision for expected credit losses (1) 401 Write-offs charged against allowance (163 ) Recoveries of amounts previously written off — Foreign currency translation adjustment 34 Allowance for credit losses, December 31, 2020 $ 887 Accounts receivable balance before allowance for credit losses and provision for sales returns, December 31, 2020 $ 31,571 (1) The provision for expected credit losses is recorded in general and administrative expenses. |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment, Net | 9. Property and Equipment, Net Property and equipment, net consisted of the following: December 31, 2020 2019 Land $ 6,771 $ 6,417 Buildings and leasehold improvements 117,325 109,172 Laboratory and manufacturing equipment 37,176 31,173 Office and computer equipment 1,710 2,659 ROU assets under finance lease 15,072 14,753 Construction-in-process 49,380 37,160 227,434 201,334 Less: accumulated depreciation (27,875 ) (17,117 ) Total $ 199,559 $ 184,217 For the year ended December 31, 2020, total depreciation on property and equipment was $12,508 (2019 – $9,282 and 2018 – $3,410). Depreciation expenses included in cost of sales relating to manufacturing equipment and production facilities for the year ended December 31, 2020 is $4,932 (2019 – $4,242 and 2018 – $1,964). Depreciation expenses related to general office space and equipment of $2,720 (2019 – $1,783, 2018 - $149) is included in depreciation and amortization expenses. The remaining depreciation is capitalized in the cost of inventory. The Company had $44,644 in property and equipment additions during the year ended December 31, 2020 (2019 – $119,184 and 2018 – $44,451). No non-cash finance lease assets were added in 2020 (2019 – $4,617 and 2018 – $114) and for the year ended December 31, 2020, there is $2,467 (2019 – $652 and 2018 – $158) of capitalized interest included in construction-in-progress. Additions to construction-in-process primarily relate to the ongoing construction of the Company’s Portugal facilities. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Leases | 10. Leases The Company has operating and finance leases for facilities and certain equipment. Operating and finance leases have remaining weighted-average remaining lease terms of 7 years and 2 years, respectively, as at December 31, 2020, some of which include options to extend the leases for up to 10 years and some of which include options to terminate the leases within 1 year. The table below presents the lease-related assets and liabilities recorded on the balance sheet. December 31, Classifications on the Balance Sheet 2020 2019 Assets Operating lease assets Operating lease, right-of-use assets $ 17,985 $ 17,514 Finance lease assets Property and equipment, net 13,167 13,307 Total lease assets $ 31,152 $ 30,821 Liabilities Current Operating Accrued lease obligations - current $ 2,913 $ 2,473 Finance Accrued lease obligations - current — — Noncurrent Operating Accrued lease obligations - Noncurrent 15,346 15,255 Finance Accrued lease obligations - Noncurrent 15,277 14,152 Total lease liabilities $ 33,536 $ 31,880 Weighted-average remaining lease term Operating leases 7 9 Finance leases 2 4 Weighted-average discount rate Operating leases 4.98 % 5.73 % Finance leases 10.75 % 8.42 % The table below presents certain information related to the lease costs for finance and operating leases. December 31, December 31, 2020 2019 Finance lease cost Amortization of ROU assets $ 326 $ 588 Interest on lease liabilities 1,435 370 Operating lease expenses (1) 4,065 2,519 Short term lease expenses (1) 9 256 Sublease income (2) (486 ) (230 ) Total lease expenses $ 5,349 $ 3,503 (1) Included in cost of goods sold and general and administrative expenses (2) Included in other income, net The table below presents supplemental cash flow information related to leases. December 31, December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3,810 2,312 Operating cash flows from finance leases 999 336 Financing cash flows from finance leases — 504 Non-cash additions to ROU assets and lease liabilities: Operating leases 423 16,043 Finance leases $ — $ 4,617 Lease commitments The Company leases various facilities, under non-cancelable finance and operating leases, which expire at various dates through September 2027. Maturities of lease liabilities: Year ending December 31, Operating Leases Finance Leases 2021 $ 3,792 $ 1,051 2022 3,436 5,960 2023 3,290 12,438 2024 2,704 2025 2,151 — Thereafter 6,401 — Total minimum lease payments 21,774 19,449 Less: amounts of leases related to interest payments 3,515 4,172 Present value of minimum lease payments 18,259 15,277 Less: current accrued lease obligation 2,913 — Obligations recognized $ 15,346 $ 15,277 |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible Assets | 11. Intangible Assets Intangible assets are comprised of the following items: December 31, 2020 2019 Weighted Average Amortization Period (in years) Cost Accumulated Amortization Impairment Net Cost Accumulated Amortization Impairment Net Definite-lived intangible assets: Patent — $ 669 $ 131 $ 538 $ — $ 716 $ 99 $ — $ 617 Customer relationships 16 138,885 16,030 — 122,855 135,953 7,132 — 128,821 Developed technology 10 7,227 1,325 — 5,902 7,074 590 — 6,484 Websites 3 5,332 4,348 — 984 5,157 3,331 — 1,826 Trademarks and licenses 5 9,009 1,245 7,650 114 9,135 925 — 8,210 Total 161,122 23,079 8,188 129,855 158,035 12,077 — 145,958 Indefinite‑lived intangible assets: Cultivation license — 10,239 — 10,239 — 10,689 — — 10,689 Alef license — — — — — 4,086 — 4,086 — Trademarks Indefinite 56,590 — — 56,590 55,416 — — 55,416 Rights under ABG Profit Participation Arrangement — 16,765 — 16,765 — 119,366 — 102,601 16,765 Total 83,594 — 27,004 56,590 189,557 — 106,687 82,870 Total intangible assets $ 244,716 $ 23,079 $ 35,192 $ 186,445 $ 347,592 $ 12,077 $ 106,687 $ 228,828 In connection with the Company’s closure of its High Park Gardens facility, the Company determined that the fair value of the indefinite-lived cultivation license was below carrying value. As a result, the Company incurred non-cash impairment charges of $10,239, representing the full net book value of the cultivation license, presented in impairment of assets in the statements of net loss and comprehensive loss (refer to Note 3). In connection with the decreased demand projections of CBD products in the United States resulting in a reduced estimate of future cash flows, during the first quarter of 2020 the Company determined that the fair value of indefinite-lived rights under the ABG Profit Participation Arrangement and definite-lived trademarks under the Trademark and License Agreement with ABG for the use of the Prince trademark (“ABG Prince Agreement”) were below the carrying value. As a result, the Company incurred non-cash impairment charges of $16,765 and $6,063 representing the full net book values of the intangible assets relating to the ABG Profit Participation Agreement and ABG Prince Agreement respectively, presented in impairment of assets in the statements of net loss and comprehensive loss (refer to Note 4). In June 2020, the Company completed the separation from Smith & Sinclair and recognized additional non-cash impairment charges of $3,320 presented in impairment of assets in the statement of net loss and comprehensive loss, of which $2,126 related to other CBD trademarks and patents. Amortization expenses for intangibles was $11,002, $9,824, and $374 in 2020, 2019, and 2018, respectively. Expected future amortization expenses for intangible assets as of December 31, 2020 are as follows: 2021 – $10,222; 2022 – $9,744; 2023 - $9,500; 2024 - $9,493, 2025 – $9,469; and thereafter – $81,427 . |
Goodwill
Goodwill | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill Disclosure [Abstract] | |
Goodwill | 12. Goodwill The following table shows the change in carrying amount of goodwill: Hemp Cannabis Total Goodwill - January 1, 2020 $ 133,314 $ 29,937 $ 163,251 Foreign currency translation adjustment 3,018 646 3,664 Goodwill - December 31, 2020 $ 136,332 $ 30,583 $ 166,915 Goodwill is tested for impairment annually, or more frequently when events or circumstances indicate that impairment may have occurred. At December 31, 2020, the Company determined the hemp reporting unit, representing $136,332 of the $166,915 total goodwill, was at risk of having a carrying value exceeding the fair value. As a result, a quantitative test was performed to determine if impairment exists. In performing the Company’s impairment analysis at December 31, 2020, the fair value of the hemp reporting unit was determined primarily by discounting estimated future cash flow, which were determined based on revenue and expense growth assumptions ranging from 16% to 40%, at a weighted average cost of capital (discount rate) ranging from 10% to 12%. The discounted future cash flow model also makes the key assumption that CBD revenue will commence to build in the third quarter of 2021. The fair value of the hemp reporting unit was determined to exceed the carrying value by $ , or 38 %, and no impairment was recorded. A relatively small change in the underlying assumptions, including a 1% change in the weighted average cost of capital, continued lack of clarity from the Food and Drug Administration regarding approval of CBD or the financial performance of the reporting unit in future years may cause a change in the results of the impairment assessment in future periods and, as such, could result in an impairment of goodwill. |
Accounts Payable, Accrued Expen
Accounts Payable, Accrued Expenses and Other Current Liabilities | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Accounts Payable, Accrued Expenses and Other Current Liabilities | 13. Accounts Payable, Accrued Expenses and Other Current Liabilities Accounts payable, accrued expenses and other current liabilities are comprised of the following items: December 31, 2020 2019 Other accrued expenses and current liabilities $ 24,181 $ 17,032 Accrued payroll and employment related withholding taxes 9,282 24,765 Accrued interest on convertible notes 3,473 5,938 ABG finance liability - current 1,500 1,500 Accrued legal and professional fees 1,091 1,174 Accrued interest on Senior Facility 419 — Contingent consideration for acquisitions — 420 Total accrued expenses and other current liabilities $ 39,946 $ 50,829 During the year ended December 31, 2020, the Company reduced its employee headcount in portions of its global organization to meet the needs of the current industry environment. During the year ended December 31, 2020, the Company incurred $4,864 (2019 – $0) in severance costs, of which $4,321 and $543 is included in salaries within general and administrative expenses and in cost of sales, respectively. During the year ended December 31, 2020, severance costs of $3,205 are allocated to the cannabis reportable segment and $1,659 are allocated to the hemp reportable segment. Management continues to evaluate its cost structure and may take further actions in the future and incur additional related costs. The following table shows the reconciliation of the severance costs included within the accrued payroll and employment related withholding taxes balance above, relating to scheduled benefit payments which were communicated to employees prior to December 31, 2020: Opening Balance as of January 1, 2020 $ — Additional charges 4,864 Less payments made to employees 4,219 Closing Balance as of December 31, 2020 $ 645 |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Convertible Notes | 14. Convertible Notes In October 2018 the Company issued convertible notes with a face value of $475,000. The net proceeds from the offering were approximately $460,134, after deducting commissions and other fees incurred. The convertible notes bear interest at a rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2019. The convertible notes are governed by an Indenture between the Company, as issuer, and GLAS Trust Company LLC, as trustee. The convertible notes are the Company’s general unsecured obligations and rank senior in right of payment to all of the Company’s indebtedness that is expressly subordinated in right of payment to the notes; equal in right of payment with any of the Company’s unsecured indebtedness that is not so subordinated; effectively junior in right of payment to any of Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally junior to all indebtedness and other liabilities (including trade payables but excluding intercompany obligations) of the Company’s current or future subsidiaries. The Indenture includes customary covenants and sets forth certain events of default after which the convertible notes may be declared immediately due and payable, including certain types of bankruptcy or insolvency involving the Company. To the extent the Company so elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 365 days after such event of default, consist exclusively of the right to receive additional interest on the notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election (the “cash conversion option”). Prior to the close of business on the business day immediately preceding April 1, 2023, the convertible notes will be convertible only under the specified circumstances. On or after April 1, 2023 until the close of business on the business day immediately preceding the maturity date, holders may convert all or any portion of their convertible notes, in multiples of one thousand dollar principal amount, at the option of the holder regardless of the forementioned circumstances. As a result of the cash conversion option, the Company separately accounts for the value of the embedded conversion option as a component of equity. The value of the embedded conversion option is the residual of the net proceeds of the issuance, less the estimated fair value of the debt without the conversion feature, and amounted to $57,595 at issuance. The estimated fair value of the debt without the conversion feature, was determined using the expected cash flows of the convertible notes discounted by the estimated interest rate of similar nonconvertible debt; the debt discount is being amortized as additional non-cash interest expenses over the term of the convertible notes using the interest method with an effective interest rate of 8% per annum. The equity component is not remeasured as long as it continues to meet the conditions for equity classification. The Company may from time to time seek to retire or purchase its convertible notes, in open market purchases, privately negotiated transactions or otherwise. Such purchases or exchanges, if any, will depend on prevailing market conditions, the company's liquidity requirements, contractual restrictions and other factors. The amounts involved in any such transactions, individually or in the aggregate, may be material. During November 2020, the Company entered into two privately negotiated exchange agreements (the “Exchange Agreements”) with certain holders of our convertible notes. Under the terms of the Exchange Agreements, the holders agreed to exchange an aggregate principal amount of approximately $197,143 of convertible notes plus accrued interest held by them in exchange for an aggregate of 17,339,577 shares of our Class 2 common stock. Effectively, we agreed to repurchase a portion of our Notes at discounts of 36% and 42%, respectively, to their face value, using shares issued at our most recent closing market price on November 20, 2020 and November 23, 2020 (which is equivalent to a conversion price of $7.36 per share and $6.68 per share, respectively). In accordance with ASC 470-20, Convertible Debt, the Company utilized the inducement method of accounting to record the early retirement of the convertible debt in the two-step approach for induced conversions resulting in a net gain on debt conversion of $61,118 which the Company recorded on its Statement of Net Loss and Comprehensive Loss. In the first step, we assessed a loss on extinguishment using the fair value of the converted debt, less the fair value of the debt under the original terms, resulting in a loss on induced conversion of $114,891. In the second step, we assessed a gain on conversion, as the fair value of the converted debt given up at inducement exceeded the fair value of the shares issued to the converted holders resulting in a gain on extinguishment of debt of $176,009. As of December 31, 2020, the convertible notes are not yet convertible. The convertible notes will become convertible upon the satisfaction of the above circumstances. In accounting for the transaction costs related to the issuance of the convertible notes, the Company allocated the total amount of offering costs incurred to the debt and equity components based on their relative values. Transaction costs attributable to the convertible notes totaling $13,467, are being amortized as non-cash interest expenses over the term of the convertible notes, and offering costs attributable to the equity component, totaling $1,398, were recorded within stockholders’ equity (deficit). The remaining unamortized debt discount related to the convertible notes of $15,229 as of December 31, 2020 will be accreted over the remaining term of the convertible notes, which is approximately 33 months. As at December 31, 2020 , the Company was in compliance with all the covenants set forth under the Indenture. The following table sets forth the net carrying amount of the convertible notes: December 31, 2020 December 31, 2019 5.00% convertible notes $ 277,857 $ 475,000 Unamortized discount (15,229 ) (34,219 ) Unamortized transaction costs (4,839 ) (10,571 ) Net carrying amount $ 257,789 $ 430,210 The following table sets forth total interest expenses recognized related to the convertible notes: Year Ended December 31, 2020 2019 2018 Contractual coupon interest $ 22,929 $ 23,750 $ 5,302 Amortization of discount 7,863 7,468 2,152 Amortization of direct issue costs 2,454 2,375 28 Total $ 33,246 $ 33,593 $ 7,482 |
Senior Facility
Senior Facility | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Senior Facility | 15. Senior Facility On February 28, 2020, High Park Holdings Ltd., a wholly owned subsidiary of the Company (the “Borrower”) entered into a credit agreement, denominated in Canadian dollars (“C$”), for a senior secured credit facility in a maximum aggregate principal amount of $59,600 (C$79,800) (the “Senior Facility”). An aggregate principal amount equal to $49,700 (C$66,500) was drawn on February 28, 2020 (the “Closing Date Draw”) and the Company submitted an irrevocable 30 day notice on May 4, 2020 to draw an additional $9,900 (C$13,300) (the “Additional Draw”). On June 5, 2020, as a result of COVID-19 related financial markets conditions that affected the lender of the Senior Facility, and not because of any material changes to the business of Tilray or its subsidiaries, the lender requested that Tilray withdraw its outstanding request for the Additional Draw of $9,900 (C$13,300) under the Senior Facility. In exchange for the Company’s accommodation of the lender’s request to withdraw its funding request, the lender agreed to enter into the First Amendment of the Senior Facility (the “Amendment”). The Amendment provides for interest-only payments for the remainder of its term with all outstanding principal payments due at February 28, 2022. This will result in an aggregate balance of $47,355 (C$64,283) due at February 28, 2022. Additionally, and at such time as the lender’s business may allow, the lender may make the additional proceeds of $9,900 (C$13,300) available, at its sole discretion. The Senior Facility bears interest on the outstanding principal balance at an annual rate equal to the Canadian prime rate plus 8.05%, calculated based on the daily outstanding balance of the Senior Facility calculated and compounded monthly in arrears and with no deemed reinvestment of monthly payments. Interest is due monthly throughout the term. The Company has the option to voluntarily prepay, without penalty, the outstanding amounts, in full or in part, at any time starting 6 months from the closing date subsequent to providing 75 days’ notice. Transaction costs incurred on the Closing Date Draw were $3,306 (C$4,425). There were no fees incurred associated with the Amendment. Transaction costs are deferred and amortized as a component of interest expense over the estimated term using the effective interest rate method. On June 29, 2020, the lender notified the Company that it had exercised its unilateral right to syndicate $19,153 (C$26,000) of the Company’s Senior Facility in the aggregate principal amount of $59,600 (C$79,800). The Senior Facility’s terms otherwise remain unchanged. The Senior Facility has first priority claims on all North American assets of the Company and contains certain affirmative and negative covenants. The operational covenant includes a minimum unrestricted cash threshold of $29,466 (C$40,000) in order for the Company to make additional capital expenditures and investments. The Senior Facility is collateralized against all real and personal property owned, leased and operated by the Company in North America, and any and all other property of the Company now existing and acquired in North America after the closing date. As of December 31, 2020, the Company was in compliance with all covenants set forth under the Senior Facility. The following table sets forth the net carrying amount of the Senior Facility: December 31, 2020 Senior Facility $ 50,498 Unamortized transaction costs (2,028 ) Net carrying amount 48,470 Less: current portion of Senior Facility — Total noncurrent portion of Senior Facility $ 48,470 The following table sets forth total interest expense recognized related to the Senior Facility: Year ended December 31, 2020 Contractual interest at Canadian prime plus 8.05% $ 4,257 Amortization of transaction costs 1,372 Total $ 5,629 |
Registered Offering and Warrant
Registered Offering and Warrants | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Registered Offering and Warrants | 16. Registered Offering and Warrants On March 17, 2020, the Company closed a registered offering of 7,250,000 shares of the Company’s Class 2 common stock for $4.76 per share with an equal number of accompanying warrants and 11,750,000 pre-funded warrants for $4.7599 (the “pre-funded warrants”) with an equal number of accompanying warrants. The pre-funded warrants had an exercise price per share of Class 2 common stock of $0.0001 and were exercisable at any time after their original issuance and expire on the fifth anniversary date of issuance. As of December 31, 2020, all pre-funded warrants have been exercised. The 19,000,000 total accompanying warrants (the “warrants”) allow the holders to purchase an aggregate of 19,000,000 shares of the Company’s Class 2 common stock. The warrants have an exercise price per share of Class 2 common stock of $5.95 and are exercisable at any time after the first trading day following the six-month The total gross proceeds of the registered offering were $90,439, of which $21,025 was allocated to the Class 2 common stock at the offering close and $69,414 was allocated to the warrant liability. Issuance costs incurred on the registered offering were $5,150, of which $3,953 was recorded to other expenses (income) in the statements of net loss and comprehensive loss and $1,197 was allocated to the Class 2 common stock and recorded net against the allocated gross proceeds in additional paid-in-capital. The warrants contain anti-dilution price protection features, which adjust the exercise price of the warrants if the Company subsequently issues Class 2 common stock at a price lower than the exercise price of the warrants. In the event additional warrants or convertible debt are issued with a lower and/or variable exercise price, the exercise price of the warrants will be adjusted accordingly. There were no triggering events during the year ended December 31, 2020. The Company received stockholder approval of the anti-dilution price protection feature at the Company’s Annual Meeting on May 28, 2020. The Company's warrants are classified as liabilities as they are to be settled in registered shares, and the registration statement is required to be active, unless such shares may be subject to an applicable exemption from registration requirements. The holders, at their sole discretion, may elect to effect a cashless exercise, and be issued exempt securities in accordance with Section 3(a)(9) of the 1933 Act. In the event the Company does not maintain an effective registration statement, the Company may be required to pay a daily cash penalty equal to 1% of the number of shares of Class 2 common stock due to be issued multiplied by any trading price of the Class 2 common stock between the exercise date and the share delivery date, as selected by the holder. Alternatively, the Company may deliver registered Class 2 common stock purchased by the Company in the open market. The Company may also be required to pay cash if it does not have sufficient authorized shares to deliver to the holders upon exercise. Pre-funded warrants and warrants outstanding at December 31, 2020, and related activity for the year ended December 31, 2020 is as follows (reflects the number of shares of Class 2 common stock as if the warrants were converted to Class 2 common stock): Description Classification Exercise price Expiration date Balance December 31, 2019 Issued Exercised Balance December 31, 2020 Pre-Funded Warrants Liability $ 0.0001 March 17, 2025 — 11,750,000 (11,750,000 ) — Warrants Liability $ 5.95 March 17, 2025 — 19,000,000 — 19,000,000 Total — 30,750,000 (11,750,000 ) 19,000,000 The Company estimated the fair value of the Warrant liability at December 31, 2020 at $6.35 per warrant using the Monte Carlo pricing model (Level 3) with the following weighted-average assumptions: Risk-free interest rate 0.40 % Expected volatility 100 % Expected term 4.7 years Expected dividend yield 0 % Strike price $ 5.95 Fair value of common stock $ 8.26 Expected volatility is based on both historical and implied volatility of the Company's common stock since its initial public offering in 2018. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Stockholders' Equity | 17. Stockholders’ Equity Common and preferred stock The Company’s certificate of incorporation authorized the Company to issue the following classes of shares with the following par value and voting rights as of December 31, 2020. The liquidation and dividend rights are identical among Class 1 common stock and Class 2 common stock, and all classes of common stock share equally in our earnings and losses. Par Value Authorized Voting Rights Class 1 common stock $ 0.0001 233,333,333 10 votes for each share Class 2 common stock $ 0.0001 500,000,000 1 vote for each share Preferred stock $ 0.0001 10,000,000 N/A On September 30, 2020, 13,159,762 shares of Class 1 common stock, constituting all of the shares of Class 1 common stock that were issued and outstanding, were automatically converted into shares of Class 2 common stock, as the Class 1 common stock ceased to represent at least 10% of the outstanding common stock. Prior to the conversion, the Company had authorized 250,000,000 shares of Class 1 common stock. Upon conversion, 16,666,667 were retired, leaving 233,333,333 shares authorized, par value $0.0001 per share. There are no shares of Class 1 common stock outstanding as of December 31, 2020. During the year ended December 31, 2020, the Company issued 16,131,487 shares of Class 2 common stock for gross proceeds of $127,041, under the at-the-market equity offering. Transaction costs of $2,541 were recorded net against the allocated gross proceeds in additional paid-in-capital. The warrants’ anti-dilution price protection features allow, for the period the warrants are outstanding, the Company to only issue up to $20,000 in aggregate gross proceeds under the Company’s at-the-market offering program at prices less than the exercise price of the warrants, and in no event more than $6,000 per quarter, at prices below the exercise price of the warrants, without triggering the warrant’s anti-dilution price protection features. The Company’s future ability to pay cash dividends on Class 2 common stock is limited by the terms of the Senior Facility and cannot be paid without the consent of the lender. On March 17, 2020, the Company closed the registered offering, issuing shares of the Company’s Class 2 common stock along with pre-funded warrants and warrants (refer to Note 16). |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | 18. Stock-Based Compensation Original Stock Option Plan Certain employees and other service providers of the Company participate in the equity-based compensation plan of Privateer Holdings, Inc (the “Original Plan”) under the terms and valuation method detailed below. For the year ended December 31, 2020, the total stock-based compensation expenses associated with the Original Plan was $702 ( December 31, 2019 – $ 469 and 2018 – $ 359 ). There were no new grants under the Original Plan for the year ended December 31, 20 20 . The fair value of each stock option to employees granted under the Original Plan was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2020 2019 2018 Expected stock option life — — 5.15 years Expected volatility — — 48.82 % Risk-free interest rate — — 2.35 % Expected dividend yield — — - % The expected life of the stock options represented the period of time stock options were expected to be outstanding and was estimated considering vesting terms and employees’ historical exercise and post-vesting employment termination behavior. Expected volatility was based on historical volatilities of public companies operating in a similar industry to Privateer Holdings. The risk-free rate is based on the United States Treasury yield curve in effect at the time of grant. The expected dividend yield was determined based on the stock option’s exercise price and expected annual dividend rate at the time of grant. Stock option activity under the Original Plan Stock Options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value Balance December 31, 2019 3,014,004 $ 3.04 5.8 $ 44,108 Exercised (1,076,156 ) 1.80 Forfeited (81,658 ) 4.59 Cancelled (66,440 ) 3.81 Balance December 31, 2020 1,789,750 $ 3.62 3.77 $ 25,077 Vested and expected to vest, December 31, 2020 1,784,519 $ 3.61 3.76 $ 25,020 Vested and exercisable, December 31, 2020 1,731,626 $ 3.48 3.65 $ 24,449 The weighted-average fair values of all stock options granted in 2020 and 2019 were $0 and $0, respectively. The total intrinsic values of stock options exercised in 2020 and 2019 were $5,910 and $1,686, respectively. As of December 31, 2020, the total remaining unrecognized compensation expenses related to non-vested stock options amounted to $248 (2019 - $921), which will be amortized over the weighted-average remaining requisite service period of approximately 0.7 years (2019 – 0.8 years). The total fair values of stock options vested in 2020 and 2019 were $85 and $2,789, respectively. New Stock Option and Restricted Stock Unit Plan The Company adopted the 2018 Equity Incentive Plan (the “2018 EIP”) as amended and approved by stockholders in May 2018 under the terms and valuation methods detailed in our Annual Financial Statements. The 2018 EIP authorizes the award of stock options, restricted stock units (“RSUs”) and stock appreciation rights (“SARs”) to employees, including officers, non-employee directors and consultants and the employees and consultants of our affiliates. Shares subject to awards granted under the 2018 EIP that expire or terminate without being exercised in full, or that are paid out in cash rather than in shares, do not reduce the number of shares available for issuance under the 2018 EIP. Additionally, shares become available for future grant under the 2018 EIP if they were issued under the 2018 EIP and if the Company repurchases them or they are forfeited. This includes shares used to pay the exercise price of an award or to satisfy the tax withholding obligations related to an award. The maximum number of shares of common stock subject to stock awards granted under the 2018 EIP or otherwise during any one calendar year to any non-employee director, taken together with any cash fees paid by the Company to such non-employee director during such calendar year for service on the Board of Directors, will not exceed five hundred thousand dollars in total value, calculating the value of any such stock awards based on the grant date fair value of such stock awards for financial reporting purposes, or, with respect to the calendar year in which a nonemployee director is first appointed or elected to our Board of Directors, one million dollars. Stock options represent the right to purchase shares of our Class 2 common stock on the date of exercise at a stated exercise price. The exercise price of a stock option generally must be at least equal to the fair market value of our shares of Class 2 common stock on the date of grant. The Company’s compensation committee may provide for stock options to be exercised only as they vest or to be immediately exercisable with any shares issued on exercise being subject to the Company’s right of repurchase that lapses as the shares vest. The maximum term of stock options granted under the 2018 EIP is ten years . RSUs represent a right to receive Class 2 common stock or their cash equivalent for each RSU that vests, which vesting may be based on time or achievement of performance conditions. Unless otherwise determined by our compensation committee at the time of grant, vesting will cease on the date the participant no longer provides services to the Company and unvested shares will be forfeited. If an RSU has not been forfeited, then on the date specified in the RSUs, the Company will deliver to the holder a number of whole shares of Class 2 common stock, cash or a combination of shares of our Class 2 common stock and cash. Additionally, dividend equivalents may be credited in respect of shares covered by the RSUs. Any additional shares covered by the RSU credited by reason of such dividend equivalents will be subject to all of the same terms and conditions of the underlying RSU agreement to which they relate. The RSUs generally vest over a 3-or-4 year period. The fair value of RSUs are based on the share price as at date of grant. SARs provide for a payment, or payments, in cash or shares of Class 2 common stock to the holder based upon the difference between the fair market value of shares of our Class 2 common stock on the date of exercise and the stated exercise price. The maximum term of SARs granted under the 2018 EIP is ten years. No SARs were issued to date. The 2018 EIP permits the grant of performance-based stock and cash awards. The performance goals may be based on company-wide performance or performance of one or more business units, divisions, affiliates or business segments and may be either absolute or relative to the performance of one or more comparable companies or the performance of one or more relevant indices. The length of any performance period, the performance goals to be achieved during the performance period, and the measure of whether and to what degree such performance goals have been attained will be conclusively determined by the Board of Directors. As of January 1, 2020, 17,037,421 shares of Class 2 common stock had been reserved for issuance under the 2018 EIP. The number of shares of Class 2 common stock reserved for issuance under the 2018 EIP will automatically increase on January 1 of each calendar year, for a period of not more than ten years, starting on January 1, 2019 and ending on and including January 1, 2027, in an amount equal to 4% of the total number of shares of our common stock outstanding on December 31 of the prior calendar year, or a lesser number of shares determined by our Board of Directors. The shares reserved include only the outstanding shares related to stock options and RSUs, and excludes stock options outstanding under the Original Plan. For the year ended December 31, 2020, the total stock-based compensation expenses associated with the 2018 EIP was $29,014 (2019 – $31,373 and 2018 – $20,629). The fair value of each stock option granted to employees under the 2018 EIP is estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions: Assumptions 2020 Assumptions 2019 Assumptions 2018 Expected stock option life (years) — 8.97 years 5.79 years Expected volatility — 61.33 % 58.54 % Risk-free interest rate — 2.10 % 2.92 % Expected dividend yield — -% -% The expected life of the award is estimated using the simplified method since the Company does not have adequate historical exercise data to estimate the expected term. Expected volatility is based on historical volatilities of public companies operating in a similar industry to the Company. A forfeiture rate is estimated at the time of grant to reflect the amount of awards that are granted but are expected to be forfeited by the award holder prior to vesting. The estimated forfeiture rate applied to these amounts is derived from management’s estimate of the future stock option forfeiture behavior over the expected life of the awards. The risk-free rate is based on the United States Treasury yield curve in effect at the time of grant. Stock option and RSU activity for the Company under the 2018 EIP is as follows: Time-based s Stock Options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value Balance December 31, 2019 5,307,130 $ 14.04 8.4 $ 44,297 Granted — — Exercised (703,393 ) 7.76 Forfeited (468,096 ) 13.73 Cancelled (226,082 ) 13.20 Balance December 31, 2020 3,909,559 $ 15.25 7.4 $ 1,700,194 Vested and expected to vest, December 31, 2020 3,840,493 $ 15.10 7.4 $ 1,675,302 Vested and exercisable, December 31, 2020 3,142,175 $ 13.16 13.2 $ 1,423,560 The weighted-average fair values of time-based stock options granted in 2020 was $0 per share (2019 – $40.11 and 2018 – $7.74). The total intrinsic values of these stock options exercised in 2020, 2019 and 2018 were, $2,706, $29,655 and $0, respectively. As of December 31, 2020, the total remaining unrecognized compensation expenses related to non-vested stock options amounted to $9,696 (2019 – $23,649 and 2018 – $38,250), which will be amortized over the weighted-average remaining requisite service period of approximately 1.5 years (2019 – 1.9 years and 2018 - 2.8 years). The total fair value of stock options vested in 2020 were $34,001 (2019 - $16,708 and 2018 - $5,508). Performance-based Stock Options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value Balance December 31, 2019 520,000 $ 7.76 8.4 $ 4,872 Granted — — Exercised (520,000 ) 7.76 Forfeited — — Cancelled — — Balance December 31, 2020 — $ — $ — Vested and expected to vest, December 31, 2020 — $ — $ — Vested and exercisable, December 31, 2020 — $ — $ — The weighted-average fair values of all performance-based stock options granted in 2020 was $0 Time-based RSU activity Time-based RSUs Weighted-average grant-date fair value per share Non-vested December 31, 2019 1,423,392 $ 42.05 Granted 2,156,079 8.53 Vested (619,021 ) 35.24 Forfeited (1,058,349 ) 25.65 Cancelled (17,711 ) 19.93 Non-vested December 31, 2020 1,884,390 $ 15.22 As of December 31, 2020 , there was approximately $22,046 (2019 - $41,898 and 2018 - $10,336) of total unrecognized compensation cost related to non-vested time-based RSUs that will be recognized as expenses over a weighted-average period of 1.6 years 2018 - 3.2 years The total intrinsic values of time-based RSUs vested in 2020, 2019 and 2018 were $187, $3,446 and $0 respectively. The total fair value of time-based RSUs vested in 2020 were $21,815 (2019 - $4,667 and 2018 - $0) Performance-based RSU activity Performance- based RSUs Weighted-average grant-date fair value per share Non-vested December 31, 2019 265,625 $ 7.76 Granted 493,961 7.07 Vested (218,750 ) 7.76 Non-vested December 31, 2020 540,836 $ 7.13 As of December 31, 2020, there was approximately $1,950 (2019 - $330 and 2018 - $1,882) of total unrecognized compensation cost related to non-vested performance-based RSUs that will be recognized as expenses over a weighted-average period of 0.9 years The total intrinsic values of performance-based RSUs vested in 2020, 2019 and 2018 were $109, $46,423 and $0 respectively. The total fair value of performance-based RSUs vested in 2020 were $1,698 (2019 - $6,087 and 2018 - $ 0). |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (AOCI) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income ("AOCI") | 19. Accumulated Other Comprehensive Income (“AOCI”) The components of AOCI, net of tax, were as follows: Foreign Currency Translation Adjustments Unrealized (loss) gain on available-for-sale debt securities Total Balance as at December 31, 2018 $ 4,528 $ (765 ) $ 3,763 Cumulative effect adjustment from a transition to ASU 2016-01 — 803 803 Other comprehensive income (loss) 5,174 (21 ) 5,153 Balance as at December 31, 2019 9,702 17 9,719 Other comprehensive loss: Change in foreign currency translation (1,497 ) — (1,497 ) Change in unrealized gains on available-for-sale debt securities — (17 ) (17 ) Balance as at December 31, 2020 $ 8,205 $ — $ 8,205 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 20. Commitments and Contingencies Legal proceedings In the normal course of business, the Company may become involved in legal disputes regarding various litigation matters. The Company records a loss contingency if the information available indicates that it is probable that a liability has been incurred at the date of the financial statements and the amount of loss can be reasonably estimated. As of December 31, 2020, in the opinion of management, no claims meet the criteria to record a loss contingency. Purchase commitments The following table reflects the Company’s future non-cancellable minimum purchase commitments for inventory as of December 31, 2020: Total 2021 2022 2023 2024 2025 Thereafter Purchase commitments $ 84,094 $ 84,094 $ — $ — $ — $ — $ — Total $ 84,094 $ 84,094 $ — $ — $ — $ — $ — In 2018, the Company signed an agreement with Rose Lifescience Inc. (“Rose”) for distribution and marketing of product in Quebec in exchange for a minimum fee of $384 per annum for an initial term of five years, and agreed to purchase the lesser of 2,000 Kg per year or 40% of the production of Cannabis at a rate of 115% of cost of goods sold from the Rose facility. In September 2020, the Company signed an amendment to this agreement under which the Company is no longer obligated to purchase product from Rose nor pay the minimum fee. Instead, the amendment requires the Company to make approximately 40,000 kilograms equivalent Tilray product available in the province of Quebec through 2023 for Rose for sale and pay Rose a compensation fee based on net revenue sold in Quebec for an estimated compensation fee of approximately $8.0 million through 2023. As there is no firm commission fee commitment, it is excluded from the above schedule. Compensation fee expense is recorded as incurred. In 2018, the Company entered into a Product and Trademark License Agreement with Docklight LLC, a related party (refer to Note 25), to use certain intellectual property rights in exchange for payment of royalty depending upon specified percentage of licensed product net sales. As the purchase commitment is an undeterminable variable amount, it is excluded from the above schedule. Other commitments The Company has payments on the convertible notes (refer to Note 14), ABG finance liability (refer to Note 4), the Senior Facility (refer to Note 15), and Portugal construction purchase commitments as follows: Total 2021 2022 2023 2024 2025 Thereafter Convertible notes, principal and interest $ 319,535 $ 13,893 $ 13,893 $ 291,749 $ — $ — $ — Senior Facility, principal and interest 56,683 5,302 51,381 — — — — ABG finance liability 7,500 1,500 1,500 1,500 1,500 1,500 $ — Portugal construction commitments 2,778 2,778 — — — — — Total $ 386,496 $ 23,473 $ 66,774 $ 293,249 $ 1,500 $ 1,500 $ — In the event the Company consummates the announced merger with Aphria Inc., the Company has agreed to pay its financial advisor a non-refundable $9,000 transaction fee on the date of closing. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contract with Customers | 21. Revenue from Contracts with Customers The Company reports two segments: cannabis and hemp, in accordance with ASC 280 Segment Reporting. The Company generates revenues from the cannabis and hemp segments through contracts with customers, each with a single performance obligation, being the sale of products. The Company determines that revenue information disclosed in business segment information in Note 2 8 disaggregates revenue into categories that depict how the nature, amount, timing and uncertainty of revenue and cash flows are affected by economic factors. For certain long-term arrangements, the Company has performance obligations for goods it has not yet delivered. For these arrangements, the Company does not have a right to bill for the undelivered goods. The Company has determined that any unbilled consideration relates entirely to the value of undelivered goods. Accordingly, the Company has not recognized revenue, and has elected not to disclose amounts, related to these undelivered goods. As of December 31, 2020, other than accounts receivable, net of allowance for doubtful debts, the Company has no contract balances in the balance sheets. |
General and Administrative Expe
General and Administrative Expenses | 12 Months Ended |
Dec. 31, 2020 | |
General And Administrative Expense [Abstract] | |
General and Administrative Expenses | 22. General and Administrative Expenses General and administrative expenses are comprised of the following items: Year ended December 31, 2020 2019 2018 Salaries and benefits $ 31,553 $ 39,565 $ 11,721 Stock-based compensation expenses 20,491 26,499 18,926 Other expenses 17,869 16,649 8,152 Professional fees 12,773 21,189 7,557 Loss on disposal of property and equipment 1,851 2,436 190 Travel expenses 937 4,565 2,031 Credit loss expenses 409 — — Total $ 85,883 $ 110,903 $ 48,577 |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 23. Income Taxes For financial reporting purposes, loss before income taxes includes the following components: Year ended December 31, 2020 2019 2018 United States $ (168,480 ) $ (156,010 ) $ (42,418 ) Canada (96,337 ) (151,736 ) (25,333 ) Portugal (4,730 ) (11,781 ) (2,208 ) Other countries (7,128 ) (10,092 ) (2,215 ) Total $ (276,675 ) $ (329,619 ) $ (72,174 ) The (recoveries) expenses for income taxes consists of: Year ended December 31, 2020 2019 2018 Current income tax (recoveries) expenses: United States $ (227 ) $ 151 $ — Canada (88 ) 112 — Other countries 89 134 34 Total (226 ) 397 34 Deferred income tax recoveries: United States $ (569 ) $ (4,390 ) $ (4,485 ) Canada (4,909 ) (3,383 ) — Other countries 102 (1,074 ) — Total (5,376 ) (8,847 ) (4,485 ) Income tax benefits, net $ (5,602 ) $ (8,450 ) $ (4,451 ) The effective tax rate differs from the U.S. federal stautory rate as follows (in thousands): Year ended December 31, 2020 2019 2018 Loss before income taxes: $ (276,675 ) $ (329,619 ) $ (72,174 ) Income tax benefits at statutory rate (58,076 ) (69,220 ) (15,157 ) Tax impact of foreign operations (6,035 ) (9,193 ) (1,864 ) Foreign exchange and other (2,349 ) 1,015 1,399 Non-deductible expenses 1,576 483 5,331 Changes in enacted rates — (3 ) — Change in fair value of warrant liability 21,060 — — Stock based and other compensation 3,376 2,113 — Change in valuation allowance 34,846 66,355 5,840 Income tax benefits, net $ (5,602 ) $ (8,450 ) $ (4,451 ) The tax effects of the temporary differences that give rise to the deferred tax assets and liabilities are as follows (in thousands): Year ended December 31, 2020 2019 2018 Deferred assets Operating loss carryforwards - United States $ 28,575 $ 5,843 $ 4,173 Operating loss carryforwards - Canada 69,100 59,755 13,723 Operating loss carryforwards - Other Countries 5,806 5,158 607 Property and equipment — — 2,510 Currently nondeductible interest 7,658 4,915 — Partnership interests 34,869 21,546 — Deferred financing costs 214 208 27 Investment tax credits and related pool balance 566 180 57 Other 6,794 931 — Total Deferred tax assets 153,582 98,536 21,097 Less valuation allowance (149,655 ) (84,337 ) (14,433 ) Net deferred tax assets 3,927 14,199 6,664 Deferred tax liabilities Property and equipment (1,582 ) (5,800 ) (2,328 ) Intangible assets (48,456 ) (54,814 ) (289 ) Equity portion of convertible notes (3,163 ) (6,948 ) (8,471 ) Total deferred tax liabilities (53,201 ) (67,562 ) (11,088 ) Net deferred tax liability $ (49,274 ) $ (53,363 ) $ (4,424 ) On March 27, 2020, the Coronavirus Aid, Relief and Economic Security (“CARES”) Act was enacted and signed into law in the U.S. The CARES Act, among other things, permits U.S. net operating loss ("NOL") carryovers and carrybacks to offset 100% of U.S. taxable income for taxable years beginning before 2021. The CARES Act also contains modifications on the limitation of business interest for tax years beginning in 2019 and 2020. The modifications to Section 163(j) increase the allowable business interest deduction from 30% of adjusted taxable income to 50% of adjusted taxable income. The CARES Act results in increasing the allowable interest expense and NOL carryover deductions in 2020. The Tax Cuts and Jobs Act (2017 Tax Act) was enacted on December 22, 2017 and reduced the U.S. statutory federal corporate tax rate from 35% to 21%. The Tax Act also contains additional provisions that are effective for the company in 2018, including a new tax on Global Intangible Low-Taxed Income (“GILTI”). Under U.S. GAAP, we are allowed to make an accounting policy choice to either (i) treat taxes due on future U.S. inclusions in taxable income related to GILTI as a current-period expense when incurred (the "period cost method"); or (ii) factor in such amounts into the measurement of our deferred taxes (the "deferred method"). The Company has made a policy decision to record GILTI tax as a current-period expense when incurred. Effective January 1, 2018, the United States tax law provides a deduction for the foreign-source portion of dividends received from specified foreign corporations. As such, the Company does not maintain an indefinite reinvestment assertion on unremitted foreign earnings and has recorded a deferred tax liability, as necessary, for any estimated foreign, federal, or state tax liabilities associated with a future repatriation of foreign earnings. At December 31, 2020, the Company had United States net operating loss carryforwards of approximately $135,817 that can be carried forward indefinitely and generally limited in annual use to 80% of the current year taxable income starting 2021. The Company has Canadian net operating loss carry-forwards of approximately $258,790 that can be carried forward 20 years and begin to expire in 2028. Management believes that it is more-likely-than-not that the benefit from certain United States and foreign net operating loss carryforwards will not be realized. In recognition of this risk, the Company has provided a valuation allowance on the deferred tax assets relating to these carryforwards. The net change in the total valuation allowance was an increase of $65,318 and $66,355 for the years ended December 31, 2020 and 2019, respectively. The Company recognizes the financial statement impact of a tax position only after determining that the relevant tax authority would more-likely-than-not sustain the position following an audit. For tax positions meeting the more-likely-than-not threshold, the amount recognized in the financial statements is the largest impact that has a greater than fifty percent likelihood of being realized upon ultimate settlement with the relevant tax authority. The total amount of gross unrecognized tax benefits (“GUTB”) was $0, $86, and $0 as of December 31, 2020, 2019 and 2018 respectively. The $86 decrease of GUTB in 2020 was attributable to unrecognized tax benefits as a result of tax positions taken during a prior period. The $86 increase of GUTB in 2019 was attributable to unrecognized tax benefits as a result of tax positions taken during a prior period. There is a reasonable possibility that the Company’s unrecognized tax benefits will change within twelve months due to audit settlements or the expiration of statute of limitations, but the Company does not expect the change to be material to the financial statements. The Company recognizes interest and, if applicable, penalties for any uncertain tax positions. Interest and penalties are recorded as a component of income tax expenses. In the years ended December 31, 2020, 2019 and 2018, the Company recorded approximately $0, $0 and $0, respectively, of interest and penalty expenses related to uncertain tax positions. As of December 31,2020, and 2019, the Company had a cumulative balance of accrued interest and penalties on unrecognized tax positions of $0 and $0, respectively. The Company and its subsidiaries are subject to United States federal income tax as well as the income tax of multiple state and foreign jurisdictions. The Company is not currently under audit in any jurisdiction for any period. Major jurisdictions where there are wholly owned subsidiaries of Tilray, Inc. which require income tax filings include the Canada, Portugal, Germany, and Australia. The earliest periods open for review by local taxing authorities are fiscal years 2016 for Canada, 2017 for Portugal, 2016 for Germany, 2017 for Australia, and 2018 for United States. |
Supplemental Cash Flow Informat
Supplemental Cash Flow Information | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Supplemental Cash Flow Information | 24. Supplemental Cash Flow Information (1) Year ended December 31, 2020 2019 2018 Cash paid for interest $ 27,588 $ 28,206 $ 1,189 Cash paid for income taxes 190 145 — Non-cash financing activities Conversion of preferred stock to common stock — — 2 Exchange of convertible debt for common stock (182,738 ) — — Non-cash investing — — Alef acquisition — — 2,855 Acquisition of Manitoba Harvest — 158,197 — Acquisition of Natura — 38,979 — Acquisition of S&S — 5,021 — Investment in ABG Profit Participation Arrangement, net of receivable — 97,544 — Purchases of investments $ — $ 10,551 $ — (1) For supplemental cash flow information related to leases, refer to Note 10. |
Related-Party Transactions
Related-Party Transactions | 12 Months Ended |
Dec. 31, 2020 | |
Related Party Transactions [Abstract] | |
Related-Party Transactions | 25. Related-Party Transactions In the normal course of business, the Company enters into related party transactions with certain entities under common control and joint ventures as detailed below. Leafly Holdings The Company has an agreement with Leafly providing for data licensing activities. During the year ended December 31, 2020, operational expenses of $134 was recorded within general and administrative expenses in the statements of net loss and comprehensive loss (2019 - $272). Docklight LLC (“Docklight”) royalty and management services The Company pays Docklight a royalty fee pursuant to a brand licensing agreement which provides the Company with exclusive rights in Canada for the use of certain adult-use brands. During the year ended December 31, 2020, royalty fees of $1,178 were recorded within general and administrative expenses in the statements of net loss and comprehensive loss (2019 - $176). Refer to Note 20 for purchase commitments with Docklight. Ten Eleven Management In January 2020, the Company entered into a corporate services agreement with Ten Eleven Management LLC (“Ten Eleven”), pursuant to which Ten Eleven provides the Company with certain general administrative and corporate services for a service fee. This agreement was terminated in April 2020. In August 2020, the Company entered into a corporate services agreement with Ten Eleven pursuant to which Ten Eleven provides the Company with certain accounting services for a service fee. This agreement was terminated in October 2020. During the year ended December 31, 2020, management services of $71 was recorded within general and administrative expenses in the statements of net loss and comprehensive loss (2019 - $275). The Company sub-leases a portion of certain office space to Ten Eleven. Ten Eleven’s lease payments are based on the pro-rata share of space that they occupy, with annual lease payments of $470. The sub-lease was terminated in May 2020 Fluent and The Company has joint venture arrangements with a 50% ownership and voting interest in each of Fluent and Cannfections. Refer to Note 7 for details over transactions with these entities for the year ended December 31, 2020. Aircraft Time Share Reimbursement The Company had entered into an aircraft time-share agreement and a lease consent and subordination agreement with Brendan Kennedy, our Chief Executive Officer, whereby the Company had access to and use of an aircraft owned by Mr. Kennedy on an as-needed basis for business purposes. Pursuant to this arrangement, the Company reimbursed Mr. Kennedy for certain related aircraft expenses. During the year ended December 31, 2020, the Company incurred $261 of fees which is included in general and administrative expenses (2019 – $0). Accounts payable due to related parties At December 31, 2020, the Company has accounts payable due to related parties of $290 (December 31, 2019 - $68). |
Financial Instruments
Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Investments All Other Investments [Abstract] | |
Financial Instruments | 26. Financial Instruments Credit risk Credit risk is the risk of financial loss to the Company if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Company’s cash and cash equivalents, accounts receivable and short-term investments. The Company’s cash and cash equivalents are deposited in major financial institutions in Canada, Australia, Portugal, Germany and the United States. To date, the Company has not experienced any losses on its cash deposits. Accounts receivable are unsecured and the Company does not require collateral from its customers. The Company is also exposed to credit risk from the potential default by any of its counterparties on its financial assets. The Company evaluates the collectability of its accounts receivable and provides an allowance for potential credit losses as necessary (refer to Note 8). Due to the uncertainties associated with COVID-19, the Company may be unable to accurately predict the creditworthiness of its counterparties and their ability to meet their obligations. This may result in unforeseen additional credit losses. Foreign currency risk The Company conducts its business in several countries and in a variety of currencies, the most significant of which are the Canadian dollar and Euro. Consequently, the Company is exposed to foreign currency risk. A significant portion of the Company’s assets, liabilities, revenue, and expenses are denominated in Canadian dollars. A 10% change in the exchange rates for the Canadian dollar would affect the carrying value of net assets by approximately $45,944 as of December 31, 2020 (2019 - $12,457 and 2018 – $2,817), with a corresponding impact to accumulated other comprehensive income (loss). The Company is also exposed to risk related to changes in the value of the Euro due to its construction commitment in Portugal. Interest rate risk The Company’s exposure to changes in interest rates relates primarily to the Company’s outsanding debt. The Company is exposed to changes to the Canadian prime rate as the Senior Facility bears interest based on the Canadian prime rate plus 8.05%. The convertible notes bear interest at a fixed rate of 5% and are not publicly traded and, therefore, are not affected by changes in the market interest rates. A 1% change in the Canadian prime rate would have an impact of $425 to the statements of net loss and comprehensive loss for the year ended December 31, 2020. Liquidity risk The Company’s objective is to have sufficient liquidity to meet its liabilities when due. The Company monitors its cash balances and cash flows generated from operations to meet its requirements. As at December 31, 2020 and December 31, 2019, the most significant financial liabilities are accounts payable, accrued expenses and other current liabilities, and convertible notes and the Senior Facility. |
Fair Value Measurement
Fair Value Measurement | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | 27. Fair Value Measurement The Company complies with ASC 820, Fair Value Measurements, for its financial assets and liabilities that are re-measured and reported at fair value at each reporting period, and non-financial assets and liabilities that are re-measured and reported at fair value at least annually. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and includes situations where there is little, if any, market activity for the asset or liability. The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Quoted prices in active markets for Other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total December 31, 2020 Investments Equity investments measured at fair value $ 477 $ — $ — $ 477 Debt securities classified as available-for-sale — — 2,500 2,500 Warrant liability — — (120,647 ) (120,647 ) Convertible Debt — (239,652 ) — (239,652 ) Total recurring fair value measurements $ 477 $ (239,652 ) $ (118,147 ) $ (357,322 ) Quoted prices in active markets for Other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total December 31, 2019 Investments Equity investments measured at fair value $ 4,183 $ — $ — $ 4,183 Debt securities classified as available-for-sale 727 — 4,320 5,047 Acquisition-related contingent consideration — — 420 420 Total recurring fair value measurements $ 4,910 $ — $ 4,740 $ 9,650 Items measured at fair value on a recurring basis The Company’s financial assets and liabilities required to be measured on a recurring basis are its equity investments measured at fair value, debt securities classified as available-for-sale, acquisition-related contingent consideration, and warrant liability. Debt securities classified as available-for-sale and equity investments recorded at fair value: The estimated fair value is determined using quoted market prices, broker or dealer quotations or discounted cash flows. Warrant liability: The warrants associated with the warrant liability are classified as Level 3 derivatives. Consequently, the estimated fair value of the warrant liability is determined using the Monte Carlo pricing model (refer to Note 16). Until the warrants are exercised, expire, or other facts and circumstances lead the warrant liability to be reclassified to stockholders’ equity, the warrant liability (which relates to warrants to purchase shares of Class 2 common stock) is marked-to-market each reporting period with the change in fair value recorded in change in fair value of warrant liability. Any significant adjustments to the unobservable inputs disclosed in the table below would have a direct impact on the fair value of the warrant liability. Convertible Debt: This instrument is held at amortized cost. The estimated fair value is determined using quoted market prices near the reporting date and is classified as Level 2. The opening balances of assets and liabilities categorized within Level 3 of the fair value hierarchy measured at fair value on a recurring basis are reconciled to the closing balances as follows: Debt securities classified as available-for- sale Warrant liability Opening balance as at January 1, 2020 $ 4,320 $ — Additions — (69,414 ) Exercise — 49,053 Settlements — Interest expenses, net 804 — Change in fair value (2,624 ) (100,286 ) Closing balance as at December 31, 2020 $ 2,500 $ (120,647 ) Quantitative information about Level 3 fair value measurements Fair value at December 31, 2020 Valuation technique Unobservable input Range (weighted average) Discount rate 16.5% Debt securities classified as available-for-sale $ 2,500 Discounted cash flow Probability of conversion/ prepayment nil Probability of default nil Warrant liability $ (120,647 ) Monte Carlo Volatility 100% Expected life 4.7 years Items measured at fair value on a non-recurring basis The Company's prepayments and other current assets, long lived assets, including property and equipment, goodwill and intangible assets are measured at fair value when there is an indicator of impairment and are recorded at fair value only when an impairment charge is recognized. The estimated fair value of cash and cash equivalents, accounts receivable, net, accounts payable, accrued expenses and other current liabilities and Senior Facility at December 31, 2020 (December 31, 2019 – the fair value of all aforementioned, except the Senior Facility which was entered into in 2020) approximate their carrying value. |
Business Segment Information
Business Segment Information | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Business Segment Information | 28. Business Segment Information The Company has two operating segments based on major product categories: cannabis and hemp. These operating segments are also the Company’s reportable segments. The cannabis segment cultivates, processes and distributes medical and adult-use cannabis products in a variety of formats, as well as related accessories, on a global basis. The hemp segment processes and distributes a diverse portfolio of hemp-based natural and organic food and wellness products on a global basis. The results of each segment are regularly reviewed by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, to assess the performance of the segment and make decisions regarding the allocation of resources. The Company’s chief operating decision maker uses revenue and gross profit as the measure of segment profit or loss. The accounting policies of each segment are the same as those set out under the summary of significant accounting policies in Note 2. There are no intersegment sales or transfers. Year ended December 31, 2020 2019 2018 Revenue Gross profit (loss) Revenue Gross profit (loss) Revenue Gross profit Cannabis $ 133,605 $ (3,575 ) $ 107,147 $ (42,302 ) $ 43,130 $ 14,275 Hemp 76,877 28,230 59,832 18,806 — — Total $ 210,482 $ 24,655 $ 166,979 $ (23,496 ) $ 43,130 $ 14,275 No asset information is provided for the segments because the Company’s chief operating decision maker does not receive asset information by segment on a regular basis. Total revenue and gross profit for the reportable segments is equal to the Company’s consolidated revenue and gross profit. Year ended December 31, 2020 2019 2018 Gross profit (loss) for the segments $ 24,655 $ (23,496 ) $ 14,275 General and administrative expenses (85,883 ) (110,903 ) (48,577 ) Sales and marketing expenses (54,666 ) (63,813 ) (15,828 ) Research and development expenses (4,411 ) (9,172 ) (5,864 ) Depreciation and amortization expenses (13,722 ) (11,607 ) (1,598 ) Impairment of assets (61,114 ) (112,070 ) — Acquisition-related income (expenses), net — 31,427 (248 ) Loss from equity method investments (5,983 ) (4,504 ) — Foreign exchange (loss) gain, net 13,169 5,944 (7,234 ) Change in fair value of warrant liability (100,286 ) — — Gain on debt conversion 61,118 — — Interest expenses, net (39,219 ) (34,690 ) (9,110 ) Finance income from ABG — 764 — Other (expenses) income, net (10,333 ) 2,501 2,010 Loss before income taxes $ (276,675 ) $ (329,619 ) $ (72,174 ) Sources of revenue were as follows: Year Ended December 31, 2020 2019 2018 Dried cannabis $ 92,781 $ 82,753 $ 21,674 Cannabis extracts 39,986 24,139 21,179 Hemp products 76,877 59,832 — Accessories and other 838 255 277 Total $ 210,482 $ 166,979 $ 43,130 Channels of revenue were as follows: Year Ended December 31, 2020 2019 2018 Cannabis Adult-use $ 83,828 $ 55,763 $ 3,521 Canada - medical 15,489 12,556 18,052 International - medical 33,886 13,378 2,912 Bulk 402 25,450 18,645 Total Cannabis revenue $ 133,605 $ 107,147 $ 43,130 Hemp 76,877 59,832 — Total $ 210,482 $ 166,979 $ 43,130 Revenue attributed to geographic region based on the location of the customer was as follows: Year Ended December 31, 2020 2019 2018 Canada $ 120,581 $ 130,291 $ 40,209 United States 53,782 23,516 — Other countries 36,119 13,172 2,921 Total $ 210,482 $ 166,979 $ 43,130 Revenue includes excise duties of $19,143 for the year ended December 31, 2020 (2019: $13,136 and 2018: $1,200). Long-lived assets consisting of property and equipment, net of accumulated depreciation, attributed to geographic regions based on their physical location were as follows: December 31, 2020 2019 Canada $ 122,328 $ 144,065 Portugal 71,988 36,908 United States 5,182 3,171 Other countries 61 73 Total $ 199,559 $ 184,217 Major Customers Two customers, in the Cannabis segment, accounted for 19% and 11%, respectively, of revenue for the year ended December 31, 2020. One customer, in the Hemp segment, accounted for 15% of revenue for the year ended December 31, 2020. Two customers, one each in the Cannabis and Hemp segments, accounted for 13% each of revenue for the year ended December 31, 2019. One customer, in the Cannabis segment, accounted for 24% of the Company’s revenue for the year ended December 31, 2018. Three customers accounted for 17%, 16% and 11%, respectively, of the Company’s accounts receivable balance as of December 31, 2020. Two customers accounted for 20% and 10%, respectively, of the Company’s accounts receivable balance as of December 31, 2019. Two customers accounted for 30% and 16%, respectively, of the Company’s accounts receivable balance as of December 31, 2018. |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2020 | |
Business Combinations [Abstract] | |
Business Combinations | 29. Business Combinations Acquisition of Manitoba Harvest On February 28, 2019, the Company completed the acquisition of all issued and outstanding shares of Manitoba Harvest. Manitoba Harvest develops and distributes a diverse portfolio of hemp-based natural food and wellness products and enables the Company to expand into the growing cannabidiol (“CBD”) product market in the United States. Subsequent to the acquisition date, the Company revised the preliminary purchase price of the Manitoba Harvest acquisition to include working capital adjustments of $ 280 related to the acquisition. The Company also revised the preliminary allocation of the purchase price to assets acquired and liabilities assumed at the acquisition date, resulting in a $ 1,112 decrease in goodwill. The Company completed the final purchase price allocation for Manitoba Harvest. The goodwill of $ 126,881 , assigned to the Hemp reportable segment (refer to Note 1 2 ), is attributable to factors such as market share, reputation with customers and vendors, and the skilled workforce of Manitoba Harvest. Goodwill is not deductible for tax purposes. The gross contractual amount of receivables as at the date of acquisition was $ 6,340 , of which approximately $ 133 was not expected to be collected. The financial results of Manitoba Harvest are included in the Company’s financial statements since acquisition close. The statements of net loss and comprehensive loss include revenue of $58,029 and net loss of $14,441 of Manitoba Harvest for the year ended December 31, 2019, respectively. The Company incurred acquisition costs of $1,328 for the acquisition of Manitoba Harvest. Acquisition of Natura On February 15, 2019, the Company acquired the remaining 97% issued and outstanding shares of Natura Naturals Holdings Inc. (“Natura”). Natura is licensed to cultivate and produce medical cannabis, expanding the Company’s capacity to supply high-quality branded cannabis products to the Canadian market. The Company revised the preliminary allocation of the purchase price to assets acquired and liabilities assumed at the acquisition date, resulting in a $2,340 increase in goodwill. The Company completed the final purchase price allocation. The goodwill of $29,314, assigned to the Cannabis reportable segment (refer to Note 12), is attributable to factors such as strong supply chain, quality of products and the skilled workforce of Natura. Goodwill is not deductible for tax purposes. The financial results of Natura are included in the Company’s financial statements since acquisition close. The statements of net loss and comprehensive loss include revenue of $14,544 and net loss of $125 for the year ended December 31, 2019, respectively. The Company incurred acquisition costs of $824 for the acquisition of Natura. Acquisition of S&S On July 11, 2019, the Company acquired all issued and outstanding shares of Smith & Sinclair Ltd. (“S&S”), which crafts edible candies, fragrances and creative consumables in the United Kingdom and enables the Company to develop CBD-infused edibles and beverages as well as alcohol-infused edibles for distribution in Canada, United States and Europe. The financial results of S&S are included in the Company’s financial statements since acquisition close. The goodwill of $4,932 is assigned to the Hemp reportable segment (refer to Note 12). The statements of net loss and comprehensive loss include revenue of $1,633 and net loss of $2,774 for the year ended December 31, 2019, respectively. The final allocations of the purchase price to assets acquired and liabilities assumed on the respective acquisition dates of Manitoba Harvest, Natura and S&S are as follows: Manitoba Harvest Natura S&S Assets Cash and cash equivalents $ 5,534 169 137 Accounts receivable 6,207 109 264 Inventory 15,331 3,482 195 Prepayments and other current assets 1,030 166 125 Property and equipment 23,581 17,435 138 Intangible assets (1)(2)(3) 195,966 10,494 2,418 Goodwill 126,881 29,314 4,932 Total assets 374,530 61,169 8,209 Liabilities Accounts payable 4,973 3,280 220 Accrued expenses and other current liabilities 4,911 876 89 Deferred tax liability 54,393 2,781 459 Total liabilities 64,277 6,937 768 Net assets acquired $ 310,253 $ 54,232 $ 7,441 Intangible assets include: (1) Manitoba Harvest: trademarks - $54,688, developed technology - $6,988 and customer relationships - $134,290 (2) Natura: licenses - $10,494 (3) S&S: trademarks - $1,670, patent - $690 and website - $58 The final purchase price of the Manitoba Harvest, Natura and S&S acquisitions are calculated as follows: Manitoba Harvest Natura S&S Cash paid on closing $ 114,566 $ 15,253 $ 2,420 Cash paid six months after closing 37,490 — — Class 2 common stock issued on closing (1)(2)(5) 96,844 15,099 3,189 Class 2 common stock issued six months after closing (1) 31,866 — — Working capital adjustment 280 — — Contingent consideration 29,207 20,007 1,812 Fair value of previously held interest (3) — 1,565 — Effective settlement of pre-existing debt (4) — 2,308 — Subscription rights — — 20 Total fair value of consideration transferred $ 310,253 $ 54,232 $ 7,421 (1) For the acquisition of Manitoba Harvest, 1,209,946 shares of Class 2 common stock were issued on closing and 899,306 shares of Class 2 common stock were issued six months after closing. (2) For the acquisition of Natura, 180,332 shares of Class 2 common stock were issued on closing. (3) The fair value of the Company’s previously held interest in Natura on the acquisition date was determined based on the fair value of total consideration transferred and reflected book value on the acquisition date. (4) The Company held C$3,000 convertible debt of Natura at the acquisition date. On acquisition, this debt and related accrued interest was effectively settled. (5) For the acquisition of S&S, 79,289 shares of Class 2 common stock were issued on closing. Supplemental pro forma information The unaudited pro forma information for the periods set forth below gives effect to the acquisitions of Manitoba Harvest, Natura and S&S as if the acquisitions had occurred as of January 1, 2018. This pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time: Year ended December 31, 2019 2018 Revenue $ 178,885 $ 107,786 Net loss (325,760 ) (74,444 ) Net loss per share - basic and diluted (3.24 ) (0.90 ) Acquisition-related (income) expenses, net Acquisition-related (income) expenses, net for the years ended December 31 2019 and 2018 are comprised of the following items: Year ended December 31, 2019 2018 Acquisition and integration expenses $ 15,487 $ 248 Change in fair value of contingent consideration (46,914 ) — Total $ (31,427 ) $ 248 |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Subsequent Events [Abstract] | |
Subsequent Events | 30. Subsequent Events In January and February of 2021, holders of the Company’s warrants exercised 12,666,000 shares at the value of $5.95 per share, resulting in proceeds to the company of $75,363 as well as a reduction of the Company’s outstanding warrant liability for $80,000. On February 9, 2021, the Company reached an agreement with the issuer of a convertible note to collect $2,500 as a prepayment and early termination. Payment in full was received on February 12, 2021. |
Quarterly Financial Data (unaud
Quarterly Financial Data (unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Data (unaudited) | 31. Quarterly Financial Data (unaudited) The following table contains selected quarterly data for 2020 and 2019. The information should be read in conjunction with the Company’s financial statements and related notes included elsewhere in this report. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period. Three months ended March 31, June 30, September 30, December 31, 2020 Revenue $ 52,102 $ 50,414 $ 51,406 $ 56,560 Gross profit 10,507 (5,824 ) 3,330 16,642 Operating loss (71,250 ) (75,820 ) (32,772 ) (21,282 ) Net loss (184,123 ) (81,687 ) (2,316 ) (2,947 ) Net loss per share—basic and diluted 1 $ (1.73 ) $ (0.65 ) $ (0.02 ) $ (0.02 ) 2019 Revenue $ 23,038 $ 45,904 $ 51,101 $ 46,936 Gross profit 5,385 12,273 15,853 (57,007 ) Operating loss (28,332 ) (32,961 ) (23,785 ) (216,624 ) Net loss (29,369 ) (36,301 ) (36,351 ) (219,148 ) Net loss per share—basic and diluted 1 $ (0.31 ) $ (0.37 ) $ (0.37 ) $ (2.14 ) ¹ Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of presentation The accompanying consolidated financial statements reflect the accounts of the Company. The financial statements were prepared in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”) and pursuant to the rules and regulations of the United States Securities and Exchange Commission (“SEC”). These financial statements have been prepared on a going concern basis, which assumes that the Company will continue in operation for the foreseeable future and, accordingly, will be able to realize its assets and discharge its liabilities in the normal course of operations as they come due. For the fiscal year ended December 31, 2020 the Company reported a consolidated net loss of $271,073 and a consolidated net loss of $321,169 and $67,723 for the years ending December 31, 2019 and December 31, 2018, respectively. For the years ended December 31, 2020, 2019 and 2018, the Company had cash flows used in operating activities of $129,351, $258,065 and $46,248, respectively. The Company had net cash inflows for the year ended December 31, 2020 of $92,911. As at December 31, 2020 and 2019, the Company had working capital of $165,738 and $166,600 respectively, reflecting an increase in cash of $92,911, a reduction in payables of $32,232, and the addition of $120,647 in warrant liability for the year ending December 31, 2020. Current management forecasts and related assumptions support the view that the Company can adequately manage the operational needs of the business with the current cash on hand for the next twelve months from the date of issuance of these financial statements. These financial statements reflect all adjustments, which, in the opinion of management, are necessary for a fair presentation of the Company’s financial position and results of operations. Basis of consolidation These financial statements include the accounts of the following entities wholly owned by the Company as of December 31, 2020: Name of entity Date of formation Place of incorporation Natura Naturals Inc. May 31, 1985 Canada Tilray, Inc. July 8, 2005 United States Manitoba Harvest USA LLC February 8, 2010 United States Tilray Canada, Ltd. September 6, 2013 Canada Dorada Ventures, Ltd. October 18, 2013 Canada FHF Holdings Ltd. July 15, 2015 Canada High Park Farms Ltd. February 19, 2016 Canada Tilray Deutschland GmbH November 3, 2016 Germany Pardal Holdings, Lda. April 5, 2017 Portugal Tilray Portugal Unipessoal, Lda. April 20, 2017 Portugal Tilray Australia New Zealand Pty. Ltd. May 9, 2017 Australia Tilray Ventures Ltd. June 6, 2017 Ireland Manitoba Harvest Japan K.K. August 29, 2017 Japan High Park Holdings, Ltd. February 8, 2018 Canada Fresh Hemp Foods Ltd. May 7, 2018 Canada Natura Naturals Holdings Inc. May 17, 2018 Canada National Cannabinoid Clinics Pty Ltd. September 19, 2018 Australia Tilray Latin America SpA November 19, 2018 Chile Tilray Portugal II, Lda. December 11, 2018 Portugal High Park Gardens Inc. February 7, 2019 Canada 1197879 B.C. Ltd February 15, 2019 Canada High Park Shops Inc. August 15, 2019 Canada Privateer Evolution, LLC December 12, 2019 United States Tilray France SAS July 2, 2020 France High Park Holdings B.V. July 15, 2020 Netherlands High Park Botanicals B.V. July 17, 2020 Netherlands The entities listed above are wholly owned by the Company and have been formed or acquired to support the intended operations of the Company and all intercompany transactions and balances have been eliminated in the financial statements of the Company. The financial statements also include variable interest entities (“VIE”). A VIE is a legal entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support, is structured such that equity investors lack the ability to make significant decisions relating to the entity’s operations through voting rights, or do not substantively participate in the gains and losses of the entity. Upon inception of a contractual agreement, the Company performs an assessment to determine whether the arrangement contains a variable interest in a legal entity and whether that legal entity is a VIE. The primary beneficiary has both the power to direct the activities of the VIE that most significantly impact the entity’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE entity that could potentially be significant to the VIE. Where the Company concludes it is the primary beneficiary of a VIE, the Company consolidates the accounts of that VIE. When the Company is not the primary beneficiary, the VIE is accounted for using the equity method and is included in equity method investments on the balance sheets. At December 31, 2020, 2019 and 2018, the Company had no consolidated VIEs. Refer to Note 7 for the Company’s VIEs accounted for using the equity method. The Company regularly reviews and reconsiders previous conclusions regarding whether it is the primary beneficiary of a VIE. The Company also reviews and reconsiders previous conclusions regarding whether the Company holds a variable interest in a potential VIE, the status of an entity as a VIE, and whether the Company is required to consolidate such a VIE in the financial statements when a change occurs. New accounting pronouncements recently adopted Allowance for credit losses In June 2016, the Financial Accounting Standard Board, (“FASB”) issued Accounting Standard Update (“ASU”) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments. This guidance was subsequently amended by ASU 2018-19, Codification Improvements, ASU 2019-04, Codification Improvements, ASU 2019-05, Targeted Transition Relief, ASU 2019-10, Effective Dates, and ASU 2019-11, Codification Improvements. These ASUs are referred to collectively as the new guidance on current expected credit loss (“CECL”). As a result of the adoption of the new CECL guidance on January 1, 2020, the Company has changed its accounting policy for the allowance for credit losses, as it relates to accounts receivable and available-for-sale debt securities. The adoption of the CECL guidance did not have a material impact on the financial statements at January 1, 2020. Disclosure framework – fair value measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) (“ASU 2018-13”). ASU 2018-13 removes (a) the prior requirement to disclose the amount and reason for transfers between Level 1 and Level 2 of the fair value hierarchy contained in ASC Topic 820, (b) the policy for timing of transfers between levels, and (c) the valuation process used for Level 3 fair value measurements. ASU 2018-13 also adds, among other items, a requirement to disclose the range and weighted average of significant unobservable inputs used in Level 3 fair value measurements. The Company adopted ASU 2018-13 effective January 1, 2020 and such adoption did not have a material effect on its financial statements. |
Use of Estimates and Significant Judgments | Use of estimates and significant judgments The preparation Examples of key estimates in these financial statements include the value of Class 2 common shares with transfer restrictions, asset impairment including the impact of COVID-19 on estimated future cash flows and fair values, imputed interest for loans receivable, the allowance for credit losses, provisions for prepayments and other current assets, inventory valuation adjustments that contemplate the market value of, and demand for inventory, estimated useful lives of property and equipment and intangible assets, valuation allowance on deferred income tax assets, determining the fair value of financial instruments, fair value of stock-based compensation, estimated variable consideration on contracts with customers, sales return estimates, the fair value of the convertible notes and equity component and the classification, the fair value of the warrant liability using a Monte Carlo pricing model, incremental borrowing rates and lease terms applicable to lease contracts. Financial statement areas that require significant judgments are as follows: Variable interest entities - The Company assesses all variable interests in entities and uses judgment when determining if the Company is the primary beneficiary. Other qualitative factors that are considered include decision-making responsibilities, the VIE capital structure, risk and rewards sharing, contractual agreements with the VIE, voting rights and the level of involvement of other parties. Asset impairment – Asset impairment tests require the allocation of assets to asset groups, where appropriate, which requires significant judgment and interpretation with respect to the integration between the assets and shared resources. Asset impairment tests require the determination of whether there is an indication of impairment. The assessment of whether an indication of impairment exists is performed at the end of each reporting period and requires the application of judgment, historical experience, and external and internal sources of information. Leases – The Company applies judgment in determining whether a contract contains a lease and if a lease is classified as an operating lease or a finance lease. The Company determines the lease term as the non-cancellable term of the lease, which may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. The Company has several lease contracts that include extension and termination options. The Company applies judgment in evaluating whether it is reasonably certain whether or not to exercise the option to renew or terminate the lease. That is, it considers all relevant factors that create an economic incentive for it to exercise either the renewal or termination. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise or not to exercise the option to renew or to terminate (e.g., construction of significant leasehold improvements or significant customization to the leased asset). The Company also applies judgment in allocating the consideration in a contract between lease and non-lease components. It considers whether the Company can benefit from the right-of-use asset either on its own or together with other resources and whether the asset is highly dependent on or highly interrelated with another right-of-use asset. |
Reclassifications | Reclassifications The Company reclassified previously disclosed amounts related to inventory valuation adjustments and stock-based compensation expenses to conform with the disclosures as of December 31, 2020. Inventory valuation adjustments were previously disclosed as a separate component of cost of sales on the Company’s Consolidated Statements of Net Loss and Comprehensive Loss. As of December 31, 2020, these amounts are included under the caption of cost of sales. Year Ended December 31, 2019 2018 Inventory valuation adjustment no longer disclosed separately from cost of sales $ 68,583 $ 4,561 Stock-based compensation expenses was previously presented as a separate line item in the Company’s under the respective caption in financial statements where compensation paid to the same employees is recorded. These reclassifications are summarized as follows: Year Ended December 31, 2019 2018 General and administrative expenses $ 26,499 $ 18,926 Sales and marketing expenses 2,729 462 Research and development expenses 2,614 1,600 The Consolidated Statements of Net Loss and Comprehensive Loss for the years ended December 31, 2019 and 2018 were reclassified to conform to the current period’s presentation. Loss on disposal of property and equipment, formerly presented in other expenses (income) is now presented in general and administrative expenses. |
Foreign Currency | Foreign currency These financial statements are presented in the United States dollar (“USD”), which is the Company’s reporting currency. Functional currencies for the entities in these financial statements are their respective local currencies, including USD, Canadian dollar (“CAD”), Euro, Australian dollar, Chilean Peso, Great Britain Pound and Japanese Yen. The assets and liabilities of each of the Company’s subsidiaries are translated to USD at the foreign exchange rate in effect at the balance sheet date. Certain transactions affecting the stockholders’ equity (deficit) are translated at historical foreign exchange rates. The consolidated statements of net loss and comprehensive loss and statements of cash flows are translated to USD by applying the average foreign exchange rate in effect during the reporting period. The resulting translation adjustments are included in other comprehensive loss. The Company’s monetary assets and liabilities denominated in foreign currencies are translated to the functional currency by applying the foreign exchange rate in effect at the balance sheet date. Revenues and expenses are translated using the average foreign exchange rate in effect during the reporting period. Realized and unrealized foreign currency differences are recognized in the statements of net loss and comprehensive loss. |
Net loss per share | Net loss per share Basic net loss per share is computed by dividing reported net loss by the weighted average number of common shares outstanding for the reported period. Diluted net 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 stock of the Company during the reporting period. Diluted net loss per share is computed by dividing net loss by the sum of the weighted average number of common shares and the number of potential dilutive common share equivalents outstanding during the period. Potential dilutive common share equivalents consist of the incremental common shares issuable upon the exercise of vested share options and the incremental shares issuable upon conversion of the convertible notes. Potential dilutive common share equivalents consist of stock options, restricted stock units (“RSUs”) and restricted stock awards. In computing diluted earnings per share, common share equivalents are not considered in periods in which a net loss is reported, as the inclusion of the common share equivalents would be anti-dilutive. As of December 31, 2020, there were 28,784,308 common share equivalents with potential dilutive impact (2019 – 10,532,988, 2018 – 7,902,263). Since the Company is in a net loss for all periods presented in these financial statements, there is no difference between the Company’s basic and diluted net loss per share for the periods presented. |
Business Combinations and Goodwill | Business combinations and goodwill The Company accounts for business combinations using the acquisition method in accordance with ASC 805, Business Combinations, which requires recognition of assets acquired and liabilities assumed, including contingent assets and liabilities, at their respective fair values on the date of acquisition. Any excess of the purchase consideration over the net fair value of tangible and identified intangible assets acquired less liabilities assumed is recorded as goodwill. The costs of business acquisitions, including fees for accounting, legal, professional consulting and valuation specialists, are expensed as incurred within acquisition-related (income) expenses, net. Purchase price allocations may be preliminary and, during the measurement period not to exceed one year from the date of acquisition, changes in assumptions and estimates that result in adjustments to the fair value of assets acquired and liabilities assumed are recorded in the period the adjustments are determined. For business combinations achieved in stages, the Company’s previously held interest in the acquiree is remeasured at its acquisition date fair value, with the resulting gain or loss recorded in the statements of net loss and comprehensive loss. For a pre-existing relationship between the Company and the acquiree that is not extinguished on the business combination, such a relationship is considered effectively settled as part of the business combination even if it is not legally cancelled. At the acquisition date, it becomes an intercompany relationship and is eliminated upon consolidation. The estimated fair value of acquired assets and assumed liabilities are determined primarily using a discounted cash flow approach, with estimated cash flows discounted at a rate that the Company believes a market participant would determine to be commensurate with the inherent risks associated with the asset and related estimated cash flow streams. Contingent consideration in a business combination is remeasured at fair value each reporting period until the contingency is resolved and any change in fair value from either the passage of time or events occurring after the acquisition date, is recorded within acquisition-related (income) expenses, net on the statements of net loss and comprehensive loss. |
Cash and Cash Equivalents | Cash and cash equivalents Cash and cash equivalents are comprised of cash and highly liquid investments that are readily convertible into known amounts of cash with original maturities of three months or less. Cash and cash equivalents include amounts held in USD, CAD, Euro, Australian dollar, Chilean Peso, Great Britain Pound, Japanese Yen, corporate bonds, commercial paper, treasury bills and money market funds. |
Accounts Receivable and Allowance for Credit Losses | Accounts receivable and allowance for credit losses Accounts receivable – the Company maintains an allowance for credit losses at an amount sufficient to absorb losses inherent in its accounts receivable portfolio as of the reporting dates based on the projection of expected credit losses. The Company applies the aging method to estimate the allowance for expected credit losses. The aging method is applied to accounts receivables at the business unit level to reflect shared risk characteristics, such as receivable type, customer type and geographical location. The aging method assigns accounts receivables to a level of delinquency and applies loss rates to each class based on historical loss experience. The Company also considers relevant qualitative and quantitative factors to assess whether historical loss experience should be adjusted to better reflect the risk characteristics of the current classes and the expected future loss. This assessment incorporates all available information relevant to considering the collectability of its current classes, including considering economic and business conditions, default trends, changes in its class composition, among other internal and external factors. The expected credit loss estimates are adjusted for current conditions and reasonable supportable forecasts. As part of the Company’s analysis of expected credit losses, it may analyze contracts on an individual basis in situations where such accounts receivables exhibit unique risk characteristics and are not expected to experience similar losses to the rest of their class. Available-for-sale debt securities – The Company assesses its available-for-sale debt securities for impairment at each measurement date. When the fair value is less than the amortized cost, the Company assesses whether it intends to sell the security. When it is assessed that the Company will sell the security or the Company will be required to sell before recovery, the difference between the fair value and amortized cost is recorded as an impairment of assets in the statements of net loss and comprehensive loss. When the Company does not intend to sell and it is not more likely than not that the Company will be required to sell before recovery, the Company assesses whether a portion of the unrealized loss is a result of a credit loss. The Company recognizes the portion related to credit loss as credit loss expenses in general and administrative expenses within the statements of net loss and comprehensive loss and the portion of unrealized loss related to factors other than credit losses in other comprehensive loss. The Company determines the best estimate of the present value of cash flows expected to be collected from the available-for-sale debt securities on an individual basis based on past events, current conditions and forecasts relevant to the individual securities. |
Inventory | Inventory Inventory is comprised of raw materials, finished goods and work-in-progress. Cost includes expenditures directly related to the manufacturing process as well as suitable portions of related production overheads, based on normal operating capacity. Cannabis: Inventory costs include pre-harvest, post-harvest, shipment and fulfillment, as well as costs related to accessories. Pre-harvest costs include labor and direct materials to grow cannabis, which includes water, electricity, nutrients, integrated pest management, growing supplies and allocated overhead. Post-harvest costs include costs associated with drying, trimming, blending, extracting, purifying, quality testing and allocated overhead. Shipment and fulfillment costs include the costs of packaging, labelling, courier services, allocated overhead, and excise taxes. Hemp: Inventory cost includes seeds, packaging and co-packing. Seed costs include commodity cost paid to farmers, genetic seed cost to provide and manage contracted farmers, hulling and processing costs, including labor and overhead. Packaging costs include packaging materials, labor and overhead to run machinery. Co-packing cost are generally for products not manufactured by the Company directly and would include all costs to produce the products. Inventory is stated at the lower of cost or net realizable value, determined using weighted average cost. Net realizable value is defined as the estimated selling price in the ordinary course of business, less reasonably predictable costs of completion, disposal and transportation. At the end of each reporting period, the Company performs an assessment of inventory and records write-downs for excess and obsolete inventories based on the Company’s estimated forecast of product demand, production requirements, market conditions, regulatory environment, and spoilage . Actual inventory losses may differ from management’s estimates and such differences could be material to the Company’s balance sheets, statements of net loss and comprehensive loss and statements of cash flows. |
Property and Equipment | Property and equipment Property and equipment are recorded at cost net of accumulated depreciation and impairment, if any. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful life of buildings ranges from twenty to twenty-five years and the estimated useful life of property and equipment, other than buildings, ranges from three to fifteen years . Land is not depreciated. Leasehold improvements are depreciated over the lesser of the asset’s estimated useful life or the remaining lease term. 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. Maintenance and repairs are charged to expenses as incurred. Significant expenditures, which extend the useful lives of assets or increase productivity, are capitalized. When significant parts of an item of property and equipment have different useful lives, they are accounted for as separate items or components of property and equipment. Construction-in-process includes construction progress payments, deposits, engineering costs, interest expense on long-term construction projects and other costs directly related to the construction of the facilities. Expenditures are capitalized during the construction period and construction in progress is transferred to the relevant class of property and equipment when the assets are available for use, at which point the depreciation of the asset commences. The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Interest incurred relating to the construction or expansion of facilities is capitalized to the construction in progress. The Company ceases the capitalization of interest when construction activities are substantially completed and the facility is available for commercial use. |
Intangible Assets | Intangible assets Intangible assets include intangible assets acquired as part of business combinations, asset acquisitions and other business transactions. The Company records intangible assets at cost, net of accumulated amortization and accumulated impairment losses, if any. Cost is measured based on the fair values of cash consideration paid and equity interests issued. The cost of an intangible asset acquired is its acquisition date fair value. The Company capitalizes certain internal-use software development costs, consisting primarily of contractor costs and employee salaries and benefits allocated to the software. Capitalization of costs incurred in connection with internally developed software commences when both the preliminary project stage is completed and management has authorized further funding for the project, based on a determination that it is probable the project will be completed and used to perform the function intended. Capitalization of costs ceases no later than the point at which the project is substantially complete and ready for its intended use. All other costs are expensed as incurred. Amortization is calculated on a straight-line basis over three years. Costs incurred for enhancements that are expected to result in additional functionalities are capitalized. Amortization of definite life intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Patents 4 years Customer relationships 14 to 16 years Developed technology 10 years Websites 3 years Definite life trademarks and licenses Term of agreements When there is no foreseeable limit on the period of time over which an intangible asset is expected to contribute to the cash flows of the Company, an intangible asset is determined to have an indefinite life. Indefinite life intangible assets are not amortized, but tested for impairment annually or more frequently when indicators of impairment exist. If the carrying value of an individual indefinite-lived intangible asset exceeds its fair value, such individual indefinite-life intangible asset is impaired by the amount of the excess. The estimated useful lives are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. |
Impairment of Long-lived Assets | Impairment of long-lived assets The Company reviews long-lived assets, including property and equipment and definite life intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. In order to determine if assets have been impaired, assets are grouped and tested at the lowest level for which identifiable independent cash flows are available (“asset group”). An impairment loss is recognized when the sum of projected undiscounted cash flows is less than the carrying value of the asset group. The measurement of the impairment loss to be recognized is based on the difference between the fair value and the carrying value of the asset group. Fair value can be determined using a market approach, income approach or cost approach. The reversal of impairment losses is prohibited. |
Impairment of Goodwill and Indefinite Life Intangible Assets | Impairment of goodwill and indefinite life intangible assets Goodwill and indefinite life intangible assets are tested for impairment annually, or more frequently when events or circumstances indicate that impairment may have occurred. As part of the impairment evaluation, the Company may elect to perform an assessment of qualitative factors. If this qualitative assessment indicates that it is more likely than not that the fair value of the indefinite-lived intangible asset or the reporting unit (for goodwill) is less than its carrying value, a quantitative impairment test to compare the fair value to the carrying value. An impairment charge is recorded if the carrying value exceeds the fair value. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right‐of‐use (“ROU”) assets and accrued obligations under operating lease (current and non-current) in the balance sheets. Finance lease ROU assets are included in property and equipment, net and accrued obligations under finance lease (current and non-current) in the balance sheets. ROU assets represent the Company’s right to use an underlying asset for the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. ROU assets are classified as a finance lease or an operating lease. A finance lease is a lease in which 1) ownership of the property transfers to the lessee by the end of the lease term; 2) the lease grants the lessee an option to purchase the underlying asset that the lessee is reasonably certain to exercise; 3) the lease is for a major part of the remaining economic life of the underlying asset; 4) The present value of the sum of the lease payments and any residual value guaranteed by the lessee that is not already included in the lease payments equals or exceeds substantially all of the fair value; or 5) the underlying asset is of such a specialized nature that it is expected to have no alternative use to the lessor at the end of the lease term. The Company classifies a lease as an operating lease when it does not meet any one of these criteria. ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the incremental borrowing rate is used based on the information available at commencement date in determining the present value of lease payments. The Company uses the implicit rate when readily determinable. The ROU assets also include any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. For finance leases, lease expenses are the sum of interest on the lease obligations and amortization of the ROU assets. ROU assets are amortized based on the lesser of the lease term and the useful life of the leased asset according to the property and equipment accounting policy. If ownership of the ROU assets transfers to the Company at the end of the lease term or if the Company is reasonably certain to exercise a purchase option, amortization is calculated using the estimated useful life of the leased asset, according to the property and equipment accounting policy. For operating leases, the lease expenses are generally recognized on a straight-line basis over the lease term and recorded to general and administrative expenses in the statements of net loss and comprehensive loss. The Company has elected to apply the practical expedient, for each class of underlying asset, except real estate leases, to not separate non-lease components from the associated lease components of the lessee’s contract and account for both components as a single lease component. Additionally, for certain equipment leases, the Company applies a portfolio approach to effectively account for the operating lease ROU assets and liabilities. The Company has elected not to recognize ROU assets and lease liabilities for short-term leases that have a lease term of 12 months or less that do not include an option to purchase the underlying asset that the Company is reasonably certain to exercise. Short-term leases include real estate and vehicles and are not significant in comparison to the Company’s overall lease portfolio. The Company continues to recognize the lease payments associated with these leases as expenses on a straight-line basis over the lease term. |
Investments | Investments Debt securities Debt securities are classified as available-for-sale and are recorded at fair value. Unrealized gains and losses during the year, net of the related tax effect, are excluded from income and reflected in other comprehensive income (loss), and the cumulative effect is reported as a separate component of shareholders’ equity until realized. Debt securities are impaired when a decline in fair value is determined to be other-than-temporary. If the cost of an investment exceeds its fair value, the Company evaluates, among other factors, general market conditions, credit quality of debt instrument issuers, and the duration and extent to which the fair value is less than cost. Once a decline in fair value is determined to be other-than-temporary, an impairment charge is recorded in the statements of net loss and a new cost basis for the investment is established. The Company also evaluates whether there is a plan to sell the security or it is more likely than not that the Company will be required to sell the security before recovery. If neither of the conditions exist, then only the portion of the impairment loss attributable to credit loss is recorded in the statements of net loss and the remaining amount is recorded in other comprehensive income (loss). Equity investments Investments in entities over which the Company does not have a controlling financial interest or significant influence are accounted for at fair value. Equity investments without readily determinable fair values are measured at cost with adjustments for observable changes in price or impairments (referred to as the “measurement alternative”). In applying the measurement alternative, the Company performs a qualitative assessment on a quarterly basis and recognizes an impairment if there are sufficient indicators that the fair value of the equity investments are less than carrying values. Changes in value are recorded in other income, net. Investments in entities over which the Company does not have a controlling financial interest but has significant influence, are accounted for using the equity method, with the Company’s share of earnings or losses reported in earnings or losses from equity method investments on the statements of net loss and comprehensive loss. Equity method investments are recorded at cost, plus the Company’s share of undistributed earnings or losses, and impairment, if any, within Equity method investments on the balance sheets. The Company assesses investments in equity method investments if there is reason to believe an impairment may have occurred including, but not limited to, ongoing operating losses, projected decreases in earnings, increases in the weighted-average cost of capital, or significant business disruptions. The significant assumptions used to estimate fair value include revenue growth and profitability, capital spending, depreciation and taxes, foreign currency exchange rates, and discount rate. By their nature, these projections and assumptions are uncertain. If it is determined that the current fair value of an equity method investment is less than the carrying value of the investment, the Company will assess if the shortfall is of a temporary or permanent nature and write down the investment to its fair value if it is concluded the impairment is other than temporary. |
Assets Reclassified from Held for Sale to Held and Used | Assets reclassified from held for sale to held and used In May 2020, the Company announced its decision to close the High Park Gardens facility in response to its anticipated future product needs and the current economic climate. As a result, the Company adopted an accounting policy for assets held for sale. Assets held for sale are accounted for in accordance with applicable accounting guidance provided in Accounting Standards Codification (“ASC”) Topic 360, Property, Plant and Equipment. The Company classifies its assets as held for sale if, among other criteria, the carrying amount will be recovered principally through a sale transaction rather than continued use and a sale is considered probable and within one year. Assets classified as held for sale are measured at the lower of the carrying amount and fair value less costs to sell. Assets classified as held for sale are combined and presented separately from the other assets in the balance sheets. In December 2020, upon the Company's determination to discontinue marketing certain assets held for sale, the assets no longer meet the held for sale criteria and are required to be reclassified as held and used at the lower of adjusted carrying value (carrying value of the assets prior to being classified as held for sale adjusted for any depreciation and/or amortization expense that would have been recognized had the assets been continuously classified as held and used) or the fair value at the date of the subsequent decision not to sell. If adjusted carrying value is determined to be lower, a catch-up adjustment for depreciation will be recorded. The depreciation and/or amortization expenses that would have been recognized had the assets been continuously classified as held and used is included as a component of depreciation and amortization expenses in the statements of net loss and comprehensive loss. If fair value is determined to be lower, the Company records a gain or loss included in impairment of assets in the statements of net loss and comprehensive loss. |
Fair Value Measurements | Fair value measurements The carrying value of the Company’s accounts receivable, accounts payable, accrued expenses and other current liabilities approximate their fair value due to their short-term nature. Debt securities classified as available-for-sale are recorded at fair value based on publicly available market information or other estimates determined by management. Equity investments (excluding equity method investments) are recorded at fair value using quoted market prices or broker or dealer quotations, or using the measurement alternative for equity investments without readily determinable fair values. The fair value for equity investments measured using the measurement alternative is determined based on valuation techniques using the best information available, and may include quoted market prices, market comparables, and discounted cash flow projections. Contingent consideration is measured at fair value on a recurring basis based on discounted cash flow projections. Fair value is 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. In estimating the fair value of an asset or a liability, the Company takes into account the characteristics of the asset or liability if market participants would take those characteristics into account when pricing the asset or liability at the measurement date. |
Convertible notes | Convertible notes The Company accounts for its convertible notes with a cash conversion feature in accordance with ASC 470-20, Debt with Conversion and Other Options (“ASC 470-20”), which requires the liability and equity components of convertible debt instruments that may be settled in cash upon conversion, including partial cash settlement, to be separately accounted for in a manner that reflects the issuer’s nonconvertible debt borrowing rate. The initial proceeds from the sale of convertible notes are allocated between a liability component and an equity component in a manner that reflects interest expense at the rate of similar nonconvertible debt that could have been issued at such time. The equity component represents the excess initial proceeds received over the fair value of the liability component of the notes as of the date of issuance. The resulting debt discount is amortized over the period during which the convertible notes are expected to be outstanding as additional non-cash interest expenses. Upon repurchase of convertible debt instruments, ASC 470-20 requires the issuer to allocate total settlement consideration, inclusive of transaction costs, amongst the liability and equity components of the instrument based on the fair value of the liability component immediately prior to repurchase. The difference between the settlement consideration allocated to the liability component and the net carrying value of the liability component, including unamortized debt issuance costs, would be recognized as gain (loss) on extinguishment of debt in the statements of net loss and comprehensive loss. The remaining settlement consideration allocated to the equity component would be recognized as a reduction of additional paid-in capital in the balance sheets. |
Warrants | Warrants In March 2020, the Company closed on a registered offering including Class 2 common stock, warrants, and pre-funded warrants (refer to Note 16). Warrants are accounted for in accordance with applicable accounting guidance provided in ASC Topic 815, Derivatives and Hedging – Contracts in Entity's Own Equity (“ASC 815”), as either liabilities or as equity instruments depending on the specific terms of the warrant agreement. The Company's warrants are classified as liabilities and are recorded at fair value. The warrants are subject to remeasurement at each balance sheet date until settlement and any change in fair value is recognized as a component of change in fair value of warrant liability in the statements of net loss and comprehensive loss. Transaction costs allocated to warrants that are presented as a liability are expensed immediately within other expenses (income) in the statements of net loss and comprehensive loss. |
Revenue recognition | Revenue recognition Revenue is recognized when control of the promised goods or services, through performance obligations by the Company, is transferred to the customer in an amount that reflects the consideration it expects to be entitled to in exchange for the performance obligations. The Company generates substantially all of its revenue from the sale of cannabis and hemp products through contracts with customers. Cannabis and hemp products are sold through various distribution channels. Revenue is recognized when the control of the goods is transferred to the customer, which occurs at a point in time, typically upon delivery to or receipt by the customer, depending on shipping terms. Sales taxes collected from customers are remitted to the appropriate taxing jurisdictions and are excluded from sales revenue as the Company considers itself a pass-through conduit for collecting and remitting sales taxes. Excise duties that are both imposed on and concurrent with a specific revenue-producing transaction, that are collected by the Company from a customer are included in revenue. Freight revenues on all product sales, when applicable, are also recognized, on a consistent manner, at a point in time. The term between invoicing and when payment is due is not significant and the period between when the entity transfers the promised good or service to the customer and when the customer pays for that good or service is one year or less. The Company considers whether there are other promises in the contracts that are separate performance obligations to which a portion of the transaction price needs to be allocated. In determining the transaction price for the sale of goods, the Company considers the effects of variable consideration and the existence of significant financing components (if any). Some contracts for the sale of goods may provide customers with a right of return, volume discount, bonuses for volume/quality achievement, or sales allowance. In addition, the Company may provide in certain circumstances, a retrospective price reduction to a customer based primarily on inventory movement. These items give rise to variable consideration. The Company uses the expected value method to estimate the variable consideration because this method best predicts the amount of variable consideration to which the Company will be entitled. The Company uses historical evidence, current information and forecasts to estimate the variable consideration. The requirements in ASC 606 on constraining estimates of variable consideration are applied to determine the amount of variable consideration that can be included in the transaction price. The Company reduces revenue and recognizes a contract liability equal to the amount expected to be refunded to the customer in the form of a future rebate or credit for a retrospective price reduction, representing its obligation to return the customer’s consideration. The estimate is updated at each reporting period date. The Company may receive short-term advances from its customers. Using the practical expedient in ASC 606, the Company does not adjust the promised amount of consideration for the effects of a significant financing component if the Company expects, at contract inception, that the period between when the Company transfers a promised good to a customer and when the customer pays for that good or service will be one year or less. The Company has not, nor expects to receive long-term advances from customers. |
Cost of Sales | Cost of sales Cost of sales represents costs directly related to manufacturing and distribution of the Company’s products. Primary costs include raw materials, packaging, direct labor, overhead, shipping and handling, the depreciation of manufacturing equipment and production facilities, and excise taxes and tarrifs. Manufacturing overhead and related expenses include salaries, wages, employee benefits, utilities, maintenance and property taxes. Cost of sales also includes inventory valuation adjustments. The Company recognizes the cost of sales as the associated revenues are recognized. |
General and Administrative Expenses | General and administrative expenses General and administrative expenses are comprised primarily of (i) personnel related costs such as salaries, benefits, annual employee bonus expense and stock-based ‘compensation costs for personnel in corporate, finance, legal, and other administrative positions; (ii) legal, accounting and other professional fees; (iii) corporate insurance and other facilities costs associated with our corporate and administrative locations; depreciation and amortization expenses associated with our corporate assets, and (iv) severance and other costs associated with headcount reductions. |
Sales and Marketing Expenses | Sales and marketing expenses Sales and marketing expenses are comprised primarily of (i) personnel related costs such as salaries, benefits, annual employee bonus expense and stock-based compensation costs for personnel in sales and marketing, (ii) commissions paid to our third-party workforce, and (iii) marketing and advertising expenses. Advertising costs are expensed as incurred and were $ 2,384 , $ 3,563 and $ the years ended December 31, 20 20 , 201 9 and 201 8 , respectively. |
Research and Development Expenses | Research and development expenses Research and development expenses are comprised primarily of costs for personnel, including salaries, benefits, employee bonus, stock-based compensation; clinical study costs; contracted research; consulting services; materials and supplies; milestones; an allocation of our occupancy costs; and other expenses incurred to sustain our overall research and development programs. |
Stock-based Compensation | Stock-based compensation The Company measures and recognizes compensation expense for stock options and RSUs to employees and non-employees on a straight-line basis over the vesting period based on their grant date fair values. The Company estimates the fair value of stock options on the date of grant using the Black-Scholes option pricing model. The fair value of RSUs is based on the share price as at date of grant. For stock options and RSUs granted in 2018, prior to the Company’s initial public offering, the fair value of common stock at the date of grant was determined by the Board of Directors with assistance from third-party valuation specialists. The Company estimates forfeitures at the time of grant and revises these estimates in subsequent periods if actual forfeitures differ from those estimates. For performance-based stock options and RSUs, the Company records compensation expense over the estimated service period adjusted for a probability factor of achieving the performance-based milestones. At each reporting date, the Company assesses the probability factor and records compensation expense accordingly, net of estimated forfeitures. Fully vested, non-forfeitable equity instruments issued to parties other than employees are measured on the date they are issued where there is no specific performance required by the grantee to retain those equity instruments. Stock-based payment transactions with non-employees are measured at the fair value of the consideration received or the fair value of the equity instruments issued, whichever is more reliably measurable. Where fully vested, non-forfeitable equity instruments are granted to parties other than employees in exchange for notes or financing receivable, the note or receivable is presented in additional paid-in capital on the balance sheets. |
Income Taxes | Income taxes The Company uses the asset and liability method of accounting for income taxes. Under this method, deferred tax assets and liabilities are determined based on the differences between the financial reporting and the tax bases of assets and liabilities and are measured using the enacted tax rates and laws that will be in effect when the differences are expected to reverse. Management makes an assessment of the likelihood that the resulting deferred tax assets will be realized. A valuation allowance is provided when it is more likely than not that some portion or all of a deferred tax asset will not be realized. The Company recognizes uncertain income tax positions at the largest amount that is more likely than not to be sustained upon audit by the relevant taxing authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Changes in recognition or measurement are reflected in the period in which judgment occurs. |
New Accounting Pronouncements Not Yet Adopted | New accounting pronouncements not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) - Simplifying the Accounting for Income Taxes (“ASU 2019-12”), which is intended to simplify various aspects related to accounting for income taxes. ASU 2019-12 removes certain exceptions to the general principles in Topic 740 and also clarifies and amends existing guidance to improve consistent application. The standard is effective for annual reporting periods beginning after December 15, 2021 and including interim periods within those fiscal years, which means that it will be effective for the Company in the first quarter of our year beginning January 1, 2021. The Company is currently evaluating the effect of adopting this ASU on the Company’s financial Statements. We do not expect the adoption of ASU 2016-12 to have a material impact on our consolidated financial statements. 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) (“ASU 2020-01”), which is intended to clarify the interaction of the accounting for equity securities under Topic 321 and investments accounted for under the equity method of accounting in Topic 323 and the accounting for certain forward contracts and purchased options accounted for under Topic 815. ASU 2020-01 is effective for the Company beginning January 1, 2021. The Company is currently evaluating the effect of adopting this ASU. 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 (“ASU 2020-06”), which is intended to address issues identified as a result of the complexity associated with applying generally accepted accounting principles (GAAP) for certain financial instruments with characteristics of liabilities and equity. ASU 2020-06 is effective for the Company beginning January 1, 2022. The Company is currently evaluating the effect of adopting this ASU. In October 2020, the FASB issued ASU 2020-09, Debt (Topic 470): Amendments to SEC Paragraphs Pursuant to SEC Release No. 33-10762 (“ ASU 2020-09”), which amends and supersedes various SEC paragraphs pursuant to the issuance of SEC Final Rule Release No. 33-10762, Financial Disclosures about Guarantors and Issuers of Guaranteed Securities and Affiliates Whose Securities Collateralize a Registrant's Securities. ASU 2020-09 is effective for the Company beginning January 4, 2021. The Company is currently evaluating the effect of adopting this ASU. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounting Policies [Abstract] | |
Schedule of Consolidated Entity | These financial statements include the accounts of the following entities wholly owned by the Company as of December 31, 2020: Name of entity Date of formation Place of incorporation Natura Naturals Inc. May 31, 1985 Canada Tilray, Inc. July 8, 2005 United States Manitoba Harvest USA LLC February 8, 2010 United States Tilray Canada, Ltd. September 6, 2013 Canada Dorada Ventures, Ltd. October 18, 2013 Canada FHF Holdings Ltd. July 15, 2015 Canada High Park Farms Ltd. February 19, 2016 Canada Tilray Deutschland GmbH November 3, 2016 Germany Pardal Holdings, Lda. April 5, 2017 Portugal Tilray Portugal Unipessoal, Lda. April 20, 2017 Portugal Tilray Australia New Zealand Pty. Ltd. May 9, 2017 Australia Tilray Ventures Ltd. June 6, 2017 Ireland Manitoba Harvest Japan K.K. August 29, 2017 Japan High Park Holdings, Ltd. February 8, 2018 Canada Fresh Hemp Foods Ltd. May 7, 2018 Canada Natura Naturals Holdings Inc. May 17, 2018 Canada National Cannabinoid Clinics Pty Ltd. September 19, 2018 Australia Tilray Latin America SpA November 19, 2018 Chile Tilray Portugal II, Lda. December 11, 2018 Portugal High Park Gardens Inc. February 7, 2019 Canada 1197879 B.C. Ltd February 15, 2019 Canada High Park Shops Inc. August 15, 2019 Canada Privateer Evolution, LLC December 12, 2019 United States Tilray France SAS July 2, 2020 France High Park Holdings B.V. July 15, 2020 Netherlands High Park Botanicals B.V. July 17, 2020 Netherlands |
Schedule of Inventory Valuation Adjustments Included in Cost of Sales | Inventory valuation adjustments were previously disclosed as a separate component of cost of sales on the Company’s Consolidated Statements of Net Loss and Comprehensive Loss. As of December 31, 2020, these amounts are included under the caption of cost of sales. Year Ended December 31, 2019 2018 Inventory valuation adjustment no longer disclosed separately from cost of sales $ 68,583 $ 4,561 |
Summary of Reclassifications of Stock-Based Compensation Expenses | Stock-based compensation expenses was previously presented as a separate line item in the Company’s under the respective caption in financial statements where compensation paid to the same employees is recorded. These reclassifications are summarized as follows: Year Ended December 31, 2019 2018 General and administrative expenses $ 26,499 $ 18,926 Sales and marketing expenses 2,729 462 Research and development expenses 2,614 1,600 The Consolidated Statements of Net Loss and Comprehensive Loss for the years ended December 31, 2019 and 2018 were reclassified to conform to the current period’s presentation. Loss on disposal of property and equipment, formerly presented in other expenses (income) is now presented in general and administrative expenses. |
Summary of Estimated Useful Lives of Definite Life Intangible Assets | Amortization of definite life intangible assets is calculated on a straight-line basis over the estimated useful lives of the assets as follows: Patents 4 years Customer relationships 14 to 16 years Developed technology 10 years Websites 3 years Definite life trademarks and licenses Term of agreements |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventory is comprised of the following items: December 31, 2020 2019 Raw materials $ 15,223 $ 15,926 Work-in-process 61,867 53,973 Finished goods 16,555 17,962 Total $ 93,645 $ 87,861 |
Prepayments and Other Current_2
Prepayments and Other Current Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Schedule of Prepayments and Other Current Assets | Prepayments and other current assets are comprised of the following items: December 31, 2020 2019 Deposits $ 15,976 $ 25,490 Taxes receivable 12,122 6,165 Prepayments 6,542 5,847 ABG finance receivable - current — 671 Total $ 34,640 $ 38,173 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments Debt And Equity Securities [Abstract] | |
Summary of Long-term Investments | Long-term investments are comprised of the following items: December 31, 2020 December 31, 2019 Equity investments measured at fair value $ 477 $ 4,183 Equity investments under measurement alternative 11,392 14,954 Debt securities classified under available-for-sale method 2,500 5,047 Total other investments $ 14,369 $ 24,184 |
Summary of Ownership Interests in Equity Method Investments | The Company’s ownership interests in its equity method investments as of December 31, 2020 and 2019 were as follows: Approximate Carrying value Loss from equity method investments Year ended ownership % December 31, 2020 December 31, 2020 Investment in Fluent 50% $ 5,291 $ (6,253 ) Investment in Cannfections 50% 4,009 270 Total equity method investments $ 9,300 $ (5,983 ) Approximate Carrying value Loss from equity method investments Year ended ownership % December 31, 2019 December 31, 2019 Investment in Fluent 50% $ 7,836 $ (4,437 ) Investment in Cannfections 50% 3,612 (67 ) Total equity method investments $ 11,448 $ (4,504 ) |
Summary of Financial Information for Equity Method Investments | Summary financial information for the equity method investments on an aggregated basis was as follows: December 31, 2020 December 31, 2019 Current assets $ 12,644 $ 13,942 Non current assets $ 6,608 $ 4,987 Current liabilities $ 5,663 $ 1,561 Non current liabilities $ — $ — Year ended Year ended December 31, 2020 December 31, 2019 Revenues $ 5,844 $ 113 Gross profit $ 2,118 $ 78 Net loss $ (11,966 ) $ (9,008 ) |
Accounts Receivable and Allow_2
Accounts Receivable and Allowance for Credit Losses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Accounts Receivable And Allowance For Credit Losses [Abstract] | |
Schedule of Allowance for Credit Losses | The following table provides activity in the allowance for credit losses for the year ended December 31, 2020: Allowance for credit losses, January 1, 2020 $ 615 Provision for expected credit losses (1) 401 Write-offs charged against allowance (163 ) Recoveries of amounts previously written off — Foreign currency translation adjustment 34 Allowance for credit losses, December 31, 2020 $ 887 Accounts receivable balance before allowance for credit losses and provision for sales returns, December 31, 2020 $ 31,571 (1) The provision for expected credit losses is recorded in general and administrative expenses. |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Property and Equipment | Property and equipment, net consisted of the following: December 31, 2020 2019 Land $ 6,771 $ 6,417 Buildings and leasehold improvements 117,325 109,172 Laboratory and manufacturing equipment 37,176 31,173 Office and computer equipment 1,710 2,659 ROU assets under finance lease 15,072 14,753 Construction-in-process 49,380 37,160 227,434 201,334 Less: accumulated depreciation (27,875 ) (17,117 ) Total $ 199,559 $ 184,217 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Leases [Abstract] | |
Summary of Supplemental Balance Sheet Information Related to Leases | The table below presents the lease-related assets and liabilities recorded on the balance sheet. December 31, Classifications on the Balance Sheet 2020 2019 Assets Operating lease assets Operating lease, right-of-use assets $ 17,985 $ 17,514 Finance lease assets Property and equipment, net 13,167 13,307 Total lease assets $ 31,152 $ 30,821 Liabilities Current Operating Accrued lease obligations - current $ 2,913 $ 2,473 Finance Accrued lease obligations - current — — Noncurrent Operating Accrued lease obligations - Noncurrent 15,346 15,255 Finance Accrued lease obligations - Noncurrent 15,277 14,152 Total lease liabilities $ 33,536 $ 31,880 |
Summary of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate Related to Leases | Weighted-average remaining lease term Operating leases 7 9 Finance leases 2 4 Weighted-average discount rate Operating leases 4.98 % 5.73 % Finance leases 10.75 % 8.42 % |
Summary of Information Related to Lease Costs for Finance and Operating Leases | The table below presents certain information related to the lease costs for finance and operating leases. December 31, December 31, 2020 2019 Finance lease cost Amortization of ROU assets $ 326 $ 588 Interest on lease liabilities 1,435 370 Operating lease expenses (1) 4,065 2,519 Short term lease expenses (1) 9 256 Sublease income (2) (486 ) (230 ) Total lease expenses $ 5,349 $ 3,503 (1) Included in cost of goods sold and general and administrative expenses (2) Included in other income, net |
Summary of Supplemental Cash Flow Information Related to Leases | The table below presents supplemental cash flow information related to leases. December 31, December 31, 2020 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 3,810 2,312 Operating cash flows from finance leases 999 336 Financing cash flows from finance leases — 504 Non-cash additions to ROU assets and lease liabilities: Operating leases 423 16,043 Finance leases $ — $ 4,617 |
Summary of Maturities of Lease Liabilities | Maturities of lease liabilities: Year ending December 31, Operating Leases Finance Leases 2021 $ 3,792 $ 1,051 2022 3,436 5,960 2023 3,290 12,438 2024 2,704 2025 2,151 — Thereafter 6,401 — Total minimum lease payments 21,774 19,449 Less: amounts of leases related to interest payments 3,515 4,172 Present value of minimum lease payments 18,259 15,277 Less: current accrued lease obligation 2,913 — Obligations recognized $ 15,346 $ 15,277 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Schedule of Intangible Assets | Intangible assets are comprised of the following items: December 31, 2020 2019 Weighted Average Amortization Period (in years) Cost Accumulated Amortization Impairment Net Cost Accumulated Amortization Impairment Net Definite-lived intangible assets: Patent — $ 669 $ 131 $ 538 $ — $ 716 $ 99 $ — $ 617 Customer relationships 16 138,885 16,030 — 122,855 135,953 7,132 — 128,821 Developed technology 10 7,227 1,325 — 5,902 7,074 590 — 6,484 Websites 3 5,332 4,348 — 984 5,157 3,331 — 1,826 Trademarks and licenses 5 9,009 1,245 7,650 114 9,135 925 — 8,210 Total 161,122 23,079 8,188 129,855 158,035 12,077 — 145,958 Indefinite‑lived intangible assets: Cultivation license — 10,239 — 10,239 — 10,689 — — 10,689 Alef license — — — — — 4,086 — 4,086 — Trademarks Indefinite 56,590 — — 56,590 55,416 — — 55,416 Rights under ABG Profit Participation Arrangement — 16,765 — 16,765 — 119,366 — 102,601 16,765 Total 83,594 — 27,004 56,590 189,557 — 106,687 82,870 Total intangible assets $ 244,716 $ 23,079 $ 35,192 $ 186,445 $ 347,592 $ 12,077 $ 106,687 $ 228,828 |
Goodwill (Tables)
Goodwill (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill Disclosure [Abstract] | |
Schedule of Change in Carrying Amount of Goodwill | The following table shows the change in carrying amount of goodwill: Hemp Cannabis Total Goodwill - January 1, 2020 $ 133,314 $ 29,937 $ 163,251 Foreign currency translation adjustment 3,018 646 3,664 Goodwill - December 31, 2020 $ 136,332 $ 30,583 $ 166,915 |
Accounts Payable, Accrued Exp_2
Accounts Payable, Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Payables And Accruals [Abstract] | |
Schedule of Accounts Payable, Accrued Expenses and Other Current Liabilities | Accounts payable, accrued expenses and other current liabilities are comprised of the following items: December 31, 2020 2019 Other accrued expenses and current liabilities $ 24,181 $ 17,032 Accrued payroll and employment related withholding taxes 9,282 24,765 Accrued interest on convertible notes 3,473 5,938 ABG finance liability - current 1,500 1,500 Accrued legal and professional fees 1,091 1,174 Accrued interest on Senior Facility 419 — Contingent consideration for acquisitions — 420 Total accrued expenses and other current liabilities $ 39,946 $ 50,829 |
Schedule of Reconciliation of Severance Costs Within Accrued Payroll Related to Scheduled Benefit Payments | The following table shows the reconciliation of the severance costs included within the accrued payroll and employment related withholding taxes balance above, relating to scheduled benefit payments which were communicated to employees prior to December 31, 2020: Opening Balance as of January 1, 2020 $ — Additional charges 4,864 Less payments made to employees 4,219 Closing Balance as of December 31, 2020 $ 645 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of Components of Net Carrying Amount of Convertible Notes | The following table sets forth the net carrying amount of the convertible notes: December 31, 2020 December 31, 2019 5.00% convertible notes $ 277,857 $ 475,000 Unamortized discount (15,229 ) (34,219 ) Unamortized transaction costs (4,839 ) (10,571 ) Net carrying amount $ 257,789 $ 430,210 |
Schedule of Interest Expenses | The following table sets forth total interest expenses recognized related to the convertible notes: Year Ended December 31, 2020 2019 2018 Contractual coupon interest $ 22,929 $ 23,750 $ 5,302 Amortization of discount 7,863 7,468 2,152 Amortization of direct issue costs 2,454 2,375 28 Total $ 33,246 $ 33,593 $ 7,482 |
Senior Facility (Tables)
Senior Facility (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Schedule of Components of Net Carrying Amount of Senior Facility | The following table sets forth the net carrying amount of the Senior Facility: December 31, 2020 Senior Facility $ 50,498 Unamortized transaction costs (2,028 ) Net carrying amount 48,470 Less: current portion of Senior Facility — Total noncurrent portion of Senior Facility $ 48,470 |
Schedule of Interest Expenses | The following table sets forth total interest expenses recognized related to the convertible notes: Year Ended December 31, 2020 2019 2018 Contractual coupon interest $ 22,929 $ 23,750 $ 5,302 Amortization of discount 7,863 7,468 2,152 Amortization of direct issue costs 2,454 2,375 28 Total $ 33,246 $ 33,593 $ 7,482 |
Senior Secured Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Schedule of Interest Expenses | The following table sets forth total interest expense recognized related to the Senior Facility: Year ended December 31, 2020 Contractual interest at Canadian prime plus 8.05% $ 4,257 Amortization of transaction costs 1,372 Total $ 5,629 |
Registered Offering and Warra_2
Registered Offering and Warrants (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Class Of Stock [Line Items] | |
Schedule of Pre-funded Warrants and Warrants Outstanding | Pre-funded warrants and warrants outstanding at December 31, 2020, and related activity for the year ended December 31, 2020 is as follows (reflects the number of shares of Class 2 common stock as if the warrants were converted to Class 2 common stock): Description Classification Exercise price Expiration date Balance December 31, 2019 Issued Exercised Balance December 31, 2020 Pre-Funded Warrants Liability $ 0.0001 March 17, 2025 — 11,750,000 (11,750,000 ) — Warrants Liability $ 5.95 March 17, 2025 — 19,000,000 — 19,000,000 Total — 30,750,000 (11,750,000 ) 19,000,000 |
Schedule of Estimated Fair Value of Warrant Liability | Quantitative information about Level 3 fair value measurements Fair value at December 31, 2020 Valuation technique Unobservable input Range (weighted average) Discount rate 16.5% Debt securities classified as available-for-sale $ 2,500 Discounted cash flow Probability of conversion/ prepayment nil Probability of default nil Warrant liability $ (120,647 ) Monte Carlo Volatility 100% Expected life 4.7 years |
Warrant [Member] | |
Class Of Stock [Line Items] | |
Schedule of Estimated Fair Value of Warrant Liability | The Company estimated the fair value of the Warrant liability at December 31, 2020 at $6.35 per warrant using the Monte Carlo pricing model (Level 3) with the following weighted-average assumptions: Risk-free interest rate 0.40 % Expected volatility 100 % Expected term 4.7 years Expected dividend yield 0 % Strike price $ 5.95 Fair value of common stock $ 8.26 |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Summary of Capital Stock | The Company’s certificate of incorporation authorized the Company to issue the following classes of shares with the following par value and voting rights as of December 31, 2020. The liquidation and dividend rights are identical among Class 1 common stock and Class 2 common stock, and all classes of common stock share equally in our earnings and losses. Par Value Authorized Voting Rights Class 1 common stock $ 0.0001 233,333,333 10 votes for each share Class 2 common stock $ 0.0001 500,000,000 1 vote for each share Preferred stock $ 0.0001 10,000,000 N/A |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Original Stock Option Plan [Member] | |
Weighted Average Fair Value Assumptions | The fair value of each stock option to employees granted under the Original Plan was estimated on the date of grant using the Black-Scholes option pricing model with the following weighted-average assumptions: 2020 2019 2018 Expected stock option life — — 5.15 years Expected volatility — — 48.82 % Risk-free interest rate — — 2.35 % Expected dividend yield — — - % |
Schedule of Stock Option Activity | Stock option activity under the Original Plan Stock Options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value Balance December 31, 2019 3,014,004 $ 3.04 5.8 $ 44,108 Exercised (1,076,156 ) 1.80 Forfeited (81,658 ) 4.59 Cancelled (66,440 ) 3.81 Balance December 31, 2020 1,789,750 $ 3.62 3.77 $ 25,077 Vested and expected to vest, December 31, 2020 1,784,519 $ 3.61 3.76 $ 25,020 Vested and exercisable, December 31, 2020 1,731,626 $ 3.48 3.65 $ 24,449 |
2018 Equity Incentive Plan [Member] | |
Weighted Average Fair Value Assumptions | The fair value of each stock option granted to employees under the 2018 EIP is estimated on the grant date using the Black-Scholes option pricing model with the following weighted average assumptions: Assumptions 2020 Assumptions 2019 Assumptions 2018 Expected stock option life (years) — 8.97 years 5.79 years Expected volatility — 61.33 % 58.54 % Risk-free interest rate — 2.10 % 2.92 % Expected dividend yield — -% -% |
2018 Equity Incentive Plan [Member] | Time-based Stock Options [Member] | |
Schedule of Stock Option Activity | Time-based s Stock Options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value Balance December 31, 2019 5,307,130 $ 14.04 8.4 $ 44,297 Granted — — Exercised (703,393 ) 7.76 Forfeited (468,096 ) 13.73 Cancelled (226,082 ) 13.20 Balance December 31, 2020 3,909,559 $ 15.25 7.4 $ 1,700,194 Vested and expected to vest, December 31, 2020 3,840,493 $ 15.10 7.4 $ 1,675,302 Vested and exercisable, December 31, 2020 3,142,175 $ 13.16 13.2 $ 1,423,560 |
2018 Equity Incentive Plan [Member] | Performance-based Stock Options [Member] | |
Schedule of Stock Option Activity | Performance-based Stock Options Weighted- average exercise price Weighted- average remaining contractual term (years) Aggregate intrinsic value Balance December 31, 2019 520,000 $ 7.76 8.4 $ 4,872 Granted — — Exercised (520,000 ) 7.76 Forfeited — — Cancelled — — Balance December 31, 2020 — $ — $ — Vested and expected to vest, December 31, 2020 — $ — $ — Vested and exercisable, December 31, 2020 — $ — $ — |
2018 Equity Incentive Plan [Member] | Time-based RSU [Member] | |
Schedule of RSU Activity | Time-based RSU activity Time-based RSUs Weighted-average grant-date fair value per share Non-vested December 31, 2019 1,423,392 $ 42.05 Granted 2,156,079 8.53 Vested (619,021 ) 35.24 Forfeited (1,058,349 ) 25.65 Cancelled (17,711 ) 19.93 Non-vested December 31, 2020 1,884,390 $ 15.22 |
2018 Equity Incentive Plan [Member] | Performance-based RSUs [Member] | |
Schedule of RSU Activity | Performance-based RSU activity Performance- based RSUs Weighted-average grant-date fair value per share Non-vested December 31, 2019 265,625 $ 7.76 Granted 493,961 7.07 Vested (218,750 ) 7.76 Non-vested December 31, 2020 540,836 $ 7.13 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (AOCI) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Income | The components of AOCI, net of tax, were as follows: Foreign Currency Translation Adjustments Unrealized (loss) gain on available-for-sale debt securities Total Balance as at December 31, 2018 $ 4,528 $ (765 ) $ 3,763 Cumulative effect adjustment from a transition to ASU 2016-01 — 803 803 Other comprehensive income (loss) 5,174 (21 ) 5,153 Balance as at December 31, 2019 9,702 17 9,719 Other comprehensive loss: Change in foreign currency translation (1,497 ) — (1,497 ) Change in unrealized gains on available-for-sale debt securities — (17 ) (17 ) Balance as at December 31, 2020 $ 8,205 $ — $ 8,205 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments And Contingencies Disclosure [Abstract] | |
Schedule of Future Non-cancellable Minimum Purchase Commitments | The following table reflects the Company’s future non-cancellable minimum purchase commitments for inventory as of December 31, 2020: Total 2021 2022 2023 2024 2025 Thereafter Purchase commitments $ 84,094 $ 84,094 $ — $ — $ — $ — $ — Total $ 84,094 $ 84,094 $ — $ — $ — $ — $ — |
Schedule of Other Commitments Maturities | Total 2021 2022 2023 2024 2025 Thereafter Convertible notes, principal and interest $ 319,535 $ 13,893 $ 13,893 $ 291,749 $ — $ — $ — Senior Facility, principal and interest 56,683 5,302 51,381 — — — — ABG finance liability 7,500 1,500 1,500 1,500 1,500 1,500 $ — Portugal construction commitments 2,778 2,778 — — — — — Total $ 386,496 $ 23,473 $ 66,774 $ 293,249 $ 1,500 $ 1,500 $ — |
General and Administrative Ex_2
General and Administrative Expenses (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
General And Administrative Expense [Abstract] | |
Schedule of General and Administrative Expenses | General and administrative expenses are comprised of the following items: Year ended December 31, 2020 2019 2018 Salaries and benefits $ 31,553 $ 39,565 $ 11,721 Stock-based compensation expenses 20,491 26,499 18,926 Other expenses 17,869 16,649 8,152 Professional fees 12,773 21,189 7,557 Loss on disposal of property and equipment 1,851 2,436 190 Travel expenses 937 4,565 2,031 Credit loss expenses 409 — — Total $ 85,883 $ 110,903 $ 48,577 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Summary of Loss Before Income Taxes | For financial reporting purposes, loss before income taxes includes the following components: Year ended December 31, 2020 2019 2018 United States $ (168,480 ) $ (156,010 ) $ (42,418 ) Canada (96,337 ) (151,736 ) (25,333 ) Portugal (4,730 ) (11,781 ) (2,208 ) Other countries (7,128 ) (10,092 ) (2,215 ) Total $ (276,675 ) $ (329,619 ) $ (72,174 ) |
Summary of (Recoveries) Expenses for Income Taxes | The (recoveries) expenses for income taxes consists of: Year ended December 31, 2020 2019 2018 Current income tax (recoveries) expenses: United States $ (227 ) $ 151 $ — Canada (88 ) 112 — Other countries 89 134 34 Total (226 ) 397 34 Deferred income tax recoveries: United States $ (569 ) $ (4,390 ) $ (4,485 ) Canada (4,909 ) (3,383 ) — Other countries 102 (1,074 ) — Total (5,376 ) (8,847 ) (4,485 ) Income tax benefits, net $ (5,602 ) $ (8,450 ) $ (4,451 ) |
Summary of Effective Tax Rate Differs from U.S. Federal Statutory Rate | The effective tax rate differs from the U.S. federal stautory rate as follows (in thousands): Year ended December 31, 2020 2019 2018 Loss before income taxes: $ (276,675 ) $ (329,619 ) $ (72,174 ) Income tax benefits at statutory rate (58,076 ) (69,220 ) (15,157 ) Tax impact of foreign operations (6,035 ) (9,193 ) (1,864 ) Foreign exchange and other (2,349 ) 1,015 1,399 Non-deductible expenses 1,576 483 5,331 Changes in enacted rates — (3 ) — Change in fair value of warrant liability 21,060 — — Stock based and other compensation 3,376 2,113 — Change in valuation allowance 34,846 66,355 5,840 Income tax benefits, net $ (5,602 ) $ (8,450 ) $ (4,451 ) |
Summary of Tax Effects of Deferred Tax Assets and Liabilities | The tax effects of the temporary differences that give rise to the deferred tax assets and liabilities are as follows (in thousands): Year ended December 31, 2020 2019 2018 Deferred assets Operating loss carryforwards - United States $ 28,575 $ 5,843 $ 4,173 Operating loss carryforwards - Canada 69,100 59,755 13,723 Operating loss carryforwards - Other Countries 5,806 5,158 607 Property and equipment — — 2,510 Currently nondeductible interest 7,658 4,915 — Partnership interests 34,869 21,546 — Deferred financing costs 214 208 27 Investment tax credits and related pool balance 566 180 57 Other 6,794 931 — Total Deferred tax assets 153,582 98,536 21,097 Less valuation allowance (149,655 ) (84,337 ) (14,433 ) Net deferred tax assets 3,927 14,199 6,664 Deferred tax liabilities Property and equipment (1,582 ) (5,800 ) (2,328 ) Intangible assets (48,456 ) (54,814 ) (289 ) Equity portion of convertible notes (3,163 ) (6,948 ) (8,471 ) Total deferred tax liabilities (53,201 ) (67,562 ) (11,088 ) Net deferred tax liability $ (49,274 ) $ (53,363 ) $ (4,424 ) |
Supplemental Cash Flow Inform_2
Supplemental Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Supplemental Cash Flow Information [Abstract] | |
Schedule of Supplemental Cash Flow Information | Year ended December 31, 2020 2019 2018 Cash paid for interest $ 27,588 $ 28,206 $ 1,189 Cash paid for income taxes 190 145 — Non-cash financing activities Conversion of preferred stock to common stock — — 2 Exchange of convertible debt for common stock (182,738 ) — — Non-cash investing — — Alef acquisition — — 2,855 Acquisition of Manitoba Harvest — 158,197 — Acquisition of Natura — 38,979 — Acquisition of S&S — 5,021 — Investment in ABG Profit Participation Arrangement, net of receivable — 97,544 — Purchases of investments $ — $ 10,551 $ — (1) For supplemental cash flow information related to leases, refer to Note 10. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Measured at Fair Value on Recurring and Non-recurring Basis | The following tables present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2020 and 2019 indicates the fair value hierarchy of the valuation techniques the Company utilized to determine such fair value: Quoted prices in active markets for Other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total December 31, 2020 Investments Equity investments measured at fair value $ 477 $ — $ — $ 477 Debt securities classified as available-for-sale — — 2,500 2,500 Warrant liability — — (120,647 ) (120,647 ) Convertible Debt — (239,652 ) — (239,652 ) Total recurring fair value measurements $ 477 $ (239,652 ) $ (118,147 ) $ (357,322 ) Quoted prices in active markets for Other Significant identical observable unobservable assets inputs inputs (Level 1) (Level 2) (Level 3) Total December 31, 2019 Investments Equity investments measured at fair value $ 4,183 $ — $ — $ 4,183 Debt securities classified as available-for-sale 727 — 4,320 5,047 Acquisition-related contingent consideration — — 420 420 Total recurring fair value measurements $ 4,910 $ — $ 4,740 $ 9,650 |
Schedule of Opening Balances of Assets and Liabilities Categorized Within Level 3 of Fair Value Hierarchy Measured at Fair Value on Recurring Basis are Reconciled to Closing Balances | The opening balances of assets and liabilities categorized within Level 3 of the fair value hierarchy measured at fair value on a recurring basis are reconciled to the closing balances as follows: Debt securities classified as available-for- sale Warrant liability Opening balance as at January 1, 2020 $ 4,320 $ — Additions — (69,414 ) Exercise — 49,053 Settlements — Interest expenses, net 804 — Change in fair value (2,624 ) (100,286 ) Closing balance as at December 31, 2020 $ 2,500 $ (120,647 ) |
Schedule of Estimated Fair Value of Warrant Liability | Quantitative information about Level 3 fair value measurements Fair value at December 31, 2020 Valuation technique Unobservable input Range (weighted average) Discount rate 16.5% Debt securities classified as available-for-sale $ 2,500 Discounted cash flow Probability of conversion/ prepayment nil Probability of default nil Warrant liability $ (120,647 ) Monte Carlo Volatility 100% Expected life 4.7 years |
Business Segment Information (T
Business Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Segment Reporting [Abstract] | |
Summary of Revenue and Gross Profit | The results of each segment are regularly reviewed by the Company’s Chief Executive Officer, who is the Company’s chief operating decision maker, to assess the performance of the segment and make decisions regarding the allocation of resources. The Company’s chief operating decision maker uses revenue and gross profit as the measure of segment profit or loss. The accounting policies of each segment are the same as those set out under the summary of significant accounting policies in Note 2. There are no intersegment sales or transfers. Year ended December 31, 2020 2019 2018 Revenue Gross profit (loss) Revenue Gross profit (loss) Revenue Gross profit Cannabis $ 133,605 $ (3,575 ) $ 107,147 $ (42,302 ) $ 43,130 $ 14,275 Hemp 76,877 28,230 59,832 18,806 — — Total $ 210,482 $ 24,655 $ 166,979 $ (23,496 ) $ 43,130 $ 14,275 No asset information is provided for the segments because the Company’s chief operating decision maker does not receive asset information by segment on a regular basis. Total revenue and gross profit for the reportable segments is equal to the Company’s consolidated revenue and gross profit. Year ended December 31, 2020 2019 2018 Gross profit (loss) for the segments $ 24,655 $ (23,496 ) $ 14,275 General and administrative expenses (85,883 ) (110,903 ) (48,577 ) Sales and marketing expenses (54,666 ) (63,813 ) (15,828 ) Research and development expenses (4,411 ) (9,172 ) (5,864 ) Depreciation and amortization expenses (13,722 ) (11,607 ) (1,598 ) Impairment of assets (61,114 ) (112,070 ) — Acquisition-related income (expenses), net — 31,427 (248 ) Loss from equity method investments (5,983 ) (4,504 ) — Foreign exchange (loss) gain, net 13,169 5,944 (7,234 ) Change in fair value of warrant liability (100,286 ) — — Gain on debt conversion 61,118 — — Interest expenses, net (39,219 ) (34,690 ) (9,110 ) Finance income from ABG — 764 — Other (expenses) income, net (10,333 ) 2,501 2,010 Loss before income taxes $ (276,675 ) $ (329,619 ) $ (72,174 ) Sources of revenue were as follows: Year Ended December 31, 2020 2019 2018 Dried cannabis $ 92,781 $ 82,753 $ 21,674 Cannabis extracts 39,986 24,139 21,179 Hemp products 76,877 59,832 — Accessories and other 838 255 277 Total $ 210,482 $ 166,979 $ 43,130 Channels of revenue were as follows: Year Ended December 31, 2020 2019 2018 Cannabis Adult-use $ 83,828 $ 55,763 $ 3,521 Canada - medical 15,489 12,556 18,052 International - medical 33,886 13,378 2,912 Bulk 402 25,450 18,645 Total Cannabis revenue $ 133,605 $ 107,147 $ 43,130 Hemp 76,877 59,832 — Total $ 210,482 $ 166,979 $ 43,130 |
Summary of Revenue Attributed to a Geographic Region Based on the Location of the Customer | Revenue attributed to geographic region based on the location of the customer was as follows: Year Ended December 31, 2020 2019 2018 Canada $ 120,581 $ 130,291 $ 40,209 United States 53,782 23,516 — Other countries 36,119 13,172 2,921 Total $ 210,482 $ 166,979 $ 43,130 |
Summary of Long-lived Assets Consisting of Property and Equipment, Net of Accumulated Depreciation, Attributed to Geographic Regions Based on their Physical Location | Long-lived assets consisting of property and equipment, net of accumulated depreciation, attributed to geographic regions based on their physical location were as follows: December 31, 2020 2019 Canada $ 122,328 $ 144,065 Portugal 71,988 36,908 United States 5,182 3,171 Other countries 61 73 Total $ 199,559 $ 184,217 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Schedule of Acquisition Related (Income) Expenses, Net | Acquisition-related (income) expenses, net for the years ended December 31 2019 and 2018 are comprised of the following items: Year ended December 31, 2019 2018 Acquisition and integration expenses $ 15,487 $ 248 Change in fair value of contingent consideration (46,914 ) — Total $ (31,427 ) $ 248 |
Manitoba Harvest and Natura [Member] | |
Schedule of Final Allocations of Purchase Price to Assets acquired and Liabilities Assumed | The final allocations of the purchase price to assets acquired and liabilities assumed on the respective acquisition dates of Manitoba Harvest, Natura and S&S are as follows: Manitoba Harvest Natura S&S Assets Cash and cash equivalents $ 5,534 169 137 Accounts receivable 6,207 109 264 Inventory 15,331 3,482 195 Prepayments and other current assets 1,030 166 125 Property and equipment 23,581 17,435 138 Intangible assets (1)(2)(3) 195,966 10,494 2,418 Goodwill 126,881 29,314 4,932 Total assets 374,530 61,169 8,209 Liabilities Accounts payable 4,973 3,280 220 Accrued expenses and other current liabilities 4,911 876 89 Deferred tax liability 54,393 2,781 459 Total liabilities 64,277 6,937 768 Net assets acquired $ 310,253 $ 54,232 $ 7,441 Intangible assets include: (1) Manitoba Harvest: trademarks - $54,688, developed technology - $6,988 and customer relationships - $134,290 (2) Natura: licenses - $10,494 (3) S&S: trademarks - $1,670, patent - $690 and website - $58 |
Schedule of Final Purchase Price | The final purchase price of the Manitoba Harvest, Natura and S&S acquisitions are calculated as follows: Manitoba Harvest Natura S&S Cash paid on closing $ 114,566 $ 15,253 $ 2,420 Cash paid six months after closing 37,490 — — Class 2 common stock issued on closing (1)(2)(5) 96,844 15,099 3,189 Class 2 common stock issued six months after closing (1) 31,866 — — Working capital adjustment 280 — — Contingent consideration 29,207 20,007 1,812 Fair value of previously held interest (3) — 1,565 — Effective settlement of pre-existing debt (4) — 2,308 — Subscription rights — — 20 Total fair value of consideration transferred $ 310,253 $ 54,232 $ 7,421 (1) For the acquisition of Manitoba Harvest, 1,209,946 shares of Class 2 common stock were issued on closing and 899,306 shares of Class 2 common stock were issued six months after closing. (2) For the acquisition of Natura, 180,332 shares of Class 2 common stock were issued on closing. (3) The fair value of the Company’s previously held interest in Natura on the acquisition date was determined based on the fair value of total consideration transferred and reflected book value on the acquisition date. (4) The Company held C$3,000 convertible debt of Natura at the acquisition date. On acquisition, this debt and related accrued interest was effectively settled. (5) For the acquisition of S&S, 79,289 shares of Class 2 common stock were issued on closing. |
Schedule of Pro Forma Information | The unaudited pro forma information for the periods set forth below gives effect to the acquisitions of Manitoba Harvest, Natura and S&S as if the acquisitions had occurred as of January 1, 2018. This pro forma information is presented for informational purposes only and is not necessarily indicative of the results of operations that actually would have been achieved had the acquisitions been consummated as of that time: Year ended December 31, 2019 2018 Revenue $ 178,885 $ 107,786 Net loss (325,760 ) (74,444 ) Net loss per share - basic and diluted (3.24 ) (0.90 ) |
Quarterly Financial Data (una_2
Quarterly Financial Data (unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Information Disclosure [Abstract] | |
Schedule of Quarterly Financial Data | Three months ended March 31, June 30, September 30, December 31, 2020 Revenue $ 52,102 $ 50,414 $ 51,406 $ 56,560 Gross profit 10,507 (5,824 ) 3,330 16,642 Operating loss (71,250 ) (75,820 ) (32,772 ) (21,282 ) Net loss (184,123 ) (81,687 ) (2,316 ) (2,947 ) Net loss per share—basic and diluted 1 $ (1.73 ) $ (0.65 ) $ (0.02 ) $ (0.02 ) 2019 Revenue $ 23,038 $ 45,904 $ 51,101 $ 46,936 Gross profit 5,385 12,273 15,853 (57,007 ) Operating loss (28,332 ) (32,961 ) (23,785 ) (216,624 ) Net loss (29,369 ) (36,301 ) (36,351 ) (219,148 ) Net loss per share—basic and diluted 1 $ (0.31 ) $ (0.37 ) $ (0.37 ) $ (2.14 ) ¹ Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding. |
Description of Business and S_2
Description of Business and Summary - Additional Information (Detail) | Dec. 15, 2020 |
Aphria Inc. [Member] | Common Stock Class Two | |
Description Of Business And Summary [Line Items] | |
Share exchange rate | 0.8381 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Cash and cash equivalents | $ 96,791 | $ 189,702 | $ 96,791 | ||||||||
Net loss | $ (2,947) | $ (2,316) | $ (81,687) | $ (184,123) | (219,148) | $ (36,351) | $ (36,301) | $ (29,369) | (271,073) | (321,169) | $ (67,723) |
Net cash used in operating activities | (129,351) | (258,065) | (46,248) | ||||||||
Net cash inflows | 92,911 | (390,464) | $ 484,932 | ||||||||
Working capital | $ 166,600 | 165,738 | $ 166,600 | ||||||||
Increase in cash due to working capital adjustments | (92,911) | ||||||||||
Reduction in payables | 32,232 | ||||||||||
Increase in warrant liability | $ 120,647 | ||||||||||
Antidilutive securities excluded from computation of earnings per share | 28,784,308 | 10,532,988 | 7,902,263 | ||||||||
Advertising costs | $ 2,384 | $ 3,563 | $ 618 | ||||||||
Maximum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Cash and cash equivalents maturity period | 3 months | ||||||||||
Property, plant and equipment useful life | 15 years | ||||||||||
Maximum [Member] | Building [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Property, plant and equipment useful life | 25 years | ||||||||||
Minimum [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Property, plant and equipment useful life | 3 years | ||||||||||
Minimum [Member] | Building [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Property, plant and equipment useful life | 20 years | ||||||||||
Convertible Senior Notes Due 2023 [Member] | |||||||||||
Summary Of Significant Accounting Policies [Line Items] | |||||||||||
Debt instrument interest rate | 5.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Schedule of Consolidated Entity (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Natura Naturals Inc. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | May 31, 1985 |
Place of entity incorporation | Canada |
Tilray, Inc. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Jul. 8, 2005 |
Place of entity incorporation | United States |
Manitoba Harvest USA LLC [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Feb. 8, 2010 |
Place of entity incorporation | United States |
Tilray Canada, Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Sep. 6, 2013 |
Place of entity incorporation | Canada |
Dorada Ventures, Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Oct. 18, 2013 |
Place of entity incorporation | Canada |
FHF Holdings Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Jul. 15, 2015 |
Place of entity incorporation | Canada |
High Park Farms Ltd [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Feb. 19, 2016 |
Place of entity incorporation | Canada |
Tilray Deutschland GmbH [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Nov. 3, 2016 |
Place of entity incorporation | Germany |
Pardal Holdings, Lda. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Apr. 5, 2017 |
Place of entity incorporation | Portugal |
Tilray Portugal Unipessoal Lda [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Apr. 20, 2017 |
Place of entity incorporation | Portugal |
Tilray Australia New Zealand Pty. Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | May 9, 2017 |
Place of entity incorporation | Australia |
Tilray Ventures Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Jun. 6, 2017 |
Place of entity incorporation | Ireland |
Manitoba Harvest Japan K.K. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Aug. 29, 2017 |
Place of entity incorporation | Japan |
High Park Holdings, Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Feb. 8, 2018 |
Place of entity incorporation | Canada |
Fresh Hemp Foods Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | May 7, 2018 |
Place of entity incorporation | Canada |
Natura Naturals Holdings Inc [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | May 17, 2018 |
Place of entity incorporation | Canada |
National Cannabinoid Clinics Pty Ltd. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Sep. 19, 2018 |
Place of entity incorporation | Australia |
Tilray Latin America SpA [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Nov. 19, 2018 |
Place of entity incorporation | Chile |
Tilray Portugal II, Lda. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Dec. 11, 2018 |
Place of entity incorporation | Portugal |
High Park Gardens Inc. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Feb. 7, 2019 |
Place of entity incorporation | Canada |
1197879 B.C. Ltd [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Feb. 15, 2019 |
Place of entity incorporation | Canada |
High Park Shops Inc. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Aug. 15, 2019 |
Place of entity incorporation | Canada |
Privateer Evolution, LLC. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Dec. 12, 2019 |
Place of entity incorporation | United States |
Tilray France SAS [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Jul. 2, 2020 |
Place of entity incorporation | France |
High Park Holdings B.V. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Jul. 15, 2020 |
Place of entity incorporation | Netherlands |
High Park Botanicals B.V. [Member] | |
Accounting Policies [Line Items] | |
Date of entity incorporation | Jul. 17, 2020 |
Place of entity incorporation | Netherlands |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Schedule of Inventory Valuation Adjustments Included in Cost of Sales (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory Valuation Adjustments [Member] | ||
Inventory [Line Items] | ||
Inventory valuation adjustment no longer disclosed separately from cost of sales | $ 68,583 | $ 4,561 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Summary of Reclassifications of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 20,491 | $ 26,499 | $ 18,926 |
General and Administrative Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 26,499 | 18,926 | |
Sales and Marketing Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | 2,729 | 462 | |
Research and Development Expense [Member] | |||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | |||
Share-based compensation expense | $ 2,614 | $ 1,600 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Summary of Estimated Useful Lives of Definite Life Intangible Assets (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Patents [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 4 years |
Customer Relationships [Member] | Minimum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 14 years |
Customer Relationships [Member] | Maximum [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 16 years |
Developed Technology [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 10 years |
Websites [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Estimated useful lives of intangible assets | 3 years |
Trademarks and Licenses [Member] | |
Finite Lived Intangible Assets [Line Items] | |
Definite life trademarks and licenses | Term of agreements |
Assets Reclassified from Held_2
Assets Reclassified from Held for Sale to Held and Used - Additional Information (Detail) - USD ($) | Dec. 16, 2020 | Dec. 31, 2020 | Dec. 31, 2019 |
Assets Of Disposal Group Including Discontinued Operation [Line Items] | |||
Indefinite-lived intangible asset, Impairment | $ 27,004,000 | $ 106,687,000 | |
Cultivation License [Member] | |||
Assets Of Disposal Group Including Discontinued Operation [Line Items] | |||
Indefinite-lived intangible asset, Impairment | 10,239,000 | ||
High Park Gardens Facility [Member] | Cannabis Reportable Segment [Member] | |||
Assets Of Disposal Group Including Discontinued Operation [Line Items] | |||
Impairment charges of assets classified as held for sale | 25,051,000 | ||
Impairment charge of land and building | 13,616,000 | ||
Impairment charge on foreign currency translation adjustments | 1,196,000 | ||
Assets classified as held for sale | 0 | $ 0 | |
High Park Gardens Facility [Member] | Cannabis Reportable Segment [Member] | Land and Building [Member] | |||
Assets Of Disposal Group Including Discontinued Operation [Line Items] | |||
Additional impairment charges for assets to held and used | $ 2,875,000 | ||
High Park Gardens Facility [Member] | Cannabis Reportable Segment [Member] | Cultivation License [Member] | |||
Assets Of Disposal Group Including Discontinued Operation [Line Items] | |||
Indefinite-lived intangible asset, Impairment | $ 10,239,000 |
ABG Profit Participation Arra_2
ABG Profit Participation Arrangement - Additional Information (Detail) - USD ($) | Jan. 01, 2021 | Jul. 01, 2020 | Jan. 24, 2020 | Jan. 01, 2020 | Oct. 01, 2019 | Apr. 01, 2019 | Jan. 31, 2020 | Dec. 31, 2019 |
Class Of Stock [Line Items] | ||||||||
Obligation to pay the additional consideration | $ (46,914,000) | |||||||
A And R Profit Participation Agreement [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Finance receivables write-offs through impairment of assets | $ 7,011,000 | |||||||
Finance receivable write-off through accumulated deficit | $ 28,900,000 | |||||||
ABG Intermediate Holdings Two LLC [Member] | A And R Profit Participation Agreement [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Minimum participation rights with respect to each contract year | $ 10,000,000 | |||||||
ABG Prince Agreement [Member] | Subsequent Event [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Quarterly royalty payment in 2021, until maturity in 2025 | $ 375,000 | |||||||
Common Stock Class Two | ABG Intermediate Holdings Two LLC [Member] | A And R Profit Participation Agreement [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Obligation to pay the additional consideration | $ (83,333,000) | |||||||
Minimum [Member] | ABG Intermediate Holdings Two LLC [Member] | A And R Profit Participation Agreement [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Percentage of participation rights | 49.00% | |||||||
Minimum [Member] | ABG Prince Agreement [Member] | ||||||||
Class Of Stock [Line Items] | ||||||||
Guaranteed minimum royalty payment | $ 500,000 | $ 500,000 | $ 500,000 | $ 500,000 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 15,223 | $ 15,926 |
Work-in-process | 61,867 | 53,973 |
Finished goods | 16,555 | 17,962 |
Total Inventory | $ 93,645 | $ 87,861 |
Inventory - Additional Informat
Inventory - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Inventory [Line Items] | |||
Cost of sales | $ 185,827 | $ 190,475 | $ 28,855 |
Cannabis [Member] | |||
Inventory [Line Items] | |||
Inventory write-downs | 24,288 | 49,378 | |
Hemp [Member] | |||
Inventory [Line Items] | |||
Inventory write-downs | 4,040 | $ 3,880 | |
Inventory Valuation Adjustments [Member] | Secure Supply [Member] | Cannabis Reportable Segment [Member] | |||
Inventory [Line Items] | |||
Cost of sales | 4,934 | ||
Inventory Valuation Adjustments [Member] | Additional Termination Penalties [Member] | |||
Inventory [Line Items] | |||
Cost of sales | $ 5,157 |
Prepayments and Other Current_3
Prepayments and Other Current Assets - Schedule of Prepayments and Other Current Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Deposits | $ 15,976 | $ 25,490 |
Taxes receivable | 12,122 | 6,165 |
Prepayments | 6,542 | 5,847 |
ABG finance receivable - current | 671 | |
Total | $ 34,640 | $ 38,173 |
Prepayments and Other Current_4
Prepayments and Other Current Assets - Additional Information (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Cannabis [Member] | |
Prepayments And Other Assets Current [Line Items] | |
Write off Deposits | $ 4,934 |
Investments - Summary of Long-t
Investments - Summary of Long-term Investments (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Investments Debt And Equity Securities [Abstract] | ||
Equity investments measured at fair value | $ 477 | $ 4,183 |
Equity investments under measurement alternative | 11,392 | 14,954 |
Debt securities classified under available-for-sale method | 2,500 | 5,047 |
Total other investments | $ 14,369 | $ 24,184 |
Investments - Additional Inform
Investments - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Available For Sale Securities [Line Items] | |||
Realized loss on equity investments | $ (2,440,000) | $ 0 | |
Unrealized losses on equity Investments | 4,283,000 | 939,000 | |
Investment in joint venture under the equity method | 9,300,000 | 11,448,000 | |
Property and equipment, net | $ 199,559,000 | $ 184,217,000 | |
Anheuser-Busch InBev [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of ownership | 50.00% | ||
Percentage of voting interest | 50.00% | ||
Fluent [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of ownership | 50.00% | 50.00% | |
Investment in joint venture under the equity method | $ 5,291,000 | $ 7,836,000 | |
Fluent [Member] | Joint Venture [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of ownership | 50.00% | ||
Percentage of voting interest | 50.00% | ||
Investment in joint venture under the equity method | $ 3,764,000 | 12,000,000 | $ 0 |
Payments to acquire equipment | 4,300,000 | ||
Property and equipment, net | 4,300,000 | ||
Total fees charged | 4,113,000 | 388,000 | |
Fluent [Member] | Joint Venture [Member] | Accounts Payable [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Total fees charged | $ 674,000 | $ 388,000 | |
Cannfections [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of ownership | 50.00% | 50.00% | |
Investment in joint venture under the equity method | $ 4,009,000 | $ 3,612,000 | |
Cannfections [Member] | Joint Venture [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Percentage of ownership | 50.00% | ||
Percentage of voting interest | 50.00% | ||
Investment in joint venture under the equity method | $ 0 | 3,600,000 | |
Expenses for purchases | $ 436,000 | 84,000 | |
Cannfections [Member] | Joint Venture [Member] | Cash [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Investment in joint venture under the equity method | 1,901,000 | ||
Cannfections [Member] | Joint Venture [Member] | Class 2 Common Stock [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Investment in joint venture under the equity method | $ 1,699,000 | ||
Convertible Debt Instrument [Member] | |||
Schedule Of Available For Sale Securities [Line Items] | |||
Convertible debt instruments with interest rates | 10.00% | ||
Convertible debt instruments contractual maturity | 2022 | ||
Convertible debt instruments settlement amount | $ 2,500,000 |
Investments - Summary of Owners
Investments - Summary of Ownership Interests in Equity Method Investments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Schedule Of Equity Method Investments [Line Items] | ||
Carrying value | $ 9,300 | $ 11,448 |
Loss from equity method investments | $ (5,983) | $ (4,504) |
Fluent [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Approximate ownership % | 50.00% | 50.00% |
Carrying value | $ 5,291 | $ 7,836 |
Loss from equity method investments | $ (6,253) | $ (4,437) |
Cannfections [Member] | ||
Schedule Of Equity Method Investments [Line Items] | ||
Approximate ownership % | 50.00% | 50.00% |
Carrying value | $ 4,009 | $ 3,612 |
Loss from equity method investments | $ 270 | $ (67) |
Investments - Summary of Financ
Investments - Summary of Financial Information for Equity Method Investments (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Current assets | $ 259,027 | $ 347,020 | $ 259,027 | ||||||||
Current liabilities | 92,427 | 181,282 | 92,427 | ||||||||
Gross profit | $ 16,642 | $ 3,330 | $ (5,824) | $ 10,507 | (57,007) | $ 15,853 | $ 12,273 | $ 5,385 | 24,655 | (23,496) | $ 14,275 |
Equity Method Investments [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Revenues | 5,844 | 113 | |||||||||
Gross profit | 2,118 | 78 | |||||||||
Net loss | (11,966) | (9,008) | |||||||||
Equity Method Investments [Member] | Equity Method Investment, Nonconsolidated Investee or Group of Investees [Member] | |||||||||||
Schedule Of Equity Method Investments [Line Items] | |||||||||||
Current assets | 13,942 | 12,644 | 13,942 | ||||||||
Non current assets | 4,987 | 6,608 | 4,987 | ||||||||
Current liabilities | $ 1,561 | $ 5,663 | $ 1,561 |
Accounts Receivable and Allow_3
Accounts Receivable and Allowance for Credit Losses - Schedule of Allowance for Credit Losses (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Allowance For Credit Loss [Abstract] | |
Allowance for credit losses, January 1, 2020 | $ 615 |
Provision for expected credit losses | 401 |
Write-offs charged against allowance | (163) |
Foreign currency translation adjustment | 34 |
Allowance for credit losses, December 31, 2020 | 887 |
Accounts receivable balance before allowance for credit losses and provision for sales returns, December 31, 2020 | $ 31,571 |
Property and Equipment, Net - S
Property and Equipment, Net - Summary of Property and Equipment (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 227,434 | $ 201,334 |
Less: accumulated depreciation | (27,875) | (17,117) |
Total | 199,559 | 184,217 |
Land [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 6,771 | 6,417 |
Buildings and Leasehold Improvements [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 117,325 | 109,172 |
Laboratory and Manufacturing Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 37,176 | 31,173 |
Office and Computer Equipment [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 1,710 | 2,659 |
ROU Assets under Finance Lease [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 15,072 | 14,753 |
Construction-in-Process [Member] | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 49,380 | $ 37,160 |
Property and Equipment, Net - A
Property and Equipment, Net - Additional Information (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property Plant And Equipment [Line Items] | |||
Depreciation expenses | $ 12,508,000 | $ 9,282,000 | $ 3,410,000 |
Property, plant and equipment additions | 44,644,000 | 119,184,000 | 44,451,000 |
Non-cash finance lease asset | 0 | 4,617,000 | 114,000 |
General Office Space and Equipment [Member] | |||
Property Plant And Equipment [Line Items] | |||
Depreciation expenses | 2,720,000 | 1,783,000 | 149,000 |
Construction-in-Process [Member] | |||
Property Plant And Equipment [Line Items] | |||
Capitalized interest | 2,467,000 | 652,000 | 158,000 |
Cost of Sales [Member] | |||
Property Plant And Equipment [Line Items] | |||
Depreciation expenses | $ 4,932,000 | $ 4,242,000 | $ 1,964,000 |
Leases - Additional Information
Leases - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Lessee Lease Description [Line Items] | ||
Operating lease weighted-average remaining lease terms | 7 years | 9 years |
Finance lease weighted-average remaining lease terms | 2 years | 4 years |
Operating and finance lease, options to terminate | 1 year | |
Maximum [Member] | ||
Lessee Lease Description [Line Items] | ||
Operating and finance lease, options to extend | 10 years |
Leases - Summary of Supplementa
Leases - Summary of Supplemental Balance Sheet Information Related to Leases (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Assets | ||
Operating lease assets | $ 17,985 | $ 17,514 |
Operating Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:OperatingLeaseRightOfUseAsset | us-gaap:OperatingLeaseRightOfUseAsset |
Finance lease assets | $ 13,167 | $ 13,307 |
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List] | us-gaap:PropertyPlantAndEquipmentNet | us-gaap:PropertyPlantAndEquipmentNet |
Total lease assets | $ 31,152 | $ 30,821 |
Liabilities | ||
Operating lease liabilities, current | $ 2,913 | $ 2,473 |
Operating Lease, Liability, Current, Statement of Financial Position [Extensible List] | tlry:CurrentAccruedLeaseObligations | tlry:CurrentAccruedLeaseObligations |
Operating lease liabilities, noncurrent | $ 15,346 | $ 15,255 |
Operating Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | tlry:NoncurrentAccruedLeaseObligations | tlry:NoncurrentAccruedLeaseObligations |
Finance lease liabilities, noncurrent | $ 15,277 | $ 14,152 |
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List] | tlry:NoncurrentAccruedLeaseObligations | tlry:NoncurrentAccruedLeaseObligations |
Total lease liabilities | $ 33,536 | $ 31,880 |
Leases - Summary of Weighted-Av
Leases - Summary of Weighted-Average Remaining Lease Term and Weighted-Average Discount Rate Related to Leases (Detail) | Dec. 31, 2020 | Dec. 31, 2019 |
Leases [Abstract] | ||
Weighted-average remaining lease term, operating leases | 7 years | 9 years |
Weighted-average remaining lease term, finance leases | 2 years | 4 years |
Weighted-average discount rate, operating leases | 4.98% | 5.73% |
Weighted-average discount rate, finance leases | 10.75% | 8.42% |
Leases - Summary of Information
Leases - Summary of Information Related to Lease Costs for Finance and Operating Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finance lease cost | ||
Amortization of ROU assets | $ 326 | $ 588 |
Interest on lease liabilities | 1,435 | 370 |
Operating lease expenses | 4,065 | 2,519 |
Short term lease expenses | 9 | 256 |
Sublease income | (486) | (230) |
Total lease expenses | $ 5,349 | $ 3,503 |
Leases - Summary of Supplemen_2
Leases - Summary of Supplemental Cash Flow Information Related to Leases (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Cash paid for amounts included in the measurement of lease liabilities: | ||
Operating cash flows from operating leases | $ 3,810 | $ 2,312 |
Operating cash flows from finance leases | 999 | 336 |
Financing cash flows from finance leases | 504 | |
Non-cash additions to ROU assets and lease liabilities: | ||
Operating leases | $ 423 | 16,043 |
Finance leases | $ 4,617 |
Leases - Summary of Maturities
Leases - Summary of Maturities of Lease Liabilities (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Operating leases | |
2021 | $ 3,792 |
2022 | 3,436 |
2023 | 3,290 |
2024 | 2,704 |
2025 | 2,151 |
Thereafter | 6,401 |
Total minimum lease payments | 21,774 |
Less: amounts of leases related to interest payments | 3,515 |
Present value of minimum lease payments | 18,259 |
Less: current accrued lease obligation | 2,913 |
Obligations recognized | $ 15,346 |
Operating Lease, Liability, Statement of Financial Position [Extensible List] | tlry:OperatingLeaseLiabilityMember |
Finance leases | |
2021 | $ 1,051 |
2022 | 5,960 |
2023 | 12,438 |
Total minimum lease payments | 19,449 |
Less: amounts of leases related to interest payments | 4,172 |
Present value of minimum lease payments | 15,277 |
Obligations recognized | $ 15,277 |
Finance Lease, Liability, Statement of Financial Position [Extensible List] | tlry:FinanceLeaseLiabilityMember |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Definite-lived intangible asset, Cost | $ 161,122 | $ 158,035 |
Definite-lived intangible asset, Accumulated Amortization | 23,079 | 12,077 |
Definite-lived intangible asset, Impairment | 8,188 | |
Definite-lived intangible asset, Net | 129,855 | 145,958 |
Indefinite-lived intangible asset, Cost | 83,594 | 189,557 |
Indefinite-lived intangible asset, Impairment | 27,004 | 106,687 |
Indefinite-lived intangible asset, Net | 56,590 | 82,870 |
Total intangible asset, Cost | 244,716 | 347,592 |
Total intangible asset, Impairment | 35,192 | 106,687 |
Total intangible asset, Net | 186,445 | 228,828 |
Patents [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Definite-lived intangible asset, Cost | 669 | 716 |
Definite-lived intangible asset, Accumulated Amortization | 131 | 99 |
Definite-lived intangible asset, Impairment | $ 538 | |
Definite-lived intangible asset, Net | 617 | |
Customer Relationships [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 16 years | |
Definite-lived intangible asset, Cost | $ 138,885 | 135,953 |
Definite-lived intangible asset, Accumulated Amortization | 16,030 | 7,132 |
Definite-lived intangible asset, Net | $ 122,855 | 128,821 |
Developed Technology [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 10 years | |
Definite-lived intangible asset, Cost | $ 7,227 | 7,074 |
Definite-lived intangible asset, Accumulated Amortization | 1,325 | 590 |
Definite-lived intangible asset, Net | $ 5,902 | 6,484 |
Websites [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 3 years | |
Definite-lived intangible asset, Cost | $ 5,332 | 5,157 |
Definite-lived intangible asset, Accumulated Amortization | 4,348 | 3,331 |
Definite-lived intangible asset, Net | $ 984 | 1,826 |
Trademarks and Licenses [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | 5 years | |
Definite-lived intangible asset, Cost | $ 9,009 | 9,135 |
Definite-lived intangible asset, Accumulated Amortization | 1,245 | 925 |
Definite-lived intangible asset, Impairment | 7,650 | |
Definite-lived intangible asset, Net | 114 | 8,210 |
Cultivation License [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset, Cost | 10,239 | 10,689 |
Indefinite-lived intangible asset, Impairment | $ 10,239 | |
Indefinite-lived intangible asset, Net | 10,689 | |
Alef License [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset, Cost | 4,086 | |
Indefinite-lived intangible asset, Impairment | 4,086 | |
Trademarks [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Weighted Average Amortization Period (in years) | Indefinite | |
Indefinite-lived intangible asset, Cost | $ 56,590 | 55,416 |
Indefinite-lived intangible asset, Net | 56,590 | 55,416 |
Rights under ABG Profit Participation Arrangement [Member] | ||
Finite and Indefinite Lived Intangible Assets [Line Items] | ||
Indefinite-lived intangible asset, Cost | 16,765 | 119,366 |
Indefinite-lived intangible asset, Impairment | $ 16,765 | 102,601 |
Indefinite-lived intangible asset, Net | $ 16,765 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Finite Lived Intangible Assets [Line Items] | ||||
Non-cash impairment charge of intangible assets | $ 27,004 | $ 106,687 | ||
Non-cash impairment charge of intangible assets | 8,188 | |||
Amortization expenses for intangible assets | 11,002 | $ 9,824 | $ 374 | |
Finite lived intangible assets amortization expenses, 2021 | 10,222 | |||
Finite lived intangible assets amortization expenses, 2022 | 9,744 | |||
Finite lived intangible assets amortization expenses, 2023 | 9,500 | |||
Finite lived intangible assets amortization expenses, 2024 | 9,493 | |||
Finite lived intangible assets amortization expenses, 2025 | 9,469 | |||
Finite lived intangible assets amortization expenses, thereafter | 81,427 | |||
Separation from Smith & Sinclair [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additional non-cash impairment charges | $ 3,320 | |||
High Park Gardens Facility [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Non-cash impairment charge of intangible assets | 10,239 | |||
ABG Profit Participation Agreement [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Non-cash impairment charge of intangible assets | 16,765 | |||
ABG Prince Agreement [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Non-cash impairment charge of intangible assets | $ 6,063 | |||
CBD Trademarks and Patents [Member] | Separation from Smith & Sinclair [Member] | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Additional non-cash impairment charges | $ 2,126 |
Goodwill - Schedule of Change i
Goodwill - Schedule of Change in Carrying Amount of Goodwill (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Goodwill [Line Items] | |
Goodwill - January 1, 2020 | $ 163,251 |
Foreign currency translation adjustment | 3,664 |
Goodwill - December 31, 2020 | 166,915 |
Hemp [Member] | |
Goodwill [Line Items] | |
Goodwill - January 1, 2020 | 133,314 |
Foreign currency translation adjustment | 3,018 |
Goodwill - December 31, 2020 | 136,332 |
Cannabis [Member] | |
Goodwill [Line Items] | |
Goodwill - January 1, 2020 | 29,937 |
Foreign currency translation adjustment | 646 |
Goodwill - December 31, 2020 | $ 30,583 |
Goodwill - Additional Informati
Goodwill - Additional Information (Detail) - USD ($) | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Goodwill [Line Items] | ||
Goodwill | $ 166,915,000 | $ 163,251,000 |
Goodwill, impaired, facts and circumstances leading to impairment | A relatively small change in the underlying assumptions, including a 1% change in the weighted average cost of capital, continued lack of clarity from the Food and Drug Administration regarding approval of CBD or the financial performance of the reporting unit in future years may cause a change in the results of the impairment assessment in future periods and, as such, could result in an impairment of goodwill. | |
Hemp Reporting Unit [Member] | ||
Goodwill [Line Items] | ||
Goodwill | $ 136,332,000 | |
Reporting unit, percentage of fair value in excess of carrying amount | 38.00% | |
Reporting unit, amount of fair value in excess of carrying amount | $ 117,500,000 | |
Goodwill impairment loss | $ 0 | |
Hemp Reporting Unit [Member] | Minimum [Member] | ||
Goodwill [Line Items] | ||
Weighted average cost of capital discount rate | 10.00% | |
Hemp Reporting Unit [Member] | Minimum [Member] | Revenue and Expense Growth Assumptions [Member] | ||
Goodwill [Line Items] | ||
Reporting unit, percentage of fair value in excess of carrying amount | 16.00% | |
Hemp Reporting Unit [Member] | Maximum [Member] | ||
Goodwill [Line Items] | ||
Weighted average cost of capital discount rate | 12.00% | |
Hemp Reporting Unit [Member] | Maximum [Member] | Revenue and Expense Growth Assumptions [Member] | ||
Goodwill [Line Items] | ||
Reporting unit, percentage of fair value in excess of carrying amount | 40.00% |
Accounts Payable, Accrued Exp_3
Accounts Payable, Accrued Expenses and Other Current Liabilities - Summary of Accounts Payable, Accrued Expenses and Other Current Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
Other accrued expenses and current liabilities | $ 24,181 | $ 17,032 |
Accrued payroll and employment related withholding taxes | 9,282 | 24,765 |
Accrued interest on convertible notes | 3,473 | 5,938 |
Accrued legal and professional fees | 1,091 | 1,174 |
Accrued interest on Senior Facility | 419 | |
Contingent consideration for acquisitions | 420 | |
Total accrued expenses and other current liabilities | 39,946 | 50,829 |
ABG [Member] | ||
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
ABG finance liability - current | $ 1,500 | $ 1,500 |
Accounts Payable, Accrued Exp_4
Accounts Payable, Accrued Expenses and Other Current Liabilities - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
Severance Costs | $ 4,864 | $ 0 |
Cannabis Reportable Segment [Member] | ||
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
Severance Costs | 3,205 | |
Hemp Reportable Segment [Member] | ||
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
Severance Costs | 1,659 | |
General and Administrative Expense [Member] | ||
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
Severance Costs | 4,321 | 543 |
Cost of Sales [Member] | ||
Accounts Payable Accrued Liabilities And Other Current Liabilities [Line Items] | ||
Severance Costs | $ 4,321 | $ 543 |
Accounts Payable, Accrued Exp_5
Accounts Payable, Accrued Expenses and Other Current Liabilities - Schedule of Reconciliation of Severance Costs Within Accrued Payroll Related to Scheduled Benefit Payments (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Employee Related Liabilities Current [Abstract] | |
Additional charges | $ 4,864 |
Less payments made to employees | 4,219 |
Severance costs,Closing Balance | $ 645 |
Convertible Notes - Additional
Convertible Notes - Additional Information (Detail) $ / shares in Units, $ in Thousands | Nov. 23, 2020$ / shares | Nov. 20, 2020$ / shares | Nov. 30, 2020USD ($)sharesAgreement | Oct. 31, 2018USD ($) | Dec. 31, 2020USD ($)shares$ / shares | Dec. 31, 2019USD ($) |
Debt Instrument [Line Items] | ||||||
Gain on debt conversion | $ 61,118 | |||||
Convertible Senior Notes Due 2023 [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Debt instrument, face amount | $ 197,143 | $ 475,000 | $ 277,857 | $ 475,000 | ||
Proceeds from issuance of debt | $ 460,134 | |||||
Debt instrument interest payment term | The convertible notes bear interest at a rate of 5.00% per annum, payable semi-annually in arrears on April 1 and October 1 of each year, beginning on April 1, 2019. | |||||
Convertible debt instruments with interest rates | 5.00% | |||||
Debt instrument maturity period | Oct. 1, 2023 | |||||
Debt instrument, periodic payment of principal amount | $ 0 | |||||
Debt instrument, term | 5 years | |||||
Debt instrument, default condition | To the extent the Company so elects, the sole remedy for an event of default relating to certain failures by the Company to comply with certain reporting covenants in the Indenture will, for the first 365 days after such event of default, consist exclusively of the right to receive additional interest on the notes. Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of our common stock or a combination of cash and shares of the Company’s common stock, at the Company’s election (the “cash conversion option”). | |||||
Conversion rate of convertible notes | 5.9735 | |||||
Conversion price per share | $ / shares | $ 6.68 | $ 7.36 | $ 167.41 | |||
Debt instrument, convertible, number of common stock | shares | 17,339,577 | 1,660 | ||||
Debt instrument, convertible, value of embedded conversion option | $ 57,595 | |||||
Debt instrument, effective interest rate | 8.00% | |||||
Number of privately negotiated exchange agreements | Agreement | 2 | |||||
Convertible notes repurchase discount rate | 42.00% | 36.00% | ||||
Gain on debt conversion | $ 61,118 | |||||
Gain on extinguishment of debt | 176,009 | |||||
Loss on induced conversion | 114,891 | |||||
Transaction costs attributable to the convertible notes | 13,467 | |||||
Offering costs attributable to the equity component | 1,398 | |||||
Unamortized debt discount | $ 15,229 | $ 34,219 | ||||
Debt instrument, convertible, remaining term of accretion of convertible notes | 33 months |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Components of Net Carrying Amount of Convertible Notes (Detail) - Convertible Senior Notes Due 2023 [Member] - USD ($) $ in Thousands | Dec. 31, 2020 | Nov. 30, 2020 | Dec. 31, 2019 | Oct. 31, 2018 |
Debt Instrument [Line Items] | ||||
5.00% convertible notes | $ 277,857 | $ 197,143 | $ 475,000 | $ 475,000 |
Unamortized discount | (15,229) | (34,219) | ||
Unamortized transaction costs | (4,839) | (10,571) | ||
Net carrying amount | $ 257,789 | $ 430,210 |
Convertible Notes - Schedule _2
Convertible Notes - Schedule of Interest Expenses Schedule of Interest Expenses Related to Convertible Notes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Contractual coupon interest | $ 1,643 | $ 5,669 | |
Amortization of discount | 10,317 | $ 9,843 | 2,180 |
Convertible Senior Notes Due 2023 [Member] | |||
Debt Instrument [Line Items] | |||
Contractual coupon interest | 22,929 | 23,750 | 5,302 |
Amortization of discount | 7,863 | 7,468 | 2,152 |
Amortization of direct issue costs | 2,454 | 2,375 | 28 |
Total | $ 33,246 | $ 33,593 | $ 7,482 |
Senior Facility - Additional In
Senior Facility - Additional Information (Detail) | Jun. 05, 2020USD ($) | Jun. 05, 2020CAD ($) | Feb. 28, 2020USD ($) | Dec. 31, 2020 | Jun. 29, 2020USD ($) | Jun. 29, 2020CAD ($) | Jun. 05, 2020CAD ($) | Feb. 28, 2020CAD ($) |
Line of Credit Facility [Line Items] | ||||||||
Aggregate repayment amount | $ 47,355,000 | $ 64,283,000 | ||||||
Canadian prime rate | 8.05% | |||||||
Senior Secured Term Loan Facility [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Withdrawal of outstanding request for additional draw | $ 9,900,000 | $ 13,300,000 | ||||||
Canadian prime rate | 8.05% | |||||||
Senior Secured Term Loan Facility [Member] | High Park Holdings, Ltd. [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Maximum aggregate principal amount | $ 59,600,000 | $ 79,800,000 | ||||||
Aggregate principal amount borrowed | 49,700,000 | 66,500,000 | ||||||
Amount withdrawable on election | $ 9,900,000 | 13,300,000 | ||||||
Canadian prime rate | 8.05% | |||||||
Frequency of payment and payment terms | The Company has the option to voluntarily prepay, without penalty, the outstanding amounts, in full or in part, at any time starting 6 months from the closing date subsequent to providing 75 days’ notice. | |||||||
Transaction fees incurred | $ 3,306,000 | 4,425,000 | ||||||
Debt instrument, face amount | $ 19,153,000 | $ 26,000,000 | ||||||
Minimum unrestricted cash threshold for capital expenditures and investments | $ 29,466,000 | $ 40,000,000 | ||||||
Senior Secured Term Loan Facility Amendment [Member] | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Line of credit facility, expiration date | Feb. 28, 2022 | Feb. 28, 2022 | ||||||
Additional proceeds available | $ 9,900,000 | $ 13,300,000 |
Senior Facility - Schedule of C
Senior Facility - Schedule of Components of Net Carrying Amount of Senior Facility (Detail) - Senior Secured Term Loan Facility [Member] $ in Thousands | Dec. 31, 2020USD ($) |
Debt Instrument [Line Items] | |
Debt instrument, face amount | $ 50,498 |
Unamortized transaction costs | (2,028) |
Net carrying amount | 48,470 |
Total noncurrent portion of Senior Facility | $ 48,470 |
Senior Facility - Schedule of I
Senior Facility - Schedule of Interest Expenses Recognized Related to Senior Facility (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Debt Instrument [Line Items] | |||
Contractual interest at Canadian prime plus 8.05% | $ 1,643 | $ 5,669 | |
Amortization of discount on convertible notes | 10,317 | $ 9,843 | $ 2,180 |
Senior Secured Term Loan Facility [Member] | |||
Debt Instrument [Line Items] | |||
Contractual interest at Canadian prime plus 8.05% | 4,257 | ||
Amortization of discount on convertible notes | 1,372 | ||
Total | $ 5,629 |
Senior Facility - Schedule of_2
Senior Facility - Schedule of Interest Expenses Recognized Related to Senior Facility (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Instrument [Line Items] | |
Canadian prime rate | 8.05% |
Senior Secured Term Loan Facility [Member] | |
Debt Instrument [Line Items] | |
Canadian prime rate | 8.05% |
Registered Offering and Warra_3
Registered Offering and Warrants - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Mar. 17, 2020 | Dec. 31, 2020 | Dec. 31, 2018 |
Class Of Stock [Line Items] | |||
Warrants to purchase | 19,000,000 | ||
Shares issued for common stock at-the-market, net of issuance costs | $ 90,439 | $ 160,792 | |
Issuance costs incurred on registered offering | $ 5,150 | ||
Daily cash penalty | 1.00% | ||
Level 3 [Member] | |||
Class Of Stock [Line Items] | |||
Estimated fair value of warrant liability per warrant | $ 6.35 | ||
Other Expense (Income) [Member] | |||
Class Of Stock [Line Items] | |||
Issuance costs incurred on registered offering | $ 3,953 | ||
Pre funded Warrants [Member] | |||
Class Of Stock [Line Items] | |||
Warrant exercise price | $ 0.0001 | ||
Warrant Liability [Member] | |||
Class Of Stock [Line Items] | |||
Shares issued for common stock at-the-market, net of issuance costs | $ 69,414 | ||
Common Stock Class Two | |||
Class Of Stock [Line Items] | |||
Shares issued for common stock at-the-market, net of issuance costs, shares | 7,250,000 | 16,131,487 | |
Sale price | $ 4.76 | ||
Warrants to purchase | 19,000,000 | ||
Warrant exercise price | $ 5.95 | ||
Shares issued for common stock at-the-market, net of issuance costs | $ 21,025 | ||
Issuance costs incurred on registered offering | $ 1,197 | $ 2,541 | |
Common Stock Class Two | Minimum [Member] | |||
Class Of Stock [Line Items] | |||
Warrants expire period | 6 months | ||
Common Stock Class Two | Maximum [Member] | |||
Class Of Stock [Line Items] | |||
Warrants expire period | 5 years | ||
Common Stock Class Two | Pre funded Warrants [Member] | |||
Class Of Stock [Line Items] | |||
Sale price | $ 4.7599 | ||
Warrants to purchase | 11,750,000 | ||
Warrant exercise price | $ 0.0001 |
Registered Offering and Warra_4
Registered Offering and Warrants - Schedule of Pre-funded Warrants and Warrants Outstanding (Detail) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Class Of Warrant Or Right [Line Items] | |
Beginning Balance | |
Warrant issued | 30,750,000 |
Warrant exercised | (11,750,000) |
Ending Balance | 19,000,000 |
Pre funded Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrant description | Pre-Funded Warrants |
Warrant classification | Liability |
Warrant exercise price | $ / shares | $ 0.0001 |
Warrant expiration date | Mar. 17, 2025 |
Warrant issued | 11,750,000 |
Warrant exercised | (11,750,000) |
Warrants [Member] | |
Class Of Warrant Or Right [Line Items] | |
Warrant description | Warrants |
Warrant classification | Liability |
Warrant exercise price | $ / shares | $ 5.95 |
Warrant expiration date | Mar. 17, 2025 |
Beginning Balance | |
Warrant issued | 19,000,000 |
Ending Balance | 19,000,000 |
Registered Offering and Warra_5
Registered Offering and Warrants - Schedule of Estimated Fair Value of Warrant Liability (Detail) - Level 3 [Member] | Dec. 31, 2020USD ($)yr |
Risk-Free Interest Rate [Member] | Warrant [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | 0.0040 |
Expected Volatility [Member] | Warrant [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | 1 |
Expected Term [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | yr | 4.7 |
Expected Term [Member] | Warrant [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | yr | 4.7 |
Expected Dividend Yield [Member] | Warrant [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | 0 |
Strike Price [Member] | Warrant [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | $ | 5.95 |
Fair Value of Common Stock [Member] | Warrant [Member] | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis Valuation Techniques [Line Items] | |
Warrant and rights measurement input | $ | 8.26 |
Stockholders' Equity - Summary
Stockholders' Equity - Summary of Capital Stock (Detail) - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Sep. 30, 2020 | Sep. 29, 2020 | |
Class 1 Common Stock [Member] | |||
Class Of Stock [Line Items] | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | |
Common stock, shares authorized | 233,333,333 | 233,333,333 | 250,000,000 |
Common stock voting rights | 10 votes for each share | ||
Common Stock Class Two | |||
Class Of Stock [Line Items] | |||
Common stock, par value | $ 0.0001 | ||
Common stock, shares authorized | 500,000,000 | ||
Common stock voting rights | 1 vote for each share | ||
Preferred Stock [Member] | |||
Class Of Stock [Line Items] | |||
Convertible preferred stock | $ 0.0001 | ||
Convertible preferred stock shares authorized | 10,000,000 | ||
Convertible preferred stock voting rights | N/A |
Stockholders' Equity - Summar_2
Stockholders' Equity - Summary of Capital Stock (Parenthetical) (Detail) | Dec. 31, 2020Vote |
Class 1 Common Stock [Member] | |
Class Of Stock [Line Items] | |
Common stock, votes for each share | 10 |
Common Stock Class Two | |
Class Of Stock [Line Items] | |
Common stock, votes for each share | 1 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Sep. 30, 2020 | Mar. 17, 2020 | Dec. 31, 2020 | Sep. 29, 2020 |
Class Of Stock [Line Items] | ||||
Transaction costs recorded net against allocated gross proceeds in additional paid-in-capital | $ 5,150,000 | |||
Class 1 Common Stock [Member] | ||||
Class Of Stock [Line Items] | ||||
Conversion of stock, shares converted | 13,159,762 | |||
Common stock ceased to represent percentage of outstanding common stock | 10.00% | |||
Common stock, shares authorized | 233,333,333 | 233,333,333 | 250,000,000 | |
Common stock, shares retired | 16,666,667 | |||
Common stock, par value | $ 0.0001 | $ 0.0001 | ||
Common stock, shares outstanding | 0 | |||
Common Stock Class Two | ||||
Class Of Stock [Line Items] | ||||
Common stock, shares authorized | 500,000,000 | |||
Common stock, par value | $ 0.0001 | |||
Common stock issued, Shares | 7,250,000 | 16,131,487 | ||
Proceeds from issuance of common stock, gross | $ 127,041,000 | |||
Transaction costs recorded net against allocated gross proceeds in additional paid-in-capital | $ 1,197,000 | 2,541,000 | ||
Maximum allowed aggregate gross proceeds from share issuance under ATM program | 20,000,000 | |||
Maximum amount of share issuance allowed per quarter | $ 6,000,000 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jan. 01, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expenses | $ 20,491,000 | $ 26,499,000 | $ 18,926,000 | |
Original Stock Option Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expenses | $ 702,000 | $ 469,000 | 359,000 | |
Stock options granted | 0 | |||
Weighted average fair values of stock options granted, per share | $ 0 | $ 0 | ||
Intrinsic values of stock options exercised | $ 5,910,000 | $ 1,686,000 | ||
Unrecognized compensation expenses | $ 248,000 | $ 921,000 | ||
Unrecognized stock-based compensation expense to be recognized in period, years | 8 months 12 days | 9 months 18 days | ||
Fair values of stock option vested | $ 85,000 | $ 2,789,000 | ||
2018 Equity Incentive Plan [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Allocated share-based compensation expenses | $ 29,014,000 | $ 31,373,000 | $ 20,629,000 | |
2018 Equity Incentive Plan [Member] | Class 2 common stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Shares reserved for future issuance | 17,037,421 | |||
Common shares reserved for issuance, annual automatic increase percentage | 4.00% | |||
2018 Equity Incentive Plan [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation, grant term | 10 years | |||
2018 Equity Incentive Plan [Member] | Maximum [Member] | Class 2 common stock [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Number of common stock reserved for issuance, term | 10 years | |||
2018 Equity Incentive Plan [Member] | Non-Employee Director [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock Granted Fair Value Share Based Compensation | $ 1,000,000 | |||
2018 Equity Incentive Plan [Member] | Non-Employee Director [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock Granted Value Share Based Compensation | $ 500,000,000 | |||
2018 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 4 years | |||
2018 Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Vesting period | 3 years | |||
2018 Equity Incentive Plan [Member] | Time-based Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock options granted | ||||
Weighted average fair values of stock options granted, per share | $ 0 | $ 40.11 | $ 7.74 | |
Intrinsic values of stock options exercised | $ 2,706,000 | $ 29,655,000 | $ 0 | |
Unrecognized compensation expenses | $ 9,696,000 | $ 23,649,000 | $ 38,250,000 | |
Unrecognized stock-based compensation expense to be recognized in period, years | 1 year 6 months | 1 year 10 months 24 days | 2 years 9 months 18 days | |
Fair values of stock option vested | $ 34,001,000 | $ 16,708,000 | $ 5,508,000 | |
2018 Equity Incentive Plan [Member] | SARs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation, number of other than optins issued | 0 | |||
2018 Equity Incentive Plan [Member] | SARs [Member] | Maximum [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Share-based compensation, grant term | 10 years | |||
2018 Equity Incentive Plan [Member] | Performance-based Stock Options [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Weighted average fair values of stock options granted, per share | $ 0 | $ 0 | $ 4.15 | |
Intrinsic values of stock options exercised | $ 1,160,000 | $ 5,054,000 | $ 0 | |
Unrecognized compensation expenses | $ 0 | $ 0 | $ 593,000 | |
Unrecognized stock-based compensation expense to be recognized in period, years | 0 years | 0 years | 7 months 6 days | |
Fair values of stock option vested | $ 0 | $ 1,246,000 | $ 1,246,000 | |
2018 Equity Incentive Plan [Member] | Time-based RSU [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense to be recognized in period, years | 1 year 7 months 6 days | 2 years 3 months 18 days | 3 years 2 months 12 days | |
Share-based compensation, number of other than optins issued | 1,884,390 | 1,423,392 | ||
Unrecognized stock-based compensation expense | $ 22,046,000 | $ 41,898,000 | $ 10,336,000 | |
Intrinsic values of RSUs vested | 187,000 | 3,446,000 | 0 | |
Fair value of RSUs vested | $ 21,815,000 | $ 4,667,000 | $ 0 | |
2018 Equity Incentive Plan [Member] | Performance-based RSUs [Member] | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Unrecognized stock-based compensation expense to be recognized in period, years | 10 months 24 days | 1 year | 1 year 8 months 12 days | |
Share-based compensation, number of other than optins issued | 540,836 | 265,625 | ||
Unrecognized stock-based compensation expense | $ 1,950,000 | $ 330,000 | $ 1,882,000 | |
Intrinsic values of RSUs vested | 109,000 | 46,423,000 | 0 | |
Fair value of RSUs vested | $ 1,698,000 | $ 6,087,000 | $ 0 |
Stock-Based Compensation - Weig
Stock-Based Compensation - Weighted Average Fair Value Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected stock option life | 5 years 1 month 24 days | ||
Expected volatility | 48.82% | ||
Risk-free interest rate | 2.35% | ||
Expected dividend yield | 0.00% | 0.00% | 0.00% |
2018 Equity Incentive Plan [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |||
Expected stock option life | 8 years 11 months 19 days | 5 years 9 months 14 days | |
Expected volatility | 61.33% | 58.54% | |
Risk-free interest rate | 2.10% | 2.92% | |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Original Stock Option Plan [Member] | ||
Stock options | ||
Shares, Beginning Balance | 3,014,004 | |
Shares, Granted | 0 | |
Shares, Exercised | (1,076,156) | |
Shares, Forfeited | (81,658) | |
Shares, Cancelled | (66,440) | |
Shares, Ending Balance | 1,789,750 | 3,014,004 |
Shares, Vested and expected to vest | 1,784,519 | |
Shares, Vested and exercisable | 1,731,626 | |
Weighted-average exercise price | ||
Weighted-average exercise price, Beginning Balance | $ 3.04 | |
Weighted-average exercise price, Exercised | 1.80 | |
Weighted-average exercise price, Forfeited | 4.59 | |
Weighted-average exercise price, Cancelled | 3.81 | |
Weighted-average exercise price, Ending Balance | 3.62 | $ 3.04 |
Weighted-average exercise price, Vested and expected to vest | 3.61 | |
Weighted-average exercise price, Vested and exercisable | $ 3.48 | |
Weighted-average remaining contractual term (years) | ||
Weighted-average remaining contractual term | 3 years 9 months 7 days | 5 years 9 months 18 days |
Weighted-average remaining contractual term, Vested and expected to vest | 3 years 9 months 3 days | |
Weighted-average remaining contractual term, Vested and exercisable | 3 years 7 months 24 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value | $ 44,108 | |
Aggregate intrinsic value | 25,077 | $ 44,108 |
Aggregate intrinsic value, Vested and expected to vest | 25,020 | |
Aggregate intrinsic value, Vested and exercisable | $ 24,449 | |
Time-based Stock Options [Member] | 2018 Equity Incentive Plan [Member] | ||
Stock options | ||
Shares, Beginning Balance | 5,307,130 | |
Shares, Granted | ||
Shares, Exercised | (703,393) | |
Shares, Forfeited | (468,096) | |
Shares, Cancelled | (226,082) | |
Shares, Ending Balance | 3,909,559 | 5,307,130 |
Shares, Vested and expected to vest | 3,840,493 | |
Shares, Vested and exercisable | 3,142,175 | |
Weighted-average exercise price | ||
Weighted-average exercise price, Beginning Balance | $ 14.04 | |
Weighted-average exercise price, Exercised | 7.76 | |
Weighted-average exercise price, Forfeited | 13.73 | |
Weighted-average exercise price, Cancelled | 13.20 | |
Weighted-average exercise price, Ending Balance | 15.25 | $ 14.04 |
Weighted-average exercise price, Vested and expected to vest | 15.10 | |
Weighted-average exercise price, Vested and exercisable | $ 13.16 | |
Weighted-average remaining contractual term (years) | ||
Weighted-average remaining contractual term | 7 years 4 months 24 days | 8 years 4 months 24 days |
Weighted-average remaining contractual term, Vested and expected to vest | 7 years 4 months 24 days | |
Weighted-average remaining contractual term, Vested and exercisable | 13 years 2 months 12 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value | $ 44,297 | |
Aggregate intrinsic value | 1,700,194 | $ 44,297 |
Aggregate intrinsic value, Vested and expected to vest | 1,675,302 | |
Aggregate intrinsic value, Vested and exercisable | $ 1,423,560 | |
Performance-based Stock Options [Member] | 2018 Equity Incentive Plan [Member] | ||
Stock options | ||
Shares, Beginning Balance | 520,000 | |
Shares, Exercised | (520,000) | |
Shares, Ending Balance | 520,000 | |
Weighted-average exercise price | ||
Weighted-average exercise price, Beginning Balance | $ 7.76 | |
Weighted-average exercise price, Exercised | $ 7.76 | |
Weighted-average exercise price, Ending Balance | $ 7.76 | |
Weighted-average remaining contractual term (years) | ||
Weighted-average remaining contractual term | 8 years 4 months 24 days | |
Aggregate intrinsic value | ||
Aggregate intrinsic value | $ 4,872 | |
Aggregate intrinsic value | $ 4,872 |
Stock-Based Compensation - Sc_2
Stock-Based Compensation - Schedule of RSU Activity (Detail) - 2018 Equity Incentive Plan [Member] | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Time-based RSU [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share equivalent, Beginning Balance | shares | 1,423,392 |
Share equivalent, Granted | shares | 2,156,079 |
Share equivalent, Vested | shares | (619,021) |
Share equivalent, Forfeited | shares | (1,058,349) |
Share equivalent, Cancelled | shares | (17,711) |
Share equivalent, Ending Balance | shares | 1,884,390 |
Weighted-average grant date fair value, Beginning Balance | $ / shares | $ 42.05 |
Weighted-average grant date fair value, Granted | $ / shares | 8.53 |
Weighted-average grant date fair value, Vested | $ / shares | 35.24 |
Weighted-average grant date fair value, Forfeited | $ / shares | 25.65 |
Weighted-average grant date fair value, Cancelled | $ / shares | 19.93 |
Weighted-average grant date fair value, Ending Balance | $ / shares | $ 15.22 |
Performance-based RSUs [Member] | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Share equivalent, Beginning Balance | shares | 265,625 |
Share equivalent, Granted | shares | 493,961 |
Share equivalent, Vested | shares | (218,750) |
Share equivalent, Ending Balance | shares | 540,836 |
Weighted-average grant date fair value, Beginning Balance | $ / shares | $ 7.76 |
Weighted-average grant date fair value, Granted | $ / shares | 7.07 |
Weighted-average grant date fair value, Vested | $ / shares | 7.76 |
Weighted-average grant date fair value, Ending Balance | $ / shares | $ 7.13 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income ("AOCI") - Schedule of Accumulated Other Comprehensive Income (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 9,719 | $ 3,763 | |
Other comprehensive income (loss) | 5,153 | ||
Change in foreign currency translation | (1,497) | 5,174 | $ 662 |
Change in unrealized gains on available-for-sale debt securities | (17) | ||
Ending balance | 8,205 | 9,719 | 3,763 |
ASU 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 803 | ||
Ending balance | 803 | ||
Foreign Currency Translation Adjustments [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 9,702 | 4,528 | |
Other comprehensive income (loss) | 5,174 | ||
Change in foreign currency translation | (1,497) | ||
Ending balance | 8,205 | 9,702 | 4,528 |
Unrealized (Loss) Gain on Available-for-sale Debt Securities [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | 17 | (765) | |
Other comprehensive income (loss) | (21) | ||
Change in unrealized gains on available-for-sale debt securities | $ (17) | ||
Ending balance | 17 | (765) | |
Unrealized (Loss) Gain on Available-for-sale Debt Securities [Member] | ASU 2016-01 [Member] | Cumulative Effect, Period of Adoption, Adjustment [Member] | |||
Accumulated Other Comprehensive Income Loss [Line Items] | |||
Beginning balance | $ 803 | ||
Ending balance | $ 803 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Non-cancellable Minimum Purchase Commitments (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Purchase Commitment Excluding Longterm Commitment [Line Items] | |
Total | $ 84,094 |
2021 | 84,094 |
Purchase Commitments [Member] | |
Purchase Commitment Excluding Longterm Commitment [Line Items] | |
Total | 84,094 |
2021 | $ 84,094 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Detail) | 1 Months Ended | 12 Months Ended | |
Sep. 30, 2020USD ($)kg | Dec. 31, 2020USD ($) | Dec. 31, 2018USD ($)kg | |
Aphria Inc. [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Non-refundable transaction fee | $ 9,000,000 | ||
Rose Lifescience, Inc [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Maximum quantity of purchase commitment | kg | 2,000 | ||
Purchase commitment price based on cost of goods sold percentage | 115.00% | ||
Purchase commitment equivalent quantity available for sale | kg | 40,000 | ||
Estimated compensation fee | $ 8,000,000 | ||
Rose Lifescience, Inc [Member] | Cannabis [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Purchase commitment percentage | 40.00% | ||
Rose Lifescience, Inc [Member] | Distribution and Marketing [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Commitment Term | 5 years | ||
Rose Lifescience, Inc [Member] | Distribution and Marketing [Member] | Minimum [Member] | |||
Long Term Purchase Commitment [Line Items] | |||
Minimum commitment Fee | $ 384,000 |
Commitments and Contingencies_3
Commitments and Contingencies - Schedule of Other Commitments Maturities (Detail) $ in Thousands | Dec. 31, 2020USD ($) |
Other Commitments [Line Items] | |
Total | $ 386,496 |
2021 | 23,473 |
2022 | 66,774 |
2023 | 293,249 |
2024 | 1,500 |
2025 | 1,500 |
Convertible Notes, Principal and Interest [Member] | |
Other Commitments [Line Items] | |
Total | 319,535 |
2021 | 13,893 |
2022 | 13,893 |
2023 | 291,749 |
Senior Facility, Principal and Interest [Member] | |
Other Commitments [Line Items] | |
Total | 56,683 |
2021 | 5,302 |
2022 | 51,381 |
ABG Finance Liability [Member] | |
Other Commitments [Line Items] | |
Total | 7,500 |
2021 | 1,500 |
2022 | 1,500 |
2023 | 1,500 |
2024 | 1,500 |
2025 | 1,500 |
Portugal Construction Commitments [Member] | |
Other Commitments [Line Items] | |
Total | 2,778 |
2021 | $ 2,778 |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Detail) | 12 Months Ended |
Dec. 31, 2020USD ($)Segment | |
Revenue From Contract With Customer [Abstract] | |
Number of reportable segments | Segment | 2 |
Contract balances in the balance sheets | $ | $ 0 |
General and Administrative Ex_3
General and Administrative Expenses - Schedule of General and Administrative Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
General And Administrative Expense [Abstract] | |||
Salaries and benefits | $ 31,553 | $ 39,565 | $ 11,721 |
Stock-based compensation expenses | 20,491 | 26,499 | 18,926 |
Other expenses | 17,869 | 16,649 | 8,152 |
Professional fees | 12,773 | 21,189 | 7,557 |
Loss on disposal of property and equipment | 1,851 | 2,436 | 190 |
Travel expenses | 937 | 4,565 | 2,031 |
Credit loss expenses | 409 | ||
Total | $ 85,883 | $ 110,903 | $ 48,577 |
Income Taxes - Loss Before Inco
Income Taxes - Loss Before Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Canada | $ (96,337) | $ (151,736) | $ (25,333) |
Loss before income taxes | (276,675) | (329,619) | (72,174) |
United States [Member] | |||
Other countries | (168,480) | (156,010) | (42,418) |
Portugal [Member] | |||
Other countries | (4,730) | (11,781) | (2,208) |
Other Countries [Member] | |||
Other countries | $ (7,128) | $ (10,092) | $ (2,215) |
Income Taxes - Summary of (Reco
Income Taxes - Summary of (Recoveries) Expenses for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current income tax (recoveries) expenses: | |||
Other countries | $ 89 | $ 134 | $ 34 |
Canada | (88) | 112 | |
Total | (226) | 397 | 34 |
Deferred income tax recoveries: | |||
Other countries | 102 | (1,074) | |
Canada | (4,909) | (3,383) | |
Total | (5,376) | (8,847) | (4,485) |
Income tax benefits, net | (5,602) | (8,450) | (4,451) |
United States [Member] | |||
Current income tax (recoveries) expenses: | |||
Other countries | (227) | 151 | |
Deferred income tax recoveries: | |||
Other countries | $ (569) | $ (4,390) | $ (4,485) |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rate Differs from U.S. Federal Statutory Rate (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Loss before income taxes: | $ (276,675) | $ (329,619) | $ (72,174) |
Income tax benefits at statutory rate | (58,076) | (69,220) | (15,157) |
Tax impact of foreign operations | (6,035) | (9,193) | (1,864) |
Foreign exchange and other | (2,349) | 1,015 | 1,399 |
Non-deductible expenses | 1,576 | 483 | 5,331 |
Changes in enacted rates | (3) | ||
Change in fair value of warrant liability | 21,060 | ||
Stock based and other compensation | 3,376 | 2,113 | |
Change in valuation allowance | 34,846 | 66,355 | 5,840 |
Income tax benefits, net | $ (5,602) | $ (8,450) | $ (4,451) |
Income Taxes - Summary of Tax E
Income Taxes - Summary of Tax Effects of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred assets | |||
Operating loss carryforwards - Canada | $ 69,100 | $ 59,755 | $ 13,723 |
Property and equipment | 2,510 | ||
Currently nondeductible interest | 7,658 | 4,915 | |
Partnership interests | 34,869 | 21,546 | |
Deferred financing costs | 214 | 208 | 27 |
Investment tax credits and related pool balance | 566 | 180 | 57 |
Other | 6,794 | 931 | |
Total Deferred tax assets | 153,582 | 98,536 | 21,097 |
Less valuation allowance | (149,655) | (84,337) | (14,433) |
Net deferred tax assets | 3,927 | 14,199 | 6,664 |
Deferred tax liabilities | |||
Property and equipment | (1,582) | (5,800) | (2,328) |
Intangible assets | (48,456) | (54,814) | (289) |
Equity portion of convertible notes | (3,163) | (6,948) | (8,471) |
Total deferred tax liabilities | (53,201) | (67,562) | (11,088) |
Net deferred tax liability | (49,274) | (53,363) | (4,424) |
United States [Member] | |||
Deferred assets | |||
Operating loss carryforwards | 28,575 | 5,843 | 4,173 |
Other Countries [Member] | |||
Deferred assets | |||
Operating loss carryforwards | $ 5,806 | $ 5,158 | $ 607 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 27, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Operating Loss Carryforwards [Line Items] | |||||
Adjustable taxable income deductible net interest percentage | 30.00% | 50.00% | |||
U.S. statutory federal corporate tax rate | 21.00% | 35.00% | |||
Operating loss carryforwards | $ 258,790 | ||||
Net operating loss carryforward expiration year | 2028 | ||||
Net operating loss carryforward expiration period | 20 years | ||||
Unrecognized tax benefits | $ 0 | $ 86 | $ 0 | ||
Decrease in unrecognized tax benefits is reasonably possible | 86 | ||||
Increase in unrecognized tax benefits is reasonably possible | 86 | ||||
Interest and penalty expenses related to uncertain tax positions | 0 | 0 | $ 0 | ||
Accrued interest and penalties on unrecognized tax positions | $ 0 | 0 | |||
Canada [Member] | Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2016 | ||||
Germany [Member] | Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2016 | ||||
Australia [Member] | Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2017 | ||||
United States [Member] | Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2018 | ||||
Deferred Tax Asset, Valuation Allowance [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Increase in deferred tax valuation allowance | $ 65,318 | $ 66,355 | |||
United States [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Net operating loss carryforwards offset percentage of taxable income | 100.00% | 80.00% | |||
Operating loss carryforwards | $ 135,817 | ||||
Portugal [Member] | Earliest Tax Year [Member] | |||||
Operating Loss Carryforwards [Line Items] | |||||
Open tax year | 2017 |
Supplemental Cash Flow Inform_3
Supplemental Cash Flow Information - Schedule of Supplemental Cash Flow Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Noncash Or Part Noncash Acquisitions [Line Items] | ||||
Cash paid for interest | [1] | $ 27,588 | $ 28,206 | $ 1,189 |
Cash paid for income taxes | [1] | 190 | 145 | |
Non-cash financing activities | ||||
Conversion of preferred stock to common stock | [1] | 2 | ||
Exchange of convertible debt for common stock | [1] | $ (182,738) | ||
Non-cash investing | ||||
Purchases of investments | [1] | 10,551 | ||
Alef [Member] | ||||
Non-cash investing | ||||
Acquisition of Manitoba Harvest, Alef, Natura and S&S | [1] | $ 2,855 | ||
Manitoba Harvest [Member] | ||||
Non-cash investing | ||||
Acquisition of Manitoba Harvest, Alef, Natura and S&S | [1] | 158,197 | ||
Natura [Member] | ||||
Non-cash investing | ||||
Acquisition of Manitoba Harvest, Alef, Natura and S&S | [1] | 38,979 | ||
S & S Acquisition [Member] | ||||
Non-cash investing | ||||
Acquisition of Manitoba Harvest, Alef, Natura and S&S | [1] | 5,021 | ||
Investment In ABG [Member] | ||||
Non-cash investing | ||||
Investment in ABG Profit Participation Arrangement, net of receivable | [1] | $ 97,544 | ||
[1] | For supplemental cash flow information related to leases, refer to Note 10. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Related Party Transaction [Line Items] | ||
Annual lease payments | $ 21,774 | |
Sublease income | 486 | $ 230 |
Accounts payable to related party | $ 290 | $ 68 |
Cannfections [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 50.00% | 50.00% |
Fluent [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 50.00% | 50.00% |
Ten Eleven [Member] | ||
Related Party Transaction [Line Items] | ||
Annual lease payments | $ 470 | |
Sub-leases expiration period | May 31, 2020 | |
Joint Venture [Member] | Cannfections [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 50.00% | |
Percentage of voting interest | 50.00% | |
Joint Venture [Member] | Fluent [Member] | ||
Related Party Transaction [Line Items] | ||
Percentage of ownership | 50.00% | |
Percentage of voting interest | 50.00% | |
General and Administrative Expense [Member] | Aircraft Time Share Reimbursement [Member] | ||
Related Party Transaction [Line Items] | ||
Payment for use of aircraft | $ 261 | $ 0 |
General and Administrative Expense [Member] | Leafly Holdings, Inc [Member] | ||
Related Party Transaction [Line Items] | ||
Operational expenses | 134 | 272 |
General and Administrative Expense [Member] | Docklight L L C | ||
Related Party Transaction [Line Items] | ||
Management service fees expense | 1,178 | 176 |
General and Administrative Expense [Member] | Ten Eleven [Member] | ||
Related Party Transaction [Line Items] | ||
Management service fees expense | 71 | 275 |
Other Income, Net [Member] | Ten Eleven [Member] | ||
Related Party Transaction [Line Items] | ||
Sublease income | $ 196 | $ 307 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Financial Instruments [Abstract] | |||
Change in exchange rate | 10.00% | ||
Carrying value of net asset | $ 45,944 | $ 12,457 | $ 2,817 |
Canadian prime rate | 8.05% | ||
Convertible notes, fixed interest rate | 5.00% | ||
Change in Canadian prime rate | 1.00% | ||
Loss due to one percentage change in Canadian prime rate | $ 425 | ||
Hypothetical decrease in fair value of investments | 10.00% | ||
Estimated decrease in fair values of investments upon hypothetical decrease of 10% in the prices | $ 50 | ||
Hypothetical increase in common stock | 10.00% | ||
Estimated increase in fair values of warrant liability upon hypothetical increase of 10% in the price of common stock | $ 5,800 |
Fair Value Measurement - Schedu
Fair Value Measurement - Schedule of Assets and Liabilities Measured Fair Value on Recurring Basis (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair Value, Measurements, Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liability | $ (120,647) | |
Acquisition-related contingent consideration | $ 420 | |
Convertible Debt | (239,652) | |
Total recurring fair value measurements | (357,322) | 9,650 |
Fair Value, Measurements, Recurring [Member] | Equity Investments Measured at Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total investments | 477 | 4,183 |
Fair Value, Measurements, Recurring [Member] | Debt Securities Classified as Available-for-Sale [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total investments | 2,500 | 5,047 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total recurring fair value measurements | 477 | 4,910 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Equity Investments Measured at Fair Value [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total investments | 477 | 4,183 |
Level 1 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities Classified as Available-for-Sale [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total investments | 727 | |
Level 2 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Convertible Debt | (239,652) | |
Total recurring fair value measurements | (239,652) | |
Level 3 [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liability | (120,647) | |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Warrant liability | (120,647) | |
Acquisition-related contingent consideration | 420 | |
Total recurring fair value measurements | (118,147) | 4,740 |
Level 3 [Member] | Fair Value, Measurements, Recurring [Member] | Debt Securities Classified as Available-for-Sale [Member] | ||
Fair Value Balance Sheet Grouping Financial Statement Captions [Line Items] | ||
Total investments | $ 2,500 | $ 4,320 |
Fair Value Measurement - Summar
Fair Value Measurement - Summary of Opening Balances of Assets and Liabilities Categorized Within Level 3 of the Fair Value Hierarchy Measured at Fair Value on a Recurring Basis (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Fair Value Disclosures [Abstract] | |
Debt securities classified as available-for-sale, Beginning Balance | $ 4,320 |
Debt securities classified as available-for-sale, Interest expenses, net | 804 |
Debt securities classified as available-for-sale, Change in fair value | (2,624) |
Debt securities classified as available-for-sale, Ending Balance | 2,500 |
Warrant liability, Additions | (69,414) |
Warrant liability, Exercise | 49,053 |
Warrant liability, Change in fair value | (100,286) |
Warrant liability, Ending Balance | $ (120,647) |
Fair Value Measurement - Summ_2
Fair Value Measurement - Summary of Quantitative Information about Level 3 Fair Value Measurements (Detail) $ in Thousands | Dec. 31, 2020USD ($)yr | Dec. 31, 2019USD ($) |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of, Debt securities classified as available-for-sale | $ 2,500 | $ 5,047 |
Quantitative information about Level 3 Fair Value Measurements [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Fair value of, Debt securities classified as available-for-sale | $ 2,500 | |
Debt Securities, Available-for-sale, Valuation Technique [Extensible List] | us-gaap:ValuationTechniqueDiscountedCashFlowMember | |
Warrant liability | $ (120,647) | |
Warrants and Rights Outstanding, Valuation Technique [Extensible List] | tlry:ValuationTechniquesMonteCarloMember | |
Quantitative information about Level 3 Fair Value Measurements [Member] | Discount Rate [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities classified as available-for-sale, Range | 16.5 | |
Quantitative information about Level 3 Fair Value Measurements [Member] | Probability of Conversion/ Prepayment [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities classified as available-for-sale, Range | ||
Quantitative information about Level 3 Fair Value Measurements [Member] | Probability of Default [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Debt securities classified as available-for-sale, Range | ||
Quantitative information about Level 3 Fair Value Measurements [Member] | Volatility [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrant and rights measurement input | 100 | |
Quantitative information about Level 3 Fair Value Measurements [Member] | Expected Term [Member] | ||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | ||
Warrant and rights measurement input | yr | 4.7 |
Business Segment Information -
Business Segment Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020USD ($) | Sep. 30, 2020USD ($) | Jun. 30, 2020USD ($) | Mar. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Sep. 30, 2019USD ($) | Jun. 30, 2019USD ($) | Mar. 31, 2019USD ($) | Dec. 31, 2020USD ($)Segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Segment Reporting Information [Line Items] | |||||||||||
Number of operating segment | Segment | 2 | ||||||||||
Revenue | $ 56,560,000 | $ 51,406,000 | $ 50,414,000 | $ 52,102,000 | $ 46,936,000 | $ 51,101,000 | $ 45,904,000 | $ 23,038,000 | $ 210,482,000 | $ 166,979,000 | $ 43,130,000 |
Excise duties | $ 19,143,000 | $ 13,136,000 | $ 1,200,000 | ||||||||
Customer Concentration Risk [Member] | Revenue [Member] | Cannabis Reportable Segment [Member] | Customer A [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 19.00% | 13.00% | 24.00% | ||||||||
Customer Concentration Risk [Member] | Revenue [Member] | Cannabis Reportable Segment [Member] | Customer B [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 11.00% | ||||||||||
Customer Concentration Risk [Member] | Revenue [Member] | Hemp Reportable Segment [Member] | Customer A [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 15.00% | 13.00% | |||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer A [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 17.00% | 20.00% | 30.00% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer B [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 16.00% | 10.00% | 16.00% | ||||||||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | Customer C | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Concentration risk percentage | 11.00% | ||||||||||
Intersegment Sales or Transfers [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 0 |
Business Segment Information _2
Business Segment Information - Summary of Revenue and Gross Profit of each Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 56,560 | $ 51,406 | $ 50,414 | $ 52,102 | $ 46,936 | $ 51,101 | $ 45,904 | $ 23,038 | $ 210,482 | $ 166,979 | $ 43,130 |
Gross profit (loss) | $ 16,642 | $ 3,330 | $ (5,824) | $ 10,507 | $ (57,007) | $ 15,853 | $ 12,273 | $ 5,385 | 24,655 | (23,496) | 14,275 |
Cannabis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 133,605 | 107,147 | 43,130 | ||||||||
Gross profit (loss) | (3,575) | (42,302) | $ 14,275 | ||||||||
Hemp [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 76,877 | 59,832 | |||||||||
Gross profit (loss) | $ 28,230 | $ 18,806 |
Business Segment Information _3
Business Segment Information - Summary of Revenue and Gross Profit (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting [Abstract] | |||||||||||
Gross profit (loss) for the segments | $ 16,642 | $ 3,330 | $ (5,824) | $ 10,507 | $ (57,007) | $ 15,853 | $ 12,273 | $ 5,385 | $ 24,655 | $ (23,496) | $ 14,275 |
General and administrative expenses | (85,883) | (110,903) | (48,577) | ||||||||
Sales and marketing expenses | (54,666) | (63,813) | (15,828) | ||||||||
Research and development expenses | (4,411) | (9,172) | (5,864) | ||||||||
Depreciation and amortization expenses | (13,722) | (11,607) | (1,598) | ||||||||
Impairment of assets | (61,114) | (112,070) | |||||||||
Acquisition-related income (expenses), net | 31,427 | (248) | |||||||||
Loss from equity method investments | (5,983) | (4,504) | |||||||||
Foreign exchange (loss) gain, net | 13,169 | 5,944 | (7,234) | ||||||||
Change in fair value of warrant liability | (100,286) | ||||||||||
Gain on debt conversion | 61,118 | ||||||||||
Interest expenses, net | (39,219) | (34,690) | (9,110) | ||||||||
Finance income from ABG | 764 | ||||||||||
Other (expenses) income, net | (10,333) | 2,501 | 2,010 | ||||||||
Loss before income taxes | $ (276,675) | $ (329,619) | $ (72,174) |
Business Segment Information _4
Business Segment Information - Summary of Sources of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 56,560 | $ 51,406 | $ 50,414 | $ 52,102 | $ 46,936 | $ 51,101 | $ 45,904 | $ 23,038 | $ 210,482 | $ 166,979 | $ 43,130 |
Dried Cannabis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 92,781 | 82,753 | 21,674 | ||||||||
Cannabis Extracts [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 39,986 | 24,139 | 21,179 | ||||||||
Hemp Products [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 76,877 | 59,832 | |||||||||
Accessories And Other [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 838 | $ 255 | $ 277 |
Business Segment Information _5
Business Segment Information - Summary of Channels of Revenue (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 56,560 | $ 51,406 | $ 50,414 | $ 52,102 | $ 46,936 | $ 51,101 | $ 45,904 | $ 23,038 | $ 210,482 | $ 166,979 | $ 43,130 |
Cannabis [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 133,605 | 107,147 | 43,130 | ||||||||
Cannabis [Member] | Adult-use [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 83,828 | 55,763 | 3,521 | ||||||||
Cannabis [Member] | Canada - medical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 15,489 | 12,556 | 18,052 | ||||||||
Cannabis [Member] | International - medical [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 33,886 | 13,378 | 2,912 | ||||||||
Cannabis [Member] | Bulk [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | 402 | 25,450 | $ 18,645 | ||||||||
Hemp [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenue | $ 76,877 | $ 59,832 |
Business Segment Information _6
Business Segment Information - Summary of Revenues Attributed to a Geographic Region Based on the Location of the Customer (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 56,560 | $ 51,406 | $ 50,414 | $ 52,102 | $ 46,936 | $ 51,101 | $ 45,904 | $ 23,038 | $ 210,482 | $ 166,979 | $ 43,130 |
CANADA [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 120,581 | 130,291 | 40,209 | ||||||||
UNITED STATES [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | 53,782 | 23,516 | |||||||||
Other Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Revenues | $ 36,119 | $ 13,172 | $ 2,921 |
Business Segment Information _7
Business Segment Information - Summary of Long-lived Assets Consisting of Property, Plant and Equipment, Net of Accumulated Depreciation, Attributed to Geographic Regions Based On Their Physical Location (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 199,559 | $ 184,217 |
CANADA [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 122,328 | 144,065 |
Portugal [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 71,988 | 36,908 |
UNITED STATES [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | 5,182 | 3,171 |
Other Countries [Member] | ||
Segment Reporting Information [Line Items] | ||
Property, plant and equipment, net | $ 61 | $ 73 |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 11, 2019 | Feb. 28, 2019 | Feb. 15, 2019 | Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 163,251 | $ 166,915 | $ 163,251 | |||||||||||
Net loss | $ (2,947) | $ (2,316) | $ (81,687) | $ (184,123) | $ (219,148) | $ (36,351) | $ (36,301) | $ (29,369) | $ (271,073) | (321,169) | $ (67,723) | |||
Manitoba Harvest [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Working capital adjustment | $ 280 | |||||||||||||
Goodwill | 126,881 | |||||||||||||
Increase (decrease) in goodwill | (1,112) | |||||||||||||
Gross contractual amount | 6,340 | |||||||||||||
Business combination, acquired receivables, estimated uncollectible | 133 | |||||||||||||
Revenues | 58,029 | |||||||||||||
Net loss | (14,441) | |||||||||||||
Business combination, acquisition related expenses | 1,328 | |||||||||||||
Manitoba Harvest [Member] | Hemp Reportable Segment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 126,881 | |||||||||||||
Natura Naturals Holdings Inc [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 29,314 | |||||||||||||
Increase (decrease) in goodwill | $ 2,340 | |||||||||||||
Revenues | 14,544 | |||||||||||||
Net loss | (125) | |||||||||||||
Business combination, acquisition related expenses | $ 824 | |||||||||||||
Acquired percentage of issued and outstanding shares | 97.00% | |||||||||||||
Natura Naturals Holdings Inc [Member] | Cannabis Reportable Segment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 29,314 | |||||||||||||
Smith & Sinclair Ltd. [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | $ 4,932 | |||||||||||||
Smith & Sinclair Ltd. [Member] | Hemp Reportable Segment [Member] | ||||||||||||||
Business Acquisition [Line Items] | ||||||||||||||
Goodwill | 4,932 | |||||||||||||
Revenues | 1,633 | |||||||||||||
Net loss | $ (2,774) |
Business Combinations - Schedul
Business Combinations - Schedule of Final Allocations of Purchase Price to Assets acquired and Liabilities Assumed (Detail) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jul. 11, 2019 | Feb. 28, 2019 | Feb. 15, 2019 |
Assets | |||||
Goodwill | $ 166,915 | $ 163,251 | |||
Manitoba Harvest [Member] | |||||
Assets | |||||
Cash and cash equivalents | $ 5,534 | ||||
Accounts receivable | 6,207 | ||||
Inventory | 15,331 | ||||
Prepayments and other current assets | 1,030 | ||||
Property and equipment | 23,581 | ||||
Intangible assets | 195,966 | ||||
Goodwill | 126,881 | ||||
Total assets | 374,530 | ||||
Liabilities | |||||
Accounts payable | 4,973 | ||||
Accrued expenses and other current liabilities | 4,911 | ||||
Deferred tax liability | 54,393 | ||||
Total liabilities | 64,277 | ||||
Net assets acquired | $ 310,253 | ||||
Natura Naturals Holdings Inc [Member] | |||||
Assets | |||||
Cash and cash equivalents | $ 169 | ||||
Accounts receivable | 109 | ||||
Inventory | 3,482 | ||||
Prepayments and other current assets | 166 | ||||
Property and equipment | 17,435 | ||||
Intangible assets | 10,494 | ||||
Goodwill | 29,314 | ||||
Total assets | 61,169 | ||||
Liabilities | |||||
Accounts payable | 3,280 | ||||
Accrued expenses and other current liabilities | 876 | ||||
Deferred tax liability | 2,781 | ||||
Total liabilities | 6,937 | ||||
Net assets acquired | $ 54,232 | ||||
Smith & Sinclair Ltd. [Member] | |||||
Assets | |||||
Cash and cash equivalents | $ 137 | ||||
Accounts receivable | 264 | ||||
Inventory | 195 | ||||
Prepayments and other current assets | 125 | ||||
Property and equipment | 138 | ||||
Intangible assets | 2,418 | ||||
Goodwill | 4,932 | ||||
Total assets | 8,209 | ||||
Liabilities | |||||
Accounts payable | 220 | ||||
Accrued expenses and other current liabilities | 89 | ||||
Deferred tax liability | 459 | ||||
Total liabilities | 768 | ||||
Net assets acquired | $ 7,441 |
Business Combinations - Sched_2
Business Combinations - Schedule of Final Allocations of Purchase Price to Assets acquired and Liabilities Assumed (Parenthetical) (Details) - USD ($) $ in Thousands | Jul. 11, 2019 | Feb. 28, 2019 | Feb. 15, 2019 |
Manitoba Harvest [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 195,966 | ||
Natura Naturals Holdings Inc [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 10,494 | ||
Smith & Sinclair Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 2,418 | ||
Trademarks [Member] | Manitoba Harvest [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 54,688 | ||
Trademarks [Member] | Smith & Sinclair Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 1,670 | ||
Developed Technology [Member] | Manitoba Harvest [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 6,988 | ||
Customer Relationships [Member] | Manitoba Harvest [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 134,290 | ||
Licenses [Member] | Natura Naturals Holdings Inc [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 10,494 | ||
Patents [Member] | Smith & Sinclair Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | 690 | ||
Website [Member] | Smith & Sinclair Ltd. [Member] | |||
Business Acquisition [Line Items] | |||
Intangible assets | $ 58 |
Business Combinations - Sched_3
Business Combinations - Schedule of Final Purchase Price (Detail) - USD ($) $ in Thousands | Jul. 11, 2019 | Feb. 28, 2019 | Feb. 15, 2019 | |
Manitoba Harvest [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid on closing | $ 114,566 | |||
Cash paid six months after closing | 37,490 | |||
Working capital adjustment | 280 | |||
Contingent consideration | 29,207 | |||
Total fair value of consideration transferred | 310,253 | |||
Manitoba Harvest [Member] | Class 2 Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Class 2 common stock issued on closing | [1],[2],[3] | 96,844 | ||
Class 2 common stock issued six months after closing | [1] | $ 31,866 | ||
Natura Naturals Holdings Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid on closing | $ 15,253 | |||
Contingent consideration | 20,007 | |||
Fair value of previously held interest | [4] | 1,565 | ||
Effective settlement of pre-existing debt | [5] | 2,308 | ||
Total fair value of consideration transferred | 54,232 | |||
Natura Naturals Holdings Inc [Member] | Class 2 Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Class 2 common stock issued on closing | [1],[2],[3] | $ 15,099 | ||
Smith & Sinclair Ltd. [Member] | ||||
Business Acquisition [Line Items] | ||||
Cash paid on closing | $ 2,420 | |||
Contingent consideration | 1,812 | |||
Subscription rights | 20 | |||
Total fair value of consideration transferred | 7,421 | |||
Smith & Sinclair Ltd. [Member] | Class 2 Common Stock [Member] | ||||
Business Acquisition [Line Items] | ||||
Class 2 common stock issued on closing | [1],[2],[3] | $ 3,189 | ||
[1] | (1) For the acquisition of Manitoba Harvest, 1,209,946 shares of Class 2 common stock were issued on closing and 899,306 shares of Class 2 common stock were issued six months after closing. | |||
[2] | (2) For the acquisition of Natura, 180,332 shares of Class 2 common stock were issued on closing. | |||
[3] | (5) For the acquisition of S&S, 79,289 shares of Class 2 common stock were issued on closing. | |||
[4] | (3) The fair value of the Company’s previously held interest in Natura on the acquisition date was determined based on the fair value of total consideration transferred and reflected book value on the acquisition date. | |||
[5] | (4) The Company held C$3,000 convertible debt of Natura at the acquisition date. On acquisition, this debt and related accrued interest was effectively settled. |
Business Combinations - Sched_4
Business Combinations - Schedule of Final Purchase Price (Parenthetical) (Detail) - Class 2 Common Stock [Member] - CAD ($) $ in Thousands | Aug. 28, 2019 | Jul. 11, 2019 | Feb. 28, 2019 | Feb. 15, 2019 |
Manitoba Harvest [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock issued | 899,306 | 1,209,946 | ||
Natura Naturals Holdings Inc [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock issued | 180,332 | |||
Convertible debt | $ 3,000 | |||
S & S Acquisition [Member] | ||||
Business Acquisition [Line Items] | ||||
Common stock issued | 79,289 |
Business Combinations - Sched_5
Business Combinations - Schedule of Pro Forma Information (Detail) - Manitoba Harvest and Natura [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Acquisition [Line Items] | ||
Revenue | $ 178,885 | $ 107,786 |
Net loss | $ (325,760) | $ (74,444) |
Net loss per share - basic and diluted | $ (3.24) | $ (0.90) |
Business Combinations - Sched_6
Business Combinations - Schedule of Acquisition Related (Income) Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Business Combinations [Abstract] | ||
Acquisition and integration expenses | $ 15,487 | $ 248 |
Change in fair value of contingent consideration | (46,914) | |
Total | $ (31,427) | $ 248 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 12, 2021 | Feb. 17, 2021 | Dec. 31, 2020 | Dec. 31, 2018 | Feb. 09, 2021 |
Subsequent Event [Line Items] | |||||
Warrant exercised | (11,750,000) | ||||
Convertible note payment received | $ 460,269 | ||||
Subsequent Event [Member] | |||||
Subsequent Event [Line Items] | |||||
Warrant exercised | 12,666,000 | ||||
Warrant exercise price | $ 5.95 | ||||
Proceeds from warrant exercises | $ 75,363 | ||||
Warrants outstanding | $ 80,000 | ||||
Prepayment and early termination of convertible note | $ 2,500 | ||||
Convertible note payment received | $ 2,500 |
Schedule of Quarterly Financial
Schedule of Quarterly Financial Data (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||||||
Dec. 30, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||||
Revenue | $ 56,560 | $ 51,406 | $ 50,414 | $ 52,102 | $ 46,936 | $ 51,101 | $ 45,904 | $ 23,038 | $ 210,482 | $ 166,979 | $ 43,130 | ||||||||
Gross profit | 16,642 | 3,330 | (5,824) | 10,507 | (57,007) | 15,853 | 12,273 | 5,385 | 24,655 | (23,496) | 14,275 | ||||||||
Operating loss | (21,282) | (32,772) | (75,820) | (71,250) | (216,624) | (23,785) | (32,961) | (28,332) | |||||||||||
Net loss | $ (2,947) | $ (2,316) | $ (81,687) | $ (184,123) | $ (219,148) | $ (36,351) | $ (36,301) | $ (29,369) | $ (271,073) | $ (321,169) | $ (67,723) | ||||||||
Net loss per share - basic and diluted | $ (0.02) | [1] | $ (0.02) | [1] | $ (0.65) | [1] | $ (1.73) | [1] | $ (2.14) | [1] | $ (0.37) | [1] | $ (0.37) | [1] | $ (0.31) | [1] | $ (2.15) | $ (3.20) | $ (0.82) |
[1] | Earnings per share for the four quarters combined may not equal earnings per share for the year due to rounding. |