Document and Entity Information
Document and Entity Information | 12 Months Ended |
Mar. 31, 2019shares | |
Document And Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Mar. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Trading Symbol | CGC |
Entity Registrant Name | CANOPY GROWTH CORPORATION |
Entity Central Index Key | 0001737927 |
Current Fiscal Year End Date | --03-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Entity Common Stock Shares Outstanding | 337,510,408 |
Consolidated Statements of Fina
Consolidated Statements of Financial Position - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 2,480,830 | $ 322,560 |
Marketable securities | 2,034,133 | |
Amounts receivable | 106,974 | 21,425 |
Biological assets | 78,975 | 16,348 |
Inventory | 262,105 | 101,607 |
Prepaid expenses and other current assets | 107,123 | 19,837 |
Current assets other than non-current assets classified as held for sale | 5,070,140 | 481,777 |
Investments in equity method investees | 112,385 | 63,106 |
Other financial assets | 363,427 | 163,463 |
Property, plant and equipment | 1,096,340 | 303,682 |
Intangible assets | 519,556 | 101,526 |
Goodwill | 1,544,055 | 314,923 |
Other long-term assets | 25,902 | 8,340 |
Total assets | 8,731,805 | 1,436,817 |
Current liabilities | ||
Accounts payable and accrued liabilities | 226,533 | 89,571 |
Current portion of long-term debt | 103,716 | 1,557 |
Other current liabilities | 81,414 | 900 |
Current liabilities | 411,663 | 92,028 |
Long-term debt | 842,259 | 6,865 |
Deferred tax liability | 96,031 | 33,536 |
Other long-term liabilities | 140,404 | 61,150 |
Total liabilities | 1,490,357 | 193,579 |
Commitments and contingencies | ||
Shareholders' equity | ||
Share capital | 6,026,618 | 1,076,838 |
Other reserves | 1,673,472 | 127,418 |
Accumulated other comprehensive income | 28,630 | 46,166 |
Deficit | (777,087) | (91,649) |
Equity attributable to Canopy Growth Corporation | 6,951,633 | 1,158,773 |
Non-controlling interests | 289,815 | 84,465 |
Total equity | 7,241,448 | 1,243,238 |
Total liabilities and equity | $ 8,731,805 | $ 1,436,817 |
Consolidated Statements of Oper
Consolidated Statements of Operations - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Statement [Abstract] | ||
Revenue | $ 253,431 | $ 77,948 |
Excise taxes | 27,090 | |
Net revenue | 226,341 | 77,948 |
Inventory production costs expensed to cost of sales | 175,425 | 40,213 |
Gross margin before the undernoted | 50,916 | 37,735 |
Fair value changes in biological assets included in inventory sold and other inventory charges | 129,536 | 67,861 |
Unrealized gain on changes in fair value of biological assets | (167,550) | (96,721) |
Gross margin | 88,930 | 66,595 |
Sales and marketing | 154,392 | 38,203 |
Research and development | 15,238 | 1,453 |
General and administration | 168,434 | 43,819 |
Acquisition-related costs | 23,394 | 3,406 |
Share-based compensation expense | 182,837 | 29,631 |
Share-based compensation expense related to acquisition milestones | 100,164 | 19,475 |
Depreciation and amortization | 21,510 | 12,889 |
Operating expenses | 665,969 | 148,876 |
Loss from operations | (577,039) | (82,281) |
Share of loss on equity investments | (10,752) | (1,473) |
Other (expense) income, net | (69,985) | 31,213 |
Total other (expense) income, net | (80,737) | 29,740 |
Loss before income taxes | (657,776) | (52,541) |
Income tax expense | (12,318) | (1,593) |
Net loss | (670,094) | (54,134) |
Net (loss) income attributable to: | ||
Canopy Growth Corporation | (685,438) | (70,353) |
Non-controlling interests | $ 15,344 | $ 16,219 |
Net loss per share, basic and diluted | ||
Net loss per share: | $ (2.57) | $ (0.40) |
Weighted average number of outstanding common shares: | 266,997,406 | 177,301,767 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Statement Of Comprehensive Income [Abstract] | ||
Net loss | $ (670,094) | $ (54,134) |
Other comprehensive income (loss) that will not be reclassified to net income (loss) | ||
Fair value changes on equity instruments at FVOCI | (8,343) | 38,673 |
Fair value changes on available for sale financial assets | 38,673 | |
Fair value changes of own credit risk of financial liabilities designated at FVTPL | (47,130) | |
Deferred income tax recovery (expense) on the above items | 1,092 | (4,982) |
Total other comprehensive income (loss) that will not be reclassified to net income (loss) | (54,381) | 33,691 |
Other comprehensive income (loss) that may be reclassified to net income (loss) | ||
Foreign currency translation | 40,617 | 410 |
Total other comprehensive income (loss) that will be reclassified to net income (loss) | 40,617 | 410 |
Other comprehensive (loss) income | (13,764) | 34,101 |
Comprehensive loss | (683,858) | (20,033) |
Comprehensive (loss) income attributable to: | ||
Canopy Growth Corporation | (702,974) | (40,285) |
Non-controlling interests | 19,116 | 20,252 |
Comprehensive loss | $ (683,858) | $ (20,033) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Shareholders' Equity - CAD ($) $ in Thousands | Total | BC Tweed | Share Issue Costs $2,448Canopy Rivers Corporation | Share Issue Costs $3,371Canopy Rivers Corporation | Share capital | Share capitalBC Tweed | Share-based reserve | Share-based reserveBC Tweed | Warrants | Ownership changes | Ownership changesBC Tweed | Ownership changesShare Issue Costs $2,448Canopy Rivers Corporation | Ownership changesShare Issue Costs $3,371Canopy Rivers Corporation | Exchange Differences | Fair value changes, net of tax | Deficit | Non-controlling interests [member] | Non-controlling interests [member]Share Issue Costs $2,448Canopy Rivers Corporation | Non-controlling interests [member]Share Issue Costs $3,371Canopy Rivers Corporation |
Balance at Mar. 31, 2017 | $ 639,726 | $ 621,541 | $ 23,415 | $ 198 | $ 15,900 | $ (21,296) | $ (32) | ||||||||||||
Balance, Shares at Mar. 31, 2017 | 162,187,262 | ||||||||||||||||||
Equity financings and private placements | $ 461,017 | 390,752 | $ 70,265 | ||||||||||||||||
Equity financings and private placements, Shares | 27,782,491 | ||||||||||||||||||
Issuance of shares from acquisitions | $ 32,240 | 30,248 | 689 | 1,303 | |||||||||||||||
Issuance of shares for acquisition, Shares | 4,515,879 | ||||||||||||||||||
Exercise of warrants | $ 770 | 1,883 | (1,113) | ||||||||||||||||
Exercise of warrants, Shares | 207,297 | ||||||||||||||||||
Exercise of Omnibus Plan stock options | $ 11,053 | 19,197 | (8,144) | ||||||||||||||||
Exercise of Omnibus plan stock options, Shares | 3,912,946 | ||||||||||||||||||
Other share issuances | $ 4,220 | 9,795 | (5,575) | ||||||||||||||||
Other share issuances, Shares | 715,106 | ||||||||||||||||||
Other share issue costs | $ (206) | (206) | |||||||||||||||||
Tax benefit associated with share issue costs | 3,628 | 3,628 | |||||||||||||||||
Share-based compensation | 47,597 | 47,597 | |||||||||||||||||
NCI arising from Canopy Rivers financing | $ 55,722 | $ (55) | $ 55,777 | ||||||||||||||||
Additional non-controlling interest relating to share-based payment | 3,579 | 3,579 | |||||||||||||||||
NCI arising from acquisitions and ownership changes | 3,925 | $ (964) | 4,889 | ||||||||||||||||
Net loss | (54,134) | (70,353) | 16,219 | ||||||||||||||||
Other comprehensive income | 34,101 | 410 | 29,658 | 4,033 | |||||||||||||||
Balance at Mar. 31, 2018 | $ 1,243,238 | 1,076,838 | 57,982 | 70,455 | (1,019) | 608 | 45,558 | (91,649) | 84,465 | ||||||||||
Balance, Shares at Mar. 31, 2018 | 199,320,981 | ||||||||||||||||||
Constellation investment | $ 5,060,400 | 3,558,640 | 1,501,760 | ||||||||||||||||
Constellation investment, Shares | 104,500,000 | ||||||||||||||||||
Issuance of shares from acquisitions | $ 979,306 | 947,470 | 31,836 | ||||||||||||||||
Issuance of shares for acquisition, Shares | 18,293,872 | ||||||||||||||||||
Exercise of warrants | $ 18,790 | 31,691 | (12,901) | ||||||||||||||||
Exercise of warrants, Shares | 457,002 | ||||||||||||||||||
Exercise of Omnibus Plan stock options | $ 48,159 | 92,985 | (44,826) | ||||||||||||||||
Exercise of Omnibus plan stock options, Shares | 5,318,923 | ||||||||||||||||||
Acquisition of NCI | $ (996) | $ 44,350 | 3,730 | $ 201,883 | $ 265,253 | (5,057) | $ (422,786) | 331 | |||||||||||
Acquisition of NCI, Shares | 60,844 | 5,091,523 | |||||||||||||||||
Other share issuances | $ 17,867 | 70,104 | (52,237) | ||||||||||||||||
Other share issuances, Shares | 3,152,477 | ||||||||||||||||||
Other share issue costs | $ (1,131) | (1,131) | |||||||||||||||||
Share-based compensation | 269,139 | 269,139 | |||||||||||||||||
Equity component of Hiku convertible debt | 949 | 949 | |||||||||||||||||
Ownership change arising from changesin non-controlling interest | 680 | (504) | 1,184 | ||||||||||||||||
NCI arising from Canopy Rivers financing | $ 147,555 | $ 5,246 | $ 142,309 | ||||||||||||||||
Canopy Rivers warrants reclassed from liabilityto equity | 28,512 | 28,512 | |||||||||||||||||
Additional non-controlling interest relating to share-based payment | 13,893 | (5) | 13,898 | ||||||||||||||||
Net loss | (670,094) | (685,438) | 15,344 | ||||||||||||||||
Other comprehensive income | (13,764) | 40,617 | (58,153) | 3,772 | |||||||||||||||
Balance at Mar. 31, 2019 | $ 7,241,448 | 6,026,618 | 507,672 | 1,589,925 | $ (424,125) | $ 41,225 | $ (12,595) | $ (777,087) | $ 289,815 | ||||||||||
Balance, Shares at Mar. 31, 2019 | 337,510,408 | ||||||||||||||||||
Acquisition of NCI release from escrow | $ 42,217 | $ (42,217) | |||||||||||||||||
Acquisition of NCI release from escrow, Shares | 1,261,915 | ||||||||||||||||||
Issuance and vesting of restricted share units | $ 2,248 | $ 2,191 | 57 | ||||||||||||||||
Issuance and vesting of restricted share units, Shares | 52,871 | ||||||||||||||||||
Replacement options and warrants for Hiku and CHI | $ 52,347 | $ 21,736 | $ 30,611 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Shareholders' Equity (Parenthetical) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Canopy Rivers Corporation | Share Issue Costs $2,448 | ||
Share issue costs | $ 2,448 | |
Canopy Rivers Corporation | Share Issue Costs Two | ||
Share issue costs | $ 6,350 | |
Constellation Brands Inc | ||
Share issue costs | 12,100 | |
BC Tweed | ||
Share issue costs | $ 250 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Operating | ||
Net loss | $ (670,094) | $ (54,134) |
Adjustments for: | ||
Depreciation of property, plant and equipment | 30,062 | 8,725 |
Amortization of intangible assets | 16,856 | 11,761 |
Share of loss on equity investments | 10,752 | 1,473 |
Fair value changes in biological assets included in inventory sold and other charges | 129,536 | 67,861 |
Unrealized gain on changes in fair value of biological assets | (167,550) | (96,721) |
Share-based compensation | 287,782 | 51,177 |
Other assets | (19,359) | (1,853) |
Other liabilities | 54,345 | 0 |
Other income and expense | 75,786 | (37,494) |
Income tax expense | 12,318 | 1,593 |
Non-cash foreign currency | (18,776) | (201) |
Changes in non-cash operating working capital items | (262,168) | (33,693) |
Net cash used in operating activities | (520,510) | (81,506) |
Investing | ||
Purchases and deposits of property, plant and equipment | (644,456) | (176,037) |
Purchases of intangible assets | (38,290) | (2,132) |
Proceeds on disposals of property and equipment | 75 | |
Purchases of marketable securities | (2,029,812) | (118) |
Proceeds on assets classified as held for sale | 7,000 | |
Investments in equity method investees | (36,896) | (26,179) |
Investments in other financial assets | (91,337) | (22,439) |
Net cash outflow on acquisition of NCI | (6,712) | |
Net cash outflow on acquisition of subsidiaries | (380,482) | (3,753) |
Net cash used in investing activities | (3,227,985) | (223,583) |
Financing | ||
Payment of share issue costs | (21,646) | (10,008) |
Proceeds from issuance of common shares and warrants | 5,072,500 | 470,670 |
Proceeds from issuance of shares by Canopy Rivers | 154,976 | 54,876 |
Proceeds from exercise of stock options | 48,159 | 11,053 |
Proceeds from exercise of warrants | 18,790 | 770 |
Issuance of long-term debt | 600,000 | |
Payment of long-term debt issue costs | (16,380) | |
Payment of interest on long-term debt | (14,521) | |
Repayment of long-term debt | (4,680) | (1,512) |
Net cash provided by financing activities | 5,837,198 | 525,849 |
Effect of exchange rate changes on cash and cash equivalents | 69,567 | |
Net cash inflow | 2,158,270 | 220,760 |
Cash and cash equivalents, beginning of period | 322,560 | 101,800 |
Cash and cash equivalents, end of period | $ 2,480,830 | $ 322,560 |
Description of Business
Description of Business | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Business Description [Abstract] | |
Description of Business | 1. Canopy Growth Corporation (“Canopy Growth”) is a publicly traded corporation, incorporated in Canada, with its head office located at 1 Hershey Drive, Smiths Falls, Ontario with its common shares listed on the TSX, under the trading symbol “WEED” and as of May 24, 2018 on the NYSE, under the trading symbol “CGC”. References in these consolidated financial statements to “Canopy Growth” or “the Company” refer to Canopy Growth Corporation and its direct and indirect subsidiaries. The principal activities of the Company are the production, distribution and sale of cannabis as regulated by the Access to Cannabis for Medical Purposes Regulations (“ACMPR”) in Canada, up to and including October 16, 2018. On October 17, 2018, the ACMPR was superseded by The Cannabis Act which regulates the production, distribution, and possession of cannabis for both medical and adult recreational access in Canada. The Company is also expanding to jurisdictions outside of Canada where federally lawful and regulated for cannabis and/or hemp including subsidiaries which operate in the United States, Europe, Latin America and the Caribbean, Asia / Pacific, and Africa. Through its partially owned subsidiary Canopy Rivers Inc. (“Canopy Rivers”), the Company also provides growth capital and a strategic support platform that pursues investment opportunities in the global cannabis sector, where federally lawful. |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Basis Of Presentation [Abstract] | |
Basis of Presentation | 2. Basis of presentation (a) Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board ("IASB"). These consolidated financial statements were approved by the Board of Directors and authorized for issuance by the Board of Directors on June 21, 2019. All figures are presented in thousands of Canadian dollars unless otherwise noted. (b) Basis of presentation These consolidated financial statements have been prepared on a historical cost basis except for biological assets and certain financial assets and liabilities which are measured at fair value. (i) Consolidation These consolidated financial statements are comprised of the financial results of the Company and its subsidiaries, which are the entities over which Canopy Growth has control. An investor controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and can affect those returns through its power over the investee. Non-controlling interests in the equity of Canopy Growth’s subsidiaries are shown separately in equity in the consolidated statements of financial position. Information on the Company’s subsidiaries with non-controlling interests is included in Note 20. Acquisitions of subsidiaries and businesses are accounted for using the acquisition method. The Company measures goodwill as the fair value of the consideration transferred, including the recognized amount of any non-controlling interest in the acquiree, less the net recognized amount of the identifiable assets and liabilities assumed, all measured as of the acquisition date. Any excess of the fair value of the net assets acquired over the assumed consideration paid is recognized as a gain in the consolidated statements of operations. The Company elects on a transaction-by-transaction basis whether to measure non-controlling interest at its fair value or at its proportionate share of the recognized amount of the identifiable net assets, at the acquisition date. Transaction costs, other than those associated with the issue of debt or equity securities, that the Company incurs in connection with a business combination are expensed as incurred. Refer to Note 27 for additional information on the Company’s acquisitions. (ii) Investments accounted for using the equity method Investments accounted for using the equity method include investments in associates, which are entities over which the Company exercises significant influence, and joint arrangements representing joint ventures. Significant influence is the power to participate in the financial and operating policy decisions of the investee but without control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the net assets of the joint arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. The Company accounts for its investments in associates and joint ventures using the equity method of accounting. Under the equity method, investments in associates and joint ventures are initially recognized in the consolidated statements of financial position at cost, and subsequently adjusted for the Company’s share of the net income (loss), comprehensive income (loss) and distributions of the investee. The carrying value is assessed for impairment at each statement of financial position date. Refer to Note 11 for additional information on the Company’s investments accounted for using the equity method. |
Adoption Of New And Revised Sta
Adoption Of New And Revised Standards And Change In Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Adoption Of New And Revised Standards And Change In Accounting Policies [Abstract] | |
Adoption Of New And Revised Standards And Change In Accounting Policies | 3. Adoption of new and revised standards and change in accounting policies (a) New and revised IFRS standards that are effective for the current year The Company has adopted the following new or amended IFRS standards for the interim and annual periods beginning on April 1, 2018. (i) IFRS 15, Revenue from Contracts with Customers (“IFRS 15”) IFRS 15 specifies how and when revenue should be recognized based on a five-step model, which is applied to all contracts with customers. The Company has applied IFRS 15 retrospectively and determined that there is no change to the comparative periods or transitional adjustments required as a result of the adoption of this standard. The Company’s accounting policy for revenue recognition under IFRS 15 is to follow a five-step model to determine the amount and timing of revenue to be recognized: 1. Identifying the contract with a customer 2. Identifying the performance obligations within the contract 3. Determining the transaction price 4. Allocating the transaction price to the performance obligations 5. Recognizing revenue when/as performance obligation(s) are satisfied. Revenue from the sale of cannabis to medical and recreational customers is recognized when the Company transfers control of the good to the customer. In some cases, judgement is required in determining whether the customer is a business or the end consumer. This evaluation was made on the basis of whether the business obtains control of the product before transferring to the end consumer. Control of the product transfers at a point in time either upon shipment to or receipt by the customer, depending on the contractual terms. The Company recognizes revenue in an amount that reflects the consideration that the Company expects to receive taking into account any variation that may result from rights of return. The pattern and timing of revenue recognition under the new standard is consistent with prior year practice. There were no adjustments recognized on the adoption of IFRS 15 in the year ended March 31, 2019. (ii) IFRS 9, Financial Instruments ("IFRS 9") IFRS 9 uses a single approach to determine whether a financial asset is measured at amortized cost or fair value, replacing the multiple rules in IAS 39, Financial Instruments: Recognition and Measurement The assessment of the Company’s business models for managing its financial assets was made as of the date of initial application of April 1, 2018 or on initial recognition. The assessment of whether contractual cash flows on debt investments meet the SPPI test was made based on the facts and circumstances as at the initial recognition of the financial assets. Financial assets Initial recognition The Company initially recognizes financial assets at fair value on the date that the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial asset when the contractual rights to the cash flows from the asset expire, or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Classification and measurement Under IFRS 9, financial assets are initially measured at fair value. In the case of a financial asset not categorized as fair value through profit or loss (“FVTPL”), transaction costs are included. Transaction costs of financial assets carried at FVTPL are expensed in net income (loss). Subsequent classification and measurement of financial assets depends on the Company’s business objective for managing the asset and the cash flow characteristics of the asset: (i) Amortized cost – Financial assets held for collection of contractual cash flows that meet the SPPI test are measured at amortized cost. Interest income is recognized as Other income (expense) in the consolidated financial statements, and gains/losses are recognized in net income (loss) when the asset is derecognized or impaired. (ii) Fair value through other comprehensive income (“FVOCI”) – Financial assets held to achieve a particular business objective other than short-term trading are designated at FVOCI. IFRS 9 also provides the ability to make an irrevocable election at initial recognition of a financial asset, on an instrument-by-instrument basis, to designate an equity investment that would otherwise be classified as FVTPL and that is neither held for trading nor contingent consideration arising from a business combination to be classified as FVOCI. There is no recycling of gains or losses through net income (loss). Upon derecognition of the asset, accumulated gains or losses are transferred from Other comprehensive income (“OCI”) directly to Deficit. The Company has elected to measure its investments in the equity instruments of TerrAscend Corp. (“TerrAscend”), AusCann Group Holdings Ltd. (“AusCann”), James E. Wagner Cultivation Ltd. (“JWC”), HydRx Farms Ltd. (“HydRx”), 48North Cannabis Corp. (“48North”), LiveWell Foods Canada Inc. (“LiveWell”), Solo Growth Corporation (“Solo Growth”), Headset Inc. (“Headset”), Good Leaf, Inc. (“Good Leaf”) and certain other investees, all of which are included in Other financial assets on the consolidated statements of financial position (see Note 12), at FVOCI on transition or initial recognition as these investments are long-term and strategic in nature, and net changes in fair value are more suited to be presented in OCI. (iii) FVTPL – Financial assets that do not meet the criteria for amortized cost or FVOCI are measured at FVTPL Other financial assets includes repayable debentures/royalty interests in Agripharm Corporation (“Agripharm”), Radicle Medical Marijuana Inc (“Radicle”) and JWC that were classified as loans and receivables and measured at amortized cost under IAS 39. Under IFRS 9, these investments are classified and measured at FVTPL as they fail the SPPI test. The change in classification of the investments did not impact their carrying amount on the transition date. Other financial assets also include a convertible debenture in Civilized Worldwide Inc. (“Civilized”) which is classified and measured at FVTPL as it fails the SPPI test. Financial liabilities The Company initially recognizes financial liabilities at fair value on the date at which the Company becomes a party to the contractual provisions of the instrument. The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. The subsequent measurement of financial liabilities is determined based on their classification as follows: (i) FVTPL – Derivative financial instruments entered into by the Company that do not meet hedge accounting criteria are classified as FVTPL. Gains or losses on these types of financial liabilities are recognized in net income (loss). (ii) Amortized cost – All other financial liabilities are classified as amortized cost using the effective interest method. Gains and losses are recognized in net income (loss) when the liabilities are derecognized as well as through the amortization process. Consistent with IAS 39, all financial liabilities held by the Company under IFRS 9, other than the convertible senior notes (see Note 16), are initially measured at fair value and subsequently measured at amortized cost. The convertible senior notes issued by the Company in June 2018 have been designated at FVTPL upon initial recognition as permitted by IFRS 9 as the notes contains multiple embedded derivatives. The following table summarizes the original measurement categories under IAS 39 and the new measurement categories under IFRS 9 for each class of the Company’s financial assets and financial liabilities: IAS 39 Classification IFRS 9 Classification Cash and cash equivalents FVTPL Amortized cost Marketable securities Not applicable FVTPL Accounts receivable Loans and receivables Amortized cost Interest receivable Loans and receivables Amortized cost Other financial assets Available for sale, loans and receivables, and FVTPL FVOCI and FVTPL Accounts payable and accrued liabilities Other liabilities Amortized cost Long-term debt Other liabilities Amortized cost Convertible senior notes Not applicable FVTPL Vert Mirabel Put Liability FVTPL FVTPL Acquisition consideration related liabilities FVTPL FVTPL Impairment Under IFRS 9, the Company is required to apply an expected credit loss (“ECL”) model to all debt financial assets not held at FVTPL, where credit losses that are expected to transpire in futures years are provided for, irrespective of whether a loss event has occurred or not as at the statement of financial position date. For trade receivables, the Company has applied the simplified approach under IFRS 9 and has calculated ECLs based on lifetime expected credit losses taking into considerations historical credit loss experience and financial factors specific to the debtors and general economic conditions. The Company has assessed the impairment of its amounts receivable using the expected credit loss model, and no material difference was noted. The adoption of IFRS 9 did not result in any material transition adjustments recognized as of April 1, 2018. (b) New and revised IFRS standards in issue but not yet effective IFRS 16 was issued by the IASB in January 2016 and brings most leases onto the statement of financial position for lessees under a single model, eliminating the distinction between operating and finance leases. Under IFRS 16, a lessee recognizes a right-of-use asset and a lease liability. The right-of-use asset is treated similarly to other non-financial assets and depreciated accordingly, and the liability accrues interest. The lease liability is initially measured at the present value of the lease payments payable over the lease term, discounted at the rate implicit in the lease or an entity's incremental borrowing rate if the implicit rate cannot be readily determined. Lessees are permitted to make an election for leases with a term of 12 months or less, or where the underlying asset is of low value and not recognize lease assets and lease liabilities. The expense associated with these leases can be recognized on a straight-line basis over the lease term or on another systematic basis. A lessee will apply IFRS 16 to its leases either retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of initially applying IFRS 16 being recognized at the date of initial application. IFRS 16 is effective for the Company for its year beginning April 1, 2019 with early adoption permitted. The Company is continuing to assess the impact of this new standard on its financial position and financial performance. Amendments to IFRS 3, Business Combinations (“IFRS 3”) In October 2018, the IASB issued “Definition of a Business (Amendments to IFRS 3)”. The amendments clarify the definition of a business, with the objective of assisting entities to determine whether a transaction should be accounted for as a business combination or as an asset acquisition. The amendment provides an assessment framework to determine when a series of integrated activities is not a business. The amendments are effective for business combinations and asset acquisitions occurring on or after the beginning of the first annual reporting period beginning on or after January 1, 2020. (c) Change in accounting policies Effective April 1, 2018, the Company has changed its accounting policy with respect to production and fulfillment related depreciation. Prior to this change the Company expensed all depreciation and amortization costs as operating expenses. The Company now capitalizes production related depreciation and amortization to biological assets and inventory and expenses this depreciation to costs of goods sold as inventory is sold. In addition, depreciation and amortization associated with shipping and fulfillment is now recorded to cost of goods sold as incurred. Previously this depreciation and amortization was grouped with other depreciation and amortization on the consolidated statements of operations. The Company believes that the revised policy and presentation provides more relevant financial information to users of the consolidated financial statements. The Company’s revised accounting policies are as follows: Biological assets The Company’s biological assets consist of cannabis plants. The Company capitalizes all the direct and indirect costs as incurred related to the biological transformation of the biological assets between the point of initial recognition and the point of harvest including labour related costs, grow consumables, materials, utilities, facilities costs, quality and testing costs, and production related depreciation. The Company then measures the biological assets at fair value less cost to sell up to the point of harvest, which becomes the basis for the cost of finished goods inventories after harvest. Cost to sell includes post-harvest production, shipping and fulfillment costs. The net unrealized gains or losses arising from changes in fair value less cost to sell during the year are included in the consolidated statements of operations of the related reporting year. Seeds are measured at fair value. Inventories Inventories of harvested work-in-process and finished goods are valued at the lower of cost and net realizable value. Inventories of harvested cannabis are transferred from biological assets at their fair value less cost to sell up to the point of harvest, which becomes the initial deemed cost. All subsequent direct and indirect post-harvest costs are capitalized to inventory as incurred, including labour related costs, consumables, materials, packaging supplies, utilities, facilities costs, quality and testing costs, and production related depreciation. Net realizable value is determined as the estimated selling price in the ordinary course of business less the estimated costs of completion and the estimated costs necessary to make the sale. Inventories for resale and supplies and consumables are valued at the lower of costs and net realizable value, with cost determined using the weighted average cost basis. The line item “Inventory production costs expensed to cost of sales” in the consolidated statements of operations is comprised of the cost of inventories expensed in the year and the direct and indirect costs of shipping and fulfillment including labour related costs, materials, shipping costs, customs and duties, royalties, utilities, facilities costs, and shipping and fulfillment related depreciation. The change in accounting policy has been applied retrospectively. The Company has restated the comparative figures in the consolidated statements of operations and the consolidated statements of cash flows. The following tables summarize the effects of the change described above on the line items in the consolidated statements of operations and statements of cash flows for the year ended March 31, 2018, respectively: As previously As For the year ended March 31, 2018 reported Adjustment restated Revenue 77,948 - 77,948 Inventory production costs expensed to cost of sales 37,790 2,423 40,213 Gross margin before the undernoted 40,158 (2,423 ) 37,735 Fair value changes in biological assets included in inventory sold and other inventory charges 66,268 1,593 67,861 Unrealized gain on changes in fair value of biological assets (100,302 ) 3,581 (96,721 ) Gross margin 74,192 (7,597 ) 66,595 Depreciation and amortization 20,486 (7,597 ) 12,889 As previously As For the year ended March 31, 2018 reported Adjustment restated Operating cash flows Fair value changes in biological assets included in inventory sold and other inventory charges 66,268 1,593 67,861 Unrealized gain on changes in fair value of biological assets (100,302 ) 3,581 (96,721 ) Changes in non-cash operating working capital items (28,519 ) (5,174 ) (33,693 ) |
Significant Accounting Policies
Significant Accounting Policies | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Significant Accounting Policies | 4. Significant accounting policies (a) Foreign currency translation In preparing the financial statements of individual entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at exchange rates in effect on the date of the transactions. At each reporting date monetary assets and liabilities denominated in foreign currencies are re-translated at the exchange rates applicable at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized through net income (loss). For the purposes of presenting consolidated financial statements the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising from acquisition, are translated into Canadian dollars at the exchange rates applicable at the date of the consolidated statements of financial position. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in Other comprehensive income and accumulated in equity. (b) Cash and cash equivalents Cash consists of bank account balances and cash on hand. Cash equivalents consist of highly liquid marketable securities and term deposits with original maturities of three months or less, and are stated at cost, which approximates fair value. (c) Property, plant and equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Depreciation is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: Buildings and greenhouses 20 - 40 years Production and warehouse equipment 3 - 30 years Leasehold improvements 3 - 20 years Computer equipment 3 - 5 years Office and lab equipment 3 - 10 years An asset’s residual value, useful life and depreciation method are reviewed annually and adjusted if appropriate. When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item are determined by comparing the proceeds from disposal with the carrying amount of the item and recognized in net income (loss). Assets under finance lease are amortized according to their asset category. Assets in process are transferred to the appropriate asset class when available for use and depreciation of the assets commences at that point. (d) Intangible assets Finite-lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is provided on a straight-line basis over the following terms: Health Canada licenses Useful life of facility or lease term Licensed brands 5 - 8 years Distribution channel 5 years Operating licenses 4 years Intellectual property 15 years Software and domain names 3 - 5 years The estimated useful life and amortization method are reviewed at the end of each reporting year, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are comprised of certain acquired brand name, product rights, and licenses to grow which are carried at cost less accumulated impairment losses. Indefinite life intangible assets are not amortized, but are tested for impairment annually and when there is an indication of impairment. (e) Impairment of long-lived assets Long-lived assets, including property, plant and equipment and intangible assets are tested for impairment when there are indicators of impairment at each statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. Intangible assets with an indefinite useful life are tested for impairment at least annually in the fourth quarter and whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or "CGU"). The recoverable amount of an asset or a CGU is the higher of its fair value, less costs to sell, and its value in use. If the carrying amount of an asset exceeds its recoverable amount, an impairment charge is recognized immediately in net income (loss) equal to the amount by which the carrying amount exceeds the recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognized previously. (f) Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Currently, the Company has two reportable segments, the Cannabis operations segment and Canopy Rivers segment. The Company has determined that the goodwill associated with all acquisitions belongs to the Cannabis operations segment as this is the segment that holds the acquired entities and the lowest level at which management monitors goodwill. Goodwill is measured at historical cost and is evaluated for impairment annually in the fourth quarter or more often if events or circumstances indicate there may be an impairment. CGUs have been grouped for purposes of impairment testing. Impairment is determined for goodwill by assessing if the carrying value of CGUs which comprise the CGU segment, including goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of the CGUs are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGUs. Any goodwill impairment is recorded in income in the reporting year in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. (g) Leased assets The Company leases some items of property, plant and equipment. A lease of property, plant and equipment is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the Company. A lease of property, plant and equipment is classified as an operating lease whenever the terms of the lease do not transfer substantially all of the risks and rewards of ownership to the lessee. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which the economic benefits are consumed. (h) Assets held for sale Assets and liabilities held for disposal are no longer depreciated and are presented separately in the consolidated statements of financial position at the lower of their carrying amount and fair value less costs to sell. An asset is regarded as held for sale if its carrying amount will be recovered principally through a sale transaction, rather than through continuing use. For this to be the case, the asset must be available for immediate sale and its sale must be highly probable. (i) Research and development Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Other development expenditures are recognized in net income (loss) as incurred. (j) Income taxes The Company uses the liability method to account for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities for accounting purposes, and their respective tax bases. Deferred income tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted applied to taxable income in the reporting years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in statutory tax rates is recognized in net income (loss) in the year of change. Deferred income tax assets are recorded when their recoverability is considered probable and are reviewed at the end of each reporting year. (k) Share-based compensation The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation expense over the vesting period based on the Company’s estimate of equity instruments that will eventually vest. Expected forfeitures are estimated at the date of grant and subsequently adjusted if further information indicates actual forfeitures may vary from the original estimate. The impact of the revision of the original estimate is recognized in net income (loss) such that the cumulative expense reflects the revised estimate. For share-based payments granted to non-employees the compensation expense is measured at the fair value of the good and services received except where the fair value cannot be estimated in which case it is measured at the fair value of the equity instruments granted. The fair value of share-based compensation to non-employees is periodically re-measured until counterparty performance is complete, and any change therein is recognized over the reporting year and in the same manner as if the Company had paid cash instead of paying with or using equity instruments. Consideration paid by employees or non-employees on the exercise of stock options is recorded as share capital and the related share-based compensation is transferred from share-based reserve to share capital. (l) Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares. Basic earnings (loss) per share is calculated by dividing the net income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is determined by adjusting the net income (loss) attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares, which comprise warrants, share options issued, and convertible senior notes. (m) Critical judgments in applying accounting policies The following are the critical judgments, apart from those involving estimations (refer to (n) below), that have the most significant effect on the amounts recognized in the consolidated financial statements. (i) Business combinations Judgment is used in determining whether an acquisition is a business combination or an asset acquisition. Judgement is also required to assess whether the amounts paid on achievement of milestones represents contingent consideration or compensation for post-acquisition services. Judgment is also required to assess whether contingent consideration should be classified as equity or a liability. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as a liability is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in net income (loss). (ii) Control, joint control or level of influence When determining the appropriate basis of accounting for the Company’s interests in affiliates, the Company makes judgments about the degree of influence that it exerts directly or through an arrangement over the investees’ relevant activities. Information about these judgments is included in Note 11, 12 and 27. (n) Critical accounting estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. (i) Biological assets and inventory In calculating the value of the biological assets and inventory, management is required to make a number of estimates, including estimating the stage of growth of the cannabis up to the point of harvest, harvesting costs, selling costs, average or expected selling prices and list prices, expected yields for the cannabis plants, and oil conversion factors. In calculating final inventory values, management compares the inventory cost to estimated net realizable value. Further information on estimates used in determining the fair value of biological assets is contained in Note 8. (ii) Estimated useful lives and depreciation and amortization of property, plant and equipment and intangible assets Depreciation and amortization of property, plant and equipment and intangible assets are dependent upon estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts that take into account factors such as economic and market conditions and the useful lives of assets. (iii) Share-based compensation In calculating the share-based compensation expense, key estimates such as the rate of forfeiture of options granted, the expected life of the option, the volatility of the Company’s stock price and the risk-free interest rate are used. To calculate the share-based compensation expense related to key employee performance milestones associated with the terms of an acquisition, the Company must estimate the number of shares that will be earned and when they will be exercised based on estimated discounted probabilities. (iv) Fair value measurements Certain of the Company’s assets and liabilities are measured at fair value. In estimating fair value the Company uses market-observable data to the extent it is available. In certain cases where Level 1 inputs are not available the Company will engage third party qualified valuers to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of biological assets is disclosed in Note 8, the acquired intangible assets in Note 27(a), the retained interest in Agripharm in Note 27(d), and financial instruments in Note 31. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Mar. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Cash And Cash Equivalents | 5. Cash and Cash Equivalents Cash and cash equivalents are disaggregated as follows: March 31, March 31, 2019 2018 Cash $ 1,703,550 $ 322,560 Cash equivalents 777,280 - Total cash and cash equivalents $ 2,480,830 $ 322,560 |
Marketable Securities
Marketable Securities | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Marketable Securities [Abstract] | |
Marketable Securities | 6. MARKETABLE SECURITIES Marketable securities represent short-term investments not qualifying as cash equivalents. Marketable securities are recorded at fair value through profit and loss, and fair values have been determined based on quoted market prices. March 31, 2019 March 31, 2018 U.S. government securities $ 1,663,245 $ - Canadian government securities 369,288 - Term deposits 1,600 - Total marketable securities $ 2,034,133 $ - |
Amounts Receivable
Amounts Receivable | 12 Months Ended |
Mar. 31, 2019 | |
Trade And Other Current Receivables [Abstract] | |
Amounts Receivable | 7. amounts receivable Amounts receivable is comprised of: March 31, March 31, 2019 2018 Accounts receivable $ 61,830 $ 5,863 Indirect tax receivable 27,805 15,262 Interest receivable 7,193 300 Other receivables 10,146 - Total amounts receivable $ 106,974 $ 21,425 |
Biological Assets
Biological Assets | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Detailed Information About Biological Assets [Abstract] | |
Biological Assets | 8. Biological assets The Company’s biological assets consists of seeds and cannabis plants. The continuity of biological assets for the years ended March 31, 2019 and 2018 was as follows: March 31, March 31, 2019 2018 (Restated - see note 3) Balance, beginning of year $ 16,348 $ 14,725 Purchases of seeds - 271 Acquisition / (disposal) of biological assets due to acquisition / disposal of consolidated entity 184 (1,430 ) Unrealized gain on changes in fair value of biological assets 167,550 96,721 Increase in biological assets due to capitalized costs 92,733 20,890 Net write-off of biological assets (21,618 ) - Transferred to inventory upon harvest (176,222 ) (114,829 ) Balance, end of year $ 78,975 $ 16,348 Biological assets are valued in accordance with IAS 41, Agriculture The valuation of biological assets is based on a market approach where fair value at the point of harvest is estimated based on selling prices less the costs to sell at harvest. For in-process biological assets, the fair value at point of harvest is adjusted based on the stage of growth. Stage of growth is determined by reference to costs incurred to date as a percentage of total expected costs from inception to harvest. As at March 31, 2019, the average stage of growth for the biological assets was 42%, compared to an average stage of growth of 12% as at March 31, 2018. The significant unobservable inputs and their range of values are noted in the table below. The sensitivity analysis for each significant input is performed by assuming a 5% decrease while assuming all other inputs remain constant: Unobservable Inputs Range Weighted Average Decrease in Fair Value of Biological Assets at March 31, 2019 Estimated Yield per Plant – varies by strain and is obtained through historical growing results or grower estimate if historical results are not available. 25 grams/plant to 355 grams/plant 86 grams/plant $ (3,892 ) Average Selling Price of Dry Cannabis – varies by strain and is obtained through average selling prices or estimated future selling prices if historical results are not available. $5.00 to $8.96/gram $7.29/gram $ (7,062 ) |
Inventory
Inventory | 12 Months Ended |
Mar. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Inventory | 9. Inventory Inventory was comprised of the following items: March 31, March 31, 2019 2018 Finished goods $ 38,048 $ 26,506 Work-in-process 165,462 71,883 Merchandise and devices 11,459 571 Supplies and consumables 47,136 2,647 Total inventory $ 262,105 $ 101,607 Inventory expensed during the year ended March 31, 2019, was $231,159 The fair value changes in biological assets included in inventory sold and other inventory charges for the year ended March 31, 2019 is $129,536 (for the year ended March 31, 2018 - $67,861). Included in other inventory charges are net realizable value adjustment and net write-offs of biological assets. |
Prepaid Expenses and Other Curr
Prepaid Expenses and Other Current Assets | 12 Months Ended |
Mar. 31, 2019 | |
Prepaid Expenses And Other Assets [Abstract] | |
Prepaid Expenses and Other Current Assets | 10. PREPAID EXPENSES AND OTHER CURRENT ASSETS The Company’s prepaid expenses and other current assets consists of the following: March 31, March 31, 2019 2018 Prepaid expenses $ 35,286 $ 9,557 Deposits 29,138 842 Prepaid inventory 21,267 8,774 Restricted short-term investments 21,432 664 Total prepaid expenses and other current assets $ 107,123 $ 19,837 |
Investments in Equity Method In
Investments in Equity Method Investees | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Investments Accounted For Using Equity Method [Abstract] | |
Investments in Equity Method Investees | 11. INVESTMENTS IN EQUITY METHOD INVESTEES The following table outlines changes in the investments in associates that are accounted for using the equity method in the year ended March 31, 2019. In accordance with IAS 28, Investments in Associates and Joint Ventures Balance at Share of Balance at Participating March 31, net Exchange Derecognition March 31, Entity Instrument Note share 2018 Additions loss difference of investment 2019 PharmHouse Shares 11(i) 49.0% $ - $ 40,231 $ (953 ) $ - $ - $ 39,278 Agripharm Shares 27(d) 40.0% 38,479 - (2,352 ) - - 36,127 BCT Shares 11(ii) 42.2% - 12,549 (896 ) - - 11,653 TerrAscend Shares 11(iii) - 16,912 - (2,217 ) - (14,695 ) - CanapaR Shares 11(iv) 49.2% - 18,150 (88 ) - - 18,062 Other Various 18.2% to 40.0% 7,715 3,761 (4,246 ) 35 - 7,265 $ 63,106 $ 74,691 $ (10,752 ) $ 35 $ (14,695 ) $ 112,385 The following table presents current and non-current assets, current and non-current liabilities as well as revenues and net loss of the Company’s investments in equity method investees as at and for the year ended December 31, 2018: Current Non-current Current Non-current Entity assets assets liabilities liabilities Revenue Net loss PharmHouse $ 8,807 $ 53,762 $ 4,514 $ 40,000 $ - $ (1,944 ) Agripharm 5,900 91,767 13,167 7,163 2,149 (5,901 ) BCT 11,958 502 455 - - (2,101 ) Other 26,538 12,900 662 6,106 1,125 (5,081 ) $ 53,203 $ 158,931 $ 18,798 $ 53,269 $ 3,274 $ (15,027 ) The following table outlines changes in the investments in associates that are accounted for using the equity method in the year ended March 31, 2018: Balance at Share of Balance at Participating March 31, net Interest March 31, Entity Instrument Note share 2017 Additions loss income 2018 Agripharm Shares 27(d) 40.0% $ - $ 38,711 $ (232 ) $ - $ 38,479 TerrAscend Shares 11(iii) 24.0% - 16,978 (66 ) - 16,912 Other Various 23.8 - 43.0% - 9,000 (1,175 ) (110 ) 7,715 $ - $ 64,689 $ (1,473 ) $ (110 ) $ 63,106 The following table presents current and non-current assets, current and non-current liabilities as well as revenues and net loss of the Company’s investments in equity method investees as at and for the year ended December 31, 2017: Current Non-current Current Non-current Entity assets assets liabilities liabilities Revenue Net loss Agripharm 1 $ 4,671 $ 90,716 $ 1,391 $ 10,896 $ - $ (557 ) TerrAscend 53,693 15,369 1,692 - - (6,805 ) Other 17,144 4,729 2,548 7,174 - (6,678 ) $ 75,508 $ 110,814 $ 5,631 $ 18,070 $ - $ (14,040 ) 1 (i) On May 7, 2018 the Company and its joint venture partner entered into an agreement to form a new company, 10730076 Canada Inc. (“PharmHouse”), with the intent of it becoming a licensed producer of cannabis in Ontario. In exchange for equity financing of $9,800 and the issuance of Canopy Rivers warrants to the joint venture partner, the Company received a 49% interest in PharmHouse and a global non-competition agreement from the joint venture partner. The warrants are exercisable for a period of two years following the date that PharmHouse receives a license to sell cannabis at an exercise price which is the lesser of $2.00 per share and the price of a defined liquidity event. The fair value of the warrants at inception was estimated to be $29,232, and they were initially accounted for as a derivative liability as the exercise price was not fixed. On September 17, 2018, Canopy Rivers closed a private placement of subscription receipts in connection with its planned public listing at $3.50 per subscription receipt and, as a result, the exercise price of the warrants was fixed at $2.00 per share and the warrant liability was reclassified to equity. The Company recognized a gain of $720 from the warrant liability re-measurement and reclassified $28,512 to non-controlling interests. The Company has joint control over PharmHouse, which has been determined to be a joint venture, and therefore will be accounted for using the equity method. On November 21, 2018, the Company entered into a shareholder loan agreement with PharmHouse pursuant to which the Company advanced $40,000 of secured debt financing with a three-year term and an annual interest rate of 12%, calculated monthly and payable quarterly after the first full quarter after receipt of the sales license at PharmHouse’s initial production and processing facility. The secured debt financing has been recorded in Other financial assets (see Note 12) and classified and measured at amortized cost. PharmHouse completed an additional financing in January 2019 and the Company invested a further $1,199. (ii) As described in Note 27(a)(iii), the Company acquired a controlling interest in Canopy Health Innovations Inc. (“CHI”) on August 3, 2018, resulting in the consolidation of CHI and its equity accounted investment, Beckley Canopy Therapeutics (“BCT”). BCT is a cannabis research and development organization in the United Kingdom which had been formed through a collaboration agreement between CHI and Beckley Research and Innovations Limited which gave the parties joint control over the arrangement and a 50% equity interest. As at the date of the CHI acquisition, in accordance with IFRS 3, the Company calculated the fair value of the equity investment in BCT to be $8,563. On September 28, 2018, BCT completed a private placement financing where the Company, indirectly through CHI, acquired additional common shares for $3,986. The Company’s participating share was diluted from 50% to 42.2%. The previously mentioned collaboration agreement remains in effect and management has concluded that CHI has maintained joint control over BCT. (iii) TerrAscend is a publicly traded licensed producer. On December 8, 2017, the Company subscribed for TerrAscend units which included one common share and one warrant. The Company allocated the purchase price to the shares and warrants based on their relative fair values, in the amount of $13,460 and $7,540 respectively. On November 27, 2017, the Company acquired additional TerrAscend shares and following these transactions, the Company owned 24% of the issued and outstanding shares of TerrAscend and the Company concluded it had significant influence over TerrAscend and accounted for its investment using the equity method. On November 30, 2018, TerrAscend completed the restructuring of its share capital by way of a plan of arrangement (“Arrangement”), pursuant to which the Company exercised its warrants for no cash consideration. After giving effect to the exercise of the warrants the Company held common shares of TerrAscend which were exchanged pursuant to the Arrangement for new, conditionally exchangeable shares in the capital of TerrAscend (the “Exchangeable Shares” – see Note 12). The Exchangeable Shares would only become convertible into common shares following changes in U.S. federal laws regarding the cultivation, distribution or possession of cannabis, the compliance of TerrAscend with such laws and the approval of the various securities exchanges upon which the issuer’s securities are listed (the “TerrAscend Triggering Event”). The Exchangeable Shares are not transferrable or monetizable until exchanged into common shares. In the interim, the Company will not be entitled to voting rights, dividends or other rights upon dissolution of TerrAscend. As a result, the Company no longer has significant influence over TerrAscend and ceased using the equity method. On November 30, 2018 the Company derecognized its investment in the common shares which were being accounted for using the equity method and recognized the Exchangeable Shares. The Company has elected to account for its investment in the Exchangeable Shares at FVOCI at initial recognition. The common shares of TerrAscend are freely tradeable, while the Exchangeable Shares are not tradeable and hold no economic rights other than the possible opportunity to exchange such shares for common shares in TerrAscend at a future date. Therefore, the fair value of the Exchangeable Shares was estimated by giving consideration to the trading price of TerrAscend common shares (CNSX: TER) on the valuation date and applying a discount for lack of marketability and inability to exercise that was calculated using an Asian Put Option model, across a series of possible exercise dates. Management has made assumptions as to the probability that the TerrAscend Triggering Event would occur at future dates and estimated the fair value of the Exchangeable Shares as the sum of the probability weighted discounted values across the range of these dates. Upon initial recognition, the fair value of the Company’s investment in the Exchangeable Shares was estimated to be $135,000. At March 31, 2019 the fair value of the Company’s investment in the Exchangeable Shares was estimated to be $160,000. The Company recognized a net gain of $8,678 in Other (expense) income, net on the derecognition of the equity investment. The gain of $25,000 on the Exchangeable Shares since initial recognition was recorded in OCI. (iv) On July 24, 2018, the Company acquired a 35% ownership interest in CanapaR Corp. (“CanapaR”) for cash consideration of $750. This ownership interest and other rights give the Company significant influence over the investee and the investment is being accounted for using the equity method. As part of the investment, the Company also received a call option to purchase 100% of CanapaR SrL. The call option is accounted for at FVTPL. CanapaR is the Canadian parent corporation of CanapaR SrL, a Sicily-based company formed for the purposes of organic hemp cultivation and extraction in Italy. In December 2018 and February 2019, the Company invested a further $17,400 in CanapaR. These follow-on investments increased the Company’s ownership interest to 49.2%. |
Other Financial Assets
Other Financial Assets | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Financial Assets [Abstract] | |
Other Financial Assets | 12. OTHER FINANCIAL ASSETS The following tables outlines changes in Other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 31. Balance at Balance at Accounting March 31, Exercise of March 31, Entity Instrument Note method 2018 Additions FVOCI FVTPL warrants 2019 TerrAscend Warrants 11(iii) FVTPL $ 75,154 $ - $ - $ 36,473 $ (111,627 ) $ - TerrAscend Exchangeable shares 11(iii) FVOCI - 135,000 25,000 - - 160,000 PharmHouse Loan receivable 11(i) Amortized cost - 40,000 - - - 40,000 SLANG Warrants 12(iv) FVTPL - - - 44,000 - 44,000 JWC Shares 12(ii) FVOCI 10,591 2,124 (326 ) - - 12,389 HydRx Shares 12(iii) FVOCI 12,401 - - - 5,210 17,611 HydRx Warrants 12(iii) FVTPL 5,210 - - - (5,210 ) - AusCann Shares 12(i) FVOCI 39,086 3,975 (30,988 ) - - 12,073 AusCann Options 12(i) FVTPL 10,487 915 - (9,843 ) - 1,559 Agripharm Repayable debenture 27(d) FVTPL 2,326 9,000 - (1,072 ) - 10,254 CanapaR Options 11(iv) FVTPL - - - 7,500 - 7,500 Greenhouse Convertible debenture FVTPL - 5,911 - 33 - 5,944 Radicle Repayable debenture FVTPL 3,075 2,000 - (11 ) - 5,064 48North Shares FVOCI - 1,217 3,922 421 - 5,560 LiveWell Shares FVOCI - 250 (710 ) 4,798 - 4,338 Civilized Convertible debenture FVTPL - 3,741 - 666 - 4,407 Solo Growth Shares FVOCI - 3,265 (5,213 ) 6,192 - 4,244 Headset Shares FVOCI - 4,085 (76 ) - - 4,009 Good Leaf Shares FVOCI - 4,566 45 - - 4,611 Other - classified as FVTPL Various FVTPL 5,133 6,131 - 2,579 - 13,843 Other - classified as FVOCI Various FVOCI - 6,018 3 - - 6,021 $ 163,463 $ 228,198 $ (8,343 ) $ 91,736 $ (111,627 ) $ 363,427 Balance at Balance at Accounting March 31, Interest March 31, Entity Instrument Note method 2017 Additions FVOCI FVTPL Revenue 2018 TerrAscend Warrants 11(iii) FVTPL $ - $ 7,540 $ - $ 67,614 $ - $ 75,154 AusCann Shares 12(i) FVOCI 18,328 1,214 19,544 - - 39,086 AusCann Options 12(i) FVTPL 5,702 - - 4,785 - 10,487 JWC Shares 12(ii) FVOCI - 3,863 6,728 - - 10,591 HydRx Shares 12(iii) FVOCI - - 12,401 - - 12,401 HydRx Warrants 12(iii) FVTPL - - - 5,210 - 5,210 Agripharm Repayable debenture 27(d) FVTPL - 2,414 - - (88 ) 2,326 Other - classified as FVTPL Various FVTPL - 7,408 - 563 237 8,208 $ 24,030 $ 22,439 $ 38,673 $ 78,172 $ 149 $ 163,463 (i) AusCann operates in Australia's medical cannabis industry and is listed on the Australian Stock Exchange. Prior to July 12, 2018, the Company owned common shares of AusCann and 7,677,639 options which are exercisable at AUD$ 0.20 and expire on January 19, 2020. On July 12, 2018, the Company invested an additional $4,890 in AusCann through a private placement in exchange for common shares and 2,272,500 options. These options are exercisable at AUD$ 1.465 for a term of 30 months. If the closing price of AusCann is AUD$ 2.25 or greater for 10 consecutive trading days, AusCann has the right to force early exercise of the option. The consideration was allocated $3,975 to the shares and $915 to the warrants based on their fair value on the transaction date. Following this financing the Company’s ownership interest in AusCann is 11.13%. (ii) JWC is licensed to cultivate, process and sell cannabis under the Cannabis Act, and is listed on the TSX Venture Exchange. In the year ended March 31, 2018, the Company acquired common shares and warrants for $3,975, advanced $2,500 under a repayable debenture and also entered into a royalty agreement with JWC. On April 6, 2018, the Company subscribed for subscription receipts in JWC for $2,300 in connection with a private placement financing, with each receipt entitling the Company to one common share in the capital of JWC and one-half of one common share purchase warrant. Of the subscription price, $2,124 was allocated to the shares and the remainder to the warrants. The Company’s ownership interest in JWC is 14.2%. (iii) HydRx operates as Scientus Pharma Inc., a company involved in medical cannabis research and development. In the year ended March 31, 2018, HydRx completed a financing that provided a measure of the fair value of their privately held common shares and warrants and the respective fair values were adjusted to $12,401 and $5,210. In the year ended March 31, 2019, the Company completed a cashless exercise of all of the warrants it held in HydRx in exchange for common shares. At March 31, 2019, the Company holds approximately a 9% ownership interest in HydRx. (iv) SLANG Worldwide Inc. (“SLANG”) is a cannabis-focused branded consumer products company which is listed on the Canadian Securities Exchange. The Company holds share purchase warrants which allow it to acquire shares of SLANG on the occurrence of the triggering event providing the Company enters into a collaboration agreement with SLANG at the time of exercise. The number and exercise price of the share purchase warrants is dependent on the financings completed by SLANG up until the point of exercise. The triggering event is the date the growth, cultivation, production, sale, use and consumption of cannabis and cannabis-related products are permitted in the U.S. for any and all purposes under all applicable federal laws. The warrants expire the earlier of two years following the triggering event and December 15, 2032. As at March 31, 2019, the share purchase warrants would provide the Company with the right to acquire: • 31,619,975 shares for an aggregate exercise price of one dollar • 11,602,370 shares at an exercise price of $1.50 per share • 5,801,184 shares at an exercise price of $2.25 per share As at March 31, 2019, management has estimated the fair value of the warrant at to be $44,000 using a Black-Scholes option pricing model, across a series of possible exercise dates. The fair value of the SLANG warrant was calculated as the sum of the probability weighted option values. At March 31, 2018, the Company had estimated that this warrant had a nominal value. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 13. Property, plant and equipment A continuity of property, plant and equipment for the year ended March 31, 2019, is as follows: COST Transfers/ Balance at Additions disposals/ Balance at March 31, from exchange March 31, 2018 Additions acquisitions differences 2019 Buildings and greenhouses $ 71,862 $ 86,545 $ 17,402 $ 186,149 $ 361,958 Production and warehouse equipment 28,931 32,615 6,401 107,378 175,325 Leasehold improvements 22,482 2,912 1,114 5,756 32,264 Land 8,216 18,720 4,496 6,249 37,681 Computer equipment 6,241 3,126 219 9,642 19,228 Office and lab equipment 3,101 5,758 8,622 6,014 23,495 Assets in process 176,998 626,342 14,097 (325,715 ) 491,722 Total $ 317,831 $ 776,018 $ 52,351 $ (4,527 ) $ 1,141,673 ACCUMULATED DEPRECIATION Transfers/ Balance at disposals/ Balance at March 31, exchange March 31, 2018 Depreciation differences 2019 Buildings and greenhouses $ 5,364 $ 6,582 $ 1,150 $ 13,096 Production and warehouse equipment 2,736 14,898 (137 ) 17,497 Leasehold improvements 3,452 2,245 (200 ) 5,497 Computer equipment 1,900 3,227 - 5,127 Office and lab equipment 697 3,110 309 4,116 Total 14,149 30,062 1,122 45,333 Net book value $ 303,682 $ 1,096,340 During the year ended March 31, 2019, $575,909 of the assets in process additions related to the Company’s Canadian entities, with the remaining amount relating to the Company’s international entities. A continuity of property, plant and equipment for the year ended March 31, 2018, is as follows: COST Transfers/ Balance at Additions disposals/ Balance at March 31, from exchange March 31, 2017 Additions acquisitions differences 2018 Buildings and greenhouses $ 47,231 $ 3,905 $ - $ 20,726 $ 71,862 Production and warehouse equipment 11,132 4,649 468 12,682 28,931 Leasehold improvements 17,155 338 - 4,989 22,482 Land 2,143 5,728 345 - 8,216 Computer equipment 4,181 1,219 - 841 6,241 Office and lab equipment 1,706 974 109 312 3,101 Assets in process 19,302 201,509 5,164 (48,977 ) 176,998 Total 102,850 218,322 6,086 (9,427 ) 317,831 ACCUMULATED DEPRECIATION Transfers/ Balance at disposals/ Balance at March 31, exchange March 31, 2017 Depreciation differences 2018 Buildings and greenhouses $ 2,559 $ 3,086 $ (281 ) $ 5,364 Production and warehouse equipment 1,038 2,545 (847 ) 2,736 Leasehold improvements 1,930 1,510 12 3,452 Computer equipment 889 1,043 (32 ) 1,900 Office and lab equipment 164 541 (8 ) 697 Total 6,580 8,725 (1,156 ) 14,149 Net book value $ 96,270 $ 303,682 During the year ended March 31, 2018, the assets in process additions were $201,509 of which $71,155, $64,813, and $43,847 related to the expansion or growing operations at both BC locations, Smiths Falls and Niagara-on-the-Lake, Ontario, respectively. The remaining $21,694 was for ongoing projects at the Company’s other subsidiaries. |
Intangible Assets And Goodwill
Intangible Assets And Goodwill | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Intangible Assets And Goodwill | 14. INTANGIBLE ASSETS AND GOODWILL A continuity of the intangible assets for the year ended March 31, 2019, is as follows: COST Balance at Additions Balance at March 31, from Disposals/ Exchange March 31, 2018 Additions acquisitions adjustments differences 2019 Health Canada licenses $ 64,600 $ - $ - $ - $ - $ 64,600 Acquired brands 6,042 2,707 55,463 - 162 64,374 Licensed brands - 57,802 - - - 57,802 Distribution channel 38,900 - 3,143 - 357 42,400 Operating licenses 841 - 158,592 - (7,031 ) 152,402 Intellectual property - - 153,716 - 81 153,797 Software and domain names 1,509 7,169 707 365 (49 ) 9,701 Intangibles in process 2,470 1,991 - (336 ) (3 ) 4,122 Total $ 114,362 $ 69,669 $ 371,621 $ 29 $ (6,483 ) $ 549,198 ACCUMULATED AMORTIZATION Balance at Balance at March 31, Disposals/ Exchange March 31, 2018 Amortization adjustments differences 2019 Health Canada licenses $ 2,624 $ 1,902 $ - $ - $ 4,526 Licensed brands - 128 - (4 ) 124 Distribution channel 9,077 8,032 - (6 ) 17,103 Operating licenses 219 283 - (7 ) 495 Intangibles in process - 74 - - 74 Intellectual property - 4,436 - 1 4,437 Software and domain names 916 2,001 (4 ) (30 ) 2,883 Total 12,836 16,856 (4 ) (46 ) 29,642 Net book value $ 101,526 $ 519,556 The Company has entered into licensing agreements which provide the Company with the exclusive rights to sell branded products for the term of the agreement in exchange for upfront payments, in cash or shares, and future royalties from sale of these products. In certain cases, the contracts provide for annual minimum royalty payments. The Company has recorded these licensing rights as intangible assets with the cost equal to upfront payments and the present value of the minimum royalty payments. Amortization will commence separately for each individual licensing agreement on the date that the identified branded product(s) under the licensing agreement are available for sale. The Company tested for impairment in the fourth quarter of fiscal 2019. Management estimated the recoverable amount of goodwill and indefinite life intangible assets based on their fair values less costs to sell and determined that the amounts were not impaired. A continuity of the intangible assets for the year ended March 31, 2018, is as follows: COST Balance at Additions Balance at March 31, from Disposals/ Exchange March 31, 2017 Additions acquisitions adjustments differences 2018 Health Canada licenses $ 92,200 $ - $ - $ (27,600 ) $ - $ 64,600 Acquired brands 3,410 - 2,632 - - 6,042 Product rights 28,000 - - (28,000 ) - - Distribution channel 38,900 - - - - 38,900 Operating licenses 795 - - - 46 841 Software and domain names 1,251 117 - 143 (2 ) 1,509 Intangibles in process 92 1,972 600 (194 ) - 2,470 Total 164,648 2,089 3,232 (55,651 ) 44 114,362 ACCUMULATED AMORTIZATION Balance at Balance at March 31, Disposals/ Exchange March 31, 2017 Amortization adjustments differences 2018 Health Canada licenses $ 985 $ 2,957 $ (1,318 ) $ - $ 2,624 Distribution channel 1,000 8,077 - - 9,077 Import license 57 155 - 7 219 Software and domain names 343 572 - 1 916 Total 2,385 11,761 (1,318 ) 8 12,836 Net book value $ 162,263 $ 101,526 The disposal of intangible assets that occurred in the year ended March 31, 2018, related to the disposal of Agripharm which resulted in a net derecognition of the related Health Canada License of $26,282. Refer to Note 27(d). The product rights were acquired as part of the acquisition of Bedrocan Canada Inc. that was completed in August 2015. On July 14, 2017, Bedrocan Canada Inc., a wholly owned subsidiary of the Company, commenced arbitration proceedings against Bedrocan International BV (“Bedrocan International”) seeking performance of Bedrocan International’s contractual obligations under the licensing and distribution agreement between the parties. Later in the year ended March 31, 2018, the Company initiated settlement negotiations with Bedrocan International which would include the orderly termination of the licensing and distribution agreement. As a result of these developments management estimated that the recoverable amount for these product rights would be minimal and an impairment loss of $28,000 was recognized in the consolidated statements of operations within Other (expense) income, net for the year ended March 31, 2018. The net change in goodwill is as follows: As at March 31, 2017 $ 241,371 Additions from acquisitions of subsidiaries 75,158 Disposal of consolidated entity (2,259 ) Exchange differences 653 As at March 31, 2018 $ 314,923 Additions from acquisitions of subsidiaries 1,232,468 Exchange differences (3,336 ) As at March 31, 2019 $ 1,544,055 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Accounts Payable and Accrued Liabilities | 15. ACCOUNTS PAYABLE AND ACCRUED LIABILITIES March 31, March 31, 2019 2018 Trade payables $ 188,920 $ 46,175 Accrued liabilities 37,613 43,396 Total accounts payable and accrued liabilities $ 226,533 $ 89,571 The accounts payable and accrued liabilities balance at March 31, 2019 is comprised of amounts for property, plant and equipment of $96,875 (2018 – $62,034), professional fees of $24,892 (2018 – $7,391), compensation related liabilities of $20,577 (2018 – $5,747), and other miscellaneous liabilities of $84,189 (2018 – $14,399). |
Long-term Debt
Long-term Debt | 12 Months Ended |
Mar. 31, 2019 | |
Borrowings [Abstract] | |
Long-term Debt | 16. Long-term debT March 31, March 31, Maturity Date 2019 2018 Convertible senior notes at 4.25% interest with semi-annual interest payments July 15, 2023 Principal amount $ 600,000 $ - Accrued interest 5,454 - Non-credit risk fair value adjustment (FVTPL) 183,120 - Credit risk fair value adjustment (FVOCI) 47,130 - 835,704 - Term loan facility advanced in the form of prime rate operating loan, bearing interest rate of prime plus 1.0% October 31, 2021 $ 95,000 $ - Other mortgages, loans, and financings 15,271 8,422 945,975 8,422 Less: current portion (103,716 ) (1,557 ) Long-term portion $ 842,259 $ 6,865 (i) Convertible senior notes On June 20, 2018, the Company issued convertible senior notes (“the notes”) with an aggregate principal amount of $600,000. The notes bear interest at a rate of 4.25% per annum, payable semi-annually on January 15th and July 15th of each year commencing from January 15, 2019. The notes will mature on July 15, 2023. The notes are subordinated in right of payment to any existing and future senior indebtedness, including indebtedness under the revolving credit facility. The notes will rank senior in right of payment to any future subordinated borrowings. The notes are effectively junior to any secured indebtedness and the notes are structurally subordinated to all indebtedness and other liabilities of the Company’s subsidiaries. Holders of the notes may convert the notes at their option at any time from January 15, 2023 to the maturity date. The notes will be convertible, at the holder’s option, at a conversion rate of 20.7577 common shares for every $1 principal amount of notes (equal to an initial conversion price of approximately $48.18 per common share), subject to adjustments in certain events. In addition, the holder has the right to exercise the conversion option from September 30, 2018 to January 15, 2023, if (i) the market price of the Company common shares for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the 5 business day period after any consecutive 5 trading day period (the “measurement period”) in which the trading price per $1 principal amount of the notes for each trading day in the measurement period was less than 98% of the product of the last reported sales price of the Company’s common shares and the conversion rate on each such trading day, (iii) the notes are called for redemption or (iv) upon occurrence of certain corporate events (“Fundamental Change”). A Fundamental Change occurred upon completion of the investment by Constellation Brands, Inc. (“CBI”) in November 2018, and no note holders surrendered any portion of their notes as at the repurchase date of December 5, 2018. The Company may upon conversion by the holder, elect to settle in either cash, common shares, or a combination of cash and common shares, subject to certain circumstances. Under the terms of the indenture if a Fundamental Change occurs and a holder elects to convert its notes from and including on the date of the fundamental change up to, and including, the business day immediately prior to the fundamental change repurchase date, the Company may be required to increase the Conversion Rate for the Notes so surrendered for conversion by a number of additional common shares (“Make Whole Fundamental Change”). The Company cannot redeem the notes prior to July 20, 2021, except in the event of certain changes in Canadian tax law. On or after July 20, 2021, the Company could redeem for cash, subject to certain conditions, any or all of the notes, at its option, if the last reported sales price of the Company’s common shares for at least 20 trading days during any 30 consecutive trading day period ending within 5 trading days immediately preceding the date on which the Company provides notice of redemption exceeds 130% of the conversion price on each applicable trading day. The Company may also redeem the notes, if certain tax laws related to Canadian withholding tax change subject to certain further conditions. The redemption of notes in either case shall be at a redemption price equal to 100% of the principal amount of the notes to be redeemed, plus accrued and unpaid interest to, but excluding, the redemption date. For accounting purposes, the Company has designated the notes at FVTPL. The equity conversion option was not separately classified as equity, since the Company has the ability to settle the option at fair value in cash, common shares or a combination of cash and common shares in certain circumstances. The Company does not separately account for the fair value of the equity conversion option as a derivative, as it has classified the entire notes as a liability accounted for at FVTPL. The notes were initially recognized at fair value on the consolidated statements of financial position with all subsequent changes in fair value excluding the impact of the change in fair value related to Company’s own credit risk being recorded immediately in the consolidated statements of operations and changes in fair value related to the Company’s own credit risk through other comprehensive income. Transaction costs directly attributable to the issuance of the notes were immediately expensed in the consolidated statements of operations in the amount of $16,380. The overall change in fair value of the notes during the year ended March 31, 2019 was an increase of $235,704, which included accrued contractual interest of $5,454. Refer to Note 31 for additional details on how the fair value of the notes is calculated. (ii) Alberta Treasury Board (“ATB”) financing As discussed in Note 27(b), on March 31, 2019 the Company acquired the limited partnership units of the limited partnerships that held the Delta and Aldergrove, British Columbia facilities and assumed the ATB financing liability. The facility bears interest at prime plus 1.0% and matures on October 31, 2021. Quarterly principal payments are $2,500. The ATB term loan is secured by a financial charge over real property held by the Company in Delta and Aldergrove. The amount of the loan outstanding at March 31, 2019 was $95,000. (iii) Other mortgages, loans, and financings The mortgages are secured by a first charge on the properties in Niagara-on-the-Lake and Bowmanville, Ontario, corporate guarantee from the Company, or a general corporate security agreement. (iv) Principal repayments Principal repayments required on the long-term debt in the next five years are as follows: 2020 $ 98,575 2021 3,545 2022 3,541 2023 1,123 2024 601,123 Thereafter 2,122 Total principal repayments on long-term debt $ 710,029 |
Other Liabilities
Other Liabilities | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Other Liabilities [Abstract] | |
Other Liabilities | 17. OTHER LIABILITIES March 31, March 31, 2019 2018 Notes Current Long-term Total Total Acquisition consideration related liabilities $ 22,176 $ 87,747 $ 109,923 $ - Minimum royalty obligations 3,445 24,392 27,837 - Due to former shareholders of S&B 27(a)(vii) 21,447 - 21,447 - Provision for onerous leases 12,700 - 12,700 - Settlement liability 17(a) 11,980 16,631 28,611 - Put liabilities 17(b) - 6,400 6,400 61,150 Other 9,666 5,234 14,900 900 Total $ 81,414 $ 140,404 $ 221,818 $ 62,050 (a) Settlement liability During the year ended March 31, 2019, the Company reached a settlement with certain co-investors in Bedrocan Brasil S.A. and Entourage Phytolab S.A. to facilitate organizational changes to support the Company’s growth in Latin America. Under the terms of the agreement the Company agreed to make cash payments totaling $25,185 and a final payment equal to 1.2% of the fair value of the Company’s Latin American business as of June 30, 2023. The fair value of the settlement was estimated to be $28,611 and was recorded as an expense. The final payment would represent a derivative liability that will initially be measured at fair value and subsequently remeasured to its fair value at the end of each reporting period, with changes in the fair value recorded through net income (loss). (b) Put liabilities At March 31, 2019 the put liabilities balance was comprised of the Vert Mirabel Put Liability (Note 27(c)(iv)) with a fair value of $6,400. At March 31, 2018, the put liabilities balance was comprised of the BC Tweed Put Liability (Note 27(b)) with a fair value of $56,300 and the Vert Mirabel Put Liability with a fair value of $4,850. |
Share Capital - Canopy Growth
Share Capital - Canopy Growth | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Abstract] | |
Share Capital - Canopy Growth | 18. Share capital – Canopy Growth (a) Authorized An unlimited number of common shares. (i) Equity raises On November 1, 2018, the Company issued 104,500,000 common shares from treasury and two tranches of warrants to CBI in exchange for proceeds of $5,072,500. The first tranche warrants (“New Warrants”) will allow CBI to acquire 88.5 million additional shares of Canopy for a fixed price of $50.40 per share. The second tranche warrants (“Final Warrants”) allows the purchase of 51.3 million additional shares at a price equal to the 5-day volume weighted average price immediately prior to exercise. These warrants can only be exercised after the New Warrants have been exercised. The New Warrants vested immediately upon closing of the share purchase agreement and the Final Warrants become exercisable once the New Warrants have been exercised. Both the New and Final Warrants expire on November 1, 2021. The proceeds of the common share issuance were allocated to the common shares and New Warrants based on their relative fair values in the amount of $3,567,149 and $1,505,351, respectively. The fair value of the common shares was determined using the closing price on October 31, 2018, and the fair value of the warrants was determined using a Black-Scholes model. Share issuance costs of $8,509 were allocated to the common shares and $3,591 to the warrants. Since the Final Warrants will be issued for a price that is equal to the 5-day volume weighted average price immediately prior to exercise, they fail the ‘fixed for fixed’ criterion and will be classified as a derivative liability. Management has estimated that the value of this liability is nominal and no value was allocated to the Final Warrants. During the year ended March 31, 2018, the Company completed the following equity raises net of share issue costs of $9,400. Number of shares Share capital Bought deal equity financing - July 21, 2017 3,105,590 $ 24,922 Equity investment from Greenstar - November 2, 2017 18,876,901 173,765 Private placement equity financing - February 7, 2018 5,800,000 192,065 Total 27,782,491 $ 390,752 On November 2, 2017, Greenstar Canada Investment Limited Partnership, which is an affiliate of CBI (“Greenstar”) acquired 18,876,901 common shares from treasury and 18,876,901 warrants (“Greenstar Warrants”) in exchange for $244,990. The common shares have a hold period of four months and one day from the closing date. The warrants, each exercisable at $12.9783 per warrant for a common share, expire May 2, 2020 and are exercisable in two equal tranches, with the first exercisable tranche date being August 1, 2018, and the second exercisable tranche date being February 1, 2019, provided at the time of exercising the warrants, the Company still owns the 18,876,901 common shares. The proceeds of the common share issuance were allocated to the common shares and warrants based on their relative fair values in the amount of $174,472 and $70,518, respectively. The fair value of the common shares was determined using the closing price on the day the share subscription closed, and the fair value of the warrants was determined using a Black-Scholes model. Share issuance costs of $707 were allocated to the common shares and $253 to the warrants. CBI also holds convertible senior notes of the Company with an aggregate principal amount of $200,000. Following the exercise of the Greenstar Warrants, the New Warrants and the Final Warrants and conversion of these notes, CBI would hold approximately 56% of the outstanding shares of the Company, as adjusted for any potentially dilutive shares. (ii) Acquisitions During the year ended March 31, 2019, the Company issued the following shares, net of share issuance costs, as a result of business combinations that occurred in the current or prior years. Notes Number of shares Share capital Share based reserve Hiku 27(a)(iv) 7,943,123 $ 543,616 $ - Ebbu 27(a)(v) 5,275,005 233,802 29,880 CHI 27(a)(iii) 3,076,941 97,832 - Spectrum Colombia 27(a)(ii) 1,193,237 46,018 - DCL 27(a)(i) 666,362 24,644 1,956 Annabis 27(a)(ix) 50,735 1,558 - Vert Medical (release from escrow) 88,469 - - Total 18,293,872 $ 947,470 $ 31,836 During the year ended March 31, 2018, the Company issued the following shares, net of share issuance costs, as a result of business combinations that occurred in the current or prior years. Notes Number of shares Share capital Share based reserve rTrees 27(c)(i) 3,494,505 $ 28,026 $ 1,079 Spot 27(c)(v) 111,669 984 - Green Hemp 27(c)(v) 24,577 848 - MedCann Access (release from escrow) 240,678 390 (390 ) Hemp.CA (release from escrow) 129,016 - - Spektrum Cannabis (release from escrow) 367,981 - - Vert Medical (release from escrow) 147,453 - - Total 4,515,879 $ 30,248 $ 689 (iii) Other During the year ended March 31, 2019, the Company issued shares as a result of the following transactions: Notes Number of shares Share capital Share based reserve Completion of acquisition milestones 18(c) 2,455,446 $ 45,277 $ (45,310 ) Newfoundland lease purchase option 332,009 8,714 - Royalty agreements 208,786 9,168 (2,864 ) Asset acquisitions 61,492 2,251 - Shares issued but held in escrow 46,781 2,076 (2,076 ) Release from escrow to LBC Holdings, Inc. 25,097 1,038 (1,038 ) Conversion of Hiku debenture 27(a)(iv) 22,866 1,580 (949 ) Total 3,152,477 $ 70,104 $ (52,237 ) During the year ended March 31, 2018, the Company issued shares as a result of the following transactions: Notes Number of shares Share capital Share based reserve Release from escrow to LBC Holdings, Inc. 18(c) 87,836 $ 1,297 $ (1,297 ) Completion of acquisition milestones 398,651 4,278 (4,278 ) Niagara asset acquisition 111,366 995 - Asset acquisitions 117,253 3,225 - Total 715,106 $ 9,795 $ (5,575 ) (iv) Warrants Note Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2017 - $ - $ - Greenstar equity investment - net of warrant issue cost of $253 18,876,901 12.98 70,265 rTrees acquisition 242,408 3.83 1,303 Exercise of warrants (207,297 ) 3.72 (1,113 ) Balance outstanding at March 31, 2018 18,912,012 $ 12.96 $ 70,455 Issuance of warrants 1 88,472,861 50.40 1,501,760 Replacement warrants granted through Hiku acquisition 27(a)(iv) 920,452 41.28 30,611 Exercise of warrants (457,002 ) 41.12 (12,901 ) Expiry of warrants (1 ) 3.80 - Balance outstanding at March 31, 2019 1 107,848,322 $ 43.80 $ 1,589,925 1 (b) Omnibus plan On September 15, 2017, shareholders approved an Omnibus Incentive Plan (“Omnibus Plan”) pursuant to which the Company is able to issue share-based long-term incentives. All directors, officers, employees and independent contractors of the Company are eligible to receive awards of common share purchase options (“Options”) restricted share units (“RSUs”), deferred share units (“DSUs”), stock appreciation rights (“Stock Appreciation Rights”), restricted stock (“Restricted Stock”), performance awards (“Performance Awards”) or other stock based awards (collectively, the “Awards”), under the Omnibus Plan. In addition, shareholders also approved the 2017 Employee Stock Purchase Plan of the Company (the “Purchase Plan”). Under the Purchase Plan, the aggregate number of common shares that may be issued is 400,000, and the maximum number of common shares which may be issued in any one fiscal year shall not exceed 200,000. Under the Omnibus Plan, the maximum number of shares issuable from treasury pursuant to Awards shall not exceed 15% of the total outstanding shares from time to time less the number of shares issuable pursuant to all other security-based compensation arrangements of the Company. The maximum number of common shares reserved for Awards is 50,626,561 at March 31, 2019 (19,955,721 at March 31, 2018). As of March 31, 2019, the only Awards issued have been options and RSUs under the Omnibus Plan. The Omnibus Plan is administered by the Board of Directors of the Company who establishes exercise prices, at not less than the market price at the date of grant, and expiry dates. Options under the Omnibus Plan generally remain exercisable in increments with 1/3 being exercisable on each of the first, second and third anniversaries from the date of grant, and has expiry dates set at six years from issuance. The Board of Directors has the discretion to amend general vesting provisions and the term of any award, subject to limits contained in the Omnibus Plan. The following is a summary of the changes in the Company’s Omnibus Plan employee options during the years ended March 31, 2018 and 2019: Notes Options issued Weighted average exercise price Balance outstanding at March 31, 2017 10,044,112 $ 3.97 Options granted 12,832,237 16.50 Replacement options issued as a result of the rTrees acquisition 224,433 3.18 Options exercised (3,912,946 ) 2.82 Options forfeited/cancelled (1,942,001 ) 9.32 Balance outstanding at March 31, 2018 17,245,835 $ 12.95 Options granted 22,145,198 51.49 Replacement options issued as a result of the CHI acquisitions 27(a)(iii) 568,005 14.98 Replacement options issued as a result of the Hiku acquisition 27(a)(iv) 291,629 10.64 Options exercised (5,318,923 ) 11.48 Options forfeited/cancelled (2,099,849 ) 55.37 Balance outstanding at March 31, 2019 32,831,895 $ 34.10 The following is a summary of the outstanding stock options as at March 31, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at March 31, 2019 Weighted Average Remaining Contractual Life (years) Exercisable at March 31, 2019 Weighted Average Remaining Contractual Life (years) $0.22 - $10.07 6,642,495 3.72 2,032,363 2.98 $10.08 - $35.00 5,572,023 4.63 1,574,181 4.36 $35.01 - $38.42 7,552,988 5.74 - - $38.43 - $43.12 6,894,360 5.39 191,713 4.34 $43.13 - $67.64 6,170,029 5.68 2,261 3.90 32,831,895 5.06 3,800,518 3.62 At March 31, 2019, the weighted average exercise price of options outstanding and options exercisable was $34.10 and $13.99, respectively (at March 31, 2018 - $12.95 and $4.55, respectively). The Company recorded $141,451 in share-based compensation expense related to options issued to employees for the year ended March 31, 2019 (for the year ended March 31, 2018 - $21,278) During the second quarter of the fiscal year ended March 31, 2019, the Company issued replacement options to employees in relation to the acquisitions of CHI and Hiku Brands Company Ltd. (“Hiku”) (Note 27(a)(iii) and (iv), respectively). For the year ended March 31, 2019, the Company recorded share-based compensation expense of $10,917, related to these replacement options, of which $7,503 relates to an immediate share-based compensation expense recorded at the CHI acquisition date to reflect the accelerated vesting of certain CHI replacement options. In determining the amount of share-based compensation related to options issued during the year, the Company used the Black-Scholes option pricing model to establish the fair value of options granted during the years ended March 31, 2019 and 2018 on their measurement date by applying the following assumptions: March 31, 2019 March 31, 2018 Risk-free interest rate 2.00% 1.54% Expected life of options (years) 2 - 5 3 - 5 Expected annualized volatility 75% 64% Expected forfeiture rate 12% 11% Expected dividend yield nil nil Black-Scholes value of each option $24.98 $8.88 Volatility was estimated by using the historical volatility of the Company and other companies that the Company considers comparable that have trading and volatility history prior to the Company becoming public. The expected life in years represents the period of time that options granted are expected to be outstanding. The risk-free rate was based on the zero coupon Canada government bonds with a remaining term equal to the expected life of the options. During the year ended March 31, 2019, 5,318,923 Omnibus Plan options were exercised ranging in price from $0.56 to $40.68 for gross proceeds of $48,159 (for the year ended March 31, 2018 - 3,912,946 Omnibus Plan options were exercised ranging in price from $0.43 to $11.71 for gross proceeds of $11,053). During the year ended March 31, 2019, the Company issued 201,821 RSUs to consultants and directors of the Company of which 52,871 vested immediately, 29,306 vest over 5 years, 100,000 vest over 2 years and 19,644 vest over 1 year. For the year ended March 31, 2019, the Company recorded $3,709 in share-based compensation expense related to these RSUs (for the year ended March 31, 2018 - nil). (c) Share-based compensation expense related to acquisition and asset purchase milestones Share-based compensation expense related to acquisition milestones is comprised of: Compensation expense March 31, 2019 March 31, 2018 Spectrum Denmark $ 9,895 $ 7,206 Spectrum Colombia 28,893 - Canindica 42,499 - Other 18,877 12,269 $ 100,164 $ 19,475 During the year ended March 31, 2019, 2,455,446 shares (during the year ended March 31, 2018 – 398,651) were released on completion of acquisition milestones. At March 31, 2019, there were up to 5,371,154 shares to be issued on the completion of acquisition and asset purchase milestones. In certain cases, the number of shares to be issued is based on the volume weighted average share price at the time the milestones are met. The number of shares has been estimated assuming the milestones were met at March 31, 2019. The number of shares excludes shares to be issued on July 4, 2023 to the previous shareholders of Spectrum Cannabis Colombia S.A.S. (“Spectrum Colombia”) and Canindica Capital Ltd. (“Canindica”) based on the fair market value of the Company’s Latin American business on that date. See Note 27(a)(ii) for further information. (d) Other share based payments During the year ended March 31, 2019, the Company recorded share-based payments of $4,781 (during the year ended March 31, 2018 - $2,071) |
Share Capital _ Canopy Rivers
Share Capital – Canopy Rivers | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Share Capital - Canopy Growth | 18. Share capital – Canopy Growth (a) Authorized An unlimited number of common shares. (i) Equity raises On November 1, 2018, the Company issued 104,500,000 common shares from treasury and two tranches of warrants to CBI in exchange for proceeds of $5,072,500. The first tranche warrants (“New Warrants”) will allow CBI to acquire 88.5 million additional shares of Canopy for a fixed price of $50.40 per share. The second tranche warrants (“Final Warrants”) allows the purchase of 51.3 million additional shares at a price equal to the 5-day volume weighted average price immediately prior to exercise. These warrants can only be exercised after the New Warrants have been exercised. The New Warrants vested immediately upon closing of the share purchase agreement and the Final Warrants become exercisable once the New Warrants have been exercised. Both the New and Final Warrants expire on November 1, 2021. The proceeds of the common share issuance were allocated to the common shares and New Warrants based on their relative fair values in the amount of $3,567,149 and $1,505,351, respectively. The fair value of the common shares was determined using the closing price on October 31, 2018, and the fair value of the warrants was determined using a Black-Scholes model. Share issuance costs of $8,509 were allocated to the common shares and $3,591 to the warrants. Since the Final Warrants will be issued for a price that is equal to the 5-day volume weighted average price immediately prior to exercise, they fail the ‘fixed for fixed’ criterion and will be classified as a derivative liability. Management has estimated that the value of this liability is nominal and no value was allocated to the Final Warrants. During the year ended March 31, 2018, the Company completed the following equity raises net of share issue costs of $9,400. Number of shares Share capital Bought deal equity financing - July 21, 2017 3,105,590 $ 24,922 Equity investment from Greenstar - November 2, 2017 18,876,901 173,765 Private placement equity financing - February 7, 2018 5,800,000 192,065 Total 27,782,491 $ 390,752 On November 2, 2017, Greenstar Canada Investment Limited Partnership, which is an affiliate of CBI (“Greenstar”) acquired 18,876,901 common shares from treasury and 18,876,901 warrants (“Greenstar Warrants”) in exchange for $244,990. The common shares have a hold period of four months and one day from the closing date. The warrants, each exercisable at $12.9783 per warrant for a common share, expire May 2, 2020 and are exercisable in two equal tranches, with the first exercisable tranche date being August 1, 2018, and the second exercisable tranche date being February 1, 2019, provided at the time of exercising the warrants, the Company still owns the 18,876,901 common shares. The proceeds of the common share issuance were allocated to the common shares and warrants based on their relative fair values in the amount of $174,472 and $70,518, respectively. The fair value of the common shares was determined using the closing price on the day the share subscription closed, and the fair value of the warrants was determined using a Black-Scholes model. Share issuance costs of $707 were allocated to the common shares and $253 to the warrants. CBI also holds convertible senior notes of the Company with an aggregate principal amount of $200,000. Following the exercise of the Greenstar Warrants, the New Warrants and the Final Warrants and conversion of these notes, CBI would hold approximately 56% of the outstanding shares of the Company, as adjusted for any potentially dilutive shares. (ii) Acquisitions During the year ended March 31, 2019, the Company issued the following shares, net of share issuance costs, as a result of business combinations that occurred in the current or prior years. Notes Number of shares Share capital Share based reserve Hiku 27(a)(iv) 7,943,123 $ 543,616 $ - Ebbu 27(a)(v) 5,275,005 233,802 29,880 CHI 27(a)(iii) 3,076,941 97,832 - Spectrum Colombia 27(a)(ii) 1,193,237 46,018 - DCL 27(a)(i) 666,362 24,644 1,956 Annabis 27(a)(ix) 50,735 1,558 - Vert Medical (release from escrow) 88,469 - - Total 18,293,872 $ 947,470 $ 31,836 During the year ended March 31, 2018, the Company issued the following shares, net of share issuance costs, as a result of business combinations that occurred in the current or prior years. Notes Number of shares Share capital Share based reserve rTrees 27(c)(i) 3,494,505 $ 28,026 $ 1,079 Spot 27(c)(v) 111,669 984 - Green Hemp 27(c)(v) 24,577 848 - MedCann Access (release from escrow) 240,678 390 (390 ) Hemp.CA (release from escrow) 129,016 - - Spektrum Cannabis (release from escrow) 367,981 - - Vert Medical (release from escrow) 147,453 - - Total 4,515,879 $ 30,248 $ 689 (iii) Other During the year ended March 31, 2019, the Company issued shares as a result of the following transactions: Notes Number of shares Share capital Share based reserve Completion of acquisition milestones 18(c) 2,455,446 $ 45,277 $ (45,310 ) Newfoundland lease purchase option 332,009 8,714 - Royalty agreements 208,786 9,168 (2,864 ) Asset acquisitions 61,492 2,251 - Shares issued but held in escrow 46,781 2,076 (2,076 ) Release from escrow to LBC Holdings, Inc. 25,097 1,038 (1,038 ) Conversion of Hiku debenture 27(a)(iv) 22,866 1,580 (949 ) Total 3,152,477 $ 70,104 $ (52,237 ) During the year ended March 31, 2018, the Company issued shares as a result of the following transactions: Notes Number of shares Share capital Share based reserve Release from escrow to LBC Holdings, Inc. 18(c) 87,836 $ 1,297 $ (1,297 ) Completion of acquisition milestones 398,651 4,278 (4,278 ) Niagara asset acquisition 111,366 995 - Asset acquisitions 117,253 3,225 - Total 715,106 $ 9,795 $ (5,575 ) (iv) Warrants Note Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2017 - $ - $ - Greenstar equity investment - net of warrant issue cost of $253 18,876,901 12.98 70,265 rTrees acquisition 242,408 3.83 1,303 Exercise of warrants (207,297 ) 3.72 (1,113 ) Balance outstanding at March 31, 2018 18,912,012 $ 12.96 $ 70,455 Issuance of warrants 1 88,472,861 50.40 1,501,760 Replacement warrants granted through Hiku acquisition 27(a)(iv) 920,452 41.28 30,611 Exercise of warrants (457,002 ) 41.12 (12,901 ) Expiry of warrants (1 ) 3.80 - Balance outstanding at March 31, 2019 1 107,848,322 $ 43.80 $ 1,589,925 1 (b) Omnibus plan On September 15, 2017, shareholders approved an Omnibus Incentive Plan (“Omnibus Plan”) pursuant to which the Company is able to issue share-based long-term incentives. All directors, officers, employees and independent contractors of the Company are eligible to receive awards of common share purchase options (“Options”) restricted share units (“RSUs”), deferred share units (“DSUs”), stock appreciation rights (“Stock Appreciation Rights”), restricted stock (“Restricted Stock”), performance awards (“Performance Awards”) or other stock based awards (collectively, the “Awards”), under the Omnibus Plan. In addition, shareholders also approved the 2017 Employee Stock Purchase Plan of the Company (the “Purchase Plan”). Under the Purchase Plan, the aggregate number of common shares that may be issued is 400,000, and the maximum number of common shares which may be issued in any one fiscal year shall not exceed 200,000. Under the Omnibus Plan, the maximum number of shares issuable from treasury pursuant to Awards shall not exceed 15% of the total outstanding shares from time to time less the number of shares issuable pursuant to all other security-based compensation arrangements of the Company. The maximum number of common shares reserved for Awards is 50,626,561 at March 31, 2019 (19,955,721 at March 31, 2018). As of March 31, 2019, the only Awards issued have been options and RSUs under the Omnibus Plan. The Omnibus Plan is administered by the Board of Directors of the Company who establishes exercise prices, at not less than the market price at the date of grant, and expiry dates. Options under the Omnibus Plan generally remain exercisable in increments with 1/3 being exercisable on each of the first, second and third anniversaries from the date of grant, and has expiry dates set at six years from issuance. The Board of Directors has the discretion to amend general vesting provisions and the term of any award, subject to limits contained in the Omnibus Plan. The following is a summary of the changes in the Company’s Omnibus Plan employee options during the years ended March 31, 2018 and 2019: Notes Options issued Weighted average exercise price Balance outstanding at March 31, 2017 10,044,112 $ 3.97 Options granted 12,832,237 16.50 Replacement options issued as a result of the rTrees acquisition 224,433 3.18 Options exercised (3,912,946 ) 2.82 Options forfeited/cancelled (1,942,001 ) 9.32 Balance outstanding at March 31, 2018 17,245,835 $ 12.95 Options granted 22,145,198 51.49 Replacement options issued as a result of the CHI acquisitions 27(a)(iii) 568,005 14.98 Replacement options issued as a result of the Hiku acquisition 27(a)(iv) 291,629 10.64 Options exercised (5,318,923 ) 11.48 Options forfeited/cancelled (2,099,849 ) 55.37 Balance outstanding at March 31, 2019 32,831,895 $ 34.10 The following is a summary of the outstanding stock options as at March 31, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at March 31, 2019 Weighted Average Remaining Contractual Life (years) Exercisable at March 31, 2019 Weighted Average Remaining Contractual Life (years) $0.22 - $10.07 6,642,495 3.72 2,032,363 2.98 $10.08 - $35.00 5,572,023 4.63 1,574,181 4.36 $35.01 - $38.42 7,552,988 5.74 - - $38.43 - $43.12 6,894,360 5.39 191,713 4.34 $43.13 - $67.64 6,170,029 5.68 2,261 3.90 32,831,895 5.06 3,800,518 3.62 At March 31, 2019, the weighted average exercise price of options outstanding and options exercisable was $34.10 and $13.99, respectively (at March 31, 2018 - $12.95 and $4.55, respectively). The Company recorded $141,451 in share-based compensation expense related to options issued to employees for the year ended March 31, 2019 (for the year ended March 31, 2018 - $21,278) During the second quarter of the fiscal year ended March 31, 2019, the Company issued replacement options to employees in relation to the acquisitions of CHI and Hiku Brands Company Ltd. (“Hiku”) (Note 27(a)(iii) and (iv), respectively). For the year ended March 31, 2019, the Company recorded share-based compensation expense of $10,917, related to these replacement options, of which $7,503 relates to an immediate share-based compensation expense recorded at the CHI acquisition date to reflect the accelerated vesting of certain CHI replacement options. In determining the amount of share-based compensation related to options issued during the year, the Company used the Black-Scholes option pricing model to establish the fair value of options granted during the years ended March 31, 2019 and 2018 on their measurement date by applying the following assumptions: March 31, 2019 March 31, 2018 Risk-free interest rate 2.00% 1.54% Expected life of options (years) 2 - 5 3 - 5 Expected annualized volatility 75% 64% Expected forfeiture rate 12% 11% Expected dividend yield nil nil Black-Scholes value of each option $24.98 $8.88 Volatility was estimated by using the historical volatility of the Company and other companies that the Company considers comparable that have trading and volatility history prior to the Company becoming public. The expected life in years represents the period of time that options granted are expected to be outstanding. The risk-free rate was based on the zero coupon Canada government bonds with a remaining term equal to the expected life of the options. During the year ended March 31, 2019, 5,318,923 Omnibus Plan options were exercised ranging in price from $0.56 to $40.68 for gross proceeds of $48,159 (for the year ended March 31, 2018 - 3,912,946 Omnibus Plan options were exercised ranging in price from $0.43 to $11.71 for gross proceeds of $11,053). During the year ended March 31, 2019, the Company issued 201,821 RSUs to consultants and directors of the Company of which 52,871 vested immediately, 29,306 vest over 5 years, 100,000 vest over 2 years and 19,644 vest over 1 year. For the year ended March 31, 2019, the Company recorded $3,709 in share-based compensation expense related to these RSUs (for the year ended March 31, 2018 - nil). (c) Share-based compensation expense related to acquisition and asset purchase milestones Share-based compensation expense related to acquisition milestones is comprised of: Compensation expense March 31, 2019 March 31, 2018 Spectrum Denmark $ 9,895 $ 7,206 Spectrum Colombia 28,893 - Canindica 42,499 - Other 18,877 12,269 $ 100,164 $ 19,475 During the year ended March 31, 2019, 2,455,446 shares (during the year ended March 31, 2018 – 398,651) were released on completion of acquisition milestones. At March 31, 2019, there were up to 5,371,154 shares to be issued on the completion of acquisition and asset purchase milestones. In certain cases, the number of shares to be issued is based on the volume weighted average share price at the time the milestones are met. The number of shares has been estimated assuming the milestones were met at March 31, 2019. The number of shares excludes shares to be issued on July 4, 2023 to the previous shareholders of Spectrum Cannabis Colombia S.A.S. (“Spectrum Colombia”) and Canindica Capital Ltd. (“Canindica”) based on the fair market value of the Company’s Latin American business on that date. See Note 27(a)(ii) for further information. (d) Other share based payments During the year ended March 31, 2019, the Company recorded share-based payments of $4,781 (during the year ended March 31, 2018 - $2,071) |
Canopy Rivers Corporation | |
Disclosure Of Classes Of Share Capital [Line Items] | |
Share Capital - Canopy Growth | 19. Share capital – Canopy Rivers (a) Authorized Canopy Rivers is authorized to issue an unlimited number of common shares. There are two classes of common shares: Multiple Voting Shares and Subordinated Voting Shares. Each Multiple Voting Share is entitled to receive 20 votes, while each Subordinated Voting Share is entitled to receive one vote at all meetings of the shareholders. There is no priority or distinction between the two classes of shares in respect of their entitlement to the payment of dividends or participation on liquidation, dissolution or winding-up of the Company. Prior to the completion of the Qualifying Transaction described in (d) below, Canopy Rivers had two classes of common shares: “Class A Shares” and “Class B Shares”. Pursuant to the terms of the Qualifying Transaction, Class A shareholders received one Multiple Voting Share for each Class A Share held, and Class B shareholders received one Subordinated Voting Share for each Class B Share held upon completion of the Qualifying Transaction. Accordingly, the terms “Class A Shares” and “Multiple Voting Shares” may be used interchangeably, and the terms “Class B Shares” and “Subordinated Voting Shares” may be used interchangeably. (b) Issued and outstanding As at March 31, 2019, Canopy Rivers had 36,468,318 Multiple Voting Shares (March 31, 2018 – 36,468,318) and 150,592,136 Subordinated Voting Shares (March 31, 2018 – 94,134,333) issued and outstanding. As at March 31, 2019, the Company held 36,468,318 Multiple Voting Shares (March 31, 2018 – 36,468,318) and 15,223,938 Subordinated Voting shares (March 31, 2018 – 4,673,938) which represented a 27.6% ownership interest in Canopy Rivers and 84.6% of the voting rights (March 31, 2018 – 31.5% and 89.1% respectively). The voting rights allow the Company to direct the relevant activities of Canopy Rivers such that the Company has control over Canopy Rivers and Canopy Rivers is consolidated in these financial statements. (c) Initial financing On May 12, 2017, (d) Financings during the year ended March 31, 2019 On April 6, 2018, Canopy Rivers completed a non-brokered private placement of 454,545 Class B Shares for aggregate gross proceeds of $500 and share issuance costs of $nil. On July 6, 2018, Canopy Rivers completed a private placement offering, pursuant to which Canopy Rivers issued an aggregate of 29,774,857 subscription receipts at a price of $3.50 per subscription receipt for gross proceeds of $104,212, including $15,050 invested by the Company. Canopy Rivers issued 28,792,000 subscription receipts pursuant to a brokered offering and 982,857 subscription receipts on a non-brokered basis. Funds from the private placement were placed in escrow pending the completion of the RTO with AIM2 Ventures Inc. (“AIM2”). Share issue costs of $3,371 were incurred as part of this private placement offering, which have been deducted from the carrying value of the non-controlling interest. On September 17, 2018 Canopy Rivers completed the RTO, the funds were released from escrow and Canopy Rivers began trading under the symbol RIV.V on the TSX Venture Exchange. Since AIM2 does not have the inputs and processes capable of producing outputs that are necessary to meet the definition of a business as defined by IFRS 3 the RTO has been accounted for under IFRS 2, Share-based Payments The assets acquired and liabilities assumed at their fair value on the acquisition date are as follows. Amount Consideration $ 1,353 Cash acquired 583 Listing expense 770 On February 27, 2019, Canopy Rivers completed a brokered equity financing pursuant to which a syndicate of underwriters purchased 13,225,000 Subordinated Voting Shares of Canopy Rivers on a bought deal basis at a price of $4.80 per Subordinated Voting Share (the “Issue Price”) for gross proceeds of approximately $63,479 (the “Bought Deal”). Concurrent with the Bought Deal, the Company purchased 6,250,000 Subordinated Voting Shares on a private placement basis, at a price per Subordinated Voting Share equal to the Issue Price for additional gross proceeds of approximately $30,000. Share issuance costs of $2,979 were paid in connection with the offering. Associated with the July 2018 and February 2019 financings, an amount of $5,246 has been recorded as an increase in equity attributable to the parent which represents the change in the carrying amount of the non-controlling interest as a result of the difference between the consideration paid and the net assets acquired and the dilution of Canopy Growth’s ownership interest. (e) Seed Capital Options The seed capital options were measured at fair value on May 12, 2017, using a Black-Scholes option pricing model and will be expensed over their vesting period. Where there are performance conditions in addition to service requirements Canopy Growth has estimated the number of shares it expects to vest and is amortizing the expense over the expected vesting period. The following table summarizes the change in seed capital options up to March 31, 2019: Seed capital options issued Seed capital loan balance Balance outstanding at March 31, 2017 - $ - Options granted 10,066,668 503 Balance outstanding at March 31, 2018 10,066,668 $ 503 Options exercised (6,227,776 ) (311 ) Balance outstanding at March 31, 2019 3,838,892 $ 192 (f) Stock option plan Canopy Rivers has a stock option plan (the “Plan”) under which non-transferable options to purchase Subordinated Voting Shares of the Company may be granted to directors, officers, employees, or independent contractors of the Company. Pursuant to the Plan, the maximum number of Subordinated Voting Shares issuable from treasury pursuant to outstanding options shall not exceed 10% of the issued and outstanding Subordinated Voting Shares. The Plan is administered by the Board who establishes exercise prices, at not less than the market price at the date of the grant, and expiry dates. Options under the Plan generally remain exercisable in increments, with one-third being exercisable on each of the first, second, and third anniversaries from the date of grant, and have expiry dates five years from the date of grant. The Board has the discretion to amend general vesting provisions and the term of any option grant, subject to limits contained in the Plan. The seed capital options are not within the scope of the Plan. The following is a summary of the changes in Canopy Rivers’ stock options, excluding the seed capital options presented separately, during the years ended March 31, 2018 and 2019: Options issued Weighted average exercise price Balance outstanding at March 31, 2017 - $ - Options granted 5,915,000 0.68 Balance outstanding at March 31, 2018 5,915,000 $ 0.68 Options granted 6,762,137 3.32 Options exercised (154,882 ) 0.78 Balance outstanding at March 31, 2019 12,522,255 $ 1.98 In determining the amount of share-based compensation related to options issued during the year, Canopy Rivers used the Black-Scholes option pricing model to establish the fair value of options granted during the year ended March 31, 2019 and 2018 on their measurement date by applying the following assumptions: March 31, 2019 March 31, 2018 Risk-free interest rate 1.70% 1.00% Expected life of options (years) 0.4 - 4 1 - 3 Expected annualized volatility 70% 70% Expected forfeiture rate nil nil Expected dividend yield nil nil Black-Scholes value of each option $1.80 $0.55 - 1.05 Volatility was estimated using companies that Canopy Rivers considers comparable that have trading and volatility history prior to Canopy Rivers becoming public. The expected life in years represents the period of time that options granted are expected to be outstanding. The risk-free rate was based on zero coupon Canada government bonds with a remaining term equal to the expected life of the options. For the year ended March 31, 2019, the Company recorded $13,898 (for the year ended March 31, 2018 - $3,579) in share-based compensation expense related to these options and the seed capital options with a corresponding increase to non-controlling interests. |
Non-controlling Interests
Non-controlling Interests | 12 Months Ended |
Mar. 31, 2019 | |
Non Controlling Interests [Abstract] | |
Non-controlling Interests | 20. Non-controlling Interests The following table presents the summarized financial information about the Company’s subsidiaries that have non-controlling interests. This information represents amounts before intercompany eliminations. As at March 31, 2019 Canopy Rivers Tweed JA Vert Mirabel Ownership interest 27.6 % 49.0 % 47.8 % Cash and cash equivalents $ 104,145 $ 6 $ 58 Other current assets 15,490 - 30,314 Investments in equity method investees 64,606 - - Other financial assets 181,572 - - Goodwill - 2,037 5,625 Other long-term assets 17,696 4,524 31,729 Deferred tax liability (6,641 ) - (2,325 ) Other liabilities (3,458 ) (2,198 ) (54,856 ) Non-controlling interests (281,962 ) (1,142 ) (6,711 ) Equity attributable to Canopy Growth $ 91,448 $ 3,227 $ 3,834 As at March 31, 2018 Canopy Rivers Tweed JA Vert Mirabel Ownership interest 31.5 % 49.0 % 48.9 % Cash and cash equivalents $ 46,299 $ 12 $ 508 Other current assets 521 1,769 744 Investments in equity method investees 13,225 - - Other financial assets 57,491 - - Goodwill - 1,939 5,625 Other long-term assets 8,065 1,677 6,818 Deferred tax liability (4,502 ) - - Other liabilities (4,705 ) (451 ) (9,483 ) Non-controlling interests (80,844 ) (1,686 ) (2,155 ) Equity attributable to Canopy Growth $ 35,550 $ 3,260 $ 2,057 The net change in the non-controlling interests is as follows: Note Canopy Rivers Tweed JA Vert Mirabel Other non- material interests Total As at March 31, 2017 $ - $ - $ - $ (32 ) $ (32 ) Net income (loss) 17,490 (366 ) (721 ) (184 ) 16,219 Other comprehensive income (loss) 3,998 39 - (4 ) 4,033 Share-based compensation 3,579 - - - 3,579 Acquisitions and ownership changes 55,777 2,013 2,876 - 60,666 As at March 31, 2018 $ 80,844 $ 1,686 $ 2,155 $ (220 ) $ 84,465 Net income (loss) 11,413 (508 ) 4,550 (111 ) 15,344 Other comprehensive income (loss) 3,808 (36 ) - - 3,772 Share-based compensation 13,898 - - - 13,898 Ownership changes 143,487 - 6 331 143,824 Warrants 11(i) 28,512 - - - 28,512 As at March 31, 2019 $ 281,962 $ 1,142 $ 6,711 $ - $ 289,815 |
Revenue
Revenue | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Abstract] | |
Revenue | 21. REVENUE Revenues are disaggregated as follows: March 31, March 31, 2019 2018 Recreational revenue Business to business $ 117,388 $ - Business to consumer 23,144 - Medical revenue Canadian 68,759 70,617 International 10,091 3,732 Other revenue 34,049 3,599 Gross revenue 253,431 77,948 Excise taxes 27,090 - Net revenue $ 226,341 $ 77,948 |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Mar. 31, 2019 | |
Expense By Nature [Abstract] | |
Expenses by Nature | 22. Expenses by nature Operating expenses are presented on the face of the consolidated statements of operations using a classification based on the functions “Inventory production costs expensed to cost of sales,” “Sales and marketing,” “Research and development,” and “General and administration.” The Company also presents other material operating expenses separately as they were deemed to be items of dissimilar function. Operating expenses for the year ended March 31, 2019 include employee compensation and benefits of $158,161 (for the year ended March 31, 2018 – $49,971), share-based compensation of $287,782 (for the year ended March 31, 2018 – $51,177), and depreciation and amortization of $46,918 (for the year ended March 31, 2018 – $20,486). |
Other (Expense) Income, Net
Other (Expense) Income, Net | 12 Months Ended |
Mar. 31, 2019 | |
Analysis Of Income And Expense [Abstract] | |
Other (Expense) Income, Net | 23. OTHER (EXPENSE) INCOME, NET March 31, March 31, Notes 2019 2018 Fair value changes on financial assets classified as FVTPL 12 $ 91,736 $ 78,172 Gain on acquisition of consolidated entity 27(a)(iii) 62,682 - Gain on disposal of consolidated entity 27(d) - 8,820 Interest income 49,312 1,350 Gain on exchange of TerrAscend shares 11(iii) 8,678 - Interest expense (2,035 ) (784 ) Foreign currency loss (5,572 ) (2,440 ) Convertible debt issuance costs 16(i) (16,380 ) - Fair value changes on Put Liabilities 17 (17,850 ) (21,000 ) Settlement loss 17 (28,611 ) - Fair value changes on financial liabilities designated as FVTPL 16 (203,095 ) - Impairment of product rights 14 - (28,000 ) Other (expense) income, net (8,850 ) (4,905 ) Total other (expense) income, net $ (69,985 ) $ 31,213 |
Income Taxes
Income Taxes | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Income Taxes [Abstract] | |
Income Taxes | 24. INCOME TAXES Details of income tax from continuing operations are as follows: March 31, March 31, 2019 2018 Current income tax expense $ (2,439 ) $ - Deferred income tax expense (9,879 ) (1,593 ) Total $ (12,318 ) $ (1,593 ) Income tax expense varies from the amount that would be computed by applying the basic federal and provincial tax rates to loss before income taxes, shown as follows: March 31, March 31, 2019 2018 Loss before income taxes $ (657,776 ) $ (52,541 ) Expected tax rate 26.5 % 26.5 % Expected tax benefit resulting from loss $ 174,311 $ 13,923 Non-deductible expenses (99,192 ) (19,310 ) Increase in unrecognized temporary differences (81,616 ) (5,506 ) Rate differential (4,060 ) - Non-taxable portion of capital gains and losses - 9,421 Other (1,761 ) (121 ) Income tax expense $ (12,318 ) $ (1,593 ) Deferred income taxes reflect the impact of loss carry forwards and of temporary differences between amounts of assets and liabilities for financial reporting purposes and such amounts as measured by tax laws. The effect of temporary differences and loss carryforwards that give rise to significant portions of the deferred tax liability, which has been recognized during the year ended March 31, 2019 are as follows: Recognized Business in Net combinations March 31, income Recognized Recognized and assets March 31, 2018 (loss) in equity in OCI held for sale 2019 Deferred tax asset Loss carryforwards $ 35,157 $ (8,092 ) $ - $ - $ 15,802 $ 42,867 Other 5,340 9,024 2,210 - (12,918 ) 3,656 40,497 932 2,210 - 2,884 46,523 Deferred tax liability Property, plant and equipment 1,071 (11,384 ) - - (563 ) (10,876 ) Intangibles (25,428 ) 4,359 - - (57,094 ) (78,163 ) Biological assets (29,780 ) (10,070 ) - - - (39,850 ) Investments (21,866 ) 11,252 - 1,092 (1,145 ) (10,667 ) Other long-term liabilities 2,783 (2,783 ) - - - - Other (813 ) (2,185 ) - - - (2,998 ) (74,033 ) (10,811 ) - 1,092 (58,802 ) (142,554 ) Net deferred taxes $ (33,536 ) $ (9,879 ) $ 2,210 $ 1,092 $ (55,918 ) $ (96,031 ) The effect of temporary differences and loss carryforwards that give rise to significant portions of the deferred tax liability, which has been recognized during the year ended March 31, 2018 are as follows: Recognized Business in Net Disposal of combinations March 31, income Recognized Recognized consolidated and assets March 31, 2017 (loss) in equity in OCI entity held for sale 2018 Deferred tax asset Loss carryforwards $ 30,494 $ 5,677 $ - $ - $ (1,014 ) $ - $ 35,157 Other 829 - 4,511 - - - 5,340 31,323 5,677 4,511 - (1,014 ) - 40,497 Deferred tax liability Property, plant and equipment (1,126 ) 3,577 - - (263 ) (1,117 ) 1,071 Intangibles (42,703 ) 10,310 - - 6,965 - (25,428 ) Biological assets (20,615 ) (9,460 ) - - 295 - (29,780 ) Investments (3,184 ) (13,558 ) - (5,124 ) - - (21,866 ) Other long-term liabilities - 2,783 - - - - 2,783 Other 381 (922 ) - - (284 ) 12 (813 ) (67,247 ) (7,270 ) - (5,124 ) 6,713 (1,105 ) (74,033 ) Net deferred taxes $ (35,924 ) $ (1,593 ) $ 4,511 $ (5,124 ) $ 5,699 $ (1,105 ) $ (33,536 ) The unrecognized temporary differences of the Company are comprised of: March 31, March 31, 2019 2018 Losses carried forward $ 376,390 $ 30,041 Share issue costs 24,750 - Other 51,945 - Total $ 453,085 $ 30,041 The Company has the following non-capital losses available to reduce future years' taxable income which expires as follows: 2029 $ 27,490 2030 40 2031 52 2032 42 2033 574 2034 4,269 2035 17,686 2036 45,484 2037 33,318 2038 108,910 2039 290,595 Indefinite 46,674 Total $ 575,134 As at March 31, 2019, the Company had temporary differences of $202.4 million associated with investments in subsidiaries for which no deferred tax liabilities have been recognized, as the Company is able to control the timing of the reversal of these temporary differences and it is not probable that these differences will reverse in the foreseeable future. The Company also had at March 31, 2019, deductible temporary differences of $400.2 million arising from investments in subsidiaries for which no deferred tax assets have been recognized as it is not probable that the temporary differences will reverse in the foreseeable future. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Mar. 31, 2019 | |
Earnings Per Share [Abstract] | |
Earnings Per Share | 25. Earnings per share Net loss per common share represents the net income (loss) attributable to common shareholders divided by the weighted average number of common shares outstanding during the year. Diluted net income (loss) per common share is calculated by dividing the applicable net income (loss) by the sum of the weighted average number of common shares outstanding and all additional common shares that would have been outstanding if potentially dilutive common shares had been issued during the year. As at March 31, 2019 and 2018, all instruments were anti-dilutive. |
Supplementary Cash Flow Informa
Supplementary Cash Flow Information | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Cash Flow Statement [Abstract] | |
Supplementary Cash Flow Information | 26. Supplementary cash flow information The changes items are as follows: March 31, March 31, 2019 2018 (Restated - see note 3) Amounts receivable $ (67,688 ) $ (15,738 ) Prepaid expenses and other current assets (87,476 ) (15,770 ) Biological assets and inventory (176,870 ) (29,667 ) Accounts payable and accrued liabilities 69,540 27,130 Other long-term assets 1,396 - Other liabilities (1,070 ) 352 Total $ (262,168 ) $ (33,693 ) Non-cash transactions Excluded from the year ended March 31, 2019 consolidated statements of cash flows was a total of $96,875 in accounts payable and accrued liabilities as follows: $96,875 of property, plant and equipment purchases and $nil of share issue costs. Included for the year ended March 31, 2019 consolidated statements of cash flows is a total of $49,679 in accounts payable and accrued liabilities as follows: $49,627 of property, plant and equipment purchases and $52 of share issue costs. Excluded from the year ended March 31, 2018 consolidated statements of cash flows was a total of $49,679 in accounts payable and accrued liabilities as follows: $49,627 of property, plant and equipment purchases and $52 of share issue costs. Included for the year ended March 31, 2018 consolidated statements of cash flows is a total of $3,860 in accounts payable and accrued liabilities as follows: $3,770 of property, plant and equipment purchases and $90 of share issue costs. |
Acquisitions and Disposals
Acquisitions and Disposals | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Business Combinations [Abstract] | |
Acquisitions and Disposals | 27. acquisItions and disposalS (a) Acquisitions completed in the year ended March 31, 2019 The following table summarizes the consolidated statements of financial position impact on the acquisition date of the Company’s business combinations that occurred in the year ended March 31, 2019 Spectrum DCL Colombia CHI Hiku ebbu POS S&B Cafina Other (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Total Cash and cash equivalents $ 496 $ 3 $ 8,369 $ 4,089 $ - $ 2,908 1,056 $ 6 $ (37 ) $ 16,890 Other current assets - 13 177 6,327 138 12,992 8,363 81 83 28,174 Property, plant and equipment - 1,351 121 15,846 1,821 9,541 23,609 62 - 52,351 Investments - - 8,563 1,204 - - - - - 9,767 Intangible assets Brands - - - 17,000 - - 38,463 - - 55,463 Distribution channel - - - - - - 3,143 - - 3,143 Operating licenses 27,379 50,063 - 37,300 - - - 43,850 - 158,592 Intellectual property - - 20,000 - 51,600 23,300 58,816 - - 153,716 Software and domain names - - - 103 - 328 276 - - 707 Goodwill 2,716 14,002 137,445 539,331 327,013 93,248 117,175 - 1,538 1,232,468 Accounts payable and accrued liabilities (573 ) (53 ) (954 ) (3,691 ) - (4,172 ) (4,490 ) (59 ) (16 ) (14,008 ) Debt and other liabilities - (5,258 ) - (1,954 ) (665 ) (3,145 ) (28,247 ) - - (39,269 ) Deferred tax liability (2,716 ) (14,002 ) (4,806 ) (14,598 ) (13,731 ) (6,042 ) (23 ) - - (55,918 ) Net assets 27,302 46,119 168,915 600,957 366,176 128,958 218,141 43,940 1,568 1,602,076 Non-controlling interests - - - - - - - - - - Net assets acquired $ 27,302 $ 46,119 $ 168,915 $ 600,957 $ 366,176 $ 128,958 $ 218,141 $ 43,940 $ 1,568 $ 1,602,076 Consideration paid in cash $ 500 $ - $ - $ 11,994 $ 16,060 $ 128,958 $ 203,786 $ 36,074 $ - $ 397,372 Consideration paid in shares 24,702 46,119 98,034 543,866 234,052 - - - 1,568 948,341 Gain on fair value of previously held equity interest - - 62,682 - - - - - - 62,682 Replacement options - - 8,199 13,537 - - - - - 21,736 Replacement warrants - - - 30,611 - - - - - 30,611 Other consideration - - - 949 - - - - - 949 Contingent consideration 2,100 - - - 116,064 - 14,355 7,866 - 140,385 Total consideration $ 27,302 $ 46,119 $ 168,915 $ 600,957 $ 366,176 $ 128,958 $ 218,141 $ 43,940 $ 1,568 $ 1,602,076 Consideration paid in cash $ 500 $ - $ - $ 11,994 $ 16,060 $ 128,958 $ 203,786 $ 36,074 $ - $ 397,372 Less: Cash and cash equivalents acquired (496 ) (3 ) (8,369 ) (4,089 ) - (2,908 ) (1,056 ) (6 ) 37 (16,890 ) Net cash outflow $ 4 $ (3 ) $ (8,369 ) $ 7,905 $ 16,060 $ 126,050 $ 202,730 $ 36,068 $ 37 $ 380,482 The table above summarizes the fair value of the consideration given and the fair values assigned to the assets acquired and liabilities assumed for each acquisition. Goodwill arose in these acquisitions because the cost of acquisition included a control premium. In addition, the consideration paid for the combination reflected the benefit of expected revenue growth and future market development. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. None of the goodwill arising on these acquisitions is expected to be deductible for tax purposes. (i) DCL On May 30, 2018, the Company purchased 100% of the issued and outstanding shares of DaddyCann Lesotho PTY Limited (“DCL”). DCL was subsequently renamed Spectrum Cannabis (Lesotho) PTY Limited. Based in the Kingdom of Lesotho, DCL holds a license to cultivate, manufacture, supply, hold, import, export and transport cannabis and its resin. On closing, 666,362 common shares were issued to former shareholders of DCL at a price of $37.07 for consideration of $24,702. An additional 79,892 common shares will be issued on the achievement of a licensing milestone. These shares have been accounted for as equity classified contingent consideration. Management assessed the probability and timing of achievement and then discounted to present value using a put option pricing model in order to derive a fair value of the contingent consideration of $2,100. There was also the effective settlement of a note receivable of $500, which was advanced in cash by the Company prior to closing, for total consideration of $27,302. An additional 253,586 common shares will be issued to the former shareholders of DCL contingent on the achievement of certain operational milestones. The Company has finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include the recognition of an operating license intangible asset with a fair value of $27,379 and a deferred tax liability of $2,716. The fair value of the operating license was estimated using a market-based valuation technique, where the implied value of the license is estimated to equal the excess purchase price paid. The operating license will not be amortized as the Company has concluded that it has an indefinite useful life. (ii) Spectrum Colombia On July 5, 2018, the Company acquired Spectrum Colombia, which previously operated as Colombia Cannabis S.A.S. The consideration for the transaction was 1,193,237 common shares with a fair value of $46,119 based on the Company’s share price on the closing date. On July 5, 2018, in conjunction with the acquisition of Spectrum Colombia the Company acquired all the outstanding shares of Canindica in exchange for 595,184 common shares. Canindica was controlled by the Regional Managing Director of the Company’s Latin American business. Canindica does not meet the definition of a business and the fair value of the consideration paid of $23,004 has been recorded as compensation expense. Upon the achievement of future cultivation and sales milestones, the Company will issue up to 2,098,304 additional common shares of the Company to the former shareholders of Spectrum Colombia and shares to a value of $42,623 to the former shareholders of Canindica. If Canindica fails to meet certain of these milestones, Canindica will pay USD $10,000 to the Company. This obligation is secured through future milestone payments to Canindica. Additionally, if all of these milestones are met prior to July 4, 2023, the Company will issue, to the previous shareholders of Spectrum Colombia and Canindica, the number of Company shares equal to four percent and six percent, respectively, of the fair market value of the Company’s Latin American business. The milestone shares are being provided in exchange for services and are being accounted for as share-based compensation expense. The Company has finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments include a decrease to the fair value of land acquired of $3,794, the recognition of an operating license intangible asset with a fair value of $50,063 and a deferred tax liability of $14,002. The fair value of the operating license was estimated using a market-based valuation technique, where the implied value of the license is estimated to equal the excess purchase price paid. The operating license will not be amortized as the Company has concluded that it has an indefinite useful life. (iii) CHI CHI is a cannabis research innovator. On August 3, 2018, the Company acquired all of its unowned interest in CHI to increase its total ownership to 100% of CHI’s issued and outstanding shares. Immediately preceding the acquisition, CHI amalgamated with its wholly-owned subsidiary, Canopy Animal Health (“CAH”), creating one amalgamated corporation which continued as CHI. In addition, the vesting of certain CHI and CAH options was accelerated and certain options were exercised. Following this transaction, the Company will control CHI and CHI will be accounted for as a wholly-owned subsidiary. CHI shares and options were exchanged at a ratio of 0.379014 CHI shares to 1 Canopy Growth share or replacement option, resulting in 2,591,369 common shares, 568,005 replacement options and 485,572 common shares of which 217,859 are subject to certain trading restrictions (“Compensation Shares”) being issued. This consideration included 278,230 shares and 154,208 replacement options that were issued to key management personnel of the Company that were shareholders and option holders in CHI. The fair value of the shares issued totaled $98,034 which is comprised of $87,717 calculated as the 2,591,369 common shares issued at the Company’s share price on the date of the transaction and $10,317 which reflects the fair value of the Compensation Shares issued, calculated using a Black-Scholes model. The fair value of the replacement options was determined using a Black-Scholes model and the total fair value has been allocated to the consideration paid for CHI only to the extent that it related to pre-combination services. As a result, $8,199 of the total fair value has been included as consideration paid to acquire CHI as it related to pre-combination vesting service and $11,714 of the fair value will be recognized as share-based compensation expense rateably over the post-combination vesting period (see Note 18 for details on the share-based compensation expense). Prior to this acquisition, the Company’s 43% participating share was accounted for using the equity method. The acquisition of the 57% interest is accounted for as a business combination achieved in stages under IFRS 3. The Company remeasured its 43% interest to fair value and recognized a gain of $62,682 which reflects the difference between the carrying value of $nil and the implied fair value $62,682. The fair value was estimated to be the transaction price less an estimated control premium of 5%. The Company has finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments made were to recognize the acquired intellectual property (“IP”) intangible asset with a fair value of $20,000 and a deferred tax liability of $4,806. The fair value of the IP was estimated using a cost-based approach, where a rate of return has been applied to the amount that CHI had invested in research and development up to the date of acquisition. The IP will be amortized over the estimated useful life of 15 years. (iv) Hiku On September 5, 2018, the Company purchased 100% of the issued and outstanding shares of Hiku. Hiku is federally licensed to cultivate and sell cannabis through its wholly-owned subsidiary DOJA Cannabis Ltd. Hiku also operates a network of retail stores selling coffee, clothing and curated accessories, across British Columbia, Alberta and Ontario. Hiku shares, options and warrants were exchanged at a ratio of 0.046 Hiku shares to 1 Canopy Growth share, replacement option, or warrant. On the acquisition date Hiku had convertible debentures outstanding with a principal amount of $618 which were convertible into 498,387 Hiku common shares. As a result of the acquisition the conversion feature was adjusted in accordance with the above exchange ratio. The fair value of these debentures on September 5, 2018 was estimated to be $1,570 which was allocated $949 to the conversion feature and $621 to the debt component. On November 5, 2018 in accordance with the terms of the debenture the Company completed the forced conversion of the debenture in exchange for 22,866 shares. Prior to closing the Company advanced cash of $10,000 to Hiku pursuant to a promissory note. The funds were used to pay the termination fee owed by Hiku in connection with a previously announced transaction. On closing the Company issued 7,943,123 common shares with a fair value of $543,866, based on the Company’s share price on the date of the transaction, cash consideration of $11,994, 920,452 replacement warrants and 291,629 replacement options. The fair value of the replacement warrants was estimated to be $30,611 using a Black-Scholes model. The replacement options’ fair value totaled $17,693, calculated using a Black-Scholes model, of which $13,537 has been included as consideration paid as it related to pre-combination services and the residual $4,156 fair value will be recognized as stock compensation expense rateably over the post-combination vesting period. Other consideration also includes $949 related to the convertible debenture and the effective settlement of the promissory note of $10,000. The Company has finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments made were to recognize the acquired brand and operating license intangible assets with a fair value of $17,000 and $37,300, respectively, and a deferred tax liability of $14,598. The fair value of the brand was estimated using a cost-based approach, where a rate of return has been applied to the amount that Hiku had invested in developing their Tokyo Smoke brand up to the date of acquisition. The fair value of the operating license was estimated using a market approach where recent transactions to purchase the same type of license were analyzed and applied to the licenses held by Hiku at the date of acquisition. Both the brand and operating licenses will not be amortized as the Company has concluded that both intangible assets have an indefinite useful life. (v) ebbu On November 23, 2018 the Company acquired substantially all the assets and intellectual property of ebbu Inc. (“ebbu”), a Colorado-based hemp research operation in exchange for $25,000 cash and 6,221,210 common shares of which $7,462 cash and 899,424 shares were held back for a period of 12 to 18 months in respect of certain representations and warranties of the seller. Up to a further $100,000 will be paid subject to the achievement of certain scientific related milestones within a period of two years of closing. The Company will have the option of satisfying these milestone payments in cash, shares or a combination of cash and shares, subject to the restriction that each payment must be comprised of at least 10% cash but the cash portion cannot exceed 19.9% of the payment. If such payments are satisfied in shares, the number of shares will be calculated based on the volume weighted average price of the shares on the TSX for the 20 trading days immediately prior to the date of achievement of the milestone. The assets transferred constitute a business and the transaction will be accounted for as a business combination. The consideration for this transaction is estimated to be $366,176. This includes cash and shares transferred on closing with a value of $16,060 and $234,052 respectively and contingent consideration of $116,064. The contingent consideration includes $29,880 which is classified as equity and $86,184 which is classified as a liability. Management has estimated the fair value of the contingent consideration by assessing the probability of releasing the holdback amounts and probability and timing of achieving the milestones. The fair value of the equity classified contingent consideration is determined using a put option pricing model. The fair value of the liability classified contingent consideration is determined by discounting the expected cash outflows to present value. The fair value of acquisition consideration related liabilities at March 31, 2019 is $87,584. Management has determined that a portion of the consideration transferred is being provided in exchange for services and will be accounted for as compensation expense. The grant date fair value of this compensation has been estimated to be $8,416 which will be expensed rateably over the estimated vesting periods. The Company has finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments made were to recognize the acquired IP intangible asset with a fair value of $51,600 and a deferred tax liability of $13,731. The fair value of the IP was estimated using a market-based approach, where a valuation multiple was derived from a review of comparable companies’ investment in IP. This multiple was then applied to ebbu’s investment in research and development up to the date of the acquisition. The IP will be amortized over the estimated useful life of 15 years. (vi) POS On November 23, 2018 the Company acquired effective control for accounting purposes over the operations of POS Holdings Inc. (“POS”), as a result of a debenture financing transaction which was entered into concurrent with the grant of an option to acquire POS. POS is a bio-processing facility located in Saskatchewan, Canada. On July 1, 2018, the Company had entered into an agreement whereby the Company was granted an option to acquire all of the assets of POS in exchange for $6,000. The amount advanced for this option was to be applied against the purchase price of the assets of POS when the option was exercised and had been recorded as a deposit. In addition, the Company had entered into an agreement for processing services to be conducted by POS on behalf of the Company and had made advances of $13,864 under this agreement. Since processing under this agreement has not yet commenced, all the amounts advanced prior to November 23, 2018 had been recorded as a prepaid expense. The deposit and prepaid amounts form part of the consideration transferred. On November 23, 2018, the Company advanced a further $109,094 pursuant to a convertible debenture for total cash consideration of $128,958. The Company has finalized the purchase price allocation to the individual assets acquired and liabilities assumed using the acquisition method. The measurement period adjustments made were to recognize the acquired IP intangible asset with a fair value of $23,300 and a deferred tax liability of $6,042. The fair value of the IP was estimated using an income approach which involved estimating future net cash flows and applying an appropriate discount rate to those future cash flows. The IP will be amortized over the estimated useful life of 15 years. (vii) S&B On December 6, 2018 the Company acquired Storz & Bickel GmbH & Co., KG (“S&B”), related entities, and IP for $203,786 cash. Based in Tuttlingen, Germany S&B are designers and manufacturers of medically approved vaporizers. Up to a further €10,000 will be paid to the former shareholders subject to the achievement of certain market launch milestones. This represents liability classified contingent consideration. Management has estimated the fair value of this consideration to be $14,355 by assessing the probability and timing of achievement of the milestones and discounting the expected cash outflows to present value. Other liabilities assumed include an amount of $21,447 owing to the former shareholders of S&B. Due to the timing of this acquisition, the purchase price allocation for the S&B acquisition is provisional. The fair value assigned to the consideration paid, intangible assets and net assets acquired is based on management’s best estimate using the information currently available and the IP intangible asset and deferred tax liability may be revised by the Company as additional information is received. (viii) Cafina On March 25, 2019, the Company acquired Cáñamo y Fibras Naturales, S.L. (“Cafina”), a Spanish-based licensed cannabis producer for consideration of $43,940 of which $36,074 cash was advanced on closing and a further €6,000 was held back and will be released to the former shareholders on the second and fourth anniversary of the acquisition, subject to certain representations and warranties. The acquisition date fair value of the contingent consideration was estimated to be $7,866. Due to the timing of this acquisition, the purchase price allocation for the Cafina acquisition is provisional. The fair value assigned to the consideration paid, intangible assets and net assets acquired is based on management’s best estimate using the information currently available and may be revised by the Company as additional information is received. (ix) Other acquisitions On April 16, 2018 the Company acquired 100% of Annabis Medical s.r.o. (“Annabis”) a company that imports and distributes cannabis products pursuant to federal Czech licenses. Under the terms of the agreement the Company issued 50,735 common shares on closing for total consideration of $1,568. An additional 34,758 common shares will be issued contingent on future services and the achievement of certain milestones. These shares are being accounted for as share based compensation and being amortized over the expected vesting period. (b) Acquisition of non-controlling shareholder’s interest in BC Tweed On October 10, 2017, the Company entered into a definitive joint venture agreement with a large-scale greenhouse operator (the “Partner”) to form a new company, BC Tweed Joint Venture Inc. (“BC Tweed”) (“Original Transaction”). BC Tweed was 66.67% owned by the Company and 33.33% owned by the Partner. As part of the Original Transaction, BC Tweed agreed to lease from the Partner a 1.3 million square feet greenhouse facility located on a 55-acre parcel of land in British Columbia (“Aldergrove Lease”). In December 2017, BC Tweed agreed to lease and develop a second greenhouse of 1.7 million square feet (“Delta Lease”) from the Partner. The greenhouse operation transferred by the Partner met the definition of a business and was accounted for as a business combination and the Company recorded goodwill of $36,400. The Partner had the option to sell its interest in BC Tweed, in whole or in part, to the Company. This put option was exercisable only on specific dates following the license date – the 4th anniversary of the sales license date, then at the 6th, 8th, 10th and 12th anniversaries. The put option was accounted for as a liability of the Company (“BC Tweed Put Liability”) and was recorded on the statements of financial position in Other long-term liabilities and subsequently measured at fair value with changes in fair value recorded in Net income (loss) in the period in which they arose. On October 10, 2017 the fair value of the BC Tweed Put Liability was estimated to be $36,400 using a discounted cash flow approach by estimating the expected future cash flows and applying a discount rate to arrive at the present value of the put option’s strike price. On March 31, 2018 the BC Tweed Put Liability was estimated to be $56,300 and the increase of $19,900 was recorded in the consolidated statement of operations (Note 23). For further information on valuation techniques and significant unobservable inputs used to estimate the fair value refer to Note 31. As part of the Original Transaction, BC Tweed entered into call/put option agreements with the Partner to acquire all of the limited partnership units of the limited partnerships which hold the greenhouses and related property. BC Tweed has the right to exercise the call options for a term of seven years from the respective license dates of the facilities. The purchase price for acquiring the limited partnership units of the entity which owns the Aldergrove Lease property is $28,000 less any and all liabilities of the limited partnership (this price will increase by 3% per year from the license date with further increases of 8% per year starting after the fifth anniversary from the license date until the end of the call/put option period, as applicable). The purchase price for acquiring the limited partnership units of the entity which owns the Delta Lease property is $45,000 less any and all liabilities of the limited partnership (this price will increase by 3% per year from the license date with further increases of 8% per year starting after the fifth anniversary from the license date until the end of the call/put option period, as applicable). Since these options represent options to acquire the limited partnership units, the options were accounted for as derivative financial instruments which were recognized initially and subsequently at fair value through profit or loss. Management had estimated that the fair value of these options is $nil as the exercise price of the options approximates the fair value of the limited partnership units. The Company had initially concluded that the Company and the Partner had joint control over BC Tweed but during the second quarter of fiscal 2019, the Company revised its previous conclusion that BC Tweed was subject to joint control. The Company has concluded that based on the shareholders’ agreement and the contractual terms of the offtake agreement that the significant relevant activities are unilaterally controlled by the Company. Since the Company had previously recognized the assets, liabilities, revenues and expenses of BC Tweed based on its proportionate share of BC Tweed’s output, being 100%, the conclusion that BC Tweed should have been a consolidated subsidiary had no significant impact on the Company’s previously issued consolidated financial statements. On July 5, 2018, the Company acquired the non-controlling shareholder’s (the “Partner’s”) 33% interest in BC Tweed (the “Subsequent Transaction”) for total consideration of $495,386. Consideration included $1,000 in cash and 13,293,969 shares of the Company of which 5,091,523 shares were released on closing and the remaining 8,202,446 shares were placed in escrow. The shares placed in escrow will be released over a period of up to three years, with the exact timing of release dependent on the occurrence of specified events. As of March 31, 2019, 1,261,915 of the escrowed shares have been released. The 5,091,523 shares issued on close were recorded at an issue price of $39.70 per share for consideration of $202,133. The fair value of the shares held in escrow was estimated to be $265,253 using a put option pricing model discounted to reflect management’s best estimate of the expected dates of release. On closing of the Subsequent Transaction, the call option held by BC Tweed on the limited partnership units of the limited partnerships which hold the greenhouses and related property was amended to effectively increase the call option price by $27,000. Management has determined that this increase in the call option price represents additional consideration for the Partner’s interest. On closing of the Subsequent Transaction the excess of the consideration paid for the Partner’s 33% interest over the fair value of the BC Tweed Put Liability on the transaction date of $72,600 was recognized as a $422,786 charge to Equity. Under the Original Transaction, upon various milestones being achieved, the Company had agreed to issue 310,316 common shares over two tranches and a further $2,750 of common shares of the Company in two additional tranches to the Partner. These payments were accounted for as share-based compensation expense and the grant date fair value of $6,731 was being amortized over the estimated vesting period. On closing of the Subsequent Transaction, the Company amended the terms of this share-based compensation arrangement to accelerate the vesting of 155,158 shares, and to cancel the remaining tranches of the compensation arrangement. As a result, the unamortized balance of the grant date fair value of the share-based compensation of $954 was expensed in the year ended March 31, 2019. On October 24, 2018 the Company amended the terms of the lease agreements for Aldergrove Lease and Delta Lease and the amended leases were classified as finance leases. The Company recognized the assets under finance lease and finance lease liability of $73,000. On March 31, 2019 the Company exercised the call options and acquired the limited partnership units of the limited partnerships that held greenhouse facilities under lease which resulted in the Company derecognizing the asset under finance lease, the finance lease liability and the contingent consideration and recognizing the greenhouse facilities and the ATB financing with a principal amount of $95,000. (c) Acquisitions completed in the year ended March 31, 2018 The following table summarizes the consolidated statements of financial position impact on the acquisition date of the Company’s business combinations that occurred in the year ended March 31, 2018: Tweed Vert Grasslands Tweed JA Odense Mirabel Other (i) (ii) (iii) (iv) (viii) Cash and cash equivalents $ 59 $ 125 $ - $ - $ 7 Amounts receivable 16 - - - 14 Subscription receivable - 3,669 - - - Inventory and Biological Assets - - 173 - - Prepaids and other assets 6 - - - 107 Property, plant and equipment 1,446 182 3,990 - 468 Goodwill 29,736 1,835 - 5,625 1,562 Accounts payable and accrued liabilities (336 ) (29 ) - - (143 ) Debt and other liabilities - - (297 ) - - Net assets 30,927 5,782 3,866 5,625 2,015 Non-controlling interests - (2,013 ) - (2,839 ) - Net assets acquired $ 30,927 $ 3,769 $ 3,866 $ 2,786 $ 2,015 Consideration paid in cash $ 450 $ 100 $ 3,228 $ - $ 166 Consideration paid in shares 6,381 - - - 1,850 Future cash consideration - 3,669 - - - Other consideration 2,382 - - 3,750 - Contingent consideration 21,714 - - - - Total consideration $ 30,927 $ 3,769 $ 3,228 $ 3,750 $ 2,016 Consideration paid in cash $ 450 $ 100 $ 3,228 $ - $ 166 Less: Cash and cash equivalents acquired (59 ) (125 ) - - (7 ) Net cash outflow $ 391 $ (25 ) $ 3,228 $ - $ 159 Goodwill arose in these acquisitions because the cost of acquisition included a control premium. In addition, the consideration paid for the combination reflected the benefit of expected revenue growth and future market development. These benefits were not recognized separately from goodwill because they do not meet the recognition criteria for identifiable intangible assets. None of the goodwill arising on these acquisitions is expected to be deductible for tax purposes. (i) Tweed Grasslands (formerly rTrees) On May 1, 2017, the Company purchased 100% of the issued and outstanding shares of rTrees Producers Inc. (“rTrees”), a late-stage ACMPR applicant based in Yorkton, Saskatchewan. On June 30, 2017, rTrees changed its name to Tweed Grasslands Cannabis Inc. (“Tweed Grasslands”). The consideration for the transaction included 3,494,505 common shares issued to former shareholders of rTrees, of which 2,795,604 common shares were to be held in escrow and will be either released to the former shareholders of rTrees upon the satisfaction of certain specific license achievement, or released to the Company for cancellation. The 698,901 shares released on closing were recorded at an issue price of $9.13 per share for consideration of $6,381. The shares being held in escrow were recorded as equity based contingent consideration. The achievement of milestones was assessed probabilities by management which were then discounted to present value in order to derive a fair value of the contingent consideration. In aggregate, the amount of contingent consideration is up to $25,524 with a fair value of $21,714 at the acquisition date. All the milestones were achieved in the year ended March 31, 2018 and the shares were released from escrow. Other consideration included $1,079 of replacement options and $1,303 of replacement warrants. There was also an effective settlement of a note receivable of $450 for total consideration of $30,927. (ii) Tweed JA On September 6, 2017, the Company subscribed for 49% of the issued and outstanding shares of Grow House JA Limited (now operating as Tweed JA), for $3,769 payable in cash. Tweed JA is a Jamaican company that had received a provisional license to cultivate and sell medical cannabis. As of March 31, 2018, $2,000 of the subscription price has been advanced and the balance of the subscription price was advanced in fiscal year 2019. Through the shareholder agreement, the Company has rights that allow it to direct the relevant activities of Tweed JA such that the Company has control, and Tweed JA is consolidated in these financial statements. The non-controlling interest recognized at the acquisition date was recorded at its proportionate share of the identifiable net assets. (iii) Spectrum Denmark and acquisition of Odense operation On September 20, 2017, the Company formed Spectrum Cannabis Denmark Aps (“Spectrum Denmark”) for the purpose of producing, cultivating and distributing medical cannabis products in Denmark. Spectrum Denmark will also seek to establish operations in other jurisdictions in Europe where federally lawful and regulated. At inception, the Company owned 62% of the issued shares of Spectrum Denmark and Danish Cannabis ApS (“Danish Cannabis”) owned the remaining 38% of shares. Upon achievement of defined milestones, D |
Related Parties
Related Parties | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Related Parties | 28. Related parties Key management personnel compensation Key management personnel are those persons having the authority and responsibility for planning, directing and controlling activities of the entity, directly or indirectly. The key management personnel of the Company are the members of the Company’s executive management team and Board of Directors, who control approximately 2% of the outstanding shares of the Company. Compensation provided to key management is as follows: March 31, March 31, 2019 2018 Short-term employee benefits $ 5,137 $ 3,746 Share-based compensation 19,104 5,786 $ 24,241 $ 9,532 Related party transactions On November 16, 2018, the Company acquired two previously leased facilities from a company controlled by a former director of the Company for cash proceeds of $31,281, including $1,454 to repay the loan to the director’s company. The director resigned from the Company’s Board on November 1, 2018 following the previously discussed investment by CBI. The basis for the consideration paid was supported by independent appraisals of the properties. The Company continues to lease one Toronto facility from the director’s company. The Toronto facility leases had original expiration dates on October 15, 2018 and August 31, 2024 and the Edmonton facility lease was to expire on July 31, 2037. One of the Toronto facilities and the Edmonton facility were purchased on November 16, 2018. Included in the expenses for the year ended March 31, 2019 for rent and operating costs was $1,259 (for the year ended March 31, 2018 - $2,686). The Company has entered into cannabis offtake agreements with certain of its equity method investees (Note 11) and entities in which it holds equity or other financial instruments (Note 12). These agreements are in the normal course of operations and will be measured at the exchange amounts agreed to by the parties. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Commitments and Contingencies | 29. Commitments and contingencies (a) The Company leases production and retail space under operating leases which range in expiration from April 2019 to November 2046 and also has royalty, capital equipment and other commitments with varying terms. All production and retail operating leases have optional renewal terms that the Company may exercise at its option. (b) Future commitments, which include minimum lease payments, and capital and other purchase commitments due in each of the next five reporting years are as follows: 2020 $ 468,843 2021 28,448 2022 18,488 2023 18,023 2024 16,977 Thereafter 134,021 $ 684,800 |
Segmented Information
Segmented Information | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Operating Segments [Abstract] | |
Segmented Information | 30. Segmented information (a) Reportable segments The Company operates in two segments. 1) Cannabis operations, which encompasses the production, distribution and sale of both medical and recreational cannabis and 2) Canopy Rivers, through which the Company provides growth capital and strategic support in the global cannabis sector, where federally lawful. Financial information for Canopy Rivers is included in Note 20. (b) Entity-wide disclosures All property, plant and equipment and intangible assets are located in Canada, except for $350,125 which is located outside of Canada at March 31, 2019 (March 31, 2018 - $6,242). All revenues were principally generated in Canada during the year ended March 31, 2019, except for $27,865 related to exported medical cannabis and cannabis related merchandise generated outside of Canada (for the year ended March 31, 2018, revenues of $74,202 were generated within Canada and $3,746 was generated outside of Canada). For the year ended March 31, 2019, two customers each represented more than 10% of the Company’s net revenue (for the year ended March 31, 2018 – none). |
Financial Instruments and Fair
Financial Instruments and Fair Value Disclosures | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Financial Instruments and Fair Value Disclosures | 31. Financial instruments and fair value disclosures The Company’s activities expose it to a variety of financial risks, including market risk (i.e., foreign currency risk and interest rate risk), credit risk and liquidity risk (a) Market risk Market risk is defined as the risk that the fair value or future cash flows of a financial instrument held by the Company will fluctuate because of changes in market prices. The Company faces market risk from the impact of changes in foreign currency exchange rates, changes in interest rates, and changes in market prices due to other factors including changes in equity prices. Financial instruments held by the Company that are subject to market risk include cash and cash equivalents and marketable securities, investments in other financial assets, and variable-rate debt. (i) Foreign currency risk Foreign currency risk is defined for these purposes as the risk that the fair value of a financial instrument held by the Company will fluctuate because of changes in foreign currency rates. The Company has exposure to the U.S. dollar, Euro, Danish Krone, and certain other currencies through its investments in foreign operations. Consequently, fluctuations in the Canadian dollar exchange rate against these currencies increase the volatility of net income and other comprehensive income. The Company is mainly exposed to the U.S. dollar and a 10% increase or decrease in the U.S. dollar against the Canadian dollar on assets and liabilities would result in an decrease or increase of approximately $1,548 and $291,469 in net loss and comprehensive loss, respectively, for the year ended March 31, 2019. At March 31, 2019, the Company has not entered into any hedging agreements or purchased any financial instruments to hedge its foreign currency risk. (ii) Interest rate risk Interest rate risk is defined for these purposes as the risk that the fair value or future cash flows of a financial instrument held by the Company will fluctuate because of changes in interest rates. The Company’s financial liabilities consist primarily of long-term fixed rate debt or floating-rate debt. Fluctuations in interest rates could impact the Company’s cash flows, primarily with respect to the interest payable on the Company’s variable rate debt, which consists of certain borrowings with a total principal value of $97,471 (March 31, 2018 - $nil). The Company may invest surplus cash in highly liquid investments with short terms to maturity that would accumulate interest at prevailing rates for such investments. As at March 31, 2019, the Company’s short-term investments and marketable securities consist of $2,821,512 (March 31, 2018 - $65,395) in guaranteed investment certificates which have fixed rates of interest. (iii) Other market risk The Company holds other financial assets and liabilities in the form of investments in shares, warrants, options and put liabilities that are measured at FVTPL and FVOCI. The Company is exposed to price risk on these financial assets, which is the risk of variability in fair value due to movements in equity or market prices. Information regarding the fair value of financial instrument assets and liabilities that are measured at fair value on a recurring basis, and the relationship between the unobservable inputs used in the valuation of these financial assets and their fair value is presented in part (d) of this Note. (b) 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 accounts receivable. The Company is exposed to credit-related losses in the event of non-performance by the counterparties. The Company provides credit to its customers in the normal course of business and has established credit evaluation and monitoring processes to mitigate credit risk. The Company has limited risk due to the fact that the majority of recreational cannabis sales are transacted with Canadian provincial/territorial agencies, and the majority of medical cannabis and other sales are transacted with credit cards. The carrying amount of cash and cash equivalents, marketable securities , short-term restricted investments and amounts receivable represents the maximum exposure to credit risk and at March 31, 2019, this amounted to $4,643,369 (2018 - $344,649). Since the inception of the Company, no losses have been suffered in relation to cash held by its banking institutions As at March 31, 2019, 89% of the Company’s accounts receivable are considered current (March 31, 2018 – 96%). The Company’s accounts receivable are primarily driven by sales to government agencies. At March 31, 2019, accounts receivable from government agencies accounted for 72% of trade accounts receivable (March 31, 2018 - 19%). (c) Liquidity risk Liquidity risk is the risk that the Company will not be able to meet its financial obligations as they become due. The Company manages its liquidity risk by reviewing on an ongoing basis its capital requirements. Liquidity risk is mitigated by the Company’s cash and cash equivalents and marketable securities balances, which were $2,480,830 and $2,034,133, respectively, at March 31, 2019 ($322,560 and $nil at March 31, 2018). The Company also ensures that it has access to public capital markets and during the year ended March 31, 2019, the Company completed several equity financings for gross cash proceeds of $5,072,500 (for the year ended March 31, 2018 - $470,670). In addition to the commitments disclosed in Note 29, the Company is obligated to the following contractual maturities of undiscounted cash flows: Carrying Contractual Years 4 amount cash flows Year 1 Years 2 -3 and onwards Accounts payable and accrued liabilities $ 226,533 $ 226,533 $ 226,533 $ - $ - Long-term debt 945,975 833,722 44,101 149,799 639,822 Total $ 1,172,508 $ 1,060,255 $ 270,634 $ 149,799 $ 639,822 (d) Fair value of financial instrument assets and liabilities that are measured at fair value on a recurring basis 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, regardless of whether the price is directly observable or estimated using another valuation technique. 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. Fair value measurements are classified using a fair value hierarchy that reflects the significance and transparency of the inputs used in making the measurements. The fair value hierarchy has the following levels: Level 1 – inputs based on unadjusted quoted prices in active markets for identical assets or liabilities; Level 2 – inputs, other than quoted prices included in Level 1 that are observable for the asset or liability, either directly (i.e., as prices) or indirectly (i.e., derived from prices); and Level 3 - inputs for the asset or liability that are not based on observable market data (unobservable inputs). The fair value hierarchy requires the use of observable market inputs whenever such inputs exist. The following table summarizes the valuation techniques and key inputs used in the fair value measurement of significant level 2 financial instruments: Financial asset / financial liability Valuation techniques Key inputs TerrAscend warrants Black-Scholes option pricing model Quoted prices in active market AusCann options Black-Scholes option pricing model Quoted prices in active market Convertible senior note Convertible note pricing model Quoted prices in over-the-counter broker market The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments: Financial asset / financial liability Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value TerrAscend exchangeable shares Put option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value HydRx shares Market approach Share price Increase or decrease in share price will result in an increase or decrease in fair value Agripharm repayable debenture Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future royalties Increase in future royalties to be paid will result in an increase in fair value SLANG warrants Black-Scholes option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value BC Tweed and Vert Mirabel Put liabilities Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase in future wholesale price and production levels will result in an increase in fair value During the years ended March 31, 2019 and March 31, 2018, there were no transfers of amounts between levels. (e) Fair value of financial instrument assets and liabilities that are not measured at fair value but fair value disclosures are required The carrying values of cash and cash equivalents, marketable securities, and accounts payable and accrued liabilities approximate their fair values due to their short-term to maturity. |
Capital Management
Capital Management | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Financial Risk Management [Abstract] | |
Capital Management | 32. Capital management The Company’s primary capital management objective is to maintain sufficient capital base so as to maintain investor, creditor and customer confidence and to sustain the future development of the business. Management defines capital as the Company’s shareholders’ equity and debt. The Company currently has not paid any dividends to its shareholders. As at March 31, 2019 total managed capital was comprised of shareholders’ equity and debt of $8,187,423 (March 31, 2018 - $1,251,660). As described in Note 18(a)(i), on November 1, 2018 the Company issued shares and warrants to CBI for cash consideration of $5,072,500 to fund domestic and international expansion and emerging opportunities including research, production and distribution and sale of hemp as well as innovation investments. The Company is subject to externally imposed restrictions related to covenants on its mortgage payable (refer to Note 16). |
Subsequent Events
Subsequent Events | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Nonadjusting Events After Reporting Period [Abstract] | |
Subsequent Events | 33. Subsequent events (a) Acquisition of C3 On May 2, 2019 the Company acquired 100% of the shares German based, Bionorica SE-founded C3 Cannabinoid Compound Company (“C3”) in an all cash-acquisition for $357,167. C3 is a Germany based biopharmaceutical company that researches, develops, manufacturers and commercializes synthetic and natural cannabis medical products. Products are sold through C3’s sales force to pharmacy and medical specialist networks. (b) Acquisition of ThisWorks On May 22, 2019 the Company acquired 100% of the shares of TWP UK Holdings Limited (“ThisWorks”) in an all-cash transaction for a purchase price of $73,800. This Works is a UK-based natural skincare and sleep solutions company. Products are sold through direct and third party ecommerce channels, in select UK and international retailers, and in specialty beauty stores. (c) Proposed Acreage Transaction On April 18, 2019 the Company entered into a definitive arrangement agreement with Acreage Holdings, Inc. (“Acreage”) that grants the Company the right to acquire 100 percent of the shares of Acreage (the “Right”), with a requirement to do so at such time as cannabis production and sale becomes federally permissible in the United States (the "Transaction"). Acreage is multi-state operator in U.S. cannabis. Completion of the arrangement is contingent on obtaining the requisite prior approval of the shareholders of each of Acreage and Canopy Growth, respectively (the “Shareholder Approval”), as well as the approval of the Supreme Court of British Columbia (the “Court Approval”). The shareholder approvals were obtained on June 19, 2019, with the court approval expected to promptly follow. Under the terms of the arrangement agreement (the "Agreement"), Acreage Holders will receive an immediate aggregate total payment of US$300 million or approximately US$2.55 per Acreage Subordinate Voting Share (the “Up-Front Cash Premium”) based on the currently outstanding Subordinate Voting Shares of Acreage and conversion of certain convertible securities described below. In addition, upon the exercise of the Right, holders of subordinate voting shares of Acreage (the “Acreage Subordinate Voting Shares”) will receive 0.5818 of a common share of Canopy Growth (the “Canopy Shares”) for each Acreage Subordinate Voting Share held (the “Exchange Ratio”) at the time of closing of the Transaction. Assuming exercise of the Right, the total consideration payable pursuant to the Transaction was valued at approximately US$3.4 billion on a fully-diluted basis, on the Exchange Ratio, Up-Front Cash Premium and the 30-day volume weighted average price of Canopy Shares as at April 18, 2019 when definitive arrangement agreement was announced. On closing of the Up-Front Cash Premium, the Companies will also execute a royalty free licensing agreement granting Acreage access to Canopy Growth’s brands such as Tweed and Tokyo Smoke, along with other intellectual property. Due to the scope of the proposed transaction, Canopy Growth and CBI have agreed to amend the terms of certain of the warrants held by CBI that are described in Note 18. The amendments will be effective on completion of the plan of arrangement and include: • Extension of the term of the New Warrants to November 1, 2023 and the term of the Final Warrants to November 1, 2026. • The Final Warrants are also replaced by two tranches of warrants with different exercise prices (38.5 million “Tranche B Warrants” and 12.8 million “Tranche C Warrants”): • Tranche B Warrants allow CBI to acquire 38.5 million shares of Canopy for a fixed price of $76.68 per share. • Tranche C Warrants allow CBI to acquire 12.8 million shares of Canopy at a price equal to the 5-day volume weighted average price immediately prior to exercise. • In connection with the Tranche B Warrants and Tranche C Warrants, Canopy will provide CBI with a credit of up to $1,583,000 on the aggregate exercise price of Tranche B Warrants and Tranche C Warrants in the event that Canopy does not repurchase the lesser of (i) 27,378,866 common shares (being 25% of the common shares issuable pursuant to the Acreage Transaction), and (ii) common shares with a value of $1,583,000 (being 25% of the implied enterprise value of Acreage as of April 18, 2018, based on the Acreage exchange ratio), during the period commencing on April 18, 2019 and ending on the date that is 24 months after the date that CBI exercises all of the New Warrants. • CBI would be permitted to purchase up to 20 million Canopy shares in the open market prior to the warrants being exercised or terminated, provided that for each share purchased by CBI, the number of Tranche B warrants is decreased by one. Upon approval of certain modifications to the investor rights agreement with CBI, as well as the terms of existing warrants held by CBI, the Company will record a material, non-cash charge during the first quarter of fiscal year 2020. (d) Repayment of ATB financing On June 14, 2019, the Company repaid its ATB term loan facility. A payment of $95,180 was made to settle the loan balance which includes an interest payment of $180. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Foreign currency translation | (a) Foreign currency translation In preparing the financial statements of individual entities, transactions in currencies other than the entity’s functional currency (foreign currencies) are recognized at exchange rates in effect on the date of the transactions. At each reporting date monetary assets and liabilities denominated in foreign currencies are re-translated at the exchange rates applicable at that date. Non-monetary items carried at fair value that are denominated in foreign currencies are translated at the rates prevailing at the date when the fair value was determined. Non-monetary assets and liabilities that are measured at historical cost in a foreign currency are translated using the exchange rate at the date of the transaction. Realized and unrealized exchange gains and losses are recognized through net income (loss). For the purposes of presenting consolidated financial statements the assets and liabilities of foreign operations, including goodwill and fair value adjustments arising from acquisition, are translated into Canadian dollars at the exchange rates applicable at the date of the consolidated statements of financial position. Income and expenses, and cash flows of foreign operations are translated into Canadian dollars using average exchange rates. Exchange differences resulting from translating foreign operations are recognized in Other comprehensive income and accumulated in equity. |
Cash and cash equivalents | (b) Cash and cash equivalents Cash consists of bank account balances and cash on hand. Cash equivalents consist of highly liquid marketable securities and term deposits with original maturities of three months or less, and are stated at cost, which approximates fair value. |
Property, plant and equipment | (c) Property, plant and equipment Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Depreciation is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: Buildings and greenhouses 20 - 40 years Production and warehouse equipment 3 - 30 years Leasehold improvements 3 - 20 years Computer equipment 3 - 5 years Office and lab equipment 3 - 10 years An asset’s residual value, useful life and depreciation method are reviewed annually and adjusted if appropriate. When parts of an item of equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. Gains and losses on disposal of an item are determined by comparing the proceeds from disposal with the carrying amount of the item and recognized in net income (loss). Assets under finance lease are amortized according to their asset category. Assets in process are transferred to the appropriate asset class when available for use and depreciation of the assets commences at that point. |
Intangible assets | (d) Intangible assets Finite-lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is provided on a straight-line basis over the following terms: Health Canada licenses Useful life of facility or lease term Licensed brands 5 - 8 years Distribution channel 5 years Operating licenses 4 years Intellectual property 15 years Software and domain names 3 - 5 years The estimated useful life and amortization method are reviewed at the end of each reporting year, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives are comprised of certain acquired brand name, product rights, and licenses to grow which are carried at cost less accumulated impairment losses. Indefinite life intangible assets are not amortized, but are tested for impairment annually and when there is an indication of impairment. |
Impairment of long-lived assets | (e) Impairment of long-lived assets Long-lived assets, including property, plant and equipment and intangible assets are tested for impairment when there are indicators of impairment at each statement of financial position date or whenever events or changes in circumstances indicate that the carrying amount of an asset exceeds its recoverable amount. Intangible assets with an indefinite useful life are tested for impairment at least annually in the fourth quarter and whenever there is an indication that the asset may be impaired. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or groups of assets (the cash-generating unit, or "CGU"). The recoverable amount of an asset or a CGU is the higher of its fair value, less costs to sell, and its value in use. If the carrying amount of an asset exceeds its recoverable amount, an impairment charge is recognized immediately in net income (loss) equal to the amount by which the carrying amount exceeds the recoverable amount. Where an impairment loss subsequently reverses, the carrying amount of the asset is increased to the lesser of the revised estimate of recoverable amount, and the carrying amount that would have been recorded had no impairment loss been recognized previously. |
Goodwill | (f) Goodwill Goodwill represents the excess of the price paid for the acquisition of an entity over the fair value of the net identifiable tangible and intangible assets and liabilities acquired. Currently, the Company has two reportable segments, the Cannabis operations segment and Canopy Rivers segment. The Company has determined that the goodwill associated with all acquisitions belongs to the Cannabis operations segment as this is the segment that holds the acquired entities and the lowest level at which management monitors goodwill. Goodwill is measured at historical cost and is evaluated for impairment annually in the fourth quarter or more often if events or circumstances indicate there may be an impairment. CGUs have been grouped for purposes of impairment testing. Impairment is determined for goodwill by assessing if the carrying value of CGUs which comprise the CGU segment, including goodwill, exceeds its recoverable amount determined as the greater of the estimated fair value less costs to sell and the value in use. Impairment losses recognized in respect of the CGUs are first allocated to the carrying value of goodwill and any excess is allocated to the carrying amount of assets in the CGUs. Any goodwill impairment is recorded in income in the reporting year in which the impairment is identified. Impairment losses on goodwill are not subsequently reversed. |
Leased assets | (g) Leased assets The Company leases some items of property, plant and equipment. A lease of property, plant and equipment is classified as a finance lease if it transfers substantially all the risks and rewards incidental to ownership to the Company. A lease of property, plant and equipment is classified as an operating lease whenever the terms of the lease do not transfer substantially all of the risks and rewards of ownership to the lessee. Operating lease payments are recognized as an expense on a straight-line basis over the lease term, except where another systematic basis is more representative of the time pattern in which the economic benefits are consumed. |
Assets held for sale | (h) Assets held for sale Assets and liabilities held for disposal are no longer depreciated and are presented separately in the consolidated statements of financial position at the lower of their carrying amount and fair value less costs to sell. An asset is regarded as held for sale if its carrying amount will be recovered principally through a sale transaction, rather than through continuing use. For this to be the case, the asset must be available for immediate sale and its sale must be highly probable. |
Research and development | (i) Research and development Research costs are expensed as incurred. Development expenditures are capitalized only if development costs can be measured reliably, the product or process is technically and commercially feasible, future economic benefits are probable, and the Company intends to and has sufficient resources to complete development to use or sell the asset. Other development expenditures are recognized in net income (loss) as incurred. |
Income taxes | (j) Income taxes The Company uses the liability method to account for income taxes. Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the carrying amounts of existing assets and liabilities for accounting purposes, and their respective tax bases. Deferred income tax assets and liabilities are measured using tax rates that have been enacted or substantively enacted applied to taxable income in the reporting years in which those temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in statutory tax rates is recognized in net income (loss) in the year of change. Deferred income tax assets are recorded when their recoverability is considered probable and are reviewed at the end of each reporting year. |
Share-based compensation | (k) Share-based compensation The Company measures equity settled share-based payments based on their fair value at the grant date and recognizes compensation expense over the vesting period based on the Company’s estimate of equity instruments that will eventually vest. Expected forfeitures are estimated at the date of grant and subsequently adjusted if further information indicates actual forfeitures may vary from the original estimate. The impact of the revision of the original estimate is recognized in net income (loss) such that the cumulative expense reflects the revised estimate. For share-based payments granted to non-employees the compensation expense is measured at the fair value of the good and services received except where the fair value cannot be estimated in which case it is measured at the fair value of the equity instruments granted. The fair value of share-based compensation to non-employees is periodically re-measured until counterparty performance is complete, and any change therein is recognized over the reporting year and in the same manner as if the Company had paid cash instead of paying with or using equity instruments. Consideration paid by employees or non-employees on the exercise of stock options is recorded as share capital and the related share-based compensation is transferred from share-based reserve to share capital. |
Earnings (loss) per share | (l) Earnings (loss) per share The Company presents basic and diluted earnings (loss) per share data for its common shares. Basic earnings (loss) per share is calculated by dividing the net income (loss) attributable to common shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted earnings (loss) per share is determined by adjusting the net income (loss) attributable to common shareholders and the weighted average number of common shares outstanding, adjusted for the effects of all dilutive potential common shares, which comprise warrants, share options issued, and convertible senior notes. |
Critical judgments in applying accounting policies and estimates | (m) Critical judgments in applying accounting policies The following are the critical judgments, apart from those involving estimations (refer to (n) below), that have the most significant effect on the amounts recognized in the consolidated financial statements. (i) Business combinations Judgment is used in determining whether an acquisition is a business combination or an asset acquisition. Judgement is also required to assess whether the amounts paid on achievement of milestones represents contingent consideration or compensation for post-acquisition services. Judgment is also required to assess whether contingent consideration should be classified as equity or a liability. Contingent consideration that is classified as equity is not remeasured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as a liability is remeasured at fair value at each reporting date and subsequent changes in the fair value of the contingent consideration are recognised in net income (loss). (ii) Control, joint control or level of influence When determining the appropriate basis of accounting for the Company’s interests in affiliates, the Company makes judgments about the degree of influence that it exerts directly or through an arrangement over the investees’ relevant activities. Information about these judgments is included in Note 11, 12 and 27. (n) Critical accounting estimates The preparation of the consolidated financial statements in conformity with IFRS requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the year in which the estimates are revised and in any future years affected. (i) Biological assets and inventory In calculating the value of the biological assets and inventory, management is required to make a number of estimates, including estimating the stage of growth of the cannabis up to the point of harvest, harvesting costs, selling costs, average or expected selling prices and list prices, expected yields for the cannabis plants, and oil conversion factors. In calculating final inventory values, management compares the inventory cost to estimated net realizable value. Further information on estimates used in determining the fair value of biological assets is contained in Note 8. (ii) Estimated useful lives and depreciation and amortization of property, plant and equipment and intangible assets Depreciation and amortization of property, plant and equipment and intangible assets are dependent upon estimates of useful lives, which are determined through the exercise of judgment. The assessment of any impairment of these assets is dependent upon estimates of recoverable amounts that take into account factors such as economic and market conditions and the useful lives of assets. (iii) Share-based compensation In calculating the share-based compensation expense, key estimates such as the rate of forfeiture of options granted, the expected life of the option, the volatility of the Company’s stock price and the risk-free interest rate are used. To calculate the share-based compensation expense related to key employee performance milestones associated with the terms of an acquisition, the Company must estimate the number of shares that will be earned and when they will be exercised based on estimated discounted probabilities. (iv) Fair value measurements Certain of the Company’s assets and liabilities are measured at fair value. In estimating fair value the Company uses market-observable data to the extent it is available. In certain cases where Level 1 inputs are not available the Company will engage third party qualified valuers to perform the valuation. Information about the valuation techniques and inputs used in determining the fair value of biological assets is disclosed in Note 8, the acquired intangible assets in Note 27(a), the retained interest in Agripharm in Note 27(d), and financial instruments in Note 31. |
Adoption Of New And Revised S_2
Adoption Of New And Revised Standards And Change In Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Initial Application Of Standards Or Interpretations [Abstract] | |
Summary Of Effect Of Change In Operation Statement And Statement Of Cash Flow | The following tables summarize the effects of the change described above on the line items in the consolidated statements of operations and statements of cash flows for the year ended March 31, 2018, respectively: As previously As For the year ended March 31, 2018 reported Adjustment restated Revenue 77,948 - 77,948 Inventory production costs expensed to cost of sales 37,790 2,423 40,213 Gross margin before the undernoted 40,158 (2,423 ) 37,735 Fair value changes in biological assets included in inventory sold and other inventory charges 66,268 1,593 67,861 Unrealized gain on changes in fair value of biological assets (100,302 ) 3,581 (96,721 ) Gross margin 74,192 (7,597 ) 66,595 Depreciation and amortization 20,486 (7,597 ) 12,889 As previously As For the year ended March 31, 2018 reported Adjustment restated Operating cash flows Fair value changes in biological assets included in inventory sold and other inventory charges 66,268 1,593 67,861 Unrealized gain on changes in fair value of biological assets (100,302 ) 3,581 (96,721 ) Changes in non-cash operating working capital items (28,519 ) (5,174 ) (33,693 ) |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Schedule of Useful Lives of Property, Plant and Equipment | Property, plant and equipment is measured at cost less accumulated depreciation and impairment losses. Depreciation is calculated on a straight-line basis over the estimated service lives of the assets, which are as follows: Buildings and greenhouses 20 - 40 years Production and warehouse equipment 3 - 30 years Leasehold improvements 3 - 20 years Computer equipment 3 - 5 years Office and lab equipment 3 - 10 years |
Schedule of Useful Lives of Finite-Lived Intangible Assets | Finite-lived intangible assets are recorded at cost less accumulated amortization and accumulated impairment losses. Amortization is provided on a straight-line basis over the following terms: Health Canada licenses Useful life of facility or lease term Licensed brands 5 - 8 years Distribution channel 5 years Operating licenses 4 years Intellectual property 15 years Software and domain names 3 - 5 years |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Cash And Cash Equivalents [Abstract] | |
Summary of Disaggregation of Cash and Cash Equivalents | Cash and cash equivalents are disaggregated as follows: March 31, March 31, 2019 2018 Cash $ 1,703,550 $ 322,560 Cash equivalents 777,280 - Total cash and cash equivalents $ 2,480,830 $ 322,560 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Marketable Securities [Abstract] | |
Summary of Marketable Securities | Marketable securities represent short-term investments not qualifying as cash equivalents. Marketable securities are recorded at fair value through profit and loss, and fair values have been determined based on quoted market prices. March 31, 2019 March 31, 2018 U.S. government securities $ 1,663,245 $ - Canadian government securities 369,288 - Term deposits 1,600 - Total marketable securities $ 2,034,133 $ - |
Amounts Receivable (Tables)
Amounts Receivable (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Trade And Other Current Receivables [Abstract] | |
Summary of Amounts Receivable | Amounts receivable is comprised of: March 31, March 31, 2019 2018 Accounts receivable $ 61,830 $ 5,863 Indirect tax receivable 27,805 15,262 Interest receivable 7,193 300 Other receivables 10,146 - Total amounts receivable $ 106,974 $ 21,425 |
Biological Assets (Tables)
Biological Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Reconciliation Of Changes In Biological Assets [Abstract] | |
Disclosure of continuity of biological assets | The Company’s biological assets consists of seeds and cannabis plants. The continuity of biological assets for the years ended March 31, 2019 and 2018 was as follows: March 31, March 31, 2019 2018 (Restated - see note 3) Balance, beginning of year $ 16,348 $ 14,725 Purchases of seeds - 271 Acquisition / (disposal) of biological assets due to acquisition / disposal of consolidated entity 184 (1,430 ) Unrealized gain on changes in fair value of biological assets 167,550 96,721 Increase in biological assets due to capitalized costs 92,733 20,890 Net write-off of biological assets (21,618 ) - Transferred to inventory upon harvest (176,222 ) (114,829 ) Balance, end of year $ 78,975 $ 16,348 |
Summary of Significant Unobservable Inputs and Range of Values | The significant unobservable inputs and their range of values are noted in the table below. The sensitivity analysis for each significant input is performed by assuming a 5% decrease while assuming all other inputs remain constant: Unobservable Inputs Range Weighted Average Decrease in Fair Value of Biological Assets at March 31, 2019 Estimated Yield per Plant – varies by strain and is obtained through historical growing results or grower estimate if historical results are not available. 25 grams/plant to 355 grams/plant 86 grams/plant $ (3,892 ) Average Selling Price of Dry Cannabis – varies by strain and is obtained through average selling prices or estimated future selling prices if historical results are not available. $5.00 to $8.96/gram $7.29/gram $ (7,062 ) |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Classes Of Inventories [Abstract] | |
Schedule of Inventory | Inventory was comprised of the following items: March 31, March 31, 2019 2018 Finished goods $ 38,048 $ 26,506 Work-in-process 165,462 71,883 Merchandise and devices 11,459 571 Supplies and consumables 47,136 2,647 Total inventory $ 262,105 $ 101,607 |
Prepaid Expenses and Other Cu_2
Prepaid Expenses and Other Current Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Prepaid Expenses And Other Assets [Abstract] | |
Schedule of Prepaid Expenses and Other Current Assets | The Company’s prepaid expenses and other current assets consists of the following: March 31, March 31, 2019 2018 Prepaid expenses $ 35,286 $ 9,557 Deposits 29,138 842 Prepaid inventory 21,267 8,774 Restricted short-term investments 21,432 664 Total prepaid expenses and other current assets $ 107,123 $ 19,837 |
Investments in Equity Method _2
Investments in Equity Method Investees (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Investments Accounted For Using Equity Method [Abstract] | |
Summary of Changes in Investments in Associates Accounted for Using Equity Method | The following table outlines changes in the investments in associates that are accounted for using the equity method in the year ended March 31, 2019. In accordance with IAS 28, Investments in Associates and Joint Ventures Balance at Share of Balance at Participating March 31, net Exchange Derecognition March 31, Entity Instrument Note share 2018 Additions loss difference of investment 2019 PharmHouse Shares 11(i) 49.0% $ - $ 40,231 $ (953 ) $ - $ - $ 39,278 Agripharm Shares 27(d) 40.0% 38,479 - (2,352 ) - - 36,127 BCT Shares 11(ii) 42.2% - 12,549 (896 ) - - 11,653 TerrAscend Shares 11(iii) - 16,912 - (2,217 ) - (14,695 ) - CanapaR Shares 11(iv) 49.2% - 18,150 (88 ) - - 18,062 Other Various 18.2% to 40.0% 7,715 3,761 (4,246 ) 35 - 7,265 $ 63,106 $ 74,691 $ (10,752 ) $ 35 $ (14,695 ) $ 112,385 The following table outlines changes in the investments in associates that are accounted for using the equity method in the year ended March 31, 2018: Balance at Share of Balance at Participating March 31, net Interest March 31, Entity Instrument Note share 2017 Additions loss income 2018 Agripharm Shares 27(d) 40.0% $ - $ 38,711 $ (232 ) $ - $ 38,479 TerrAscend Shares 11(iii) 24.0% - 16,978 (66 ) - 16,912 Other Various 23.8 - 43.0% - 9,000 (1,175 ) (110 ) 7,715 $ - $ 64,689 $ (1,473 ) $ (110 ) $ 63,106 |
Summary of Investments in Associates | The following table presents current and non-current assets, current and non-current liabilities as well as revenues and net loss of the Company’s investments in equity method investees as at and for the year ended December 31, 2018: Current Non-current Current Non-current Entity assets assets liabilities liabilities Revenue Net loss PharmHouse $ 8,807 $ 53,762 $ 4,514 $ 40,000 $ - $ (1,944 ) Agripharm 5,900 91,767 13,167 7,163 2,149 (5,901 ) BCT 11,958 502 455 - - (2,101 ) Other 26,538 12,900 662 6,106 1,125 (5,081 ) $ 53,203 $ 158,931 $ 18,798 $ 53,269 $ 3,274 $ (15,027 ) The following table presents current and non-current assets, current and non-current liabilities as well as revenues and net loss of the Company’s investments in equity method investees as at and for the year ended December 31, 2017: Current Non-current Current Non-current Entity assets assets liabilities liabilities Revenue Net loss Agripharm 1 $ 4,671 $ 90,716 $ 1,391 $ 10,896 $ - $ (557 ) TerrAscend 53,693 15,369 1,692 - - (6,805 ) Other 17,144 4,729 2,548 7,174 - (6,678 ) $ 75,508 $ 110,814 $ 5,631 $ 18,070 $ - $ (14,040 ) 1 |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Financial Assets [Abstract] | |
Summary of Changes in Other Financial Assets | The following tables outlines changes in Other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 31. Balance at Balance at Accounting March 31, Exercise of March 31, Entity Instrument Note method 2018 Additions FVOCI FVTPL warrants 2019 TerrAscend Warrants 11(iii) FVTPL $ 75,154 $ - $ - $ 36,473 $ (111,627 ) $ - TerrAscend Exchangeable shares 11(iii) FVOCI - 135,000 25,000 - - 160,000 PharmHouse Loan receivable 11(i) Amortized cost - 40,000 - - - 40,000 SLANG Warrants 12(iv) FVTPL - - - 44,000 - 44,000 JWC Shares 12(ii) FVOCI 10,591 2,124 (326 ) - - 12,389 HydRx Shares 12(iii) FVOCI 12,401 - - - 5,210 17,611 HydRx Warrants 12(iii) FVTPL 5,210 - - - (5,210 ) - AusCann Shares 12(i) FVOCI 39,086 3,975 (30,988 ) - - 12,073 AusCann Options 12(i) FVTPL 10,487 915 - (9,843 ) - 1,559 Agripharm Repayable debenture 27(d) FVTPL 2,326 9,000 - (1,072 ) - 10,254 CanapaR Options 11(iv) FVTPL - - - 7,500 - 7,500 Greenhouse Convertible debenture FVTPL - 5,911 - 33 - 5,944 Radicle Repayable debenture FVTPL 3,075 2,000 - (11 ) - 5,064 48North Shares FVOCI - 1,217 3,922 421 - 5,560 LiveWell Shares FVOCI - 250 (710 ) 4,798 - 4,338 Civilized Convertible debenture FVTPL - 3,741 - 666 - 4,407 Solo Growth Shares FVOCI - 3,265 (5,213 ) 6,192 - 4,244 Headset Shares FVOCI - 4,085 (76 ) - - 4,009 Good Leaf Shares FVOCI - 4,566 45 - - 4,611 Other - classified as FVTPL Various FVTPL 5,133 6,131 - 2,579 - 13,843 Other - classified as FVOCI Various FVOCI - 6,018 3 - - 6,021 $ 163,463 $ 228,198 $ (8,343 ) $ 91,736 $ (111,627 ) $ 363,427 Balance at Balance at Accounting March 31, Interest March 31, Entity Instrument Note method 2017 Additions FVOCI FVTPL Revenue 2018 TerrAscend Warrants 11(iii) FVTPL $ - $ 7,540 $ - $ 67,614 $ - $ 75,154 AusCann Shares 12(i) FVOCI 18,328 1,214 19,544 - - 39,086 AusCann Options 12(i) FVTPL 5,702 - - 4,785 - 10,487 JWC Shares 12(ii) FVOCI - 3,863 6,728 - - 10,591 HydRx Shares 12(iii) FVOCI - - 12,401 - - 12,401 HydRx Warrants 12(iii) FVTPL - - - 5,210 - 5,210 Agripharm Repayable debenture 27(d) FVTPL - 2,414 - - (88 ) 2,326 Other - classified as FVTPL Various FVTPL - 7,408 - 563 237 8,208 $ 24,030 $ 22,439 $ 38,673 $ 78,172 $ 149 $ 163,463 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Property Plant And Equipment [Abstract] | |
Schedule of Property Plant and Equipment | A continuity of property, plant and equipment for the year ended March 31, 2019, is as follows: COST Transfers/ Balance at Additions disposals/ Balance at March 31, from exchange March 31, 2018 Additions acquisitions differences 2019 Buildings and greenhouses $ 71,862 $ 86,545 $ 17,402 $ 186,149 $ 361,958 Production and warehouse equipment 28,931 32,615 6,401 107,378 175,325 Leasehold improvements 22,482 2,912 1,114 5,756 32,264 Land 8,216 18,720 4,496 6,249 37,681 Computer equipment 6,241 3,126 219 9,642 19,228 Office and lab equipment 3,101 5,758 8,622 6,014 23,495 Assets in process 176,998 626,342 14,097 (325,715 ) 491,722 Total $ 317,831 $ 776,018 $ 52,351 $ (4,527 ) $ 1,141,673 ACCUMULATED DEPRECIATION Transfers/ Balance at disposals/ Balance at March 31, exchange March 31, 2018 Depreciation differences 2019 Buildings and greenhouses $ 5,364 $ 6,582 $ 1,150 $ 13,096 Production and warehouse equipment 2,736 14,898 (137 ) 17,497 Leasehold improvements 3,452 2,245 (200 ) 5,497 Computer equipment 1,900 3,227 - 5,127 Office and lab equipment 697 3,110 309 4,116 Total 14,149 30,062 1,122 45,333 Net book value $ 303,682 $ 1,096,340 A continuity of property, plant and equipment for the year ended March 31, 2018, is as follows: COST Transfers/ Balance at Additions disposals/ Balance at March 31, from exchange March 31, 2017 Additions acquisitions differences 2018 Buildings and greenhouses $ 47,231 $ 3,905 $ - $ 20,726 $ 71,862 Production and warehouse equipment 11,132 4,649 468 12,682 28,931 Leasehold improvements 17,155 338 - 4,989 22,482 Land 2,143 5,728 345 - 8,216 Computer equipment 4,181 1,219 - 841 6,241 Office and lab equipment 1,706 974 109 312 3,101 Assets in process 19,302 201,509 5,164 (48,977 ) 176,998 Total 102,850 218,322 6,086 (9,427 ) 317,831 ACCUMULATED DEPRECIATION Transfers/ Balance at disposals/ Balance at March 31, exchange March 31, 2017 Depreciation differences 2018 Buildings and greenhouses $ 2,559 $ 3,086 $ (281 ) $ 5,364 Production and warehouse equipment 1,038 2,545 (847 ) 2,736 Leasehold improvements 1,930 1,510 12 3,452 Computer equipment 889 1,043 (32 ) 1,900 Office and lab equipment 164 541 (8 ) 697 Total 6,580 8,725 (1,156 ) 14,149 Net book value $ 96,270 $ 303,682 |
Intangible Assets And Goodwill
Intangible Assets And Goodwill (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Intangible Assets [Abstract] | |
Schedule of Continuity of Intangible Assets | A continuity of the intangible assets for the year ended March 31, 2019, is as follows: COST Balance at Additions Balance at March 31, from Disposals/ Exchange March 31, 2018 Additions acquisitions adjustments differences 2019 Health Canada licenses $ 64,600 $ - $ - $ - $ - $ 64,600 Acquired brands 6,042 2,707 55,463 - 162 64,374 Licensed brands - 57,802 - - - 57,802 Distribution channel 38,900 - 3,143 - 357 42,400 Operating licenses 841 - 158,592 - (7,031 ) 152,402 Intellectual property - - 153,716 - 81 153,797 Software and domain names 1,509 7,169 707 365 (49 ) 9,701 Intangibles in process 2,470 1,991 - (336 ) (3 ) 4,122 Total $ 114,362 $ 69,669 $ 371,621 $ 29 $ (6,483 ) $ 549,198 ACCUMULATED AMORTIZATION Balance at Balance at March 31, Disposals/ Exchange March 31, 2018 Amortization adjustments differences 2019 Health Canada licenses $ 2,624 $ 1,902 $ - $ - $ 4,526 Licensed brands - 128 - (4 ) 124 Distribution channel 9,077 8,032 - (6 ) 17,103 Operating licenses 219 283 - (7 ) 495 Intangibles in process - 74 - - 74 Intellectual property - 4,436 - 1 4,437 Software and domain names 916 2,001 (4 ) (30 ) 2,883 Total 12,836 16,856 (4 ) (46 ) 29,642 Net book value $ 101,526 $ 519,556 A continuity of the intangible assets for the year ended March 31, 2018, is as follows: COST Balance at Additions Balance at March 31, from Disposals/ Exchange March 31, 2017 Additions acquisitions adjustments differences 2018 Health Canada licenses $ 92,200 $ - $ - $ (27,600 ) $ - $ 64,600 Acquired brands 3,410 - 2,632 - - 6,042 Product rights 28,000 - - (28,000 ) - - Distribution channel 38,900 - - - - 38,900 Operating licenses 795 - - - 46 841 Software and domain names 1,251 117 - 143 (2 ) 1,509 Intangibles in process 92 1,972 600 (194 ) - 2,470 Total 164,648 2,089 3,232 (55,651 ) 44 114,362 ACCUMULATED AMORTIZATION Balance at Balance at March 31, Disposals/ Exchange March 31, 2017 Amortization adjustments differences 2018 Health Canada licenses $ 985 $ 2,957 $ (1,318 ) $ - $ 2,624 Distribution channel 1,000 8,077 - - 9,077 Import license 57 155 - 7 219 Software and domain names 343 572 - 1 916 Total 2,385 11,761 (1,318 ) 8 12,836 Net book value $ 162,263 $ 101,526 |
Schedule of Net Change in Goodwill | The net change in goodwill is as follows: As at March 31, 2017 $ 241,371 Additions from acquisitions of subsidiaries 75,158 Disposal of consolidated entity (2,259 ) Exchange differences 653 As at March 31, 2018 $ 314,923 Additions from acquisitions of subsidiaries 1,232,468 Exchange differences (3,336 ) As at March 31, 2019 $ 1,544,055 |
Accounts Payable and Accrued _2
Accounts Payable and Accrued Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Accounts Payable And Accrued Liabilities [Abstract] | |
Summary of Accounts Payables and Accrued Liabilities | March 31, March 31, 2019 2018 Trade payables $ 188,920 $ 46,175 Accrued liabilities 37,613 43,396 Total accounts payable and accrued liabilities $ 226,533 $ 89,571 |
Long-term Debt (Tables)
Long-term Debt (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Borrowings [Abstract] | |
Summary of Detailed Information About Borrowings | March 31, March 31, Maturity Date 2019 2018 Convertible senior notes at 4.25% interest with semi-annual interest payments July 15, 2023 Principal amount $ 600,000 $ - Accrued interest 5,454 - Non-credit risk fair value adjustment (FVTPL) 183,120 - Credit risk fair value adjustment (FVOCI) 47,130 - 835,704 - Term loan facility advanced in the form of prime rate operating loan, bearing interest rate of prime plus 1.0% October 31, 2021 $ 95,000 $ - Other mortgages, loans, and financings 15,271 8,422 945,975 8,422 Less: current portion (103,716 ) (1,557 ) Long-term portion $ 842,259 $ 6,865 |
Summary of Principal Repayments of Long-term Debt | (iv) Principal repayments Principal repayments required on the long-term debt in the next five years are as follows: 2020 $ 98,575 2021 3,545 2022 3,541 2023 1,123 2024 601,123 Thereafter 2,122 Total principal repayments on long-term debt $ 710,029 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Other Liabilities [Abstract] | |
Summary of Other Liabilities | March 31, March 31, 2019 2018 Notes Current Long-term Total Total Acquisition consideration related liabilities $ 22,176 $ 87,747 $ 109,923 $ - Minimum royalty obligations 3,445 24,392 27,837 - Due to former shareholders of S&B 27(a)(vii) 21,447 - 21,447 - Provision for onerous leases 12,700 - 12,700 - Settlement liability 17(a) 11,980 16,631 28,611 - Put liabilities 17(b) - 6,400 6,400 61,150 Other 9,666 5,234 14,900 900 Total $ 81,414 $ 140,404 $ 221,818 $ 62,050 |
Share Capital - Canopy Growth (
Share Capital - Canopy Growth (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Abstract] | |
Summary of Equity Financing | During the year ended March 31, 2018, the Company completed the following equity raises net of share issue costs of $9,400. Number of shares Share capital Bought deal equity financing - July 21, 2017 3,105,590 $ 24,922 Equity investment from Greenstar - November 2, 2017 18,876,901 173,765 Private placement equity financing - February 7, 2018 5,800,000 192,065 Total 27,782,491 $ 390,752 |
Summary of Equity Issuances Related to Acquisitions | During the year ended March 31, 2019, the Company issued the following shares, net of share issuance costs, as a result of business combinations that occurred in the current or prior years. Notes Number of shares Share capital Share based reserve Hiku 27(a)(iv) 7,943,123 $ 543,616 $ - Ebbu 27(a)(v) 5,275,005 233,802 29,880 CHI 27(a)(iii) 3,076,941 97,832 - Spectrum Colombia 27(a)(ii) 1,193,237 46,018 - DCL 27(a)(i) 666,362 24,644 1,956 Annabis 27(a)(ix) 50,735 1,558 - Vert Medical (release from escrow) 88,469 - - Total 18,293,872 $ 947,470 $ 31,836 During the year ended March 31, 2018, the Company issued the following shares, net of share issuance costs, as a result of business combinations that occurred in the current or prior years. Notes Number of shares Share capital Share based reserve rTrees 27(c)(i) 3,494,505 $ 28,026 $ 1,079 Spot 27(c)(v) 111,669 984 - Green Hemp 27(c)(v) 24,577 848 - MedCann Access (release from escrow) 240,678 390 (390 ) Hemp.CA (release from escrow) 129,016 - - Spektrum Cannabis (release from escrow) 367,981 - - Vert Medical (release from escrow) 147,453 - - Total 4,515,879 $ 30,248 $ 689 |
Summary of Other Equity Issuances | During the year ended March 31, 2019, the Company issued shares as a result of the following transactions: Notes Number of shares Share capital Share based reserve Completion of acquisition milestones 18(c) 2,455,446 $ 45,277 $ (45,310 ) Newfoundland lease purchase option 332,009 8,714 - Royalty agreements 208,786 9,168 (2,864 ) Asset acquisitions 61,492 2,251 - Shares issued but held in escrow 46,781 2,076 (2,076 ) Release from escrow to LBC Holdings, Inc. 25,097 1,038 (1,038 ) Conversion of Hiku debenture 27(a)(iv) 22,866 1,580 (949 ) Total 3,152,477 $ 70,104 $ (52,237 ) During the year ended March 31, 2018, the Company issued shares as a result of the following transactions: Notes Number of shares Share capital Share based reserve Release from escrow to LBC Holdings, Inc. 18(c) 87,836 $ 1,297 $ (1,297 ) Completion of acquisition milestones 398,651 4,278 (4,278 ) Niagara asset acquisition 111,366 995 - Asset acquisitions 117,253 3,225 - Total 715,106 $ 9,795 $ (5,575 ) |
Summary of Warrants | (iv) Warrants Note Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2017 - $ - $ - Greenstar equity investment - net of warrant issue cost of $253 18,876,901 12.98 70,265 rTrees acquisition 242,408 3.83 1,303 Exercise of warrants (207,297 ) 3.72 (1,113 ) Balance outstanding at March 31, 2018 18,912,012 $ 12.96 $ 70,455 Issuance of warrants 1 88,472,861 50.40 1,501,760 Replacement warrants granted through Hiku acquisition 27(a)(iv) 920,452 41.28 30,611 Exercise of warrants (457,002 ) 41.12 (12,901 ) Expiry of warrants (1 ) 3.80 - Balance outstanding at March 31, 2019 1 107,848,322 $ 43.80 $ 1,589,925 1 |
Summary of Changes in Omnibus Plan Options | The following is a summary of the changes in the Company’s Omnibus Plan employee options during the years ended March 31, 2018 and 2019: Notes Options issued Weighted average exercise price Balance outstanding at March 31, 2017 10,044,112 $ 3.97 Options granted 12,832,237 16.50 Replacement options issued as a result of the rTrees acquisition 224,433 3.18 Options exercised (3,912,946 ) 2.82 Options forfeited/cancelled (1,942,001 ) 9.32 Balance outstanding at March 31, 2018 17,245,835 $ 12.95 Options granted 22,145,198 51.49 Replacement options issued as a result of the CHI acquisitions 27(a)(iii) 568,005 14.98 Replacement options issued as a result of the Hiku acquisition 27(a)(iv) 291,629 10.64 Options exercised (5,318,923 ) 11.48 Options forfeited/cancelled (2,099,849 ) 55.37 Balance outstanding at March 31, 2019 32,831,895 $ 34.10 |
Summary of Outstanding Stock Options | The following is a summary of the outstanding stock options as at March 31, 2019: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at March 31, 2019 Weighted Average Remaining Contractual Life (years) Exercisable at March 31, 2019 Weighted Average Remaining Contractual Life (years) $0.22 - $10.07 6,642,495 3.72 2,032,363 2.98 $10.08 - $35.00 5,572,023 4.63 1,574,181 4.36 $35.01 - $38.42 7,552,988 5.74 - - $38.43 - $43.12 6,894,360 5.39 191,713 4.34 $43.13 - $67.64 6,170,029 5.68 2,261 3.90 32,831,895 5.06 3,800,518 3.62 |
Summary of Assumptions Used Following Black-Scholes Option Pricing Model to Establish Fair Value of Options | In determining the amount of share-based compensation related to options issued during the year, the Company used the Black-Scholes option pricing model to establish the fair value of options granted during the years ended March 31, 2019 and 2018 on their measurement date by applying the following assumptions: March 31, 2019 March 31, 2018 Risk-free interest rate 2.00% 1.54% Expected life of options (years) 2 - 5 3 - 5 Expected annualized volatility 75% 64% Expected forfeiture rate 12% 11% Expected dividend yield nil nil Black-Scholes value of each option $24.98 $8.88 |
Summary of Share-based Compensation Expense related to Acquisition | Share-based compensation expense related to acquisition milestones is comprised of: Compensation expense March 31, 2019 March 31, 2018 Spectrum Denmark $ 9,895 $ 7,206 Spectrum Colombia 28,893 - Canindica 42,499 - Other 18,877 12,269 $ 100,164 $ 19,475 |
Share Capital _ Canopy Rivers (
Share Capital – Canopy Rivers (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Changes in Omnibus Plan Options | The following is a summary of the changes in the Company’s Omnibus Plan employee options during the years ended March 31, 2018 and 2019: Notes Options issued Weighted average exercise price Balance outstanding at March 31, 2017 10,044,112 $ 3.97 Options granted 12,832,237 16.50 Replacement options issued as a result of the rTrees acquisition 224,433 3.18 Options exercised (3,912,946 ) 2.82 Options forfeited/cancelled (1,942,001 ) 9.32 Balance outstanding at March 31, 2018 17,245,835 $ 12.95 Options granted 22,145,198 51.49 Replacement options issued as a result of the CHI acquisitions 27(a)(iii) 568,005 14.98 Replacement options issued as a result of the Hiku acquisition 27(a)(iv) 291,629 10.64 Options exercised (5,318,923 ) 11.48 Options forfeited/cancelled (2,099,849 ) 55.37 Balance outstanding at March 31, 2019 32,831,895 $ 34.10 |
Summary of Assumptions Used Following Black-Scholes Option Pricing Model to Establish Fair Value of Options | In determining the amount of share-based compensation related to options issued during the year, the Company used the Black-Scholes option pricing model to establish the fair value of options granted during the years ended March 31, 2019 and 2018 on their measurement date by applying the following assumptions: March 31, 2019 March 31, 2018 Risk-free interest rate 2.00% 1.54% Expected life of options (years) 2 - 5 3 - 5 Expected annualized volatility 75% 64% Expected forfeiture rate 12% 11% Expected dividend yield nil nil Black-Scholes value of each option $24.98 $8.88 |
Canopy Rivers Corporation | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Summary of Assets Acquired and Liabilities Assumed at their Fair Value on Acquisition Date | The assets acquired and liabilities assumed at their fair value on the acquisition date are as follows. Amount Consideration $ 1,353 Cash acquired 583 Listing expense 770 |
Seed Capital Options - Summary of Change in Seed Capital Options | The following table summarizes the change in seed capital options up to March 31, 2019: Seed capital options issued Seed capital loan balance Balance outstanding at March 31, 2017 - $ - Options granted 10,066,668 503 Balance outstanding at March 31, 2018 10,066,668 $ 503 Options exercised (6,227,776 ) (311 ) Balance outstanding at March 31, 2019 3,838,892 $ 192 |
Summary of Changes in Omnibus Plan Options | The following is a summary of the changes in Canopy Rivers’ stock options, excluding the seed capital options presented separately, during the years ended March 31, 2018 and 2019: Options issued Weighted average exercise price Balance outstanding at March 31, 2017 - $ - Options granted 5,915,000 0.68 Balance outstanding at March 31, 2018 5,915,000 $ 0.68 Options granted 6,762,137 3.32 Options exercised (154,882 ) 0.78 Balance outstanding at March 31, 2019 12,522,255 $ 1.98 |
Summary of Assumptions Used Following Black-Scholes Option Pricing Model to Establish Fair Value of Options | In determining the amount of share-based compensation related to options issued during the year, Canopy Rivers used the Black-Scholes option pricing model to establish the fair value of options granted during the year ended March 31, 2019 and 2018 on their measurement date by applying the following assumptions: March 31, 2019 March 31, 2018 Risk-free interest rate 1.70% 1.00% Expected life of options (years) 0.4 - 4 1 - 3 Expected annualized volatility 70% 70% Expected forfeiture rate nil nil Expected dividend yield nil nil Black-Scholes value of each option $1.80 $0.55 - 1.05 |
Non-controlling Interests (Tabl
Non-controlling Interests (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Non Controlling Interests [Abstract] | |
Summary of Financial Information About Company's Subsidiaries Non-controlling Interests | The following table presents the summarized financial information about the Company’s subsidiaries that have non-controlling interests. This information represents amounts before intercompany eliminations. As at March 31, 2019 Canopy Rivers Tweed JA Vert Mirabel Ownership interest 27.6 % 49.0 % 47.8 % Cash and cash equivalents $ 104,145 $ 6 $ 58 Other current assets 15,490 - 30,314 Investments in equity method investees 64,606 - - Other financial assets 181,572 - - Goodwill - 2,037 5,625 Other long-term assets 17,696 4,524 31,729 Deferred tax liability (6,641 ) - (2,325 ) Other liabilities (3,458 ) (2,198 ) (54,856 ) Non-controlling interests (281,962 ) (1,142 ) (6,711 ) Equity attributable to Canopy Growth $ 91,448 $ 3,227 $ 3,834 As at March 31, 2018 Canopy Rivers Tweed JA Vert Mirabel Ownership interest 31.5 % 49.0 % 48.9 % Cash and cash equivalents $ 46,299 $ 12 $ 508 Other current assets 521 1,769 744 Investments in equity method investees 13,225 - - Other financial assets 57,491 - - Goodwill - 1,939 5,625 Other long-term assets 8,065 1,677 6,818 Deferred tax liability (4,502 ) - - Other liabilities (4,705 ) (451 ) (9,483 ) Non-controlling interests (80,844 ) (1,686 ) (2,155 ) Equity attributable to Canopy Growth $ 35,550 $ 3,260 $ 2,057 |
Summary of Net Change In Non-controlling Interests | The net change in the non-controlling interests is as follows: Note Canopy Rivers Tweed JA Vert Mirabel Other non- material interests Total As at March 31, 2017 $ - $ - $ - $ (32 ) $ (32 ) Net income (loss) 17,490 (366 ) (721 ) (184 ) 16,219 Other comprehensive income (loss) 3,998 39 - (4 ) 4,033 Share-based compensation 3,579 - - - 3,579 Acquisitions and ownership changes 55,777 2,013 2,876 - 60,666 As at March 31, 2018 $ 80,844 $ 1,686 $ 2,155 $ (220 ) $ 84,465 Net income (loss) 11,413 (508 ) 4,550 (111 ) 15,344 Other comprehensive income (loss) 3,808 (36 ) - - 3,772 Share-based compensation 13,898 - - - 13,898 Ownership changes 143,487 - 6 331 143,824 Warrants 11(i) 28,512 - - - 28,512 As at March 31, 2019 $ 281,962 $ 1,142 $ 6,711 $ - $ 289,815 |
Revenue (Tables)
Revenue (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Abstract] | |
Schedule of Disaggregation of Revenues | Revenues are disaggregated as follows: March 31, March 31, 2019 2018 Recreational revenue Business to business $ 117,388 $ - Business to consumer 23,144 - Medical revenue Canadian 68,759 70,617 International 10,091 3,732 Other revenue 34,049 3,599 Gross revenue 253,431 77,948 Excise taxes 27,090 - Net revenue $ 226,341 $ 77,948 |
Other (Expense) Income, Net (Ta
Other (Expense) Income, Net (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Analysis Of Income And Expense [Abstract] | |
Summary of Other (Expense) Income, Net | March 31, March 31, Notes 2019 2018 Fair value changes on financial assets classified as FVTPL 12 $ 91,736 $ 78,172 Gain on acquisition of consolidated entity 27(a)(iii) 62,682 - Gain on disposal of consolidated entity 27(d) - 8,820 Interest income 49,312 1,350 Gain on exchange of TerrAscend shares 11(iii) 8,678 - Interest expense (2,035 ) (784 ) Foreign currency loss (5,572 ) (2,440 ) Convertible debt issuance costs 16(i) (16,380 ) - Fair value changes on Put Liabilities 17 (17,850 ) (21,000 ) Settlement loss 17 (28,611 ) - Fair value changes on financial liabilities designated as FVTPL 16 (203,095 ) - Impairment of product rights 14 - (28,000 ) Other (expense) income, net (8,850 ) (4,905 ) Total other (expense) income, net $ (69,985 ) $ 31,213 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Income Taxes [Abstract] | |
Summary of Income Tax from Continuing Operations | Details of income tax from continuing operations are as follows: March 31, March 31, 2019 2018 Current income tax expense $ (2,439 ) $ - Deferred income tax expense (9,879 ) (1,593 ) Total $ (12,318 ) $ (1,593 ) |
Summary of Income Tax Expense | Income tax expense varies from the amount that would be computed by applying the basic federal and provincial tax rates to loss before income taxes, shown as follows: March 31, March 31, 2019 2018 Loss before income taxes $ (657,776 ) $ (52,541 ) Expected tax rate 26.5 % 26.5 % Expected tax benefit resulting from loss $ 174,311 $ 13,923 Non-deductible expenses (99,192 ) (19,310 ) Increase in unrecognized temporary differences (81,616 ) (5,506 ) Rate differential (4,060 ) - Non-taxable portion of capital gains and losses - 9,421 Other (1,761 ) (121 ) Income tax expense $ (12,318 ) $ (1,593 ) |
Summary of Effect of Temporary Differences and Loss Carryforwards | The effect of temporary differences and loss carryforwards that give rise to significant portions of the deferred tax liability, which has been recognized during the year ended March 31, 2019 are as follows: Recognized Business in Net combinations March 31, income Recognized Recognized and assets March 31, 2018 (loss) in equity in OCI held for sale 2019 Deferred tax asset Loss carryforwards $ 35,157 $ (8,092 ) $ - $ - $ 15,802 $ 42,867 Other 5,340 9,024 2,210 - (12,918 ) 3,656 40,497 932 2,210 - 2,884 46,523 Deferred tax liability Property, plant and equipment 1,071 (11,384 ) - - (563 ) (10,876 ) Intangibles (25,428 ) 4,359 - - (57,094 ) (78,163 ) Biological assets (29,780 ) (10,070 ) - - - (39,850 ) Investments (21,866 ) 11,252 - 1,092 (1,145 ) (10,667 ) Other long-term liabilities 2,783 (2,783 ) - - - - Other (813 ) (2,185 ) - - - (2,998 ) (74,033 ) (10,811 ) - 1,092 (58,802 ) (142,554 ) Net deferred taxes $ (33,536 ) $ (9,879 ) $ 2,210 $ 1,092 $ (55,918 ) $ (96,031 ) The effect of temporary differences and loss carryforwards that give rise to significant portions of the deferred tax liability, which has been recognized during the year ended March 31, 2018 are as follows: Recognized Business in Net Disposal of combinations March 31, income Recognized Recognized consolidated and assets March 31, 2017 (loss) in equity in OCI entity held for sale 2018 Deferred tax asset Loss carryforwards $ 30,494 $ 5,677 $ - $ - $ (1,014 ) $ - $ 35,157 Other 829 - 4,511 - - - 5,340 31,323 5,677 4,511 - (1,014 ) - 40,497 Deferred tax liability Property, plant and equipment (1,126 ) 3,577 - - (263 ) (1,117 ) 1,071 Intangibles (42,703 ) 10,310 - - 6,965 - (25,428 ) Biological assets (20,615 ) (9,460 ) - - 295 - (29,780 ) Investments (3,184 ) (13,558 ) - (5,124 ) - - (21,866 ) Other long-term liabilities - 2,783 - - - - 2,783 Other 381 (922 ) - - (284 ) 12 (813 ) (67,247 ) (7,270 ) - (5,124 ) 6,713 (1,105 ) (74,033 ) Net deferred taxes $ (35,924 ) $ (1,593 ) $ 4,511 $ (5,124 ) $ 5,699 $ (1,105 ) $ (33,536 ) |
Summary of Unrecognized Temporary Differences | The unrecognized temporary differences of the Company are comprised of: March 31, March 31, 2019 2018 Losses carried forward $ 376,390 $ 30,041 Share issue costs 24,750 - Other 51,945 - Total $ 453,085 $ 30,041 |
Non-Capital Losses Available to Reduce Future Years Taxable Income | The Company has the following non-capital losses available to reduce future years' taxable income which expires as follows: 2029 $ 27,490 2030 40 2031 52 2032 42 2033 574 2034 4,269 2035 17,686 2036 45,484 2037 33,318 2038 108,910 2039 290,595 Indefinite 46,674 Total $ 575,134 |
Supplementary Cash Flow Infor_2
Supplementary Cash Flow Information (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Cash Flow Statement [Abstract] | |
Summary of Changes in Non-Cash Working Capital | The changes items are as follows: March 31, March 31, 2019 2018 (Restated - see note 3) Amounts receivable $ (67,688 ) $ (15,738 ) Prepaid expenses and other current assets (87,476 ) (15,770 ) Biological assets and inventory (176,870 ) (29,667 ) Accounts payable and accrued liabilities 69,540 27,130 Other long-term assets 1,396 - Other liabilities (1,070 ) 352 Total $ (262,168 ) $ (33,693 ) |
Acquisitions and Disposals (Tab
Acquisitions and Disposals (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Business Combinations [Abstract] | |
Summary of Balance Sheet Impact on Acquisition Date | The following table summarizes the consolidated statements of financial position impact on the acquisition date of the Company’s business combinations that occurred in the year ended March 31, 2019 Spectrum DCL Colombia CHI Hiku ebbu POS S&B Cafina Other (i) (ii) (iii) (iv) (v) (vi) (vii) (viii) (ix) Total Cash and cash equivalents $ 496 $ 3 $ 8,369 $ 4,089 $ - $ 2,908 1,056 $ 6 $ (37 ) $ 16,890 Other current assets - 13 177 6,327 138 12,992 8,363 81 83 28,174 Property, plant and equipment - 1,351 121 15,846 1,821 9,541 23,609 62 - 52,351 Investments - - 8,563 1,204 - - - - - 9,767 Intangible assets Brands - - - 17,000 - - 38,463 - - 55,463 Distribution channel - - - - - - 3,143 - - 3,143 Operating licenses 27,379 50,063 - 37,300 - - - 43,850 - 158,592 Intellectual property - - 20,000 - 51,600 23,300 58,816 - - 153,716 Software and domain names - - - 103 - 328 276 - - 707 Goodwill 2,716 14,002 137,445 539,331 327,013 93,248 117,175 - 1,538 1,232,468 Accounts payable and accrued liabilities (573 ) (53 ) (954 ) (3,691 ) - (4,172 ) (4,490 ) (59 ) (16 ) (14,008 ) Debt and other liabilities - (5,258 ) - (1,954 ) (665 ) (3,145 ) (28,247 ) - - (39,269 ) Deferred tax liability (2,716 ) (14,002 ) (4,806 ) (14,598 ) (13,731 ) (6,042 ) (23 ) - - (55,918 ) Net assets 27,302 46,119 168,915 600,957 366,176 128,958 218,141 43,940 1,568 1,602,076 Non-controlling interests - - - - - - - - - - Net assets acquired $ 27,302 $ 46,119 $ 168,915 $ 600,957 $ 366,176 $ 128,958 $ 218,141 $ 43,940 $ 1,568 $ 1,602,076 Consideration paid in cash $ 500 $ - $ - $ 11,994 $ 16,060 $ 128,958 $ 203,786 $ 36,074 $ - $ 397,372 Consideration paid in shares 24,702 46,119 98,034 543,866 234,052 - - - 1,568 948,341 Gain on fair value of previously held equity interest - - 62,682 - - - - - - 62,682 Replacement options - - 8,199 13,537 - - - - - 21,736 Replacement warrants - - - 30,611 - - - - - 30,611 Other consideration - - - 949 - - - - - 949 Contingent consideration 2,100 - - - 116,064 - 14,355 7,866 - 140,385 Total consideration $ 27,302 $ 46,119 $ 168,915 $ 600,957 $ 366,176 $ 128,958 $ 218,141 $ 43,940 $ 1,568 $ 1,602,076 Consideration paid in cash $ 500 $ - $ - $ 11,994 $ 16,060 $ 128,958 $ 203,786 $ 36,074 $ - $ 397,372 Less: Cash and cash equivalents acquired (496 ) (3 ) (8,369 ) (4,089 ) - (2,908 ) (1,056 ) (6 ) 37 (16,890 ) Net cash outflow $ 4 $ (3 ) $ (8,369 ) $ 7,905 $ 16,060 $ 126,050 $ 202,730 $ 36,068 $ 37 $ 380,482 The following table summarizes the consolidated statements of financial position impact on the acquisition date of the Company’s business combinations that occurred in the year ended March 31, 2018: Tweed Vert Grasslands Tweed JA Odense Mirabel Other (i) (ii) (iii) (iv) (viii) Cash and cash equivalents $ 59 $ 125 $ - $ - $ 7 Amounts receivable 16 - - - 14 Subscription receivable - 3,669 - - - Inventory and Biological Assets - - 173 - - Prepaids and other assets 6 - - - 107 Property, plant and equipment 1,446 182 3,990 - 468 Goodwill 29,736 1,835 - 5,625 1,562 Accounts payable and accrued liabilities (336 ) (29 ) - - (143 ) Debt and other liabilities - - (297 ) - - Net assets 30,927 5,782 3,866 5,625 2,015 Non-controlling interests - (2,013 ) - (2,839 ) - Net assets acquired $ 30,927 $ 3,769 $ 3,866 $ 2,786 $ 2,015 Consideration paid in cash $ 450 $ 100 $ 3,228 $ - $ 166 Consideration paid in shares 6,381 - - - 1,850 Future cash consideration - 3,669 - - - Other consideration 2,382 - - 3,750 - Contingent consideration 21,714 - - - - Total consideration $ 30,927 $ 3,769 $ 3,228 $ 3,750 $ 2,016 Consideration paid in cash $ 450 $ 100 $ 3,228 $ - $ 166 Less: Cash and cash equivalents acquired (59 ) (125 ) - - (7 ) Net cash outflow $ 391 $ (25 ) $ 3,228 $ - $ 159 |
Summary of Derecognized Assets And Liabilities Related To Deconsolidation Of Subsidiaries | The derecognized assets and liabilities on November 30, 2017, were as follows: Current assets $ 2,043 Property, plant and equipment 6,962 Intangible assets 26,282 Goodwill 2,259 Accounts payable, accrued and other liabilities (2,267 ) Deferred tax liability (5,699 ) Net assets disposed $ 29,580 Fair value of retained interest 38,400 Gain on disposal of consolidated entity $ 8,820 |
Related Parties (Tables)
Related Parties (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Transactions Between Related Parties [Abstract] | |
Summary of Key Management Personnel Compensation | Compensation provided to key management is as follows: March 31, March 31, 2019 2018 Short-term employee benefits $ 5,137 $ 3,746 Share-based compensation 19,104 5,786 $ 24,241 $ 9,532 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Commitments And Contingencies [Abstract] | |
Schedule of Future Minimum Lease and Royalty Payments | Future commitments, which include minimum lease payments, and capital and other purchase commitments due in each of the next five reporting years are as follows: 2020 $ 468,843 2021 28,448 2022 18,488 2023 18,023 2024 16,977 Thereafter 134,021 $ 684,800 |
Financial Instruments and Fai_2
Financial Instruments and Fair Value Disclosures (Tables) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Financial Instruments [Abstract] | |
Summary Contractual Maturities of Undiscounted Cash Flows | In addition to the commitments disclosed in Note 29, the Company is obligated to the following contractual maturities of undiscounted cash flows: Carrying Contractual Years 4 amount cash flows Year 1 Years 2 -3 and onwards Accounts payable and accrued liabilities $ 226,533 $ 226,533 $ 226,533 $ - $ - Long-term debt 945,975 833,722 44,101 149,799 639,822 Total $ 1,172,508 $ 1,060,255 $ 270,634 $ 149,799 $ 639,822 |
Summary of Valuation Techniques and Key Inputs Used in Fair Value Measurement of Significant Level 2 Financial Instruments | The following table summarizes the valuation techniques and key inputs used in the fair value measurement of significant level 2 financial instruments: Financial asset / financial liability Valuation techniques Key inputs TerrAscend warrants Black-Scholes option pricing model Quoted prices in active market AusCann options Black-Scholes option pricing model Quoted prices in active market Convertible senior note Convertible note pricing model Quoted prices in over-the-counter broker market |
Summary of Valuation Techniques and Significant Unobservable Inputs in Fair Value Measurement of Level 3 Financial Instruments | The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments: Financial asset / financial liability Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value TerrAscend exchangeable shares Put option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value HydRx shares Market approach Share price Increase or decrease in share price will result in an increase or decrease in fair value Agripharm repayable debenture Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future royalties Increase in future royalties to be paid will result in an increase in fair value SLANG warrants Black-Scholes option pricing model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value BC Tweed and Vert Mirabel Put liabilities Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase in future wholesale price and production levels will result in an increase in fair value |
Description of Business - Addit
Description of Business - Additional Information (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Disclosure Of Business Description [Abstract] | |
Country of incorporation | Canada |
Adoption Of New And Revised S_3
Adoption Of New And Revised Standards And Change In Accounting Policies - Additional Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019CAD ($) | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Abstract] | |
Adjustments recognized on adoption of IFRS 15 | $ 0 |
Adoption Of New And Revised S_4
Adoption Of New And Revised Standards And Change In Accounting Policies - Summary Of Effect Of Change In Operation Statement And Statement Of Cash Flow (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||
Revenue | $ 226,341 | $ 77,948 |
Inventory production costs expensed to cost of sales | 175,425 | 40,213 |
Gross margin before the undernoted | 50,916 | 37,735 |
Fair value changes in biological assets included in inventory sold and other inventory charges | 129,536 | 67,861 |
Unrealized gain on changes in fair value of biological assets | (167,550) | (96,721) |
Gross margin | 88,930 | 66,595 |
Depreciation and amortization | 21,510 | 12,889 |
Operating | ||
Fair value changes in biological assets included in inventory sold and other inventory charges | 129,536 | 67,861 |
Unrealized gain on changes in fair value of biological assets | (167,550) | (96,721) |
Changes in non-cash operating working capital items | $ (262,168) | (33,693) |
As previously reported [Member] | ||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||
Revenue | 77,948 | |
Inventory production costs expensed to cost of sales | 37,790 | |
Gross margin before the undernoted | 40,158 | |
Fair value changes in biological assets included in inventory sold and other inventory charges | 66,268 | |
Unrealized gain on changes in fair value of biological assets | (100,302) | |
Gross margin | 74,192 | |
Depreciation and amortization | 20,486 | |
Operating | ||
Fair value changes in biological assets included in inventory sold and other inventory charges | 66,268 | |
Unrealized gain on changes in fair value of biological assets | (100,302) | |
Changes in non-cash operating working capital items | (28,519) | |
Adjustment [Member] | ||
Description Of Expected Impact Of Initial Application Of New Standards Or Interpretations [Line Items] | ||
Inventory production costs expensed to cost of sales | 2,423 | |
Gross margin before the undernoted | (2,423) | |
Fair value changes in biological assets included in inventory sold and other inventory charges | 1,593 | |
Unrealized gain on changes in fair value of biological assets | 3,581 | |
Gross margin | (7,597) | |
Depreciation and amortization | (7,597) | |
Operating | ||
Fair value changes in biological assets included in inventory sold and other inventory charges | 1,593 | |
Unrealized gain on changes in fair value of biological assets | 3,581 | |
Changes in non-cash operating working capital items | $ (5,174) |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Buildings and Greenhouses | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful life | 20 - 40 years |
Production and Warehouse Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful life | 3 - 30 years |
Leasehold Improvements | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful life | 3 - 20 years |
Computer Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful life | 3 - 5 years |
Office and Lab Equipment | |
Disclosure Of Property Plant And Equipment [Line Items] | |
Useful life | 3 - 10 years |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Useful Lives of Finite-Lived Intangible Assets (Details) | 12 Months Ended |
Mar. 31, 2019 | |
Health Canada Licenses | |
Disclosure Of Intangible Assets [Line Items] | |
Useful life | Useful life of facility or lease term |
Licensed Brands | |
Disclosure Of Intangible Assets [Line Items] | |
Useful life | 5 - 8 years |
Distribution Channel | |
Disclosure Of Intangible Assets [Line Items] | |
Useful life | 5 years |
Operating Licenses | |
Disclosure Of Intangible Assets [Line Items] | |
Useful life | 4 years |
Intellectual Property | |
Disclosure Of Intangible Assets [Line Items] | |
Useful life | 15 years |
Software and Domain Names | |
Disclosure Of Intangible Assets [Line Items] | |
Useful life | 3 - 5 years |
Significant Accounting Polici_6
Significant Accounting Policies - Additional Information (Details) | 12 Months Ended |
Mar. 31, 2019Segment | |
Disclosure Of Significant Accounting Policies [Abstract] | |
Number of reportable segment | 2 |
Cash And Cash Equivalents - Sum
Cash And Cash Equivalents - Summary of Disaggregation of Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Cash And Cash Equivalents [Abstract] | |||
Cash | $ 1,703,550 | $ 322,560 | |
Cash equivalents | 777,280 | ||
Total cash and cash equivalents | $ 2,480,830 | $ 322,560 | $ 101,800 |
Marketable Securities - Summary
Marketable Securities - Summary of Marketable Securities (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Marketable Securities [Line Items] | ||
Marketable securities | $ 2,034,133 | |
U.S. Government Securities | ||
Disclosure Of Marketable Securities [Line Items] | ||
Marketable securities | 1,663,245 | |
Canadian Government Securities | ||
Disclosure Of Marketable Securities [Line Items] | ||
Marketable securities | 369,288 | |
Term Deposits | ||
Disclosure Of Marketable Securities [Line Items] | ||
Marketable securities | $ 1,600 |
Amounts Receivable - Summary of
Amounts Receivable - Summary of Amounts Receivable (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Trade And Other Receivables [Abstract] | ||
Accounts receivable | $ 61,830 | $ 5,863 |
Indirect tax receivable | 27,805 | 15,262 |
Interest receivable | 7,193 | 300 |
Other receivables | 10,146 | |
Total amounts receivable | $ 106,974 | $ 21,425 |
Biological Assets - Disclosure
Biological Assets - Disclosure of Continuity of Biological Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Reconciliation Of Changes In Biological Assets [Abstract] | ||
Balance, beginning of year | $ 16,348 | $ 14,725 |
Purchases of seeds | 271 | |
Acquisition / (disposal) of biological assets due to acquisition / disposal of consolidated entity | 184 | (1,430) |
Unrealized gain on changes in fair value of biological assets | 167,550 | 96,721 |
Increase in biological assets due to capitalized costs | 92,733 | 20,890 |
Net write-off of biological assets | (21,618) | |
Transferred to inventory upon harvest | (176,222) | (114,829) |
Balance, end of year | $ 78,975 | $ 16,348 |
Biological Assets - Additional
Biological Assets - Additional Information (Details) | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Reconciliation Of Changes In Biological Assets [Abstract] | ||
Percentage of average stage of growth for biological assets | 42.00% | 12.00% |
Biological Assets - Summary of
Biological Assets - Summary of Significant Unobservable Inputs and Range of Values (Details) | 12 Months Ended |
Mar. 31, 2019CAD ($)Gram | |
Estimated Yield per Plant | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items] | |
Unobservable Inputs | Estimated Yield per Plant – varies by strain and is obtained through historical growing results or grower estimate if historical results are not available. |
Weighted Average | Gram | 86 |
Changes In Biological Assets | $ | $ (3,892,000) |
Estimated Yield per Plant | Minimum | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items] | |
Range | Gram | 25 |
Estimated Yield per Plant | Maximum | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items] | |
Range | Gram | 355 |
Listed Selling Price of Dry Cannabis | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items] | |
Unobservable Inputs | Average Selling Price of Dry Cannabis – varies by strain and is obtained through average selling prices or estimated future selling prices if historical results are not available. |
Weighted Average | Gram | 7.29 |
Changes In Biological Assets | $ | $ (7,062) |
Listed Selling Price of Dry Cannabis | Minimum | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items] | |
Range | $ | 5 |
Listed Selling Price of Dry Cannabis | Maximum | |
Disclosure Of Significant Unobservable Inputs Used In Fair Value Measurement Of Assets [Line Items] | |
Range | $ | $ 8.96 |
Inventory - Schedule of Invento
Inventory - Schedule of Inventory (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Classes Of Inventories [Abstract] | ||
Finished goods | $ 38,048 | $ 26,506 |
Work-in-process | 165,462 | 71,883 |
Merchandise and devices | 11,459 | 571 |
Supplies and consumables | 47,136 | 2,647 |
Total inventory | $ 262,105 | $ 101,607 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Classes Of Inventories [Abstract] | ||
Inventory expensed during the period | $ 231,159 | $ 92,683 |
Fair value changes in biological assets included in inventory sold and other inventory charges | $ 129,536 | $ 67,861 |
Prepaid Expenses and Other Cu_3
Prepaid Expenses and Other Current Assets - Schedule of Prepaid Expenses and Other Current Assets (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Prepaid Expenses And Other Assets [Line Items] | ||
Prepaid expenses | $ 35,286 | $ 9,557 |
Restricted short-term investments | 21,432 | 664 |
Total prepaid expenses and other current assets | 107,123 | 19,837 |
Deposits | ||
Prepaid Expenses And Other Assets [Line Items] | ||
Deposits and prepaid inventory | 29,138 | 842 |
Prepaid Inventory | ||
Prepaid Expenses And Other Assets [Line Items] | ||
Deposits and prepaid inventory | $ 21,267 | $ 8,774 |
Investments in Equity Method _3
Investments in Equity Method Investees - Summary of Changes in Investments in Associates Accounted for Using Equity Method (Details) - CAD ($) $ in Thousands | May 07, 2018 | Jan. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Balance at beginning of year | $ 63,106 | |||
Additions | 74,691 | $ 64,689 | ||
Share of net loss | (10,752) | (1,473) | ||
Exchange difference | 35 | |||
Derecognition of investment | (14,695) | |||
Balance at end of year | $ 112,385 | 63,106 | ||
Interest income | $ (110) | |||
PharmHouse | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Entity | PharmHouse | |||
Instrument | Shares | |||
Participating share | 49.00% | 49.00% | ||
Additions | $ 9,800 | $ 1,199 | $ 40,231 | |
Share of net loss | (953) | |||
Balance at end of year | $ 39,278 | |||
Agripharm | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Entity | Agripharm | Agripharm | ||
Instrument | Shares | Shares | ||
Participating share | 40.00% | 40.00% | ||
Balance at beginning of year | $ 38,479 | |||
Additions | $ 38,711 | |||
Share of net loss | (2,352) | (232) | ||
Balance at end of year | $ 36,127 | $ 38,479 | ||
BCT | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Entity | BCT | |||
Instrument | Shares | |||
Participating share | 42.20% | |||
Additions | $ 12,549 | |||
Share of net loss | (896) | |||
Balance at end of year | $ 11,653 | |||
TerrAscend | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Entity | TerrAscend | TerrAscend | ||
Instrument | Shares | Shares | ||
Participating share | 24.00% | |||
Balance at beginning of year | $ 16,912 | |||
Additions | $ 16,978 | |||
Share of net loss | (2,217) | (66) | ||
Derecognition of investment | $ (14,695) | |||
Balance at end of year | $ 16,912 | |||
Canapa R Corp | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Entity | CanapaR | |||
Instrument | Shares | |||
Participating share | 49.20% | |||
Additions | $ 18,150 | |||
Share of net loss | (88) | |||
Balance at end of year | $ 18,062 | |||
Other | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Entity | Other | Other | ||
Instrument | Various | Various | ||
Balance at beginning of year | $ 7,715 | |||
Additions | 3,761 | $ 9,000 | ||
Share of net loss | (4,246) | (1,175) | ||
Exchange difference | 35 | |||
Balance at end of year | $ 7,265 | 7,715 | ||
Interest income | $ (110) | |||
Other | Minimum | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Participating share | 18.20% | 23.80% | ||
Other | Maximum | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Participating share | 40.00% | 43.00% |
Investments in Equity Method _4
Investments in Equity Method Investees - Summary of Investments in Associates (Details) - CAD ($) $ in Thousands | Dec. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current liabilities | $ 411,663 | $ 92,028 | ||
Revenue | 226,341 | 77,948 | ||
Net loss | $ (670,094) | $ (54,134) | ||
Investments in Equity Method Investees | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | $ 53,203 | $ 75,508 | ||
Non-current assets | 158,931 | 110,814 | ||
Current liabilities | 18,798 | 5,631 | ||
Non-current liabilities | 53,269 | 18,070 | ||
Revenue | 3,274 | |||
Net loss | (15,027) | (14,040) | ||
Investments in Equity Method Investees | PharmHouse | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | 8,807 | |||
Non-current assets | 53,762 | |||
Current liabilities | 4,514 | |||
Non-current liabilities | 40,000 | |||
Net loss | (1,944) | |||
Investments in Equity Method Investees | Agripharm | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | 5,900 | 4,671 | ||
Non-current assets | 91,767 | 90,716 | ||
Current liabilities | 13,167 | 1,391 | ||
Non-current liabilities | 7,163 | 10,896 | ||
Revenue | 2,149 | |||
Net loss | (5,901) | (557) | ||
Investments in Equity Method Investees | BCT | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | 11,958 | |||
Non-current assets | 502 | |||
Current liabilities | 455 | |||
Net loss | (2,101) | |||
Investments in Equity Method Investees | Other | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | 26,538 | 17,144 | ||
Non-current assets | 12,900 | 4,729 | ||
Current liabilities | 662 | 2,548 | ||
Non-current liabilities | 6,106 | 7,174 | ||
Revenue | 1,125 | |||
Net loss | $ (5,081) | (6,678) | ||
Investments in Equity Method Investees | TerrAscend | ||||
Disclosure Of Significant Investments In Associates [Line Items] | ||||
Current assets | 53,693 | |||
Non-current assets | 15,369 | |||
Current liabilities | 1,692 | |||
Net loss | $ (6,805) |
Investments in Equity Method _5
Investments in Equity Method Investees - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Thousands | Nov. 21, 2019 | Feb. 28, 2019 | Sep. 28, 2018 | Sep. 17, 2018 | Aug. 03, 2018 | Jul. 24, 2018 | May 07, 2018 | Jan. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 | Nov. 30, 2018 |
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Rivers warrants | $ 74,691 | $ 64,689 | |||||||||
Canopy Rivers warrants reclassed from liabilityto equity | 28,512 | ||||||||||
BCT | |||||||||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Rivers warrants | $ 8,563 | ||||||||||
Participating share | 42.20% | 50.00% | |||||||||
Purchase of comon shares | $ 3,986 | ||||||||||
CanapaR | |||||||||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Rivers warrants | $ 17,400 | ||||||||||
Participating share | 49.20% | ||||||||||
Percentage of voting equity interests acquired | 35.00% | ||||||||||
Cash consideration | $ 750 | ||||||||||
Percentage of call option to purchase | 100.00% | ||||||||||
PharmHouse | |||||||||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Rivers warrants | $ 9,800 | $ 1,199 | $ 40,231 | ||||||||
Participating share | 49.00% | 49.00% | |||||||||
Common share warrants exercisable period | 2 years | ||||||||||
Exercise price per share | $ 2 | ||||||||||
Fair value of warrants | $ 29,232 | ||||||||||
Subscription price per share | $ 3.50 | ||||||||||
Gain loss on change of fair value of warrant liability | $ 720 | ||||||||||
Canopy Rivers warrants reclassed from liabilityto equity | $ 28,512 | ||||||||||
PharmHouse | Other Financial Assets1 | |||||||||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Secured debt | $ 40,000 | ||||||||||
Interest rate | 12.00% | ||||||||||
Term of maturity | three-year | ||||||||||
PharmHouse | Maximum | |||||||||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Exercise price per share | $ 2 | ||||||||||
TerrAscend | |||||||||||
Disclosure Of Significant Investments In Associates [Line Items] | |||||||||||
Rivers warrants | $ 16,978 | ||||||||||
Participating share | 24.00% | ||||||||||
Purchase of comon shares | $ 13,460 | ||||||||||
Purchase price of warrants | $ 7,540 | ||||||||||
Estimated fair value of investment in exchangable shares | $ 160,000 | $ 135,000 | |||||||||
Net gain in other (expense) income on derecognition of equity investment | 8,678 | ||||||||||
Gain on exchangable shares of other comprehensive income | $ 25,000 |
Other Financial Assets - Summar
Other Financial Assets - Summary of Changes in Other Financial Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Financial Assets [Line Items] | ||
Beginning balance | $ 163,463 | $ 24,030 |
Additions | 228,198 | 22,439 |
Fair value changes on equity instruments at FVOCI | (8,343) | 38,673 |
Fair Value Through Profit or Loss | 91,736 | 78,172 |
Exercise of warrants on investments in other financial assets | (111,627) | |
Ending balance | $ 363,427 | 163,463 |
Interest revenue | $ 149 | |
TerrAscend | Warrants | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | FVTPL |
Beginning balance | $ 75,154 | |
Additions | $ 7,540 | |
Fair Value Through Profit or Loss | 36,473 | 67,614 |
Exercise of warrants on investments in other financial assets | $ (111,627) | |
Ending balance | $ 75,154 | |
TerrAscend | Exchangeable shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 135,000 | |
Fair value changes on equity instruments at FVOCI | 25,000 | |
Ending balance | $ 160,000 | |
AusCann Group Holdings Ltd. | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | FVOCI |
Beginning balance | $ 39,086 | $ 18,328 |
Additions | 3,975 | 1,214 |
Fair value changes on equity instruments at FVOCI | (30,988) | 19,544 |
Ending balance | $ 12,073 | $ 39,086 |
AusCann Group Holdings Ltd. | Options | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | FVTPL |
Beginning balance | $ 10,487 | $ 5,702 |
Additions | 915 | |
Fair Value Through Profit or Loss | (9,843) | 4,785 |
Ending balance | $ 1,559 | $ 10,487 |
James E. Wagner Cultivation Ltd. | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | FVOCI |
Beginning balance | $ 10,591 | |
Additions | 2,124 | $ 3,863 |
Fair value changes on equity instruments at FVOCI | (326) | 6,728 |
Ending balance | $ 12,389 | $ 10,591 |
HydRx Farms Ltd. | Warrants | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | FVTPL |
Beginning balance | $ 5,210 | |
Fair Value Through Profit or Loss | $ 5,210 | |
Exercise of warrants on investments in other financial assets | $ (5,210) | |
Ending balance | $ 5,210 | |
HydRx Farms Ltd. | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | FVOCI |
Beginning balance | $ 12,401 | |
Fair value changes on equity instruments at FVOCI | $ 12,401 | |
Exercise of warrants on investments in other financial assets | 5,210 | |
Ending balance | $ 17,611 | $ 12,401 |
Agripharm | Repayable Debenture | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | FVTPL |
Beginning balance | $ 2,326 | |
Additions | 9,000 | $ 2,414 |
Fair Value Through Profit or Loss | (1,072) | |
Ending balance | $ 10,254 | 2,326 |
Interest revenue | (88) | |
PharmHouse | Loan receivable | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | Amortized cost | |
Additions | $ 40,000 | |
Ending balance | $ 40,000 | |
SLANG Worldwide Inc. | Warrants | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Fair Value Through Profit or Loss | $ 44,000 | |
Ending balance | $ 44,000 | |
Canapa R Corp | Options | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Fair Value Through Profit or Loss | $ 7,500 | |
Ending balance | $ 7,500 | |
LiveWell | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 250 | |
Fair value changes on equity instruments at FVOCI | (710) | |
Fair Value Through Profit or Loss | 4,798 | |
Ending balance | $ 4,338 | |
Greenhouse | Convertible Debenture | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Additions | $ 5,911 | |
Fair Value Through Profit or Loss | 33 | |
Ending balance | $ 5,944 | |
Other - classified as FVTPL | Various | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Beginning balance | $ 5,133 | |
Additions | 6,131 | |
Fair Value Through Profit or Loss | 2,579 | |
Ending balance | 13,843 | $ 5,133 |
Other - classified as FVTPL | Various | FVTPL | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Beginning balance | $ 8,208 | |
Additions | $ 7,408 | |
Fair Value Through Profit or Loss | 563 | |
Ending balance | 8,208 | |
Interest revenue | 237 | |
Radicle Medical Marijuana Inc | Repayable Debenture | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Beginning balance | $ 3,075 | |
Additions | 2,000 | |
Fair Value Through Profit or Loss | (11) | |
Ending balance | $ 5,064 | $ 3,075 |
Other - classified as FVOCI | Various | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 6,018 | |
Fair value changes on equity instruments at FVOCI | 3 | |
Ending balance | $ 6,021 | |
North Cannabis Corp | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 1,217 | |
Fair value changes on equity instruments at FVOCI | 3,922 | |
Fair Value Through Profit or Loss | 421 | |
Ending balance | $ 5,560 | |
Civilized Worldwide Inc | Convertible Debenture | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVTPL | |
Additions | $ 3,741 | |
Fair Value Through Profit or Loss | 666 | |
Ending balance | $ 4,407 | |
Solo Growth Corporation | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 3,265 | |
Fair value changes on equity instruments at FVOCI | (5,213) | |
Fair Value Through Profit or Loss | 6,192 | |
Ending balance | $ 4,244 | |
Headset Inc | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 4,085 | |
Fair value changes on equity instruments at FVOCI | (76) | |
Ending balance | $ 4,009 | |
Good Leaf Inc | Shares | ||
Disclosure Of Financial Assets [Line Items] | ||
Accounting method | FVOCI | |
Additions | $ 4,566 | |
Fair value changes on equity instruments at FVOCI | 45 | |
Ending balance | $ 4,611 |
Other Financial Assets - Summ_2
Other Financial Assets - Summary of Changes in Other Financial Assets (Parenthetical) (Details) | Jul. 12, 2018CAD ($) | Jul. 12, 2018AUD ($)shares | Jul. 11, 2018AUD ($)shares | Apr. 06, 2018CAD ($) | Mar. 31, 2019CAD ($)$ / sharesshares | Mar. 31, 2018CAD ($) |
Disclosure Of Financial Assets [Line Items] | ||||||
Exercise price of share options exercisable | $ 13.99 | $ 4.55 | ||||
AusCann Group Holdings Ltd. | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Number of ordinary shares held | shares | 2,272,500 | 7,677,639 | ||||
Exercise price of share options exercisable | $ 1.465 | $ 0.20 | ||||
Option expiration date | Jan. 19, 2020 | |||||
Ownership interest for cash investment | $ 4,890,000 | |||||
Exercise term | 30 months | 30 months | ||||
Closing price | $ 2.25 | |||||
Number of consecutive trading days | 10 days | 10 days | ||||
Participating share | 11.13% | 11.13% | ||||
AusCann Group Holdings Ltd. | Shares | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Consideration amount | $ 3,975,000 | |||||
AusCann Group Holdings Ltd. | Warrants | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Consideration amount | $ 915,000 | |||||
James E. Wagner Cultivation Ltd. | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Participating share | 14.20% | |||||
Payments for purchase of ordinary shares and warrants from affiliate | 3,975,000 | |||||
Cash advanced to joint venture | 2,500,000 | |||||
Subscription receipts | $ 2,300,000 | |||||
James E. Wagner Cultivation Ltd. | Shares | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Subscription price | $ 2,124,000 | |||||
HydRx Farms Ltd. | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Fair value of warrants | 5,210,000 | |||||
Fair value of ordinary shares | $ 12,401,000 | |||||
Percentage of voting equity interests acquired | 9.00% | |||||
SLANG Worldwide Inc. | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Fair value of warrants | $ 44,000,000 | |||||
Description of warrant expiration | The warrants expire the earlier of two years following the triggering event and December 15, 2032. | |||||
SLANG Worldwide Inc. | Exercise Price of $ 1 | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Number of warrants acquired | shares | 31,619,975 | |||||
SLANG Worldwide Inc. | Exercise Price of $ 1.50 Per Share | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Number of warrants acquired | shares | 11,602,370 | |||||
Exercise price of warrants per share acquired | $ / shares | $ 1.50 | |||||
SLANG Worldwide Inc. | Exercise Price of $ 2.52 Per Share Member | ||||||
Disclosure Of Financial Assets [Line Items] | ||||||
Number of warrants acquired | shares | 5,801,184 | |||||
Exercise price of warrants per share acquired | $ / shares | $ 2.25 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Property Plant and Equipment (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | $ 303,682 | $ 96,270 |
Ending Balance | 1,096,340 | 303,682 |
Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 317,831 | 102,850 |
Additions | 776,018 | 218,322 |
Additions from acquisitions | 52,351 | 6,086 |
Transfers/disposals/exchange differences | (4,527) | (9,427) |
Ending Balance | 1,141,673 | 317,831 |
Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 14,149 | 6,580 |
Depreciation | 30,062 | 8,725 |
Transfers/disposals/exchange differences | 1,122 | (1,156) |
Ending Balance | 45,333 | 14,149 |
Buildings and Greenhouses | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 71,862 | 47,231 |
Additions | 86,545 | 3,905 |
Additions from acquisitions | 17,402 | |
Transfers/disposals/exchange differences | 186,149 | 20,726 |
Ending Balance | 361,958 | 71,862 |
Buildings and Greenhouses | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 5,364 | 2,559 |
Depreciation | 6,582 | 3,086 |
Transfers/disposals/exchange differences | 1,150 | (281) |
Ending Balance | 13,096 | 5,364 |
Production and Warehouse Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 28,931 | 11,132 |
Additions | 32,615 | 4,649 |
Additions from acquisitions | 6,401 | 468 |
Transfers/disposals/exchange differences | 107,378 | 12,682 |
Ending Balance | 175,325 | 28,931 |
Production and Warehouse Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 2,736 | 1,038 |
Depreciation | 14,898 | 2,545 |
Transfers/disposals/exchange differences | (137) | (847) |
Ending Balance | 17,497 | 2,736 |
Leasehold Improvements | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 22,482 | 17,155 |
Additions | 2,912 | 338 |
Additions from acquisitions | 1,114 | |
Transfers/disposals/exchange differences | 5,756 | 4,989 |
Ending Balance | 32,264 | 22,482 |
Leasehold Improvements | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 3,452 | 1,930 |
Depreciation | 2,245 | 1,510 |
Transfers/disposals/exchange differences | (200) | 12 |
Ending Balance | 5,497 | 3,452 |
Land | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 8,216 | 2,143 |
Additions | 18,720 | 5,728 |
Additions from acquisitions | 4,496 | 345 |
Transfers/disposals/exchange differences | 6,249 | |
Ending Balance | 37,681 | 8,216 |
Computer Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 6,241 | 4,181 |
Additions | 3,126 | 1,219 |
Additions from acquisitions | 219 | |
Transfers/disposals/exchange differences | 9,642 | 841 |
Ending Balance | 19,228 | 6,241 |
Computer Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 1,900 | 889 |
Depreciation | 3,227 | 1,043 |
Transfers/disposals/exchange differences | (32) | |
Ending Balance | 5,127 | 1,900 |
Office and Lab Equipment | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 3,101 | 1,706 |
Additions | 5,758 | 974 |
Additions from acquisitions | 8,622 | 109 |
Transfers/disposals/exchange differences | 6,014 | 312 |
Ending Balance | 23,495 | 3,101 |
Office and Lab Equipment | Accumulated Depreciation | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 697 | 164 |
Depreciation | 3,110 | 541 |
Transfers/disposals/exchange differences | 309 | (8) |
Ending Balance | 4,116 | 697 |
Assets in Process | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Additions | 575,909 | 201,509 |
Assets in Process | Cost | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Beginning Balance | 176,998 | 19,302 |
Additions | 626,342 | 201,509 |
Additions from acquisitions | 14,097 | 5,164 |
Transfers/disposals/exchange differences | (325,715) | (48,977) |
Ending Balance | $ 491,722 | $ 176,998 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Assets in Process | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Additions | $ 575,909 | $ 201,509 |
Expansion Or Growing Operations | BC Tweed | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Additions | 71,155 | |
Expansion Or Growing Operations | Tweed Inc. | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Additions | 64,813 | |
Expansion Or Growing Operations | Tweed Farms Inc. | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Additions | 43,847 | |
Ongoing Projects | ||
Disclosure Of Property Plant And Equipment [Line Items] | ||
Additions | $ 21,694 |
Intangible Assets And Goodwil_2
Intangible Assets And Goodwill - Summary of Continuity of Intangible Assets (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 101,526 | $ 162,263 |
Ending balance | 519,556 | 101,526 |
Cost | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 114,362 | 164,648 |
Additions | 69,669 | 2,089 |
Additions from acquisitions | 371,621 | 3,232 |
Disposals/ adjustments | 29 | (55,651) |
Exchange differences | (6,483) | 44 |
Ending balance | 549,198 | 114,362 |
Cost | Health Canada Licenses | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 64,600 | 92,200 |
Disposals/ adjustments | (27,600) | |
Ending balance | 64,600 | 64,600 |
Cost | Acquired Brands | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 6,042 | 3,410 |
Additions | 2,707 | |
Additions from acquisitions | 55,463 | 2,632 |
Exchange differences | 162 | |
Ending balance | 64,374 | 6,042 |
Cost | Licensed Brands | ||
Disclosure Of Intangible Assets [Line Items] | ||
Additions | 57,802 | |
Ending balance | 57,802 | |
Cost | Distribution Channel | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 38,900 | 38,900 |
Additions from acquisitions | 3,143 | |
Exchange differences | 357 | |
Ending balance | 42,400 | 38,900 |
Cost | Operating Licenses | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 841 | 795 |
Additions from acquisitions | 158,592 | |
Exchange differences | (7,031) | 46 |
Ending balance | 152,402 | 841 |
Cost | Software and Domain Names | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 1,509 | 1,251 |
Additions | 7,169 | 117 |
Additions from acquisitions | 707 | |
Disposals/ adjustments | 365 | 143 |
Exchange differences | (49) | (2) |
Ending balance | 9,701 | 1,509 |
Cost | Intellectual Property | ||
Disclosure Of Intangible Assets [Line Items] | ||
Additions from acquisitions | 153,716 | |
Exchange differences | 81 | |
Ending balance | 153,797 | |
Cost | Intangibles in Process | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 2,470 | 92 |
Additions | 1,991 | 1,972 |
Additions from acquisitions | 600 | |
Disposals/ adjustments | (336) | (194) |
Exchange differences | (3) | |
Ending balance | 4,122 | 2,470 |
Cost | Product Rights | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 28,000 | |
Disposals/ adjustments | (28,000) | |
Accumulated Depreciation | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 12,836 | 2,385 |
Amortization | 16,856 | 11,761 |
Disposals/ adjustments | (4) | (1,318) |
Exchange differences | (46) | 8 |
Ending balance | 29,642 | 12,836 |
Accumulated Depreciation | Health Canada Licenses | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 2,624 | 985 |
Amortization | 1,902 | 2,957 |
Disposals/ adjustments | (1,318) | |
Ending balance | 4,526 | 2,624 |
Accumulated Depreciation | Licensed Brands | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortization | 128 | |
Exchange differences | (4) | |
Ending balance | 124 | |
Accumulated Depreciation | Distribution Channel | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 9,077 | 1,000 |
Amortization | 8,032 | 8,077 |
Exchange differences | (6) | |
Ending balance | 17,103 | 9,077 |
Accumulated Depreciation | Operating Licenses | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 219 | |
Amortization | 283 | |
Exchange differences | (7) | |
Ending balance | 495 | 219 |
Accumulated Depreciation | Software and Domain Names | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | 916 | 343 |
Amortization | 2,001 | 572 |
Disposals/ adjustments | (4) | |
Exchange differences | (30) | 1 |
Ending balance | 2,883 | 916 |
Accumulated Depreciation | Intellectual Property | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortization | 4,436 | |
Exchange differences | 1 | |
Ending balance | 4,437 | |
Accumulated Depreciation | Intangibles in Process | ||
Disclosure Of Intangible Assets [Line Items] | ||
Amortization | 74 | |
Ending balance | 74 | |
Accumulated Depreciation | Import License | ||
Disclosure Of Intangible Assets [Line Items] | ||
Beginning balance | $ 219 | 57 |
Amortization | 155 | |
Exchange differences | 7 | |
Ending balance | $ 219 |
Intangible Assets And Goodwil_3
Intangible Assets And Goodwill - Additional Information (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2018CAD ($) | |
Disclosure Of Intangible Assets [Line Items] | |
Impairment loss | $ 28,000 |
Health Canada Licenses | |
Disclosure Of Intangible Assets [Line Items] | |
Net derecognition of intangible assets | $ 26,282 |
Intangible Assets And Goodwil_4
Intangible Assets And Goodwill - Summary of Net Change in Goodwill (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Intangible Assets [Abstract] | ||
Beginning balance | $ 314,923 | $ 241,371 |
Additions from acquisitions of subsidiaries | 1,232,468 | 75,158 |
Disposal of consolidated entity | (2,259) | |
Exchange differences | (3,336) | 653 |
Ending balance | $ 1,544,055 | $ 314,923 |
Accounts Payable and Accrued _3
Accounts Payable and Accrued Liabilities - Summary of Accounts Payables and Accrued Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Trade payables | $ 188,920 | $ 46,175 |
Accrued liabilities | 37,613 | 43,396 |
Total accounts payable and accrued liabilities | $ 226,533 | $ 89,571 |
Accounts Payable and Accrued _4
Accounts Payable and Accrued Liabilities - Additional Information (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Accounts Payable And Accrued Liabilities [Abstract] | ||
Property, plant and equipment | $ 96,875 | $ 62,034 |
Professional fees | 24,892 | 7,391 |
Compensation related liabilities | 20,577 | 5,747 |
Miscellaneous liabilities | $ 84,189 | $ 14,399 |
Long-term Debt - Summary of Det
Long-term Debt - Summary of Detailed Information About Borrowings (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Jun. 20, 2018 | Mar. 31, 2018 |
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 945,975 | $ 8,422 | |
Less: current portion | (103,716) | (1,557) | |
Long-term debt | 842,259 | 6,865 | |
Other Mortgages, Loans, and Financings | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 15,271 | $ 8,422 | |
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 835,704 | ||
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | Principal Amount | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 600,000 | $ 600,000 | |
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | Accrued Interest | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 5,454 | ||
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | Non-credit risk fair value adjustment (FVTPL) | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 183,120 | ||
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | Credit risk fair value adjustment (FVOCI) | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | 47,130 | ||
Term Loan Facility Advanced in the Form of Prime Rate Operating Loan, Bearing Interest Rate of Prime Plus 1% Due October 31, 2021 | |||
Disclosure Of Detailed Information About Borrowings [Line Items] | |||
Borrowings | $ 95,000 |
Long-term Debt - Summary of D_2
Long-term Debt - Summary of Detailed Information About Borrowings (Parenthetical) (Details) | Jun. 20, 2018 | Mar. 31, 2019 |
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Borrowings, maturity | July 15, 2023 | Jul. 15, 2023 |
Interest, prime rate | 4.25% | 4.25% |
Term Loan Facility Advanced in the Form of Prime Rate Operating Loan, Bearing Interest Rate of Prime Plus 1% Due October 31, 2021 | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Borrowings, maturity | Oct. 31, 2021 | |
Interest, prime rate | prime plus 1.0% |
Long-term Debt - Additional Inf
Long-term Debt - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Thousands | Jun. 20, 2018 | Mar. 31, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings | $ 945,975 | $ 945,975 | $ 8,422 | |
Transaction costs directly attributable to issuance of notes | 16,380 | |||
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings | $ 835,704 | $ 835,704 | ||
Interest, prime rate | 4.25% | 4.25% | 4.25% | |
Borrowings, maturity | July 15, 2023 | Jul. 15, 2023 | ||
Convertible Senior Notes at 4.25% Interest with Semi-Annual Interest Payments Due July 15, 2023 | Principal Amount | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings | $ 600,000 | $ 600,000 | $ 600,000 | |
Convertible Senior Notes | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Description of conversion of debt to equity | The notes will be convertible, at the holder’s option, at a conversion rate of 20.7577 common shares for every $1 principal amount of notes (equal to an initial conversion price of approximately $48.18 per common share), subject to adjustments in certain events. | |||
Conversion rate in common shares for every $1 of principal amount of notes | $ 20.7577 | |||
Convertible senior notes, conversion price per share | $ 48.18 | |||
Borrowings, conversion of the notes | (i) the market price of the Company common shares for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the 5 business day period after any consecutive 5 trading day period (the “measurement period”) in which the trading price per $1 principal amount of the notes for each trading day in the measurement period was less than 98% of the product of the last reported sales price of the Company’s common shares and the conversion rate on each such trading day, (iii) the notes are called for redemption or (iv) upon occurrence of certain corporate events (“Fundamental Change”). | |||
Conversion price rate | 130.00% | |||
Transaction costs directly attributable to issuance of notes | $ 16,380 | |||
Change in fair value of notes | 235,704 | 235,704 | ||
Accrued contractual interest | 5,454 | $ 5,454 | ||
Convertible Senior Notes | Maximum | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Interest rate | 98.00% | |||
Alberta Treasury Board Financing | ||||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||||
Borrowings | 95,000 | $ 95,000 | ||
Borrowings, maturity | October 31, 2021 | |||
Interest, prime rate | prime plus 1.0% | |||
Borrowings, principal payments | $ 2,500 |
Long-term Debt - Summary of Pri
Long-term Debt - Summary of Principal Repayments of Long-term Debt (Details) - Long term Borrowings $ in Thousands | Mar. 31, 2019CAD ($) |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | $ 710,029 |
2020 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | 98,575 |
2021 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | 3,545 |
2022 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | 3,541 |
2023 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | 1,123 |
2024 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | 601,123 |
Thereafter | |
Disclosure Of Detailed Information About Borrowings [Line Items] | |
Principal repayments | $ 2,122 |
Other Liabilities - Summary of
Other Liabilities - Summary of Other Liabilities (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Other Liabilities - Current | ||
Acquisition consideration related liabilities | $ 22,176 | |
Minimum royalty obligations | 3,445 | |
Due to former shareholders of S&B | 21,447 | |
Provision for onerous leases | 12,700 | |
Settlement liability | 11,980 | |
Other | 9,666 | |
Total | 81,414 | $ 900 |
Other Liabilities - Long Term | ||
Acquisition consideration related liabilities | 87,747 | |
Minimum royalty obligations | 24,392 | |
Settlement liability | 16,631 | |
Put liabilities | 6,400 | |
Other | 5,234 | |
Total | 140,404 | 61,150 |
Other Liabilities | ||
Acquisition consideration related liabilities | 109,923 | |
Minimum royalty obligations | 27,837 | |
Due to former shareholders of S&B | 21,447 | |
Provision for onerous leases | 12,700 | |
Settlement liability | 28,611 | |
Put liabilities | 6,400 | 61,150 |
Other | 14,900 | 900 |
Total | $ 221,818 | $ 62,050 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Cash payments due to settlement | $ 25,185 | |
Percentage of final payment equal to subsidiary fair value | 1.20% | |
Agreement payment date | June 30, 2023 | |
Settlement liability | $ 28,611 | |
Put liabilities | 6,400 | $ 61,150 |
Vert Mirabel | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Put liabilities | $ 6,400 | 4,850 |
BC Tweed | ||
Disclosure Of Detailed Information About Borrowings [Line Items] | ||
Put liabilities | $ 56,300 |
Share Capital - Canopy Growth -
Share Capital - Canopy Growth - Additional Information (Details) | Aug. 03, 2018CAD ($)shares | Nov. 02, 2017CAD ($)shares$ / shares | Mar. 31, 2018CAD ($)$ / sharesshares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares$ / shares | Jul. 05, 2018shares | Mar. 31, 2017shares |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of shares issued | shares | 199,320,981 | 337,510,408 | 199,320,981 | 310,316 | 162,187,262 | ||
Proceeds from issuance of common shares and warrants | $ 5,072,500,000 | $ 470,670,000 | |||||
Fair value of Proceeds from issue of shares | 3,567,149,000 | ||||||
Fair value of Proceeds from issue of warrants | 1,505,351,000 | ||||||
Share issuance costs | 8,509,000 | ||||||
Warrants issuance costs | 3,591,000 | ||||||
Equity financing issue costs | 9,400,000 | ||||||
Total consideration | 1,602,076,000 | ||||||
Share issue costs | 21,646,000 | 10,008,000 | |||||
Weighted average exercise price of options outstanding | $ 12.95 | 34.10 | 12.95 | ||||
Exercise price of share options exercisable | $ 4.55 | 13.99 | 4.55 | ||||
Share-based compensation expense | $ 12,862,000 | $ 4,774,000 | |||||
Number of options provided in exchange for services | shares | 595,000 | 420,000 | |||||
Proceeds from exercise of stock options | $ 48,159,000 | $ 11,053,000 | |||||
Number of shares vested | shares | 52,871 | ||||||
Share-based compensation expense | $ 19,104,000 | $ 5,786,000 | |||||
Number of share released on completion of acquisition milestones | shares | 2,455,446 | 398,651 | |||||
Number of shares to issue on completion of acquisition and asset purchase milestones | shares | 5,371,154 | ||||||
Share based payments | $ 4,781,000 | $ 2,071,000 | |||||
C H I Acquisition | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of common shares issued | shares | 2,591,369 | ||||||
Total consideration | $ 168,915,000 | ||||||
Share-based compensation expense | $ 11,714,000 | ||||||
Share-based compensation expense | 10,917,000 | ||||||
Share-based compensation expense | $ 7,503,000 | ||||||
Maximum | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Percentage of number of shares issuable from treasury pursuant to awards | 15.00% | ||||||
Number of common shares reserved for Awards | shares | 19,955,721 | 50,626,561 | 19,955,721 | ||||
Omnibus Incentive Plan | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Aggregate number of common shares that may be issued | shares | 400,000 | ||||||
Aggregate number of common shares that may be issued | shares | 200,000 | ||||||
Omnibus Plan | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | ||||||
ESOP expiration period | 6 years | ||||||
Options exercised | shares | 5,318,923 | 3,912,946 | |||||
Proceeds from exercise of stock options | $ 48,159,000 | $ 11,053,000 | |||||
Omnibus Plan | Maximum | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Exercise price, share options granted | 40.68 | 11.71 | |||||
Omnibus Plan | Minimum | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Exercise price, share options granted | 0.56 | 0.43 | |||||
Options | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Share-based compensation expense | $ 141,451,000 | $ 21,278,000 | |||||
R S U | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of shares issued | shares | 201,821 | ||||||
Share-based compensation expense | $ 3,709,000 | ||||||
Vest Over Five Years | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of shares vested | shares | 29,306 | ||||||
Vest Over Two Years | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of shares vested | shares | 100,000 | ||||||
Vest Over One Years | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of shares vested | shares | 19,644 | ||||||
Greenstar investment | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of common shares issued | shares | 18,876,901 | ||||||
Total consideration | $ 244,990,000 | ||||||
Offering price | $ / shares | $ 12.9783 | ||||||
Purchase of comon shares | $ 174,472 | ||||||
Purchase price of warrants | 70,518 | ||||||
Warrants expiration description | The warrants, each exercisable at $12.9783 per warrant for a common share, expire May 2, 2020 and are exercisable in two equal tranches, with the first exercisable tranche date being August 1, 2018, and the second exercisable tranche date being February 1, 2019, provided at the time of exercising the warrants, the Company still owns the 18,876,901 common shares. | ||||||
Share issue costs | $ 707,000 | ||||||
Warrants | Greenstar investment | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of common shares issued | shares | 18,876,901 | ||||||
Share issue costs | $ 253,000 | ||||||
Greenstar Warrants | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Percentage of outstanding shares | 56.00% | ||||||
Constellation Brands Inc | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of shares issued | shares | 104,500,000 | 104,500,000 | |||||
Proceeds from issuance of common shares and warrants | $ 5,072,500,000 | $ 5,072,500 | |||||
Convertible senior notes | $ 200,000,000 | ||||||
Tranche One | Constellation Brands Inc | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of warrants shares | shares | 88,500,000 | ||||||
Price per share | $ / shares | $ 50.40 | $ 50.40 | |||||
Tranche Two | Constellation Brands Inc | |||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||
Number of warrants shares | shares | 51,300,000 | ||||||
Description of the approach to determine the par value price per share | 5-day volume weighted average price immediately prior to exercise. |
Share Capital - Canopy Growth_2
Share Capital - Canopy Growth - Equity Raises - Summary of Equity Financing (Details) - CAD ($) $ in Thousands | Feb. 07, 2018 | Nov. 02, 2017 | Jul. 21, 2017 | Mar. 31, 2018 |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Equity raise share issuances, shares | 3,105,590 | 27,782,491 | ||
Equity raise share issuances | $ 24,922 | $ 390,752 | ||
Greenstar investment | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Equity raise share issuances, shares | 18,876,901 | |||
Equity raise share issuances | $ 173,765 | |||
Private Placement | ||||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||||
Equity raise share issuances, shares | 5,800,000 | |||
Equity raise share issuances | $ 192,065 |
Share Capital - Canopy Growth_3
Share Capital - Canopy Growth - Acquisitions - Summary of Equity Issuances Related to Acquisitions (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 18,293,872 | 4,515,879 |
Acquisition related share issuance's | $ 947,470 | $ 30,248 |
Acquisition related share based reserve | 31,836 | 689 |
Issuance of shares from acquisitions | $ 979,306 | $ 32,240 |
Spectrum Colombia Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 1,193,237 | |
Acquisition related share issuance's | $ 46,018 | |
D C L Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 666,362 | |
Acquisition related share issuance's | $ 24,644 | |
Acquisition related share based reserve | $ 1,956 | |
Annabis Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 50,735 | |
Acquisition related share issuance's | $ 1,558 | |
Hiku Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 7,943,123 | |
Issuance of shares from acquisitions | $ 543,616 | |
Ebbu Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 5,275,005 | |
Acquisition related share based reserve | $ 29,880 | |
Issuance of shares from acquisitions | $ 233,802 | |
C H I Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 3,076,941 | |
Issuance of shares from acquisitions | $ 97,832 | |
Vert Medical Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 88,469 | |
RTrees Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 3,494,505 | |
Acquisition related share issuance's | $ 28,026 | |
Acquisition related share based reserve | $ 1,079 | |
Spot Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 111,669 | |
Acquisition related share issuance's | $ 984 | |
Green Hemp Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Issuance of shares for acquisition, Shares | 24,577 | |
Acquisition related share issuance's | $ 848 | |
MedCann Access | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Acquisition related share based reserve | $ (390) | |
Shares released from escrow related to the acquisition, shares | 240,678 | |
Shares released from escrow related to the acquisition | $ 390 | |
Hemp | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Shares released from escrow related to the acquisition, shares | 129,016 | |
Spektrum Cannabis Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Shares released from escrow related to the acquisition, shares | 367,981 | |
Vert Medical | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Shares released from escrow related to the acquisition, shares | 147,453 |
Share Capital - Canopy Growth_4
Share Capital - Canopy Growth - Other - Summary of Other Equity Issuances (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Completion of acquisition milestones | 2,455,446 | 398,651 |
Royalty agreements | 208,786 | |
Asset acquisitions | 61,492 | 117,253 |
Shares issued but held in escrow | 46,781 | |
Total | 3,152,477 | 715,106 |
Newfoundland | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Newfoundland lease purchase option | 332,009 | |
L B C Holdings Inc | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Release from escrow to LBC Holdings, Inc. | 25,097 | 87,836 |
Hiku Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Conversion of Hiku debenture | 22,866 | |
Niagara Asset Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Asset acquisitions | 111,366 | |
Share capital | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Completion of acquisition milestones | $ 45,277 | $ 4,278 |
Royalty agreements | 9,168 | |
Asset acquisitions | 2,251 | 3,225 |
Shares issued but held in escrow | 2,076 | |
Total | 70,104 | 9,795 |
Share capital | Newfoundland | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Newfoundland lease purchase option | 8,714 | |
Share capital | L B C Holdings Inc | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Release from escrow to LBC Holdings, Inc. | 1,038 | 1,297 |
Share capital | Hiku Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Conversion of Hiku debenture | 1,580 | |
Share capital | Niagara Asset Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Asset acquisitions | 995 | |
Share-based reserve | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Completion of acquisition milestones | (45,310) | (4,278) |
Royalty agreements | (2,864) | |
Shares issued but held in escrow | (2,076) | |
Total | (52,237) | (5,575) |
Share-based reserve | L B C Holdings Inc | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Release from escrow to LBC Holdings, Inc. | (1,038) | $ (1,297) |
Share-based reserve | Hiku Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Conversion of Hiku debenture | $ (949) |
Share Capital - Canopy Growth_5
Share Capital - Canopy Growth - Summary of Warrants (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Warrants [Line Items] | ||
Balance outstanding, Beginning Balance | 18,912,012 | |
Greenstar equity investment - net of warrant issue cost of $253 | 18,876,901 | |
Issuance of warrants | 88,472,861 | |
Exercise of warrants | (457,002) | (207,297) |
Expiry of warrants | (1) | |
Balance outstanding, Ending Balance | 107,848,322 | 18,912,012 |
Average Exercise Price of Warrants, Beginning Balance | $ 12.96 | |
Issuance of warrants | 50.40 | |
Exercise of warrants | 41.12 | $ 3.72 |
Expiry of warrants | 3.80 | |
Average Exercise Price of Warrants, Ending Balance | 43.80 | 12.96 |
Warrant value, Beginning Balance | 70,455,000 | |
Issuance of warrants | 1,501,760,000 | |
Exercise of warrants | (12,901,000) | (1,113,000) |
Warrant value, Ending Balance | $ 1,589,925,000 | 70,455,000 |
Greenstar investment | ||
Disclosure Of Warrants [Line Items] | ||
Greenstar equity investment - net of warrant issue cost of $253 | 12.98 | |
Greenstar equity investment - net of warrant issue cost of $253 | $ 70,265,000 | |
R Trees | ||
Disclosure Of Warrants [Line Items] | ||
Acquisition, number of warrants | 242,408 | |
Acquisition, average exercise price | $ 3.83 | |
Acquisition, warrant value | $ 1,303,000 | |
Hiku Acquisition | ||
Disclosure Of Warrants [Line Items] | ||
Replacement warrants granted, number of warrants | 920,452 | |
Replacement warrants granted, average exercise price | $ 41.28 | |
Replacement warrants granted, warrant value | $ 30,611,000 |
Share Capital - Canopy Growth_6
Share Capital - Canopy Growth - Summary of Warrants (Parenthetical) (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2018CAD ($) | |
Greenstar investment | Warrants | |
Disclosure Of Warrants [Line Items] | |
Share issue costs | $ 253 |
Share Capital - Canopy Growth_7
Share Capital - Canopy Growth - Summary of Changes in Omnibus Plan Options (Details) | 12 Months Ended | |
Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options issued at end of year | shares | 32,831,895 | |
Weighted average exercise price at beginning of year | $ 12.95 | |
Weighted average exercise price at end of year | $ 34.10 | $ 12.95 |
Omnibus Plan Employee | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options issued at beginning of year | shares | 17,245,835 | 10,044,112 |
Options granted | shares | 22,145,198 | 12,832,237 |
Options exercised | shares | (5,318,923) | (3,912,946) |
Options forfeited/cancelled | shares | (2,099,849) | (1,942,001) |
Options issued at end of year | shares | 32,831,895 | 17,245,835 |
Weighted average exercise price at beginning of year | $ 12.95 | $ 3.97 |
Weighted average exercise price - Options granted | 51.49 | 16.50 |
Weighted average exercise price - Options exercised | 11.48 | 2.82 |
Weighted average exercise price - Options forfeited/cancelled | 55.37 | 9.32 |
Weighted average exercise price at end of year | $ 34.10 | $ 12.95 |
Omnibus Plan Employee | R Trees | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Replacement options issued as a result of acquisition | shares | 224,433 | |
Weighted average exercise price - Replacement options issued as a result of acquisition | $ 3.18 | |
Omnibus Plan Employee | C H I Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Replacement options issued as a result of acquisition | shares | 568,005 | |
Weighted average exercise price - Replacement options issued as a result of acquisition | $ 14.98 | |
Omnibus Plan Employee | Hiku Acquisition | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Replacement options issued as a result of acquisition | shares | 291,629 | |
Weighted average exercise price - Replacement options issued as a result of acquisition | $ 10.64 |
Share Capital - Canopy Growth_8
Share Capital - Canopy Growth - Summary of Outstanding Stock Options (Details) | Mar. 31, 2019CAD ($)sharesYear |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Options Outstanding | shares | 32,831,895 |
Options Outstanding | Year | 5.06 |
Options Exercisable | shares | 3,800,518 |
Options Exercisable | Year | 3.62 |
Weighted Average Remaining Contractual Life (3.72 years) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Options Outstanding | shares | 6,642,495 |
Options Outstanding | Year | 3.72 |
Options Exercisable | shares | 2,032,363 |
Options Exercisable | Year | 2.98 |
Weighted Average Remaining Contractual Life (3.72 years) | Minimum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 0.22 |
Weighted Average Remaining Contractual Life (3.72 years) | Maximum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 10.07 |
Weighted Average Remaining Contractual Life (4.63 years) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Options Outstanding | shares | 5,572,023 |
Options Outstanding | Year | 4.63 |
Options Exercisable | shares | 1,574,181 |
Options Exercisable | Year | 4.36 |
Weighted Average Remaining Contractual Life (4.63 years) | Minimum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 10.08 |
Weighted Average Remaining Contractual Life (4.63 years) | Maximum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 35 |
Weighted Average Remaining Contractual Life (5.74 years) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Options Outstanding | shares | 7,552,988 |
Options Outstanding | Year | 5.74 |
Weighted Average Remaining Contractual Life (5.74 years) | Minimum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 35.01 |
Weighted Average Remaining Contractual Life (5.74 years) | Maximum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 38.42 |
Weighted Average Remaining Contractual Life (5.39 years) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Options Outstanding | shares | 6,894,360 |
Options Outstanding | Year | 5.39 |
Options Exercisable | shares | 191,713 |
Options Exercisable | Year | 4.34 |
Weighted Average Remaining Contractual Life (5.39 years) | Minimum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 38.43 |
Weighted Average Remaining Contractual Life (5.39 years) | Maximum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 43.12 |
Weighted Average Remaining Contractual Life (5.68 years) | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Options Outstanding | shares | 6,170,029 |
Options Outstanding | Year | 5.68 |
Options Exercisable | shares | 2,261 |
Options Exercisable | Year | 3.90 |
Weighted Average Remaining Contractual Life (5.68 years) | Minimum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 43.13 |
Weighted Average Remaining Contractual Life (5.68 years) | Maximum | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | |
Exercise Price Of Outstanding Share Options | $ | $ 67.64 |
Share Capital - Canopy Growth_9
Share Capital - Canopy Growth - Summary of Assumptions Used Following Black-Scholes Option Pricing Model to Establish Fair Value of Options (Details) | 12 Months Ended | |
Mar. 31, 2019CAD ($)Year | Mar. 31, 2018CAD ($)Year | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Risk-free interest rate | 2.00% | 1.54% |
Expected annualized volatility | 75.00% | 64.00% |
Expected forfeiture rate | 12.00% | 11.00% |
Expected dividend yield | ||
Weighted average fair value at measurement date, share options granted | $ | $ 24.98 | $ 8.88 |
Minimum | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Expected life of options (years) | 2 | 3 |
Maximum | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Expected life of options (years) | 5 | 5 |
Share Capital - Canopy Growt_10
Share Capital - Canopy Growth - Summary of Share-based Compensation Expense related to Acquisition and Asset Purchase Milestones (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expense related to acquisition milestones | $ 100,164 | $ 19,475 |
Spectrum Colombia | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expense related to acquisition milestones | 28,893 | |
Spectrum Denmark | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expense related to acquisition milestones | 9,895 | 7,206 |
Other | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expense related to acquisition milestones | 18,877 | $ 12,269 |
Canindica | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Share-based compensation expense related to acquisition milestones | $ 42,499 |
Share Capital - Canopy Rivers -
Share Capital - Canopy Rivers - Additional Information (Details) $ / shares in Units, $ in Thousands | Feb. 28, 2019CAD ($) | Feb. 27, 2019CAD ($)$ / sharesshares | Sep. 17, 2018CAD ($)shares$ / shares | Jul. 31, 2018CAD ($) | Jul. 06, 2018CAD ($)shares$ / shares | Apr. 06, 2018CAD ($)shares | May 12, 2017CAD ($)shares | Mar. 31, 2019CAD ($)ClassVote / sharesshares | Mar. 31, 2018CAD ($)shares | Jul. 05, 2018shares | Mar. 31, 2017shares |
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | 337,510,408 | 199,320,981 | 310,316 | 162,187,262 | |||||||
Share-based compensation expense related to acquisition milestones | $ | $ 100,164 | $ 19,475 | |||||||||
Maximum | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Percentage of subordinated voting shares issuable from treasury | 10.00% | ||||||||||
Private Placement and RTO | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
NCI arising from Canopy Rivers financing | $ | $ 5,246 | $ 5,246 | |||||||||
Brokered Offering | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Proceeds from issuing shares | $ | $ 63,479 | ||||||||||
Share issue costs | $ | $ 2,979 | ||||||||||
Subordinated voting shares purchased on private placement | 6,250,000 | ||||||||||
Additional gross proceeds from issuance of subordinated voting shares | $ | $ 30,000 | ||||||||||
Canopy Rivers | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Advances in convertible debentures to subsidiaries | $ | $ 20,000 | ||||||||||
Seed capital advanced | $ | 953 | ||||||||||
Seed capital advanced by employees | $ | $ 503 | ||||||||||
Repayment of advances from employees and other individuals | $ | $ 311 | ||||||||||
Subordinated Voting Shares | Brokered Offering | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Price per share | $ / shares | $ 4.80 | ||||||||||
Class B Common Shares | Canopy Rivers | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares to be purchased with seed capital advanced | 19,066,668 | ||||||||||
Number of shares to be purchased by employees and other individuals | 10,066,668 | ||||||||||
Shares released from escrow | 6,227,776 | ||||||||||
Canopy Rivers | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of classes of common shares | Class | 2 | ||||||||||
Proportion of ownership interest in subsidiary | 27.60% | 31.50% | |||||||||
Proportion of voting rights held in subsidiary | 84.60% | 89.10% | |||||||||
Canopy Rivers | Multiple Voting Shares | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of voting rights entitled to multiple voting shares | Vote / shares | 20 | ||||||||||
Number of shares issued | 36,468,318 | 36,468,318 | |||||||||
Number of shares outstanding | 36,468,318 | 36,468,318 | |||||||||
Number of shares held by the company | 36,468,318 | 36,468,318 | |||||||||
Canopy Rivers | Subordinated Voting Shares | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of voting rights entitled to multiple voting shares | Vote / shares | 1 | ||||||||||
Number of shares issued | 150,592,136 | 94,134,333 | |||||||||
Number of shares outstanding | 150,592,136 | 94,134,333 | |||||||||
Number of shares held by the company | 15,223,938 | 4,673,938 | |||||||||
Canopy Rivers | Subordinated Voting Shares | Brokered Offering | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of shares issued | 13,225,000 | ||||||||||
Canopy Rivers Corporation | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Proportion of ownership interest in subsidiary | 27.60% | 31.50% | |||||||||
Number of common shares issued | 29,774,857 | ||||||||||
Proceeds from issuing shares | $ | $ 104,212 | ||||||||||
Options granted, per share | $ / shares | $ 3.50 | ||||||||||
Investments by Canopy Growth | $ | $ 15,050 | ||||||||||
Total consideration | $ | $ 1,353 | ||||||||||
Share-based compensation expense related to acquisition milestones | $ | $ 13,898 | $ 3,579 | |||||||||
Canopy Rivers Corporation | Brokered Offering | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of common shares issued | 28,792,000 | ||||||||||
Canopy Rivers Corporation | Non-brokered Offering | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of common shares issued | 982,857 | ||||||||||
Canopy Rivers Corporation | AIM 2 | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of common shares issued | 361,377 | ||||||||||
Share issue costs | $ | $ 3,371 | ||||||||||
Total consideration | $ | $ 1,353 | ||||||||||
Share issue price | $ / shares | $ 3.50 | ||||||||||
Number of option granted used in calculation of fair value | 36,137 | ||||||||||
Canopy Rivers Corporation | AIM 2 | Black-Scholes option pricing model | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Fair value of the warrant estimated by black-scholes model | $ | $ 89 | ||||||||||
Number of broker warrant measured | 18,821 | ||||||||||
Canopy Rivers Corporation | Class B Common Shares | |||||||||||
Disclosure Of Classes Of Share Capital [Line Items] | |||||||||||
Number of common shares issued | 454,545 | ||||||||||
Proceeds from issuing shares | $ | $ 500 |
Share Capital - Canopy Rivers_2
Share Capital - Canopy Rivers - Summary of Assets Acquired and Liabilities Assumed at their Fair Value on Acquisition Date (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Disclosure Of Reverse Takeover [Line Items] | |
Cash acquired | $ 16,890 |
Canopy Rivers Corporation | |
Disclosure Of Reverse Takeover [Line Items] | |
Consideration | 1,353 |
Cash acquired | 583 |
Listing expense | $ 770 |
Share Capital - Canopy Rivers_3
Share Capital - Canopy Rivers - Seed Capital Options - Summary of Change in Seed Capital Options (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Classes Of Share Capital [Abstract] | ||
Balance outstanding at begining of the period | 10,066,668 | |
Options granted | 10,066,668 | |
Balance outstanding at end of the period | 3,838,892 | 10,066,668 |
Options exercised | (6,227,776) | |
Balance outstanding at beginning of the period, value | $ 503 | |
Options granted, value | $ 503 | |
Balance outstanding at end of the period, value | 192 | $ 503 |
Options exercised, value | $ (311) |
Share Capital - Canopy Rivers_4
Share Capital - Canopy Rivers - Summary of Changes in Omnibus Plan Options (Details) | 12 Months Ended | |
Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options issued at end of year | shares | 32,831,895 | |
Weighted average exercise price at beginning of year | $ 12.95 | |
Weighted average exercise price at end of year | $ 34.10 | $ 12.95 |
Canopy Rivers Corporation | Employee Stock Option Plan | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Options issued at beginning of year | shares | 5,915,000 | 0 |
Options granted | shares | 6,762,137 | 5,915,000 |
Options issued at end of year | shares | 12,522,255 | 5,915,000 |
Options exercised | shares | (154,882) | |
Weighted average exercise price at beginning of year | $ 0.68 | $ 0 |
Weighted average exercise price - Options granted | 3.32 | 0.68 |
Weighted average exercise price at end of year | 1.98 | $ 0.68 |
Weighted average exercise price - Options exercised | $ 0.78 |
Share Capital - Canopy Rivers_5
Share Capital - Canopy Rivers - Summary of Assumptions Used Following Black-Scholes Option Pricing Model to Establish Fair Value of Options (Details) | 12 Months Ended | |
Mar. 31, 2019CAD ($)Year | Mar. 31, 2018CAD ($)Year | |
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Risk-free interest rate | 2.00% | 1.54% |
Expected annualized volatility | 75.00% | 64.00% |
Expected forfeiture rate | 12.00% | 11.00% |
Expected dividend yield | ||
Weighted average fair value at measurement date, share options granted | $ | $ 24.98 | $ 8.88 |
Minimum | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Expected life of options (years) | Year | 2 | 3 |
Maximum | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Expected life of options (years) | Year | 5 | 5 |
Canopy Rivers Corporation | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Risk-free interest rate | 1.70% | 1.00% |
Expected annualized volatility | 70.00% | 70.00% |
Weighted average fair value at measurement date, share options granted | $ | $ 1.80 | |
Canopy Rivers Corporation | Minimum | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Expected life of options (years) | Year | 0.4 | 1 |
Weighted average fair value at measurement date, share options granted | $ | $ 0.55 | |
Canopy Rivers Corporation | Maximum | ||
Disclosure Of Terms And Conditions Of Sharebased Payment Arrangement [Line Items] | ||
Expected life of options (years) | Year | 4 | 3 |
Weighted average fair value at measurement date, share options granted | $ | $ 1.05 |
Non-controlling Interests - Sum
Non-controlling Interests - Summary of Financial Information About Company's Subsidiaries That Have Non-controlling Interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 | |
Disclosure Of Non Controlling Interests [Line Items] | |||
Cash and cash equivalents | $ 2,480,830 | $ 322,560 | $ 101,800 |
Investments in equity method investees | 112,385 | 63,106 | |
Goodwill | 1,544,055 | 314,923 | 241,371 |
Deferred tax liability | (96,031) | (33,536) | |
Other liabilities | (221,818) | (62,050) | |
Non-controlling interests | (289,815) | (84,465) | $ 32 |
Equity attributable to Canopy Growth | $ 6,951,633 | $ 1,158,773 | |
Canopy Rivers Corporation | |||
Disclosure Of Non Controlling Interests [Line Items] | |||
Ownership interest | 27.60% | 31.50% | |
Cash and cash equivalents | $ 104,145 | $ 46,299 | |
Other current assets | 15,490 | 521 | |
Investments in equity method investees | 64,606 | 13,225 | |
Other financial assets | 181,572 | 57,491 | |
Other long-term assets | 17,696 | 8,065 | |
Deferred tax liability | (6,641) | (4,502) | |
Other liabilities | (3,458) | (4,705) | |
Non-controlling interests | (281,962) | (80,844) | |
Equity attributable to Canopy Growth | $ 91,448 | $ 35,550 | |
Tweed JA | |||
Disclosure Of Non Controlling Interests [Line Items] | |||
Ownership interest | 49.00% | 49.00% | |
Cash and cash equivalents | $ 6 | $ 12 | |
Other current assets | 1,769 | ||
Goodwill | 2,037 | 1,939 | |
Other long-term assets | 4,524 | 1,677 | |
Other liabilities | (2,198) | (451) | |
Non-controlling interests | (1,142) | (1,686) | |
Equity attributable to Canopy Growth | $ 3,227 | $ 3,260 | |
Vert Mirabel | |||
Disclosure Of Non Controlling Interests [Line Items] | |||
Ownership interest | 47.80% | 48.90% | |
Cash and cash equivalents | $ 58 | $ 508 | |
Other current assets | 30,314 | 744 | |
Goodwill | 5,625 | 5,625 | |
Other long-term assets | 31,729 | 6,818 | |
Deferred tax liability | (2,325) | ||
Other liabilities | (54,856) | (9,483) | |
Non-controlling interests | (6,711) | (2,155) | |
Equity attributable to Canopy Growth | $ 3,834 | $ 2,057 |
Non-controlling Interests - S_2
Non-controlling Interests - Summary of Net Change in Non-controlling Interests (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Non Controlling Interests [Line Items] | ||
Beginning balance | $ 84,465 | $ (32) |
Net income (loss) | 15,344 | 16,219 |
Other comprehensive income (loss) | 3,772 | 4,033 |
Share-based compensation | 13,898 | 3,579 |
Acquisitions and ownership changes | 143,824 | 60,666 |
Warrants | 28,512 | |
Ending Balance | 289,815 | 84,465 |
Canopy Rivers Corporation | ||
Disclosure Of Non Controlling Interests [Line Items] | ||
Beginning balance | 80,844 | |
Net income (loss) | 11,413 | 17,490 |
Other comprehensive income (loss) | 3,808 | 3,998 |
Share-based compensation | 13,898 | 3,579 |
Acquisitions and ownership changes | 143,487 | 55,777 |
Warrants | 28,512 | |
Ending Balance | 281,962 | 80,844 |
Tweed JA | ||
Disclosure Of Non Controlling Interests [Line Items] | ||
Beginning balance | 1,686 | |
Net income (loss) | (508) | (366) |
Other comprehensive income (loss) | (36) | 39 |
Acquisitions and ownership changes | 2,013 | |
Ending Balance | 1,142 | 1,686 |
Vert Mirabel | ||
Disclosure Of Non Controlling Interests [Line Items] | ||
Beginning balance | 2,155 | |
Net income (loss) | 4,550 | (721) |
Acquisitions and ownership changes | 6 | 2,876 |
Ending Balance | 6,711 | 2,155 |
Subsidiaries With Other Material Noncontrolling Interests | ||
Disclosure Of Non Controlling Interests [Line Items] | ||
Beginning balance | (220) | (32) |
Net income (loss) | (111) | (184) |
Other comprehensive income (loss) | (4) | |
Acquisitions and ownership changes | $ 331 | |
Ending Balance | $ (220) |
Revenue - Schedule of Disaggreg
Revenue - Schedule of Disaggregation of Revenues (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Gross revenue | $ 253,431 | $ 77,948 |
Excise taxes | 27,090 | |
Net revenue | 226,341 | 77,948 |
Recreational Revenue | Business to Business | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Gross revenue | 117,388 | |
Recreational Revenue | Business to Consumer | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Gross revenue | 23,144 | |
Medical Revenue | Canadian | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Gross revenue | 68,759 | 70,617 |
Medical Revenue | International | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Gross revenue | 10,091 | 3,732 |
Other Revenue | ||
Disclosure Of Disaggregation Of Revenue From Contracts With Customers [Line Items] | ||
Gross revenue | $ 34,049 | $ 3,599 |
Expenses by Nature - Additional
Expenses by Nature - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Expenses By Nature [Line Items] | ||
Share-based compensation | $ 287,782 | $ 51,177 |
Depreciation and amortization | 21,510 | 12,889 |
Operating Expenses Distributed by Nature | ||
Expenses By Nature [Line Items] | ||
Employee compensation and benefits | 158,161 | 49,971 |
Share-based compensation | 287,782 | 51,177 |
Depreciation and amortization | $ 46,918 | $ 20,486 |
Other (Expense) Income, Net - S
Other (Expense) Income, Net - Summary of Other (Expense) Income (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Analysis Of Income And Expense [Line Items] | ||
Fair value changes on financial assets classified as FVTPL | $ 91,736 | $ 78,172 |
Gain on acquisition of consolidated entity | 62,682 | |
Gain on disposal of consolidated entity | 8,820 | |
Interest income | 49,312 | 1,350 |
Interest expense | (2,035) | (784) |
Foreign currency loss | (5,572) | (2,440) |
Convertible debt issuance costs | (16,380) | |
Fair value changes on Put Liabilities | (17,850) | (21,000) |
Settlement loss | (28,611) | |
Fair value changes on financial liabilities designated as FVTPL | (203,095) | |
Impairment of product rights | (28,000) | |
Other (expense) income, net | (8,850) | (4,905) |
Total other (expense) income, net | (69,985) | $ 31,213 |
TerrAscend | ||
Analysis Of Income And Expense [Line Items] | ||
Net gain in other (expense) income on derecognition of equity investment | $ 8,678 |
Income Taxes - Summary of Incom
Income Taxes - Summary of Income Tax from Continuing Operations (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Major Components Of Tax Expense Income [Abstract] | ||
Current income tax expense | $ (2,439) | |
Deferred income tax expense | (9,879) | $ (1,593) |
Total | $ (12,318) | $ (1,593) |
Income Taxes - Summary of Inc_2
Income Taxes - Summary of Income Tax Expense (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Major Components Of Tax Expense Income [Abstract] | ||
Loss before income taxes | $ (657,776) | $ (52,541) |
Expected tax rate | 26.50% | 26.50% |
Expected tax benefit resulting from loss | $ 174,311 | $ 13,923 |
Non-deductible expenses | (99,192) | (19,310) |
Increase in unrecognized temporary differences | (81,616) | (5,506) |
Rate differential | (4,060) | |
Non-taxable portion of capital gains and losses | 9,421 | |
Other | (1,761) | (121) |
Income tax expense | $ (12,318) | $ (1,593) |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effect of Temporary Differences and Loss Carryforwards (Details) - Temporary Differences Between Assets and Liabilities - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Deferred Tax Assets And Liabilities [Line Items] | ||
Net deferred taxes, Beginning balance | $ (33,536) | $ (35,924) |
Net deferred taxes, Recognized in profit or loss | (9,879) | (1,593) |
Net deferred taxes, Recognized in equity | 2,210 | 4,511 |
Net deferred taxes, Recognized in other comprehensive income | 1,092 | (5,124) |
Net deferred taxes, Business combinations and assets held for sale | (55,918) | (1,105) |
Net deferred taxes, Ending balance | (96,031) | (33,536) |
Net deferred taxes, Disposal of consolidated entity | 5,699 | |
Other | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax asset, Beginning balance | 5,340 | 829 |
Deferred tax asset, Recognized in profit or loss | 9,024 | |
Deferred tax asset, Recognized in equity | 2,210 | 4,511 |
Business combinations and assets held for sale | (12,918) | |
Deferred tax asset, Ending balance | 3,656 | 5,340 |
Deferred tax liability, Beginning balance | (813) | 381 |
Deferred tax liability, Recognized in profit or loss | (2,185) | (922) |
Deferred tax liability, Business combinations and assets held for sale | 12 | |
Deferred tax liability, Ending balance | (2,998) | (813) |
Deferred tax liability, Disposal of consolidated entity | (284) | |
Loss Carryforwards | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax asset, Beginning balance | 35,157 | 30,494 |
Deferred tax asset, Recognized in profit or loss | (8,092) | 5,677 |
Business combinations and assets held for sale | 15,802 | |
Deferred tax asset, Ending balance | 42,867 | 35,157 |
Deferred tax asset, Disposal of consolidated entity | (1,014) | |
Deferred Tax Asset | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax asset, Beginning balance | 40,497 | 31,323 |
Deferred tax asset, Recognized in profit or loss | 932 | 5,677 |
Deferred tax asset, Recognized in equity | 2,210 | 4,511 |
Business combinations and assets held for sale | 2,884 | |
Deferred tax asset, Ending balance | 46,523 | 40,497 |
Deferred tax asset, Disposal of consolidated entity | (1,014) | |
Intangibles | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax liability, Beginning balance | (25,428) | (42,703) |
Deferred tax liability, Recognized in profit or loss | 4,359 | 10,310 |
Deferred tax liability, Business combinations and assets held for sale | (57,094) | |
Deferred tax liability, Ending balance | (78,163) | (25,428) |
Deferred tax liability, Disposal of consolidated entity | 6,965 | |
Property, Plant and Equipment | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax liability, Beginning balance | 1,071 | (1,126) |
Deferred tax liability, Recognized in profit or loss | (11,384) | 3,577 |
Deferred tax liability, Business combinations and assets held for sale | (563) | (1,117) |
Deferred tax liability, Ending balance | (10,876) | 1,071 |
Deferred tax liability, Disposal of consolidated entity | (263) | |
Other Long-term Liabilities | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax liability, Beginning balance | 2,783 | |
Deferred tax liability, Recognized in profit or loss | (2,783) | 2,783 |
Deferred tax liability, Ending balance | 2,783 | |
Biological Assets | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax liability, Beginning balance | (29,780) | (20,615) |
Deferred tax liability, Recognized in profit or loss | (10,070) | (9,460) |
Deferred tax liability, Ending balance | (39,850) | (29,780) |
Deferred tax liability, Disposal of consolidated entity | 295 | |
Investments | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax liability, Beginning balance | (21,866) | (3,184) |
Deferred tax liability, Recognized in profit or loss | 11,252 | (13,558) |
Deferred tax liability, Recognized in other comprehensive income | 1,092 | (5,124) |
Deferred tax liability, Business combinations and assets held for sale | (1,145) | |
Deferred tax liability, Ending balance | (10,667) | (21,866) |
Deferred Tax Liability | ||
Deferred Tax Assets And Liabilities [Line Items] | ||
Deferred tax liability, Beginning balance | (74,033) | (67,247) |
Deferred tax liability, Recognized in profit or loss | (10,811) | (7,270) |
Deferred tax liability, Recognized in other comprehensive income | 1,092 | (5,124) |
Deferred tax liability, Business combinations and assets held for sale | (58,802) | (1,105) |
Deferred tax liability, Ending balance | $ (142,554) | (74,033) |
Deferred tax liability, Disposal of consolidated entity | $ 6,713 |
Income Taxes - Summary of Unrec
Income Taxes - Summary of Unrecognized Temporary Differences (Details) - CAD ($) $ in Thousands | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unrecognized temporary differences | $ 453,085 | $ 30,041 |
Losses Carried Forward | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unrecognized temporary differences | 376,390 | $ 30,041 |
Share Issue Costs | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unrecognized temporary differences | 24,750 | |
Other | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Unrecognized temporary differences | $ 51,945 |
Income Taxes - Non-Capital Loss
Income Taxes - Non-Capital Losses Available to Reduce Future Years Taxable Income (Details) $ in Thousands | 12 Months Ended |
Mar. 31, 2019CAD ($) | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Non-capital losses | $ 575,134 |
2029 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2029 |
Non-capital losses | $ 27,490 |
2030 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2030 |
Non-capital losses | $ 40 |
2031 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2031 |
Non-capital losses | $ 52 |
2032 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2032 |
Non-capital losses | $ 42 |
2033 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2033 |
Non-capital losses | $ 574 |
2034 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2034 |
Non-capital losses | $ 4,269 |
2035 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2035 |
Non-capital losses | $ 17,686 |
2036 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2036 |
Non-capital losses | $ 45,484 |
2037 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2037 |
Non-capital losses | $ 33,318 |
2038 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2038 |
Non-capital losses | $ 108,910 |
2039 | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | 2039 |
Non-capital losses | $ 290,595 |
Indefinite | |
Non Capital Losses Available To Reduce Future Taxable Income [Line Items] | |
Expiration dates | Indefinite |
Non-capital losses | $ 46,674 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - CAD ($) | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Deferred tax liability | $ 96,031,000 | $ 33,536,000 |
Unrecognized temporary differences | 453,085,000 | $ 30,041,000 |
Investments In Subsidiaries | ||
Disclosure Of Temporary Difference Unused Tax Losses And Unused Tax Credits [Line Items] | ||
Temporary differences associated with investments in subsidiaries | 202,400,000 | |
Deferred tax liability | 0 | |
Unrecognized temporary differences | 400,200,000 | |
Deferred tax assets | $ 0 |
Supplementary Cash Flow Infor_3
Supplementary Cash Flow Information - Summary of Changes in Non-Cash Working Capital (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Cash Flow Statement [Abstract] | ||
Amounts receivable | $ (67,688) | $ (15,738) |
Prepaid expenses and other current assets | (87,476) | (15,770) |
Biological assets and inventory | (176,870) | (29,667) |
Accounts payable and accrued liabilities | 69,540 | 27,130 |
Other assets | 1,396 | |
Other liabilities | (1,070) | 352 |
Total | $ (262,168) | $ (33,693) |
Supplementary Cash Flow Infor_4
Supplementary Cash Flow Information - Additional Information (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Cash Flow Statement [Abstract] | ||
Accounts payable and accrued liabilities | $ 96,875 | $ 49,679 |
Property, plant and equipment purchases | 96,875 | 49,627 |
Share issue costs | 52 | |
Accounts payable and accrued liabilities, recognized | 49,679 | 3,860 |
Property, plant and equipment purchases, recognized | 49,627 | 3,770 |
Share issue costs, recognized | $ 52 | $ 90 |
Acquisitions and Disposals - Su
Acquisitions and Disposals - Summary of Balance Sheet Impact on Acquisition Date (Details) € in Thousands | 12 Months Ended | ||||||||||||
Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 25, 2019CAD ($) | Mar. 25, 2019EUR (€) | Dec. 06, 2018CAD ($) | Nov. 23, 2018CAD ($) | Sep. 05, 2018CAD ($) | Aug. 03, 2018CAD ($) | Jul. 05, 2018CAD ($) | Jul. 01, 2018CAD ($) | May 30, 2018CAD ($) | Sep. 06, 2017CAD ($) | May 01, 2017CAD ($) | |
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | $ 16,890,000 | ||||||||||||
Other current assets | 28,174,000 | ||||||||||||
Property, plant and equipment | 52,351,000 | ||||||||||||
Investments | 9,767,000 | ||||||||||||
Goodwill | 1,232,468,000 | ||||||||||||
Accounts payable and accrued liabilities | (14,008,000) | ||||||||||||
Debt and other liabilities | (39,269,000) | ||||||||||||
Deferred tax liability | (55,918,000) | ||||||||||||
Net assets | 1,602,076,000 | ||||||||||||
Net assets acquired | 1,602,076,000 | ||||||||||||
Consideration paid in cash | 397,372,000 | ||||||||||||
Consideration paid in shares | 948,341,000 | ||||||||||||
Gain on fair value of previously held equity interest | 62,682,000 | ||||||||||||
Replacement options | 21,736,000 | ||||||||||||
Replacement warrants | 30,611,000 | ||||||||||||
Other consideration | 949,000 | ||||||||||||
Contingent consideration | 140,385,000 | ||||||||||||
Total consideration | 1,602,076,000 | ||||||||||||
Net cash outflow | 380,482,000 | ||||||||||||
Brands | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 55,463,000 | ||||||||||||
Distribution Channel | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 3,143,000 | ||||||||||||
Operating Licenses | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 158,592,000 | ||||||||||||
Intellectual Property | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 153,716,000 | ||||||||||||
Software and Domain Names | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 707,000 | ||||||||||||
D C L Acquisition | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 496,000 | ||||||||||||
Goodwill | 2,716,000 | ||||||||||||
Accounts payable and accrued liabilities | (573,000) | ||||||||||||
Deferred tax liability | (2,716,000) | $ 2,716,000 | |||||||||||
Net assets | 27,302,000 | ||||||||||||
Net assets acquired | 27,302,000 | ||||||||||||
Consideration paid in cash | 500,000 | 500,000 | |||||||||||
Consideration paid in shares | 24,702,000 | 24,702,000 | |||||||||||
Contingent consideration | 2,100,000 | 2,100,000 | |||||||||||
Total consideration | 27,302,000 | 27,302,000 | |||||||||||
Net cash outflow | 4,000 | ||||||||||||
D C L Acquisition | Operating Licenses | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 27,379,000 | $ 27,379,000 | |||||||||||
Spectrum Colombia Acquisition | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 3,000 | ||||||||||||
Other current assets | 13,000 | ||||||||||||
Property, plant and equipment | 1,351,000 | ||||||||||||
Goodwill | 14,002,000 | ||||||||||||
Accounts payable and accrued liabilities | (53,000) | ||||||||||||
Debt and other liabilities | (5,258,000) | ||||||||||||
Deferred tax liability | (14,002,000) | $ 14,002,000 | |||||||||||
Net assets | 46,119,000 | ||||||||||||
Net assets acquired | 46,119,000 | ||||||||||||
Consideration paid in shares | 46,119,000 | 46,119,000 | |||||||||||
Total consideration | 46,119,000 | ||||||||||||
Net cash outflow | (3,000) | ||||||||||||
Spectrum Colombia Acquisition | Operating Licenses | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 50,063,000 | $ 50,063,000 | |||||||||||
C H I Acquisition | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 8,369,000 | ||||||||||||
Other current assets | 177,000 | ||||||||||||
Property, plant and equipment | 121,000 | ||||||||||||
Investments | 8,563,000 | ||||||||||||
Goodwill | 137,445,000 | ||||||||||||
Accounts payable and accrued liabilities | (954,000) | ||||||||||||
Deferred tax liability | (4,806,000) | $ 4,806,000 | |||||||||||
Net assets | 168,915,000 | ||||||||||||
Net assets acquired | 168,915,000 | ||||||||||||
Consideration paid in shares | 98,034,000 | 98,034,000 | |||||||||||
Gain on fair value of previously held equity interest | 62,682,000 | 62,682,000 | |||||||||||
Replacement options | 8,199,000 | 8,199,000 | |||||||||||
Total consideration | 168,915,000 | ||||||||||||
Net cash outflow | (8,369,000) | ||||||||||||
C H I Acquisition | Intellectual Property | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 20,000,000 | $ 20,000,000 | |||||||||||
Hiku Acquisition | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 4,089,000 | ||||||||||||
Other current assets | 6,327,000 | ||||||||||||
Property, plant and equipment | 15,846,000 | ||||||||||||
Investments | 1,204,000 | ||||||||||||
Goodwill | 539,331,000 | ||||||||||||
Accounts payable and accrued liabilities | (3,691,000) | ||||||||||||
Debt and other liabilities | (1,954,000) | ||||||||||||
Deferred tax liability | (14,598,000) | $ 14,598,000 | |||||||||||
Net assets | 600,957,000 | ||||||||||||
Net assets acquired | 600,957,000 | ||||||||||||
Consideration paid in cash | 11,994,000 | 11,994,000 | |||||||||||
Consideration paid in shares | 543,866,000 | 543,866,000 | |||||||||||
Replacement options | 13,537,000 | ||||||||||||
Replacement warrants | 30,611,000 | ||||||||||||
Other consideration | 949,000 | 949,000 | |||||||||||
Total consideration | 600,957,000 | ||||||||||||
Net cash outflow | 7,905,000 | ||||||||||||
Hiku Acquisition | Brands | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 17,000,000 | 17,000,000 | |||||||||||
Hiku Acquisition | Operating Licenses | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 37,300,000 | $ 37,300,000 | |||||||||||
Hiku Acquisition | Software and Domain Names | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 103,000 | ||||||||||||
Ebbu Acquisition | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Other current assets | 138,000 | ||||||||||||
Property, plant and equipment | 1,821,000 | ||||||||||||
Goodwill | 327,013,000 | ||||||||||||
Debt and other liabilities | (665,000) | ||||||||||||
Deferred tax liability | (13,731,000) | ||||||||||||
Net assets | 366,176,000 | ||||||||||||
Net assets acquired | 366,176,000 | ||||||||||||
Consideration paid in cash | 16,060,000 | ||||||||||||
Consideration paid in shares | 234,052,000 | ||||||||||||
Contingent consideration | 116,064,000 | ||||||||||||
Total consideration | 366,176,000 | ||||||||||||
Net cash outflow | 16,060,000 | ||||||||||||
Ebbu Acquisition | Intellectual Property | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 51,600,000 | ||||||||||||
POS | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 2,908,000 | ||||||||||||
Other current assets | 12,992,000 | ||||||||||||
Property, plant and equipment | 9,541,000 | ||||||||||||
Intangible assets | $ 23,300,000 | ||||||||||||
Goodwill | 93,248,000 | ||||||||||||
Accounts payable and accrued liabilities | (4,172,000) | ||||||||||||
Debt and other liabilities | (3,145,000) | ||||||||||||
Deferred tax liability | (6,042,000) | $ 6,042,000 | |||||||||||
Net assets | 128,958,000 | ||||||||||||
Net assets acquired | 128,958,000 | ||||||||||||
Consideration paid in cash | 128,958,000 | ||||||||||||
Total consideration | 128,958,000 | ||||||||||||
Net cash outflow | 126,050,000 | ||||||||||||
POS | Intellectual Property | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 23,300,000 | ||||||||||||
POS | Software and Domain Names | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 328,000 | ||||||||||||
S&B | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 1,056,000 | ||||||||||||
Other current assets | 8,363,000 | ||||||||||||
Property, plant and equipment | 23,609,000 | ||||||||||||
Goodwill | 117,175,000 | ||||||||||||
Accounts payable and accrued liabilities | (4,490,000) | ||||||||||||
Debt and other liabilities | (28,247,000) | ||||||||||||
Deferred tax liability | (23,000) | ||||||||||||
Net assets | 218,141,000 | ||||||||||||
Net assets acquired | 218,141,000 | ||||||||||||
Consideration paid in cash | 203,786,000 | $ 203,786,000 | |||||||||||
Contingent consideration | 14,355,000 | ||||||||||||
Total consideration | 218,141,000 | ||||||||||||
Net cash outflow | 202,730,000 | ||||||||||||
S&B | Brands | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 38,463,000 | ||||||||||||
S&B | Distribution Channel | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 3,143,000 | ||||||||||||
S&B | Intellectual Property | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 58,816,000 | ||||||||||||
S&B | Software and Domain Names | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 276,000 | ||||||||||||
Cafina | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 6,000 | ||||||||||||
Other current assets | 81,000 | ||||||||||||
Property, plant and equipment | 62,000 | ||||||||||||
Accounts payable and accrued liabilities | (59,000) | ||||||||||||
Net assets | 43,940,000 | ||||||||||||
Net assets acquired | 43,940,000 | ||||||||||||
Consideration paid in cash | 36,074,000 | $ 36,074,000 | |||||||||||
Contingent consideration | 7,866,000 | 7,866,000 | € 6,000 | ||||||||||
Total consideration | 43,940,000 | $ 43,940,000 | |||||||||||
Net cash outflow | 36,068,000 | ||||||||||||
Cafina | Operating Licenses | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Intangible assets | 43,850,000 | ||||||||||||
Other | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 37,000 | ||||||||||||
Other current assets | 83,000 | ||||||||||||
Goodwill | 1,538,000 | ||||||||||||
Accounts payable and accrued liabilities | (16,000) | ||||||||||||
Net assets | 1,568,000 | ||||||||||||
Net assets acquired | 1,568,000 | ||||||||||||
Consideration paid in shares | 1,568,000 | ||||||||||||
Total consideration | 1,568,000 | ||||||||||||
Net cash outflow | $ 37,000 | ||||||||||||
R Trees | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | $ 59,000 | ||||||||||||
Property, plant and equipment | 1,446,000 | ||||||||||||
Goodwill | 29,736,000 | ||||||||||||
Accounts payable and accrued liabilities | (336,000) | ||||||||||||
Net assets | 30,927,000 | ||||||||||||
Net assets acquired | 30,927,000 | ||||||||||||
Consideration paid in cash | 450,000 | ||||||||||||
Consideration paid in shares | 6,381,000 | ||||||||||||
Other consideration | 2,382,000 | ||||||||||||
Contingent consideration | 21,714,000 | $ 21,714,000 | |||||||||||
Total consideration | 30,927,000 | $ 30,927,000 | |||||||||||
Net cash outflow | 391,000 | ||||||||||||
Amounts receivable | 16,000 | ||||||||||||
Prepaids and other assets | 6,000 | ||||||||||||
Tweed JA | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 125,000 | ||||||||||||
Property, plant and equipment | 182,000 | ||||||||||||
Goodwill | 1,835,000 | ||||||||||||
Accounts payable and accrued liabilities | (29,000) | ||||||||||||
Net assets | 5,782,000 | ||||||||||||
Non-controlling interests | (2,013,000) | ||||||||||||
Net assets acquired | 3,769,000 | ||||||||||||
Consideration paid in cash | 100,000 | ||||||||||||
Total consideration | 3,769,000 | $ 3,769,000 | |||||||||||
Net cash outflow | (25,000) | ||||||||||||
Subscription receivable | 3,669,000 | ||||||||||||
Future cash consideration | 3,669,000 | ||||||||||||
Spectrum Denmark | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Property, plant and equipment | 3,990,000 | ||||||||||||
Debt and other liabilities | (297,000) | ||||||||||||
Net assets | 3,866,000 | ||||||||||||
Net assets acquired | 3,866,000 | ||||||||||||
Consideration paid in cash | 3,228,000 | ||||||||||||
Total consideration | 3,228,000 | ||||||||||||
Net cash outflow | 3,228,000 | ||||||||||||
Inventory and Biological Assets | 173,000 | ||||||||||||
Vert Mirabel | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Goodwill | 5,625,000 | ||||||||||||
Net assets | 5,625,000 | ||||||||||||
Non-controlling interests | (2,839,000) | ||||||||||||
Net assets acquired | 2,786,000 | ||||||||||||
Other consideration | 3,750,000 | ||||||||||||
Total consideration | 3,750,000 | ||||||||||||
Other Acquisitions | |||||||||||||
Disclosure Of Business Combinations [Line Items] | |||||||||||||
Cash and cash equivalents | 7,000 | ||||||||||||
Property, plant and equipment | 468,000 | ||||||||||||
Goodwill | 1,562,000 | ||||||||||||
Accounts payable and accrued liabilities | (143,000) | ||||||||||||
Net assets | 2,015,000 | ||||||||||||
Net assets acquired | 2,015,000 | ||||||||||||
Consideration paid in cash | 166,000 | ||||||||||||
Consideration paid in shares | 1,850,000 | ||||||||||||
Total consideration | 2,016,000 | ||||||||||||
Net cash outflow | 159,000 | ||||||||||||
Amounts receivable | 14,000 | ||||||||||||
Prepaids and other assets | $ 107,000 |
Acquisitions and Disposals - Ad
Acquisitions and Disposals - Additional Information (Details) $ / shares in Units, € in Thousands | Dec. 06, 2018CAD ($) | Dec. 06, 2018EUR (€) | Nov. 23, 2018CAD ($)shares | Nov. 05, 2018shares | Sep. 05, 2018CAD ($)shares | Aug. 03, 2018CAD ($)shares | Jul. 05, 2018CAD ($)shares | Jul. 05, 2018CAD ($)shares$ / shares | Jul. 01, 2018CAD ($) | May 30, 2018CAD ($)shares$ / shares | Apr. 16, 2018CAD ($)shares | Jan. 24, 2018CAD ($)shares$ / shares | Dec. 18, 2017CAD ($)ft² | Dec. 05, 2017CAD ($)ft² | Dec. 01, 2017 | Nov. 30, 2017CAD ($) | Oct. 10, 2017CAD ($) | Sep. 20, 2017 | Sep. 06, 2017CAD ($) | Aug. 28, 2017CAD ($)$ / sharesshares | May 01, 2017CAD ($)$ / sharesshares | Mar. 31, 2019CAD ($)shares | Mar. 31, 2018CAD ($)shares | Mar. 25, 2019CAD ($) | Mar. 25, 2019EUR (€) | Oct. 24, 2018CAD ($) | Sep. 04, 2018CAD ($) | Mar. 31, 2017CAD ($)shares |
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Consideration paid in shares | $ 948,341,000 | |||||||||||||||||||||||||||
Fair value of the contingent consideration | 140,385,000 | |||||||||||||||||||||||||||
Consideration paid in cash | 397,372,000 | |||||||||||||||||||||||||||
Total consideration | 1,602,076,000 | |||||||||||||||||||||||||||
Deferred tax liability | (55,918,000) | |||||||||||||||||||||||||||
Grant date fair value of all milestone shares | $ 106,377,000 | $ 106,377,000 | ||||||||||||||||||||||||||
Replacement options | 21,736,000 | |||||||||||||||||||||||||||
Gain on fair value of previously held equity interest | 62,682,000 | |||||||||||||||||||||||||||
Other consideration | 949,000 | |||||||||||||||||||||||||||
Replacement warrants | $ 30,611,000 | |||||||||||||||||||||||||||
Number of shares issued | shares | 310,316 | 310,316 | 337,510,408 | 199,320,981 | 162,187,262 | |||||||||||||||||||||||
Goodwill | $ 1,544,055,000 | $ 314,923,000 | $ 241,371,000 | |||||||||||||||||||||||||
Contingent consideration fair value | 6,400,000 | 61,150,000 | ||||||||||||||||||||||||||
Acquisition of NCI | (996,000) | |||||||||||||||||||||||||||
Share capital | $ 2,750,000 | $ 2,750,000 | 6,026,618,000 | 1,076,838,000 | ||||||||||||||||||||||||
Grant date fair value amortized over the estimated vesting period | $ 6,731,000 | |||||||||||||||||||||||||||
Purchase price of property | 644,456,000 | 176,037,000 | ||||||||||||||||||||||||||
Put liabilities | 6,400,000 | 61,150,000 | ||||||||||||||||||||||||||
Transfer of Vert Mirabel investment to Canopy Rivers | (680,000) | |||||||||||||||||||||||||||
Proceeds from issuance of common shares and warrants | 5,072,500,000 | $ 470,670,000 | ||||||||||||||||||||||||||
Vert Mirabel | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Ownership interest | 40.70% | |||||||||||||||||||||||||||
Contingent consideration fair value | 6,400,000 | $ 4,850,000 | ||||||||||||||||||||||||||
Name of venture | Vert Mirabel | |||||||||||||||||||||||||||
Place in business | Quebec | |||||||||||||||||||||||||||
Purchase price of property | $ 20,000 | |||||||||||||||||||||||||||
Percentage of increase property | 3.00% | |||||||||||||||||||||||||||
License agreement period | 5 years | |||||||||||||||||||||||||||
Fair value of put option estimated using discounted cash flow approach | 3,750,000 | |||||||||||||||||||||||||||
Put liabilities | 6,400,000 | 4,850,000 | ||||||||||||||||||||||||||
Transfer of Vert Mirabel investment to Canopy Rivers | 964,000 | |||||||||||||||||||||||||||
Cash contributed to exchange of preference share | $ 15,000,000 | |||||||||||||||||||||||||||
Preferred dividend rate | 18.00% | |||||||||||||||||||||||||||
Cumulative preferred dividends | $ 750,000 | |||||||||||||||||||||||||||
Proceeds from issuance of common shares and warrants | 2,750,000 | |||||||||||||||||||||||||||
Fair value grant date discount value | 2,599,000 | |||||||||||||||||||||||||||
Vert Mirabel | Property Plant and Equipment under Operating Leases | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Area of Greenhouse | ft² | 700,000 | |||||||||||||||||||||||||||
Vert Mirabel | Canopy Rivers | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 26.00% | |||||||||||||||||||||||||||
Vert Mirabel | Les Serres Vert Cannabis Inc | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Proportion of ownership interest held by non-controlling interest | 33.30% | |||||||||||||||||||||||||||
Spot Therapeutics Inc | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Date of acquisition | Aug. 28, 2017 | |||||||||||||||||||||||||||
Name of acquiree | Spot Therapeutics Inc. (“Spot”) | |||||||||||||||||||||||||||
Share issue price | $ / shares | $ 8.90 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 993,000 | |||||||||||||||||||||||||||
Consideration paid in cash | $ 907,000 | |||||||||||||||||||||||||||
Date of acquisition | Aug. 28, 2017 | |||||||||||||||||||||||||||
Share-based compensation expense | $ 844,000 | |||||||||||||||||||||||||||
Share-based compensation expense | $ 844,000 | |||||||||||||||||||||||||||
Number of shares issued | shares | 111,669 | |||||||||||||||||||||||||||
Green Hemp Industries Ltd | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Name of acquiree | Green Hemp Industries Ltd | |||||||||||||||||||||||||||
Number of common shares issued | shares | 24,577 | |||||||||||||||||||||||||||
Share issue price | $ / shares | $ 34.87 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 857,000 | |||||||||||||||||||||||||||
Consideration paid in cash | 166,000 | |||||||||||||||||||||||||||
Total consideration | $ 1,023,000 | |||||||||||||||||||||||||||
Agripharm | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Goodwill | $ 2,259,000 | 2,259,000 | ||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 40.00% | 100.00% | ||||||||||||||||||||||||||
Fair value of retained interest | 38,400,000 | |||||||||||||||||||||||||||
Transaction costs included in carrying value of investment | 311,000 | |||||||||||||||||||||||||||
Advance under the repayable debenture Agreement total | $ 9,000,000 | |||||||||||||||||||||||||||
Royalty term | 20 years | |||||||||||||||||||||||||||
Advance under royalty agreement | $ 3,000,000 | |||||||||||||||||||||||||||
Percentage of acquisition through Warrant | 4.00% | |||||||||||||||||||||||||||
Consideration to be paid through warrant exercise | $ 5,000,000 | |||||||||||||||||||||||||||
Receivable under the royalty agreement | 3,000,000 | |||||||||||||||||||||||||||
Amount allocated to the royalty receivable | 2,414,000 | |||||||||||||||||||||||||||
Alberta Treasury Board Financing | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Principal amount | 95,000,000 | |||||||||||||||||||||||||||
Maximum | Agripharm | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Advance under the repayable debenture Agreement total | 20,000,000 | |||||||||||||||||||||||||||
Minimum | Vert Mirabel | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Purchase price of property | $ 23,000 | |||||||||||||||||||||||||||
Aldergrove Lease | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Purchase price for acquiring the limited partnership units of the entity | $ 28,000,000 | |||||||||||||||||||||||||||
Percentage of price increase from license date | 3.00% | |||||||||||||||||||||||||||
Percentage of price increase after the fifth anniversary from license date | 8.00% | |||||||||||||||||||||||||||
Delta Lease | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Purchase price for acquiring the limited partnership units of the entity | $ 45,000,000 | |||||||||||||||||||||||||||
Percentage of price increase from license date | 3.00% | |||||||||||||||||||||||||||
Percentage of price increase after the fifth anniversary from license date | 8.00% | |||||||||||||||||||||||||||
Health Canada Licenses | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 158,592,000 | |||||||||||||||||||||||||||
Intellectual Property | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 153,716,000 | |||||||||||||||||||||||||||
Brands | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 55,463,000 | |||||||||||||||||||||||||||
BC Tweed | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Ownership interest | 66.67% | |||||||||||||||||||||||||||
Goodwill | $ 36,400,000 | |||||||||||||||||||||||||||
Estimated fair value of liability | 56,300,000 | |||||||||||||||||||||||||||
Increase in estimated fair value of liability | $ 19,900,000 | |||||||||||||||||||||||||||
Acquisition of NCI | 44,350,000 | |||||||||||||||||||||||||||
Recognized assets under finance lease | $ 73,000,000 | |||||||||||||||||||||||||||
Finance lease liability | $ 73,000,000 | |||||||||||||||||||||||||||
BC Tweed | Discounted Cash Flow | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Estimated fair value of liability | $ 36,400,000 | |||||||||||||||||||||||||||
Partner | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Ownership interest | 33.33% | |||||||||||||||||||||||||||
D C L Acquisition | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Date of acquisition | May 30, 2018 | |||||||||||||||||||||||||||
Name of acquiree | Spectrum Cannabis (Lesotho) PTY Limited | |||||||||||||||||||||||||||
Number of common shares issued | shares | 666,362 | |||||||||||||||||||||||||||
Share issue price | $ / shares | $ 37.07 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 24,702,000 | 24,702,000 | ||||||||||||||||||||||||||
Fair value of the contingent consideration | 2,100,000 | 2,100,000 | ||||||||||||||||||||||||||
Consideration paid in cash | 500,000 | 500,000 | ||||||||||||||||||||||||||
Total consideration | 27,302,000 | 27,302,000 | ||||||||||||||||||||||||||
Fair value of shares issued on grant date that will be amortized over expected vesting period | 9,400 | |||||||||||||||||||||||||||
Deferred tax liability | $ 2,716,000 | (2,716,000) | ||||||||||||||||||||||||||
Date of acquisition | May 30, 2018 | |||||||||||||||||||||||||||
D C L Acquisition | Health Canada Licenses | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | $ 27,379,000 | $ 27,379,000 | ||||||||||||||||||||||||||
D C L Acquisition | Licensing Milestone | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 79,892 | |||||||||||||||||||||||||||
D C L Acquisition | Operational Milestones | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 253,586,000 | |||||||||||||||||||||||||||
Spectrum Colombia Acquisition | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Date of acquisition | Jul. 5, 2018 | |||||||||||||||||||||||||||
Name of acquiree | Spectrum Colombia | |||||||||||||||||||||||||||
Number of common shares issued | shares | 1,193,237 | 1,193,237 | 2,098,304 | |||||||||||||||||||||||||
Consideration paid in shares | $ 46,119,000 | $ 46,119,000 | $ 46,119,000 | |||||||||||||||||||||||||
Total consideration | 46,119,000 | |||||||||||||||||||||||||||
Deferred tax liability | $ 14,002,000 | 14,002,000 | $ (14,002,000) | |||||||||||||||||||||||||
Percentage of shares to be issued to previous shareholders of acquirees, if milestones are all met | 4.00% | |||||||||||||||||||||||||||
Change in fair value of land | 3,794,000 | |||||||||||||||||||||||||||
Date of acquisition | Jul. 5, 2018 | |||||||||||||||||||||||||||
Spectrum Colombia Acquisition | Health Canada Licenses | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | $ 50,063,000 | 50,063,000 | $ 50,063,000 | |||||||||||||||||||||||||
Canindica Capital Ltd | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Consideration paid in shares | 42,623,000 | 42,623,000 | ||||||||||||||||||||||||||
Total consideration | $ 23,004,000 | 23,004,000 | ||||||||||||||||||||||||||
Number of shares in exchange for all outstanding shares of acquiree | shares | 595,184 | |||||||||||||||||||||||||||
Payment to be received if milestones are not met by acquiree | $ 10,000,000 | $ 10,000,000 | ||||||||||||||||||||||||||
Percentage of shares to be issued to previous shareholders of acquirees, if milestones are all met | 6.00% | |||||||||||||||||||||||||||
C H I Acquisition | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Date of acquisition | Aug. 3, 2018 | |||||||||||||||||||||||||||
Name of acquiree | CHI | |||||||||||||||||||||||||||
Number of common shares issued | shares | 2,591,369 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 98,034,000 | $ 98,034,000 | ||||||||||||||||||||||||||
Total consideration | 168,915,000 | |||||||||||||||||||||||||||
Deferred tax liability | $ 4,806,000 | (4,806,000) | ||||||||||||||||||||||||||
Date of acquisition | Aug. 3, 2018 | |||||||||||||||||||||||||||
Share exchange ratio | 37.9014% | |||||||||||||||||||||||||||
Value of common shares issued | $ 87,717,000 | |||||||||||||||||||||||||||
Fair value of the Compensation shares issued | 10,317,000 | |||||||||||||||||||||||||||
Replacement options | 8,199,000 | 8,199,000 | ||||||||||||||||||||||||||
Share-based compensation expense | 11,714,000 | |||||||||||||||||||||||||||
Participating share | 43.00% | |||||||||||||||||||||||||||
Gain on fair value of previously held equity interest | 62,682,000 | 62,682,000 | ||||||||||||||||||||||||||
Implied fair value | $ 62,682,000 | |||||||||||||||||||||||||||
Estimated control premium percent | 5.00% | |||||||||||||||||||||||||||
Useful life | 15 years | |||||||||||||||||||||||||||
Share-based compensation expense | $ 11,714,000 | |||||||||||||||||||||||||||
C H I Acquisition | Business Combination Achieved in Stages Under IFRS 3 | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Participating share | 57.00% | |||||||||||||||||||||||||||
C H I Acquisition | Replacement Options | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 568,005 | |||||||||||||||||||||||||||
C H I Acquisition | Common Shares | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 485,572 | |||||||||||||||||||||||||||
C H I Acquisition | Common Shares | Compensation Shares | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 217,859 | |||||||||||||||||||||||||||
C H I Acquisition | Key Management Personnel | Replacement Options | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 154,208 | |||||||||||||||||||||||||||
C H I Acquisition | Key Management Personnel | Common Shares | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 278,230 | |||||||||||||||||||||||||||
C H I Acquisition | Intellectual Property | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | $ 20,000,000 | 20,000,000 | ||||||||||||||||||||||||||
Hiku Acquisition | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Date of acquisition | Sep. 5, 2018 | |||||||||||||||||||||||||||
Name of acquiree | Hiku | |||||||||||||||||||||||||||
Number of common shares issued | shares | 7,943,123 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 543,866,000 | 543,866,000 | ||||||||||||||||||||||||||
Consideration paid in cash | 11,994,000 | 11,994,000 | ||||||||||||||||||||||||||
Total consideration | 600,957,000 | |||||||||||||||||||||||||||
Deferred tax liability | $ 14,598,000 | (14,598,000) | ||||||||||||||||||||||||||
Date of acquisition | Sep. 5, 2018 | |||||||||||||||||||||||||||
Share exchange ratio | 4.60% | |||||||||||||||||||||||||||
Replacement options | 13,537,000 | |||||||||||||||||||||||||||
Convertible debentures outstanding, principal amount | $ 618,000 | |||||||||||||||||||||||||||
Convertible debentures converted to common shares | shares | 22,866 | 498,387 | ||||||||||||||||||||||||||
Fair value of debentures | $ 1,570,000 | |||||||||||||||||||||||||||
Other consideration | 949,000 | 949,000 | ||||||||||||||||||||||||||
Fair value of debentures allocated to debt component | 621,000 | |||||||||||||||||||||||||||
Advanced cash pursuant to promissory note | $ 10,000,000 | |||||||||||||||||||||||||||
Replacement warrants | 30,611,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Convertible Debenture | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Liabilities incurred | 949,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Promissory Note | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Liabilities incurred | $ 10,000,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Replacement Options | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 291,629 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 17,693,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Replacement Options | Pre-combination Services | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Consideration paid in shares | 13,537,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Replacement Options | Stock Compensation Expense Rateably over Post-Combination Vesting Period | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Share-based compensation expense | 4,156,000 | |||||||||||||||||||||||||||
Share-based compensation expense | $ 4,156,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Warrants | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Number of common shares issued | shares | 920,452 | |||||||||||||||||||||||||||
Replacement warrants | $ 30,611,000 | |||||||||||||||||||||||||||
Hiku Acquisition | Health Canada Licenses | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 37,300,000 | 37,300,000 | ||||||||||||||||||||||||||
Hiku Acquisition | Brands | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | $ 17,000,000 | 17,000,000 | ||||||||||||||||||||||||||
Ebbu Inc. | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Date of acquisition | Nov. 23, 2018 | |||||||||||||||||||||||||||
Name of acquiree | ebbu Inc. (“ebbu”) | |||||||||||||||||||||||||||
Consideration paid in shares | $ 234,052,000 | |||||||||||||||||||||||||||
Fair value of the contingent consideration | 116,064,000 | |||||||||||||||||||||||||||
Consideration paid in cash | 25,000,000 | 16,060,000 | ||||||||||||||||||||||||||
Total consideration | 366,176,000 | |||||||||||||||||||||||||||
Deferred tax liability | $ 13,731,000 | |||||||||||||||||||||||||||
Date of acquisition | Nov. 23, 2018 | |||||||||||||||||||||||||||
Value of common shares issued | $ 29,880,000 | |||||||||||||||||||||||||||
Share-based compensation expense | $ 8,416,000 | |||||||||||||||||||||||||||
Useful life | 15 years | |||||||||||||||||||||||||||
Share-based compensation expense | $ 8,416,000 | |||||||||||||||||||||||||||
Number of shares issued | shares | 6,221,210 | |||||||||||||||||||||||||||
Milestone payment | $ 100,000,000 | |||||||||||||||||||||||||||
Milestone payment term | 2 years | |||||||||||||||||||||||||||
Minimum percentage of milestone payment in cash and shares | 10.00% | |||||||||||||||||||||||||||
Maximum percentage of milestone payment in cash and shares | 19.90% | |||||||||||||||||||||||||||
Number of trading days | 20 days | |||||||||||||||||||||||||||
Contingent consideration fair value | $ 86,184,000 | |||||||||||||||||||||||||||
Fair value of acquisition | 87,584,000 | |||||||||||||||||||||||||||
Ebbu Inc. | Cash and Common Shares held back | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Consideration paid in cash | $ 7,462,000 | |||||||||||||||||||||||||||
Number of shares issued | shares | 899,424 | |||||||||||||||||||||||||||
Assets minimum holding period | 12 months | |||||||||||||||||||||||||||
Assets maximum holding period | 18 months | |||||||||||||||||||||||||||
Ebbu Inc. | Intellectual Property | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | $ 51,600,000 | |||||||||||||||||||||||||||
POS | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Date of acquisition | Jul. 1, 2018 | |||||||||||||||||||||||||||
Name of acquiree | POS | |||||||||||||||||||||||||||
Consideration paid in cash | 109,094,000 | $ 6,000,000 | ||||||||||||||||||||||||||
Total consideration | 128,958,000 | |||||||||||||||||||||||||||
Date of acquisition | Jul. 1, 2018 | |||||||||||||||||||||||||||
Advance under processing services agreement | $ 13,864,000 | |||||||||||||||||||||||||||
POS | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Consideration paid in cash | 128,958,000 | |||||||||||||||||||||||||||
Total consideration | 128,958,000 | |||||||||||||||||||||||||||
Intangible assets | $ 23,300,000 | |||||||||||||||||||||||||||
Deferred tax liability | $ 6,042,000 | (6,042,000) | ||||||||||||||||||||||||||
Useful life | 15 years | |||||||||||||||||||||||||||
POS | Intellectual Property | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 23,300,000 | |||||||||||||||||||||||||||
S&B | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Date of acquisition | Dec. 6, 2018 | Dec. 6, 2018 | ||||||||||||||||||||||||||
Name of acquiree | Storz & Bickel GmbH & Co., KG | Storz & Bickel GmbH & Co., KG | ||||||||||||||||||||||||||
Fair value of the contingent consideration | 14,355,000 | |||||||||||||||||||||||||||
Consideration paid in cash | $ 203,786,000 | 203,786,000 | ||||||||||||||||||||||||||
Total consideration | 218,141,000 | |||||||||||||||||||||||||||
Deferred tax liability | (23,000) | |||||||||||||||||||||||||||
Date of acquisition | Dec. 6, 2018 | Dec. 6, 2018 | ||||||||||||||||||||||||||
S&B | Intellectual Property | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 58,816,000 | |||||||||||||||||||||||||||
S&B | Brands | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | 38,463,000 | |||||||||||||||||||||||||||
S&B | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Fair value of the contingent consideration | $ 14,355,000 | |||||||||||||||||||||||||||
Consideration amount | € | € 10,000 | |||||||||||||||||||||||||||
Other liabilities assumed | $ 21,447,000 | |||||||||||||||||||||||||||
Cafina | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Fair value of the contingent consideration | 7,866,000 | $ 7,866,000 | € 6,000 | |||||||||||||||||||||||||
Consideration paid in cash | 36,074,000 | 36,074,000 | ||||||||||||||||||||||||||
Total consideration | 43,940,000 | $ 43,940,000 | ||||||||||||||||||||||||||
Cafina | Health Canada Licenses | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Intangible assets | $ 43,850,000 | |||||||||||||||||||||||||||
Annabis Medical s.r.o | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Date of acquisition | Apr. 16, 2018 | |||||||||||||||||||||||||||
Name of acquiree | Annabis Medical s.r.o. | |||||||||||||||||||||||||||
Consideration paid in shares | $ 1,568,000 | |||||||||||||||||||||||||||
Date of acquisition | Apr. 16, 2018 | |||||||||||||||||||||||||||
Number of shares issued | shares | 50,735 | |||||||||||||||||||||||||||
Number of additional common shares issued | shares | 34,758 | |||||||||||||||||||||||||||
BC Tweed | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 33.00% | 33.00% | ||||||||||||||||||||||||||
Date of acquisition | Jul. 5, 2018 | |||||||||||||||||||||||||||
Name of acquiree | BC Tweed | |||||||||||||||||||||||||||
Share issue price | $ / shares | $ 39.70 | |||||||||||||||||||||||||||
Consideration paid in cash | $ 1,000,000 | $ 1,000,000 | ||||||||||||||||||||||||||
Total consideration | 495,386,000 | $ 495,386,000 | ||||||||||||||||||||||||||
Date of acquisition | Jul. 5, 2018 | |||||||||||||||||||||||||||
Value of common shares issued | 202,133,000 | $ 202,133,000 | ||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 100.00% | |||||||||||||||||||||||||||
Proportion of ownership interest held by non-controlling interest | 33.00% | |||||||||||||||||||||||||||
Common shares issued | shares | 13,293,969 | |||||||||||||||||||||||||||
Number of shares issued | shares | 5,091,523 | |||||||||||||||||||||||||||
Common shares held in escrow | shares | 8,202,446 | |||||||||||||||||||||||||||
Fair value of shares held in escrow | 265,253,000 | $ 265,253,000 | ||||||||||||||||||||||||||
Increase in call option | 27,000,000 | |||||||||||||||||||||||||||
Contingent consideration fair value | 72,600,000 | 72,600,000 | ||||||||||||||||||||||||||
Acquisition of NCI | 422,786,000 | |||||||||||||||||||||||||||
Escrowed shares released to date | shares | 1,261,915 | |||||||||||||||||||||||||||
Shares issued to BC Tweed Partner for performance conditions, shares | shares | 155,158 | |||||||||||||||||||||||||||
Grant date fair value of share-based compensation | $ 954,000 | |||||||||||||||||||||||||||
Put liabilities | $ 72,600,000 | $ 72,600,000 | ||||||||||||||||||||||||||
BC Tweed | Maximum | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Releasing period of shares held in escrow | 3 years | |||||||||||||||||||||||||||
R Trees | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||||||||||
Date of acquisition | May 1, 2017 | |||||||||||||||||||||||||||
Name of acquiree | Tweed Grasslands (formerly rTrees) | |||||||||||||||||||||||||||
Share issue price | $ / shares | $ 9.13 | |||||||||||||||||||||||||||
Consideration paid in shares | $ 6,381,000 | |||||||||||||||||||||||||||
Fair value of the contingent consideration | $ 21,714,000 | 21,714,000 | ||||||||||||||||||||||||||
Consideration paid in cash | 450,000 | |||||||||||||||||||||||||||
Total consideration | $ 30,927,000 | 30,927,000 | ||||||||||||||||||||||||||
Date of acquisition | May 1, 2017 | |||||||||||||||||||||||||||
Value of common shares issued | $ 6,381,000 | |||||||||||||||||||||||||||
Other consideration | 2,382,000 | |||||||||||||||||||||||||||
Common shares issued | shares | 3,494,505 | |||||||||||||||||||||||||||
Number of shares issued | shares | 698,901 | |||||||||||||||||||||||||||
Common shares held in escrow | shares | 2,795,604 | |||||||||||||||||||||||||||
Gross contingent consideration | $ 25,524,000 | |||||||||||||||||||||||||||
Replacement options | $ 1,079,000 | |||||||||||||||||||||||||||
Warrants issued | 1,303,000 | |||||||||||||||||||||||||||
Effective settlement of receivable | $ 450,000 | |||||||||||||||||||||||||||
Tweed JA | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Date of acquisition | Sep. 6, 2017 | |||||||||||||||||||||||||||
Name of acquiree | Tweed JA | |||||||||||||||||||||||||||
Consideration paid in cash | $ 100,000 | |||||||||||||||||||||||||||
Total consideration | $ 3,769,000 | 3,769,000 | ||||||||||||||||||||||||||
Date of acquisition | Sep. 6, 2017 | |||||||||||||||||||||||||||
Liabilities incurred | 3,669,000 | |||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 49.00% | |||||||||||||||||||||||||||
Portion Of Subscription Price Advanced | 2,000,000 | |||||||||||||||||||||||||||
Spectrum Denmark | ||||||||||||||||||||||||||||
Disclosure Of Business Combinations [Line Items] | ||||||||||||||||||||||||||||
Consideration paid in cash | 3,228,000 | |||||||||||||||||||||||||||
Total consideration | 3,228,000 | |||||||||||||||||||||||||||
Share-based compensation expense | 9,895,000 | 7,206,000 | ||||||||||||||||||||||||||
Share-based compensation expense | $ 9,895,000 | $ 7,206,000 | ||||||||||||||||||||||||||
Proportion of ownership interest in subsidiary | 62.00% | |||||||||||||||||||||||||||
Proportion of ownership interest held by non-controlling interest | 38.00% | |||||||||||||||||||||||||||
Name of joint operation | Spectrum Denmark | |||||||||||||||||||||||||||
Principal place of business | Europe | |||||||||||||||||||||||||||
Number of shares transferred | shares | 1,906,214 | |||||||||||||||||||||||||||
Vesting period of exchange | 4 years | |||||||||||||||||||||||||||
Cost to purchase remaining interest | $ 6,000,000 | |||||||||||||||||||||||||||
Fair value options granted | $ 18,805,000 | |||||||||||||||||||||||||||
Operating facility acquired | ft² | 430,000 | |||||||||||||||||||||||||||
Cash Paid As Consideration Adjusted Amount | $ 3,228,000 | |||||||||||||||||||||||||||
Gain on bargain purchase | $ 638,000 |
Acquisitions and Disposals - _2
Acquisitions and Disposals - Summary of Derecognized Assets And Liabilities Related To Deconsolidation Of Subsidiaries (Details) - CAD ($) $ in Thousands | Nov. 30, 2017 | Mar. 31, 2019 | Mar. 31, 2018 | Mar. 31, 2017 |
Disclosure Of Business Combinations [Line Items] | ||||
Property, plant and equipment | $ 1,096,340 | $ 303,682 | $ 96,270 | |
Intangible assets | 519,556 | 101,526 | 162,263 | |
Goodwill | 1,544,055 | 314,923 | $ 241,371 | |
Accounts payable, accrued and other liabilities | (226,533) | (89,571) | ||
Deferred tax liability | $ (96,031) | (33,536) | ||
Agripharm | ||||
Disclosure Of Business Combinations [Line Items] | ||||
Current assets | $ 2,043 | |||
Property, plant and equipment | 6,962 | |||
Intangible assets | 26,282 | |||
Goodwill | 2,259 | $ 2,259 | ||
Accounts payable, accrued and other liabilities | (2,267) | |||
Deferred tax liability | (5,699) | |||
Net assets disposed | 29,580 | |||
Fair value of retained interest | 38,400 | |||
Gain on disposal of consolidated entity | $ 8,820 |
Related Parties - Additional In
Related Parties - Additional Information (Details) $ in Thousands | Nov. 16, 2018CAD ($)Facility | Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) |
Disclosure Of Related Party Transactions [Line Items] | |||
Percentage of shares owned by key management personnel | 2.00% | ||
Consideration paid in cash | $ 31,281 | ||
Repayment of loans | $ 1,454 | ||
Number of lease facilities | Facility | 2 | ||
Lease including base rent and operating costs | $ 1,259 | $ 2,686 | |
Toronto Facility | |||
Disclosure Of Related Party Transactions [Line Items] | |||
Lease expiration dates | Oct. 15, 2018 | ||
Lease expiration dates | Aug. 31, 2024 | ||
Edmonton Facility | |||
Disclosure Of Related Party Transactions [Line Items] | |||
Lease expiration dates | Jul. 31, 2037 |
Related Parties - Summary of Ke
Related Parties - Summary of Key Management Personnel Compensation (Details) - CAD ($) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Transactions Between Related Parties [Abstract] | ||
Short-term employee benefits | $ 5,137 | $ 3,746 |
Share-based compensation | 19,104 | 5,786 |
Total | $ 24,241 | $ 9,532 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Future Minimum Lease and Royalty Payments (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Disclosure Of Commitments And Contingencies [Abstract] | |
2020 | $ 468,843 |
2021 | 28,448 |
2022 | 18,488 |
2023 | 18,023 |
2024 | 16,977 |
Thereafter | 134,021 |
Total principal repayments on long-term debt | $ 684,800 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) $ in Thousands | 12 Months Ended | |
Mar. 31, 2019CAD ($)SegmentCustomer | Mar. 31, 2018CAD ($)Customer | |
Disclosure Of Operating Segments [Line Items] | ||
Number of operating segments | Segment | 2 | |
Revenue | $ 226,341 | $ 77,948 |
Number of customers each represented more than 10% of net revenue | Customer | 2 | 0 |
International | ||
Disclosure Of Operating Segments [Line Items] | ||
Property plant and equipment and intangible assets | $ 350,125 | $ 6,242 |
International | Medical Cannabis and Cannabis Related Merchandise | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | $ 27,865 | 3,746 |
Canada | ||
Disclosure Of Operating Segments [Line Items] | ||
Revenue | $ 74,202 |
Financial Instruments and Fai_3
Financial Instruments and Fair Value Disclosures - Additional Information (Details) $ in Thousands | 12 Months Ended | ||
Mar. 31, 2019CAD ($) | Mar. 31, 2018CAD ($) | Mar. 31, 2017CAD ($) | |
Disclosure Of Financial Instruments [Line Items] | |||
Foreign exhange comprehensive loss | $ 5,572 | $ 2,440 | |
Maximum exposure to credit risk | $ 4,643,369 | $ 344,649 | |
Current portion of accounts receivable | 89.00% | 96.00% | |
Cash and cash equivalents | $ 2,480,830 | $ 322,560 | $ 101,800 |
Marketable securities | 2,034,133 | ||
Gross cash proceeds from equity financing | $ 154,976 | $ 54,876 | |
Government Agencies | |||
Disclosure Of Financial Instruments [Line Items] | |||
Portion of receivable | 72.00% | 19.00% | |
Currency Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Increase or decrease in exchange rate | 10 | ||
Foreign exchange net loss | $ 1,548 | ||
Foreign exhange comprehensive loss | 291,469 | ||
Interest Rate Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Total principal value | 97,471 | ||
Short term investment and securities amount | 2,821,512 | 65,395 | |
Liqudity Risk | |||
Disclosure Of Financial Instruments [Line Items] | |||
Gross cash proceeds from equity financing | $ 5,072,500 | $ 470,670 |
Financial Instruments and Fai_4
Financial Instruments and Fair Value Disclosures - Summary Contractual Maturities of Undiscounted Cash Flows (Details) $ in Thousands | Mar. 31, 2019CAD ($) |
Carrying Amount | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | $ 226,533 |
Long-term debt | 945,975 |
Total | 1,172,508 |
Contractual Cash Flows | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | 226,533 |
Long-term debt | 833,722 |
Total | 1,060,255 |
Year 1 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Accounts payable and accrued liabilities | 226,533 |
Long-term debt | 44,101 |
Total | 270,634 |
Years 2 - 3 | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Long-term debt | 149,799 |
Total | 149,799 |
Years 4 and Onwards | |
Disclosure Of Maturity Analysis For Nonderivative Financial Liabilities [Line Items] | |
Long-term debt | 639,822 |
Total | $ 639,822 |
Financial Instruments and Fai_5
Financial Instruments and Fair Value Disclosures - Summary of Valuation Techniques and Key Inputs Used in Fair Value Measurement of Significant Level 2 Financial Instruments (Details) - Level 2 | 12 Months Ended |
Mar. 31, 2019 | |
AusCann Options | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Black-Scholes option pricing model |
Key inputs | Quoted prices in active market |
TerrAscend Warrants | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Black-Scholes option pricing model |
Key inputs | Quoted prices in active market |
Convertible senior note | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Convertible note pricing model |
Key inputs | Quoted prices in over-the-counter broker market |
Financial Instruments and Fai_6
Financial Instruments and Fair Value Disclosures - Summary of Valuation Techniques and Significant Unobservable Inputs in Fair Value Measurement of Level 3 Financial Instruments (Details) - Level 3 | 12 Months Ended |
Mar. 31, 2019 | |
TerrAscend exchangeable shares | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Put option pricing model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
HydRx Shares | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Market approach |
Significant unobservable inputs | Share price |
Relationship of unobservable inputs to fair value | Increase or decrease in share price will result in an increase or decrease in fair value |
Agripharm Repayable Rebenture | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
Agripharm royalty interest and repayable debenture | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Future royalties |
Relationship of unobservable inputs to fair value | Increase in future royalties to be paid will result in an increase in fair value |
SLANG warrant | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Black-Scholes option pricing model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
BC Tweed and Vert Mirabel put liabilities discount rate | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
BC Tweed and Vert Mirabel put liabilities future wholesale price and production levels | |
Disclosure Of Financial Instruments [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Future wholesale price and production levels |
Relationship of unobservable inputs to fair value | Increase in future wholesale price and production levels will result in an increase in fair value |
Capital Management - Additional
Capital Management - Additional Information (Details) - CAD ($) | 12 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disclosure Of Financial Risk Management [Line Items] | ||
Dividends payable to shareholders | $ 0 | |
Total managed capital | 8,187,423,000 | $ 1,251,660,000 |
Proceeds from issuance of common shares and warrants | 5,072,500,000 | 470,670,000 |
Constellation Brands Inc | ||
Disclosure Of Financial Risk Management [Line Items] | ||
Proceeds from issuance of common shares and warrants | $ 5,072,500,000 | $ 5,072,500 |
Subsequent Events - Acquisition
Subsequent Events - Acquisition of C3 - Additional Information (Details) - CAD ($) $ in Thousands | May 02, 2019 | Mar. 31, 2019 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Consideration paid in cash | $ 397,372 | |
C3 | Major Business Combination | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Percentage of voting equity interests acquired | 100.00% | |
Consideration paid in cash | $ 357,167 |
Subsequent Events - Acquisiti_2
Subsequent Events - Acquisition of ThisWorks - Additional Information (Details) - CAD ($) $ in Thousands | May 22, 2019 | Mar. 31, 2019 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Consideration paid in cash | $ 397,372 | |
ThisWorks | Major Business Combination | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Percentage of voting equity interests acquired | 100.00% | |
Consideration paid in cash | $ 73,800 |
Subsequent Events - Proposed Ac
Subsequent Events - Proposed Acreage Transaction - Additional Information (Details) | Apr. 18, 2019CAD ($)sharesWarrant$ / shares | Mar. 31, 2019CAD ($) |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Total consideration | $ | $ 1,602,076,000 | |
Acreage Holdings Inc | Major Business Combination | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Number of final warrants replaced by tranches of warrants | Warrant | 2 | |
Maximum credit on aggregate exercise price of Tranche B and C warrants | $ | $ 1,583,000 | |
Percentage of shares of common stock issuable | 25.00% | |
Percentage Of implied enterprise value of Acreage | 25.00% | |
Acreage Holdings Inc | Major Business Combination | Minimum | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Number of common shares issued | 27,378,866 | |
Acreage Holdings Inc | Major Business Combination | Tranche B Warrants [member] | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Number of warrants shares | 38,500,000 | |
Number of common shares issued | 38,500,000 | |
Fixed price per share | $ / shares | $ 76.68 | |
Acreage Holdings Inc | Major Business Combination | Tranche C Warrants [member] | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Number of warrants shares | 12,800,000 | |
Number of common shares issued | 12,800,000 | |
Acreage Holdings Inc | Major Business Combination | New Warrants | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Extension of expiration date | Nov. 1, 2023 | |
Acreage Holdings Inc | Major Business Combination | Final Warrants | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Extension of expiration date | Nov. 1, 2026 | |
Constellation [member] | Major Business Combination | Tranche B Warrants [member] | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Number of warrants decrease expected for each share repurchased | Warrant | 1 | |
Constellation [member] | Major Business Combination | Tranche B Warrants [member] | Maximum | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Number of instruments acquired | 20,000,000 | |
Arrangement Agreement | Acreage Holdings Inc | Major Business Combination | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Percentage of voting equity interests acquired | 100.00% | |
Arrangement Agreement | Acreage Holdings Inc | Major Business Combination | Acreage Subordinated Voting Shares | Acreage Holdings Inc | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Total consideration | $ | $ 300,000,000 | |
Share issue price | $ / shares | $ 2.55 | |
Share exchange ratio | 58.18% | |
Total consideration payable | $ | $ 3,400,000,000 | |
Arrangement Agreement | Acreage Holdings Inc | Major Business Combination | Canopy Shares | ||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | ||
Description of price per share | 30-day volume |
Subsequent Events - Repayment o
Subsequent Events - Repayment of ATB Financing - Additional Information (Details) - CAD ($) $ in Thousands | Jun. 14, 2019 | Mar. 31, 2019 | Mar. 31, 2018 |
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||
Loan payable | $ 4,680 | $ 1,512 | |
Alberta Treasury Board Financing | |||
Disclosure Of Nonadjusting Events After Reporting Period [Line Items] | |||
Loan payable | $ 95,180 | ||
Interest payable | $ 180 |