Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Jun. 30, 2020 | Aug. 07, 2020 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2020 | |
Document Fiscal Year Focus | 2021 | |
Document Fiscal Period Focus | Q1 | |
Entity Registrant Name | Canopy Growth Corporation | |
Entity Central Index Key | 0001737927 | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Current Fiscal Year End Date | --03-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 371,272,132 | |
Entity Shell Company | false | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Title of 12(b) Security | Common shares, no par value | |
Trading Symbol | CGC | |
Security Exchange Name | NYSE | |
Entity File Number | 001-38496 | |
Entity Incorporation, State or Country Code | Z4 | |
Entity Tax Identification Number | 00-0000000 | |
Entity Address, Address Line One | 1 Hershey Drive | |
Entity Address, City or Town | Smith Falls | |
Entity Address, State or Province | ON | |
Entity Address, Postal Zip Code | K7A 0A8 | |
City Area Code | 855 | |
Local Phone Number | 558-9333 | |
Document Quarterly Report | true | |
Document Transition Report | false |
Condensed Interim Consolidated
Condensed Interim Consolidated Balance Sheets (Unaudited) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 975,870 | $ 1,303,176 |
Short-term investments | 1,060,901 | 673,323 |
Restricted short-term investments | 16,436 | 21,539 |
Amounts receivable, net | 72,578 | 90,155 |
Inventory | 389,800 | 391,086 |
Prepaid expenses and other assets | 98,362 | 85,094 |
Total current assets | 2,613,947 | 2,564,373 |
Equity method investments | 58,654 | 65,843 |
Other financial assets | 273,624 | 249,253 |
Property, plant and equipment | 1,508,668 | 1,524,803 |
Intangible assets | 444,199 | 476,366 |
Goodwill | 1,929,418 | 1,954,471 |
Other assets | 17,320 | 22,636 |
Total assets | 6,845,830 | 6,857,745 |
Current liabilities: | ||
Accounts payable | 89,368 | 123,393 |
Other accrued expenses and liabilities | 82,981 | 64,994 |
Current portion of long-term debt | 22,570 | 16,393 |
Other liabilities | 124,757 | 215,809 |
Total current liabilities | 319,676 | 420,589 |
Long-term debt | 477,836 | 449,022 |
Deferred income tax liabilities | 45,816 | 47,113 |
Other liabilities | 168,239 | 190,660 |
Total liabilities | 1,583,689 | 1,679,875 |
Commitments and contingencies | ||
Redeemable noncontrolling interest | 81,600 | 69,750 |
Canopy Growth Corporation shareholders' equity: | ||
Common shares - $nil par value; Authorized - unlimited number of shares; Issued - 370,865,639 shares and 350,112,927 shares, respectively | 6,724,245 | 6,373,544 |
Additional paid-in capital | 2,520,371 | 2,615,155 |
Accumulated other comprehensive income | 152,415 | 220,899 |
Deficit | (4,431,737) | (4,323,236) |
Total Canopy Growth Corporation shareholders' equity | 4,965,294 | 4,886,362 |
Noncontrolling interests | 215,247 | 221,758 |
Total shareholders' equity | 5,180,541 | 5,108,120 |
Total liabilities and shareholders' equity | 6,845,830 | 6,857,745 |
Acreage | ||
Current liabilities: | ||
Liability arising from Acreage Arrangement | 285,000 | 250,000 |
Warrant | ||
Current liabilities: | ||
Derivative liability | $ 287,122 | $ 322,491 |
Condensed Interim Consolidate_2
Condensed Interim Consolidated Balance Sheets (Parenthetical) (Unaudited) - shares | Jun. 30, 2020 | Mar. 31, 2020 |
Statement Of Financial Position [Abstract] | ||
Common stock, shares issued | 370,865,639 | 350,112,927 |
Condensed Interim Consolidate_3
Condensed Interim Consolidated Statements of Operations and Comprehensive Loss (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Income Statement [Abstract] | ||
Revenue | $ 119,088 | $ 103,391 |
Excise taxes | 8,672 | 12,909 |
Net revenue | 110,416 | 90,482 |
Cost of goods sold | 103,921 | 72,192 |
Gross margin | 6,495 | 18,290 |
Operating expenses | ||
Selling, general and administrative expenses | 135,392 | 145,647 |
Share-based compensation | 30,685 | 87,362 |
Asset impairment and restructuring costs | 12,794 | |
Total operating expenses | 178,871 | 233,009 |
Operating loss | (172,376) | (214,719) |
Loss from equity method investments | (7,189) | (1,833) |
Other income (expense), net | 48,205 | 32,768 |
Loss before income taxes | (131,360) | (183,784) |
Income tax recovery (expense) | 3,038 | (10,267) |
Net loss | (128,322) | (194,051) |
Net loss attributable to noncontrolling interests and redeemable noncontrolling interest | (19,821) | (8,182) |
Net loss attributable to Canopy Growth Corporation | $ (108,501) | $ (185,869) |
Basic and diluted loss per share | $ (0.30) | $ (0.54) |
Basic and diluted weighted average common shares outstanding | 363,763,347 | 346,779,156 |
Comprehensive loss: | ||
Net loss | $ (128,322) | $ (194,051) |
Other comprehensive (loss) income, net of income tax effect | ||
Fair value changes of own credit risk of financial liabilities | (15,360) | 14,610 |
Foreign currency translation | (53,124) | (60,744) |
Total other comprehensive loss, net of income tax effect | (68,484) | (46,134) |
Comprehensive loss | (196,806) | (240,185) |
Comprehensive loss attributable to noncontrolling interests and redeemable noncontrolling interest | (19,821) | (8,182) |
Comprehensive loss attributable to Canopy Growth Corporation | $ (176,985) | $ (232,003) |
Condensed Interim Consolidate_4
Condensed Interim Consolidated Statements of Shareholder's Equity (Unaudited) - CAD ($) $ in Thousands | Total | Common Shares | Additional Paid-in capitalShare-based Reserve | Additional Paid-in capitalWarrant | Additional Paid-in capitalOwnership Changes | Additional Paid-in capitalRedeemable Noncontrolling Interest | Accumulated Other Comprehensive Income (Loss) | Deficit | Noncontrolling Interests |
Beginning balance at Mar. 31, 2019 | $ 7,065,708 | $ 6,029,222 | $ 505,172 | $ 1,589,925 | $ (500,963) | $ (2,110) | $ (5,905) | $ (835,118) | $ 285,485 |
Other issuances of common shares and warrants | (74) | 18,600 | (18,674) | ||||||
Exercise of warrants | 427 | 897 | (470) | ||||||
Exercise of Omnibus Plan stock options | 16,077 | 28,671 | (12,594) | ||||||
Share-based compensation | 84,769 | 84,769 | |||||||
Acreage warrant modification | (1,117,639) | 1,049,153 | (2,166,792) | ||||||
Changes in redeemable noncontrolling interest | (2,100) | 615 | (2,715) | ||||||
Ownership changes relating to noncontrolling interests | 2,680 | (150) | 2,830 | ||||||
Comprehensive loss | (240,185) | (46,134) | (185,869) | (8,182) | |||||
Ending balance at Jun. 30, 2019 | 5,809,663 | 6,077,390 | 558,673 | 2,638,608 | (501,113) | (1,495) | (52,039) | (3,187,779) | 277,418 |
Beginning balance at Mar. 31, 2020 | 5,108,120 | 6,373,544 | 517,741 | 2,638,951 | (501,403) | (40,134) | 220,899 | (4,323,236) | 221,758 |
Other issuances of common shares and warrants | (584) | 26,214 | (26,798) | ||||||
Exercise of warrants | 244,990 | 315,256 | (70,266) | ||||||
Exercise of Omnibus Plan stock options | 4,722 | 9,231 | (4,509) | ||||||
Share-based compensation | 29,140 | 29,140 | |||||||
Changes in redeemable noncontrolling interest | (11,850) | (22,513) | 10,663 | ||||||
Ownership changes relating to noncontrolling interests | 2,809 | 162 | 2,647 | ||||||
Comprehensive loss | (196,806) | (68,484) | (108,501) | (19,821) | |||||
Ending balance at Jun. 30, 2020 | $ 5,180,541 | $ 6,724,245 | $ 515,574 | $ 2,568,685 | $ (501,241) | $ (62,647) | $ 152,415 | $ (4,431,737) | $ 215,247 |
Condensed Interim Consolidate_5
Condensed Interim Consolidated Statements of Cash Flows (Unaudited) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (128,322) | $ (194,051) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation of property, plant and equipment | 17,415 | 13,587 |
Amortization of intangible assets | 16,632 | 7,165 |
Share of loss on equity method investments | 7,189 | 1,833 |
Share-based compensation | 30,685 | 87,362 |
Asset impairment and restructuring costs | 12,794 | |
Income tax (recovery) expense | (3,038) | 10,267 |
Non-cash foreign currency | 8,688 | 2,834 |
Change in operating assets and liabilities, net of effects from purchases of businesses: | ||
Amounts receivable | 17,577 | 13,506 |
Prepaid expenses and other assets | (16,059) | (24,009) |
Inventory | (10,772) | (50,716) |
Accounts payable and accrued liabilities | 3,755 | (12,582) |
Other, including non-cash fair value adjustments | (75,090) | (13,486) |
Net cash used in operating activities | (118,546) | (158,290) |
Cash flows from investing activities: | ||
Purchases of and deposits on property, plant and equipment | (61,547) | (211,824) |
Purchases of intangible assets | (3,088) | (7,692) |
Proceeds on sale of intangible assets | 18,337 | |
(Purchases) redemption of short-term investments | (382,486) | 687,818 |
Investments in equity method investments | (2,824) | |
Investments in other financial assets | (2,564) | (29,414) |
Investment in Acreage Arrangement | (395,190) | |
Recovery of amounts related to construction financing | 10,000 | |
Payment of acquisition related liabilities | (4,511) | (21,447) |
Net cash outflow on acquisition of noncontrolling interests | (125) | |
Net cash outflow on acquisition of subsidiaries | (425,024) | |
Net cash used in investing activities | (425,984) | (405,597) |
Cash flows from financing activities: | ||
Payment of share issue costs | (595) | (74) |
Proceeds from issuance of shares by Canopy Rivers | 92 | 86 |
Proceeds from exercise of stock options | 4,722 | 16,077 |
Proceeds from exercise of warrants | 244,990 | 427 |
Issuance of long-term debt | 4,439 | |
Repayment of long-term debt | (6,345) | (98,207) |
Net cash provided by (used in) financing activities | 247,303 | (81,691) |
Effect of exchange rate changes on cash and cash equivalents | (30,079) | (18,620) |
Net decrease in cash and cash equivalents | (327,306) | (664,198) |
Cash and cash equivalents, beginning of period | 1,303,176 | 2,480,830 |
Cash and cash equivalents, end of period | 975,870 | 1,816,632 |
Cash received during the period: | ||
Income taxes | 2,000 | |
Cash paid during the period: | ||
Income taxes | 408 | |
Noncash investing and financing activities | ||
Additions to property, plant and equipment | $ 17,337 | $ 124,427 |
Description of Business
Description of Business | 3 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Description of Business | 1 Canopy Growth Corporation is a publicly traded corporation, incorporated in Canada, with its head office located at 1 Hershey Drive, Smiths Falls, Ontario. References in these condensed interim consolidated financial statements to “Canopy Growth” or “the Company” refer to Canopy Growth Corporation and its subsidiaries. The principal activities of the Company are the production, distribution and sale of 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, and Asia / Pacific. 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 | 3 Months Ended |
Jun. 30, 2020 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Basis of Presentation | 2 These condensed interim consolidated financial statements have been presented in Canadian dollars and are prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”). Canopy Growth has determined that the Canadian dollar is the most relevant and appropriate reporting currency as, despite continuing shifts in the relative size of our operations across multiple geographies, the majority of our operations are conducted in Canadian dollars and our financial results are prepared and reviewed internally by management in Canadian dollars. Our condensed interim consolidated financial statements, and the financial information contained herein, are reported in thousands of Canadian dollars, except share and per share amounts or as otherwise stated. Certain information and footnote disclosures normally included in the audited annual consolidated financial statements prepared in accordance with U.S. GAAP have been omitted or condensed. These condensed interim consolidated financial statements should be read in conjunction with the audited consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended March 31, 2020 (the “Annual Report”), and have been prepared on a basis consistent with the accounting policies as described in the Annual Report. These condensed interim consolidated financial statements are unaudited and reflect adjustments (consisting of normal recurring adjustments) that are, in the opinion of management, necessary to provide a fair statement of results for the interim periods in accordance with U.S. GAAP. The results reported in these condensed interim consolidated financial statements should not be regarded as necessarily indicative of results that may be expected for an entire fiscal year. The policies set out below are consistently applied to all periods presented, unless otherwise noted. Principles of consolidation The accompanying condensed interim consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation. Information on the Company’s subsidiaries with noncontrolling interests is included in Note 21. Variable interest entities A variable interest entity (“VIE”) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity’s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under Accounting Standards Codification (“ASC”) 810 – Consolidations Equity method investments Investments accounted for using the equity method include those investments where the Company (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, and subsequently adjusted for the Company’s share of net income (loss), comprehensive income (loss) and distributions received from the investee. If the current fair value of an investment falls below its carrying amount, this may indicate that an impairment loss should be recorded. Any impairment losses recognized are not reversed in subsequent periods. Refer to Note 9 for additional information on the Company’s investments accounted for using the equity method. Use of estimates The preparation of these condensed interim consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. New accounting policies Recently Adopted Accounting Pronouncements Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Canopy Growth adopted the new standard as of April 1, 2020. There was no impact of adopting ASU 2016-13 on the condensed interim consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) Accounting Guidance not yet adopted Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |
Asset Impairment and Restructur
Asset Impairment and Restructuring Costs | 3 Months Ended |
Jun. 30, 2020 | |
Restructuring And Related Activities [Abstract] | |
Asset Impairment and Restructuring Costs | 3. ASSET IMPAIRMENT AND RESTRUCTURING COSTS In the year ended March 31, 2020, the Company commenced an organizational and strategic review of its business which resulted in several restructuring actions designed to improve organizational focus, streamline operations and align the Company’s production capability with projected demand. In the three months ended June 30, 2020, the Company completed certain of the restructuring actions that had commenced in the previous fiscal year, and recorded final adjustments related to changes in certain estimates recorded at March 31, 2020. In addition, the Company incurred additional costs in the three months ended June 30, 2020, related primarily to the rationalization of our marketing organization in the current period. As a result, in the three months ended June 30, 2020, the Company recognized asset impairment and restructuring costs of $12,794 in relation to (i) costs associated with the closure of certain of the Company’s Canadian production facilities; (ii) completing the exit of the Company’s operations in South Africa and Lesotho; and (iii) employee-related costs associated with rationalizing certain marketing activities. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 3 Months Ended |
Jun. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Cash and Cash Equivalents | 4. CASH AND CASH EQUIVALENTS The components of cash and cash equivalents are as follows: June 30, March 31, 2020 2020 Cash $ 508,047 $ 679,581 Cash equivalents 467,823 623,595 $ 975,870 $ 1,303,176 |
Short-term Investments
Short-term Investments | 3 Months Ended |
Jun. 30, 2020 | |
Short Term Investments [Abstract] | |
Short-term Investments | 5. SHORT-TERM INVESTMENTS The components of short-term investments are as follows: June 30, March 31, 2020 2020 Term deposits $ 626,470 $ 374,000 Government securities 195,789 226,087 Commercial paper and other 238,642 73,236 $ 1,060,901 $ 673,323 The amortized cost of short-term investments at June 30, 2020 is $1,060,890 (March 31, 2020 – $673,022). |
Amounts Receivable, Net
Amounts Receivable, Net | 3 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Amounts Receivable, Net | 6. AMOUNTS RECEIVABLE, NET The components of amounts receivable, net are as follows: June 30, March 31, 2020 2020 Accounts receivable, net $ 42,222 $ 51,166 Interest receivable 14,215 10,303 Indirect taxes receivable 5,348 22,982 Other receivables 10,793 5,704 $ 72,578 $ 90,155 Included in the accounts receivable, net balance at June 30, 2020 is an allowance for doubtful accounts of $917 (March 31, 2020 – $655) |
Inventory
Inventory | 3 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Inventory | 7. INVENTORY The components of inventory are as follows: June 30, March 31, 2020 2020 Raw materials, packaging supplies and consumables $ 49,581 $ 75,507 Work in progress 260,028 255,934 Finished goods 80,191 59,645 $ 389,800 $ 391,086 In the three months ended June 30, 2020, the Company recorded write-downs related to inventory of $19,386 (three months ended June 30, 2019 – $4,789) |
Prepaid Expenses and Other Asse
Prepaid Expenses and Other Assets | 3 Months Ended |
Jun. 30, 2020 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Prepaid Expenses and Other Assets | 8. PREPAID EXPENSES AND OTHER ASSETS The components of prepaid expenses and other assets are as follows: June 30, March 31, 2020 2020 Prepaid expenses $ 51,202 $ 41,423 Deposits 18,752 7,773 Prepaid inventory 17,160 21,217 Other assets 11,248 14,681 $ 98,362 $ 85,094 |
Equity Method Investments
Equity Method Investments | 3 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Equity Method Investments | 9. EQUITY METHOD INVESTMENTS The following table presents changes in the Company’s investments in associates that are accounted for using the equity method in the three months ended June 30, 2020: Balance at Share of Balance at Ownership March 31, net (loss) June 30, Entity Instrument percentage 2020 income 2020 PharmHouse Shares 49% $ 37,025 $ (4,656 ) $ 32,369 More Life Shares 40% 10,300 - 10,300 CanapaR Shares 49% 8,500 (329 ) 8,171 Agripharm Shares 40% 5,000 (2,937 ) 2,063 Other Shares 18%-27% 5,018 733 5,751 $ 65,843 $ (7,189 ) $ 58,654 Where the Company does not have the same reporting date as its investees, the Company will account for its investment one quarter in arrears. Accordingly, certain of the figures in the above table, including the Company’s share of the investee’s net income (loss), are based on the investees’ results for the three months ended March 31, 2020 (with respect to June 30, 2020) with adjustments for any signficant transactions. The following tables present current and non-current assets, current and non-current liabilities as well as revenues and net loss of the Company’s equity method investments as at and for the three months ended March 31, 2020: Current Non-current Current Non-current Entity assets assets liabilities liabilities Revenue Net loss PharmHouse $ 9,193 $ 167,022 $ 85,463 $ 80,176 $ - $ (9,019 ) CanapaR 14,006 11,328 2,126 - 110 (669 ) Agripharm 6,992 25,034 25,153 1,719 2,468 (7,342 ) Other 10,317 22,360 3,996 11,462 1,928 (2,588 ) $ 40,508 $ 225,744 $ 116,738 $ 93,357 $ 4,506 $ (19,618 ) |
Other Financial Assets
Other Financial Assets | 3 Months Ended |
Jun. 30, 2020 | |
Schedule Of Investments [Abstract] | |
Other Financial Assets | 10. OTHER FINANCIAL ASSETS The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments are calculated are included in Note 22. Exercise of Balance at options / Balance at March 31, Fair value disposal June 30, Entity Instrument 2020 Additions changes of shares 2020 TerrAscend Canada Term loan / debenture $ 53,820 $ - $ 10,960 $ - $ 64,780 TerrAscend Exchangeable shares 47,000 - 6,000 - 53,000 TerrAscend Warrants 25,004 - 10,306 - 35,310 PharmHouse Loan receivable 40,000 - - - 40,000 ZeaKal Shares 14,186 - (586 ) - 13,600 Agripharm Royalty interest 12,600 - 900 - 13,500 Greenhouse Convertible debenture 10,517 - (17 ) - 10,500 Other - classified as fair value through net income (loss) Various 22,495 481 (4,628 ) - 18,348 Other - elected as fair value through net income (loss) Various 9,483 1,519 (1,128 ) - 9,874 Other - classified as held for investment Loan receivable 14,148 600 - (36 ) 14,712 $ 249,253 $ 2,600 $ 21,807 $ (36 ) $ 273,624 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Property, Plant and Equipment | 11. PROPERTY, PLANT AND EQUIPMENT The components of property, plant and equipment are as follows: June 30, March 31, 2020 2020 Buildings and greenhouses $ 880,329 $ 876,732 Production and warehouse equipment 287,002 300,666 Leasehold improvements 76,862 75,964 Land 71,355 65,003 Office and lab equipment 28,538 29,978 Computer equipment 31,844 30,744 Right-of-use-assets Buildings and greenhouses 148,743 169,754 Production and warehouse equipment 666 927 Assets in process 371,626 365,644 1,896,965 1,915,412 Less: Accumulated depreciation (388,297 ) (390,609 ) $ 1,508,668 $ 1,524,803 Depreciation expense included in cost of goods sold for the three months ended June 30, 2020 is $14,786 (three months ended June 30, 2019 – $9,316). Depreciation expense included in selling, general and administrative expenses for the three months ended June 30, 2020 is $2,629 (three months ended June 30, 2019 – $4,271). |
Intangible Assets
Intangible Assets | 3 Months Ended |
Jun. 30, 2020 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Intangible Assets | 12. INTANGIBLE ASSETS The components of intangible assets are as follows: June 30, 2020 March 31, 2020 Gross Net Gross Net Carrying Carrying Carrying Carrying Amount Amount Amount Amount Finite lived intangible assets Licensed brands $ 65,826 $ 49,218 $ 66,227 $ 53,797 Distribution channel 73,721 43,622 74,768 47,117 Health Canada and operating licenses 56,200 49,132 63,631 57,250 Intellectual property 220,142 190,843 240,386 215,044 Software and domain names 24,238 17,966 16,056 10,013 Amortizable intangibles in process 4,083 4,083 9,590 9,590 Total 444,210 354,864 470,658 392,811 Indefinite lived intangible assets Operating licenses $ 8,000 $ 7,000 Acquired brands 81,335 76,555 Total intangible assets $ 444,199 $ 476,366 Amortization expense included in cost of goods sold for the three months ended June 30, 2020 is $702 (three months ended June 30, 2019 – $12). Amortization expense included in selling, general and administrative expenses for the three months ended June 30, 2020 is $15,930 (three months ended June 30, 2019 – $7,153 |
Goodwill
Goodwill | 3 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill | 13. GOODWILL The changes in the carrying amount of goodwill are as follows: Balance, March 31, 2019 $ 1,489,859 Purchase accounting allocations 443,724 Finalization of S&B purchase price allocation (24,990 ) Foreign currency translation adjustments 45,878 Balance, March 31, 2020 1,954,471 Foreign currency translation adjustments (25,053 ) Balance, June 30, 2020 $ 1,929,418 |
Other Accrued Expenses and Liab
Other Accrued Expenses and Liabilities | 3 Months Ended |
Jun. 30, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Other Accrued Expenses and Liabilities | 14. OTHER ACCRUED EXPENSES AND LIABILITIES The components of other accrued expenses and liabilities are as follows: June 30, March 31, 2020 2020 Property, plant and equipment $ 2,576 $ 1,173 Professional fees 15,725 7,677 Employee compensation 41,036 33,415 Other 23,644 22,729 $ 82,981 $ 64,994 |
Debt
Debt | 3 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Debt | 15. DEBT The components of debt are as follows: Convertible senior notes June 30, March 31, Maturity Date 2020 2020 Convertible senior notes at 4.25% interest with semi-annual interest payments July 15, 2023 Principal amount $ 600,000 $ 600,000 Accrued interest 11,898 5,454 Non-credit risk fair value adjustment (13,230 ) (27,120 ) Credit risk fair value adjustment (112,770 ) (128,130 ) 485,898 450,204 Transferred receivables, bearing interest rate of EURIBOR plus 0.850% 4,439 4,678 Other revolving debt facility, loan, and financings 10,069 10,533 500,406 465,415 Less: current portion (22,570 ) (16,393 ) Long-term portion $ 477,836 $ 449,022 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. 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 equity conversion feature did not meet the equity classification guidance, therefore the Company elected the fair value option under ASC 825 – Fair Value Measurements The overall change in fair value of the notes during the three months ended June 30, 2020, was an increase of $35,694 (three months ended June 30, 2019 a decrease of $46,056), which included contractual interest of $6,444 (three months ended June 30, 2019, interest of $6,444). Refer to Note 22 for additional details on how the fair value of the notes is calculated. Transferred receivables The carrying amount of the transferred receivables include receivables which are subject to a factoring arrangement. Under this agreement, C 3 3 Other revolving debt facility, loans, and financings On August 13, 2019, the Company, through its wholly owned subsidiary, Tweed Farms Inc., entered into a $40,000 revolving debt facility with Farm Credit Canada (“FCC”). The new facility replaces the previous loans with FCC and is secured by the Company’s property in Niagara-on-the-Lake. The extinguishment of $4,912 in previous FCC debt resulted in no gain or loss. The current outstanding balance of the FCC debt facility is $5,268 with an interest rate of 3.45%, or FCC prime rate plus 1.0%, and matures on September 3, 2024. The revolving debt facility with FCC is secured by a first charge on the properties in Niagara-on-the-Lake, Ontario, a corporate guarantee from the Company, and a general corporate security agreement . |
Other Liabilities
Other Liabilities | 3 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Other Liabilities | 16. OTHER LIABILITIES The components of other liabilities are as follows: As at June 30, 2020 As at March 31, 2020 Current Long-term Total Current Long-term Total Acquisition consideration related liabilities $ 52,318 $ 13,749 $ 66,067 $ 104,028 $ 9,791 $ 113,819 Lease liabilities 38,308 97,010 135,318 40,356 120,047 160,403 Minimum royalty obligations 11,437 49,043 60,480 9,368 50,445 59,813 Refund liability 8,433 - 8,433 17,586 - 17,586 Settlement liability 1,411 6,636 8,047 33,162 7,932 41,094 Other 12,850 1,801 14,651 11,309 2,445 13,754 $ 124,757 $ 168,239 $ 292,996 $ 215,809 $ 190,660 $ 406,469 |
Redeemable Noncontrolling Inter
Redeemable Noncontrolling Interest | 3 Months Ended |
Jun. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Redeemable Noncontrolling Interest | 17. REDEEMABLE NONCONTROLLING INTEREST The net changes in the redeemable noncontrolling interests are as follows: Vert Mirabel BioSteel Total As at March 31, 2020 $ 20,250 $ 49,500 $ 69,750 Loss attributable to noncontrolling interest (9,253 ) (1,410 ) (10,663 ) Adjustments to redemption amount 18,803 3,710 22,513 As at June 30, 2020 $ 29,800 $ 51,800 $ 81,600 Vert Mirabel As at March 31, 2019 $ 6,400 Income attributable to noncontrolling interest 2,715 Adjustments to redemption amount (615 ) As at June 30, 2019 $ 8,500 |
Share Capital
Share Capital | 3 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Share Capital | 18. SHARE CAPITAL CANOPY GROWTH Authorized An unlimited number of common shares. (i) Equity financings There were no equity financings during the three months ended June 30, 2020 (June 30, 2019 - none). (ii) Other issuances of common shares During the three months ended June 30, 2020, the Company issued the following shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of shares Share capital Share based reserve Completion of acquisition milestones 751,922 $ 12,079 $ (12,079 ) Other issuances 412,417 14,135 (14,719 ) Total 1,164,339 $ 26,214 $ (26,798 ) During the three months ended June 30, 2019, the Company issued the following shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of shares Share capital Share based reserve Completion of acquisition milestones 482,321 $ 18,674 $ (18,674 ) Other issuances - (74 ) - Total 482,321 $ 18,600 $ (18,674 ) (iii) Warrants Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2020 1 146,299,443 $ 52.44 $ 2,638,951 Exercise of warrants (18,876,901 ) 12.98 (70,266 ) Balance outstanding at June 30, 2020 1 127,422,542 $ 58.29 $ 2,568,685 1 Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2019 107,848,322 $ 43.80 $ 1,589,925 Tranche A warrant modification - - 1,049,153 Issuance of Tranche B warrants 38,454,444 76.68 - Exercise of warrants (12,060 ) 35.36 (470 ) Balance outstanding at June 30, 2019 1 146,290,706 $ 52.44 $ 2,638,608 1 CANOPY RIVERS Authorized capital Canopy Rivers Inc. (“Canopy Rivers”) is authorized to issue an unlimited number of Class A common shares designated as subordinated voting shares (the “Subordinated Voting Shares”) and unlimited number of Class B common shares designated as multiple voting shares (the “Multiple Voting Shares”). Each Subordinated Voting Share carries the right to one vote per share and each Multiple Voting Share carries the right to 20 votes per share at all meetings of the shareholders of Canopy Rivers. 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 Canopy Rivers. Issued and outstanding As at June 30, 2020, Canopy Rivers had 36,468,318 Multiple Voting Shares (March 31, 2020 – 36,468,318) and 153,500,256 Subordinated Voting Shares (March 31, 2020 – 152,837,131) issued and outstanding. As at June 30, 2020, the Company held 36,468,318 Multiple Voting Shares (March 31, 2020 – 36,468,318) and 15,223,938 Subordinated Voting shares (March 31, 2020 – 15,223,938) which represented a 27.2% ownership interest in Canopy Rivers and 84.3% of the voting rights (March 31, 2020 – 27.3% and 84.4% 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. Financings There were no financings during the three months ended June 30, 2020, other than the release of shares related to share purchase financing as noted below. Initial financing 10,066,668 Subordinated Voting Shares were acquired by certain employees of the Company and another individual by way of share purchase loans, whereby funds were advanced to Canopy Rivers by the Company on behalf of such individuals. These Subordinated Voting Shares were initially accounted for as seed capital options and are not considered issued for accounting purposes until the loans are repaid on an individual employee/consultant basis. During the three months ended June 30, 2020, share purchase loans in the amount of $32 (three months ended June 30, 2019 – $19) relating to Canopy Rivers shares held in trust by the Company on behalf of certain Canopy Growth employees were repaid, resulting in the release from escrow of 638,891 Subordinated Voting Shares (three months ended June 30, 2019 – 377,775). As at June 30, 2020, there were 2,166,669 seed capital options outstanding (March 31, 2020 – 2,805,560). Please refer to Note 19 for additional details on the seed capital options Share buyback On April 2, 2020, Canopy Rivers received approval from the Toronto Stock Exchange (“TSX”) to commence a normal course issuer bid (“NCIB”) to purchase up to 10,409,961 Subordinated Voting Shares, representing 10% of Canopy Rivers’ issued and outstanding Subordinated Voting Shares, in the open market or as otherwise permitted by the TSX, subject to the normal terms and limitations of such bids. The NCIB will expire on April 1, 2021. Daily purchases are limited to 70,653 Subordinating Voting Shares, representing 25% of the average daily trading volume on the TSX over a specified period. The NCIB may be utilized at the sole discretion of Canopy Rivers, with no contractual obligation to purchase any specified number of shares. All Subordinated Voting Share purchases made by Canopy Rivers under the NCIB will be funded out of Canopy Rivers’ working capital and will be cancelled immediately. During the three months ended June 30, 2020, Canopy Rivers repurchased and cancelled a total of 109,100 Subordinated Voting Shares under the NCIB program for $125, at a weighted average acquisition price of $1.14 per share (three months ended June 30, 2019 – not applicable). |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Jun. 30, 2020 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Share-Based Compensation | 19. SHARE-BASED COMPENSATION CANOPY GROWTH CORPORATION SHARE-BASED COMPENSATION PLAN Canopy Growth's eligible employees participate in a share-based compensation plan as noted below. On September 15, 2017, shareholders approved an Omnibus Incentive Plan (as amended and restated, the “Omnibus Plan”) pursuant to which the Company can issue share-based long-term incentives. On July 30, 2018, shareholders of the Company approved certain amendments to the Omnibus Plan in order to increase the maximum number of shares issuable under the Omnibus Plan. All directors, officers, employees and independent contractors of the Company are eligible to receive awards of common share purchase options (“Options”), restricted share units (“RSUs”), performance share units (“PSUs”), deferred share units, stock appreciation rights (“Stock Appreciation Rights”), 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 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 55,629,846 at June 30, 2020. As of June 30, 2020, the only Awards issued have been Options, RSUs and PSUs 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 become exercisable in increments with 1/3 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. As of June 30, 2020, no common shares have been issued under the Purchase Plan. The following is a summary of the changes in the Options outstanding under the Omnibus Plan during the three months ended June 30, 2020: Options issued Weighted average exercise price Balance outstanding at March 31, 2020 32,508,395 $ 34.89 Options granted 155,800 22.20 Options exercised (711,472 ) 6.64 Options forfeited/cancelled (3,060,675 ) 39.37 Balance outstanding at June 30, 2020 28,892,048 $ 35.04 The following is a summary of the Options as at June 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at June 30, 2020 Weighted Average Remaining Contractual Life (years) Exercisable at June 30, 2020 Weighted Average Remaining Contractual Life (years) $0.06 - $24.62 5,494,833 3.37 3,415,917 2.74 $24.63 - $35.00 5,944,019 4.65 1,618,363 3.65 $35.01 - $36.80 5,941,004 4.33 2,589,127 4.12 $36.81 - $42.84 5,224,455 4.22 2,424,909 4.00 $42.85 - $67.64 6,287,737 4.65 1,511,022 4.44 28,892,048 4.26 11,559,338 3.67 At June 30, 2020, the weighted average exercise price of Options outstanding and Options exercisable was $35.04 and $31.60, respectively (March 31, 2020 – $34.89 and $31.84, respectively). The Company recorded $22,328 in share-based compensation expense related to Options issued to employees and contractors for the three months ended June 30, 2020 (three months ended June 30, 2019 – $73,093). The share-based compensation expense for the three months ended June 30, 2020 includes an amount related to 2,060,068 Options being provided in exchange for services which are subject to performance conditions (for the three months ended June 30, 2019 – The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended June 30, 2020 and 2019, on their measurement date by applying the following assumptions: June 30, June 30, 2020 2019 Risk-free interest rate 0.33% 1.41% Expected life of options (years) 3 - 5 3 - 5 Expected volatility 76% 73% Expected forfeiture rate 16% 11% Expected dividend yield nil nil Black-Scholes value of each option $12.31 $28.58 Volatility was estimated by using the historical volatility of the Company. The expected life in years represents the period of time that Options granted are expected to be outstanding. The risk-free rate was based on zero coupon Canada government bonds with a remaining term equal to the expected life of the Options. During the three months ended June 30, 2020, 711,472 Options were exercised ranging in price from $1.32 to $27.99 for gross proceeds of $4,722 (for the three months ended June 30, 2019 – For the three months ended June 30, 2020, the Company recorded $3,842 in share-based compensation expense related to these RSUs (for the three months ended June 30, 2019 – $1,394). The following is a summary of the changes in the Company’s RSUs during the three months ended June 30, 2020: Number of RSUs Balance outstanding at March 31, 2020 883,009 RSUs cancelled and forfeited (50,871 ) Balance outstanding at June 30, 2020 832,138 Share-based compensation expense related to acquisition milestones is comprised of: Three months ended June 30, June 30, 2020 2019 Canindica $ 598 $ 4,010 Spectrum Colombia - 2,259 Other 2,372 4,012 $ 2,970 $ 10,281 During the three months ended June 30, 2020, 751,922 common shares (during the three months ended June 30, 2019 – 482,321) were released on completion of acquisition milestones. At June 30, 2020, there were up to 4,090,709 common shares to be issued on the completion of acquisition and asset purchase milestones. In certain cases, the number of common shares to be issued is based on the volume weighted average share price at the time the milestones are met. The number of common shares has been estimated assuming the milestones were met at June 30, 2020. The number of common shares excludes common shares that are to be issued on July 4, 2023 to the previous shareholders of Spectrum 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. BioSteel share-based payments On October 1, 2019, the Company purchased 72% of the outstanding shares of BioSteel Sports Nutrition Inc. (“BioSteel”). BioSteel has a stock option plan under which non-transferable options to purchase common shares of BioSteel may be granted to directors, officers, employees, or independent contractors of the BioSteel. As at June 30, 2020, BioSteel had 1,014,000 (March 31, 2020 – 1,008,000) options outstanding which vest in equal tranches over a 5-year period. In determining the amount of share-based compensation related to these options, BioSteel used the Black-Scholes option pricing model to establish the fair value of options on their measurement date. The Company recorded $244 (three months ended June 30, 2019 – $nil) of share-based compensation expense related to the BioSteel options during the three months ended June 30, 2020 with a corresponding increase in noncontrolling interest. CANOPY RIVERS SHARE-BASED COMPENSATION PLAN Seed Capital Options On May 12, 2017, seed capital options were issued. These seed capital options consisted of 10,066,668 shares that were issued by way of share purchase loans. Since they were issued through loans, they are not considered issued for accounting purposes until the loan is repaid. 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 Rivers has estimated the number of shares it expects to vest and is amortizing the expense over the expected vesting period. Seed capital options issued Seed capital loan balance Balance outstanding at March 31, 2020 2,805,560 $ 140 Options exercised (638,891 ) $ (32 ) Balance outstanding at June 30, 2020 2,166,669 $ 108 Canopy Rivers has a stock option plan (the “Option 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 Canopy Rivers. Pursuant to the Option 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 and Multiple Voting Shares, on an aggregate basis. The Option Plan is administered by the Board of Directors of Canopy Rivers who establishes exercise prices, at not less than the market price at the date of the grant, and expiry dates. Options under the Option Plan generally become 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 of Directors of Canopy Rivers has the discretion to amend general vesting provisions and the term of any option grant, subject to limits contained in the Option Plan. The seed capital options are not within the scope of the Option Plan. The following is a summary of the changes in Canopy Rivers’ stock options, excluding the seed capital options presented separately, during the three months ended June 30, 2020: Options issued Weighted average exercise price Balance outstanding at March 31, 2020 13,066,004 $ 2.31 Options granted - - Options exercised (100,000 ) 0.60 Options expired (30,000 ) 3.50 Options forfeited/cancelled (218,334 ) 2.26 Balance outstanding at June 30, 2020 12,717,670 $ 2.32 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 three months ended June 30, 2020 and 2019, on their measurement date by applying the following assumptions: June 30, June 30, 2020 2019 Risk-free interest rate - 1.35% Expected life of options (years) - 3 - 4 Expected volatility - 70% Expected forfeiture rate - nil Expected dividend yield - nil Black-Scholes value of each option - $1.93 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 three months ended June 30, 2020, the Company recorded $1,184 (three months ended June 30, 2019 – $2,594) in share-based compensation expense related to these options and the seed capital options with a corresponding increase to noncontrolling interests. In the three months ended June 30, 2020, Canopy Rivers granted $225 (three months ended June 30, 2019 – $nil) worth of RSUs which vest over a one-year |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 3 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | 20. ACCUMULATED OTHER COMPREHENSIVE INCOME (LOSS) Accumulated other comprehensive income includes the following components: Foreign currency translation adjustments Changes of own credit risk of financial liabilities Accumulated other comprehensive income (loss) As at March 31, 2020 $ 126,723 $ 94,176 $ 220,899 Other comprehensive loss (53,124 ) (15,360 ) (68,484 ) As at June 30, 2020 $ 73,599 $ 78,816 $ 152,415 Foreign currency translation adjustments Changes of own credit risk of financial liabilities Accumulated other comprehensive income (loss) As at March 31, 2019 $ 41,225 $ (47,130 ) $ (5,905 ) Other comprehensive (loss) income (60,744 ) 14,610 (46,134 ) As at June 30, 2019 $ (19,519 ) $ (32,520 ) $ (52,039 ) |
Noncontrolling Interests
Noncontrolling Interests | 3 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Noncontrolling Interests | 21. NONCONTROLLING INTERESTS The net change in the noncontrolling interests is as follows: Canopy Rivers Vert Mirabel BioSteel Other non- material interests Total As at March 31, 2020 $ 211,086 $ 7,132 $ 489 $ 3,051 $ 221,758 Comprehensive loss (3,883 ) (14,528 ) (1,410 ) - (19,821 ) Net loss attributable to redeemable noncontrolling interest - 9,253 1,410 - 10,663 Share-based compensation 1,301 - 244 - 1,545 Ownership changes 852 - - - 852 Warrants 250 - - - 250 As at June 30, 2020 $ 209,606 $ 1,857 $ 733 $ 3,051 $ 215,247 Canopy Rivers Vert Mirabel Other non- material interests Total As at March 31, 2019 $ 280,012 $ 2,422 $ 3,051 $ 285,485 Comprehensive (loss) income (12,431 ) 4,249 - (8,182 ) Net income attributable to redeemable noncontrolling interest - (2,715 ) - (2,715 ) Share-based compensation 2,594 - - 2,594 Ownership changes 236 - - 236 As at June 30, 2019 $ 270,411 $ 3,956 $ 3,051 $ 277,418 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jun. 30, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 22. FAIR VALUE OF FINANCIAL INSTRUMENTS Fair value measurements are made using a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value: • Level 1 – defined as observable inputs such as quoted prices in active markets; • Level 2 – defined as inputs other than quoted prices in active markets that are either directly or indirectly observable; and • Level 3 – defined as unobservable inputs in which little or no market data exists, therefore requiring an entity to develop its own assumptions. The fair value measurement is categorized in its entirety by reference to its lowest level of significant input. The Company records cash, accounts receivable, interest receivable and, accounts payable, and other accrued expenses and liabilities at cost. The carrying values of these instruments approximate their fair value due to their short-term maturities. Unless otherwise noted, it is management's opinion that the Company is not exposed to significant interest or credit risks arising from these financial instruments. Assets and liabilities recognized or disclosed at fair value on a nonrecurring basis may include items such as property, plant and equipment, goodwill and other intangible assets, equity and other investments and other assets. We determine the fair value of these items using Level 3 inputs, as described in the related sections below. The following table represents our financial assets and liabilities measured at estimated fair value on a recurring basis: Fair value measurement using Quoted prices Significant prices in other Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total June 30, 2020 Assets: Short-term investments $ 1,060,901 $ - $ - $ 1,060,901 Restricted short-term investments 16,436 - - 16,436 Other financial assets 1,602 55 217,257 218,914 Liabilities: Convertible senior notes - 485,898 - 485,898 Liability arising from Acreage Arrangement - - 285,000 285,000 Warrant derivative liability - - 287,122 287,122 March 31, 2020 Assets: Short-term investments $ 673,323 $ - $ - $ 673,323 Restricted short-term investments 21,539 - - 21,539 Other financial assets 2,596 36 192,473 195,105 Liabilities: Convertible senior notes - 450,204 - 450,204 Liability arising from Acreage Arrangement - - 250,000 250,000 Warrant derivative liability - - 322,491 322,491 The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 2 financial instruments: Financial asset / financial liability Valuation techniques Key inputs Convertible senior 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 Acreage financial instrument Probability weighted expected return model Probability of each scenario Change in probability of occurrence in each scenario will result in a change in fair value Value and number of common shares to be issued Increase or decrease in value and number of common shares will result in a decrease or increase in fair value Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Estimated premium on US legalization Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value Control premium Increase or decrease in estimated control premium will result in an increase or decrease in fair value Synergy value to Canopy Growth Increase or decrease in estimated synergy value to Canopy Growth will result in an increase or decrease in 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 TerrAscend warrants Monte Carlo simulation model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value TerrAscend Canada term loan Discounted cash flow Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value ZeaKal shares Market approach Share price Increase or decrease in share price will result in an increase or decrease in fair value Greenhouse convertible debenture FinCAD model Share price Increase or decrease in share price will result in an increase or decrease in fair value Agripharm royalty interest and 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 or decrease in future royalties to be paid will result in an increase or decrease in fair value Warrant derivative liability Monte Carlo simulation model Volatility of common share price Increase or decrease in volatility will result in an increase or decrease in fair value Expected life Increase or decrease in expected life will result in an increase or decrease in fair value BioSteel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value Vert Mirabel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value During the three months ended June 30, 2020 and June 30, 2019, there were no transfers of amounts between levels |
Revenue
Revenue | 3 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Revenue | 23. REVENUE Revenue is dissaggregated as follows: Three months ended June 30, June 30, 2020 2019 Recreational cannabis revenue Business to business $ 42,180 $ 50,425 Business to consumer 9,330 10,638 Medical cannabis revenue Canadian 15,336 13,051 International 20,191 10,496 Other revenue 32,051 18,781 Gross revenue 119,088 103,391 Excise taxes 8,672 12,909 Net revenue $ 110,416 $ 90,482 The Company recognizes variable consideration related to estimated future product returns and price adjustments as a reduction of the transaction price at the time revenue for the corresponding product sale is recognized. Net revenue reflects actual returns and variable consideration related to estimated returns and price adjustments in the amount of $3,400 for the three months ended June 30, 2020 (three months ended June 30, 2019 – $8,000). As of June 30, 2020, the liability for estimated returns and price adjustments was $8,433 (March 31, 2020 – $17,586). |
Other Income (Expense), Net
Other Income (Expense), Net | 3 Months Ended |
Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | |
Other Income (Expense), Net | 24. OTHER INCOME (EXPENSE), NET Other income (expense), net is dissaggregated as follows: Three months ended June 30, June 30, 2020 2019 Fair value changes on other financial assets $ 21,807 $ (41,087 ) Fair value changes on liability arising from Acreage Arrangement (35,000 ) - Fair value changes on convertible senior notes (20,334 ) 31,446 Fair value change on warrant derivative liability 35,369 24,892 Fair value changes on acquisition related contingent consideration 39,983 (1,570 ) Interest income 8,993 22,718 Interest expense (1,155 ) (1,206 ) Foreign currency loss (5,959 ) (2,856 ) Other income, net 4,501 431 $ 48,205 $ 32,768 |
Income Taxes
Income Taxes | 3 Months Ended |
Jun. 30, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 25. INCOME TAXES There have been no material changes to income tax matters in connection with normal course operations during the three months ended June 30, 2020. The Company is subject to income tax in numerous jurisdictions with varying income tax rates. During the most recent period ended and the fiscal year to date, there were no material changes to the statutory income tax rates in the taxing jurisdictions where the majority of the Company’s income for tax purposes was earned, or where its temporary differences or losses are expected to be realized or settled. Although statutory income tax rates remain stable, the Company’s effective income tax rate may fluctuate, arising as a result of the Company’s evolving footprint, discrete transactions and other factors that, to the extent material, are disclosed in these financial statements. The Company continues to believe the amount of unrealized tax benefits appropriately reflects the uncertainty of items that are or may in the future be under discussion, audit, dispute or appeal with a tax authority or which otherwise result in uncertainty in the determination of income for tax purposes. If appropriate, an unrealized tax benefit will be realized in the reporting period in which the Company determines that realization is not in doubt. Where the final determined outcome is different from the Company’s estimate, such difference will impact the Company’s income taxes in the reporting period during which such determination is made. |
Acreage
Acreage | 3 Months Ended |
Jun. 30, 2020 | |
Business Combinations [Abstract] | |
Acreage Arrangement and Amendments to Cbi Investor Rights Agreement and Warrants | 26. ACREAGE ARRANGEMENT AND AMENDMENTS TO CBI INVESTOR RIGHTS AGREEMENT AND WARRANTS Acreage Arrangement On June 24, 2020 the Company and Acreage Holdings, Inc. (“Acreage”) entered into a proposal agreement (the “Proposal Agreement”) to amend the terms of the arrangement (the “Existing Arrangement”) made pursuant to an arrangement agreement (the “Arrangement Agreement”) between the Company and Acreage dated April 18, 2019, as amended on May 15, 2019. Pursuant to the terms of the Existing Arrangement, shareholders of Acreage and holders of certain securities convertible into Existing SVS (as defined below) as of June 26, 2019, received an immediate aggregate total payment of US$300,000 ($395,190) in exchange for granting Canopy Growth both the right and the obligation (the “Acreage financial instrument”) to acquire all of the issued and outstanding shares of Acreage following the occurrence or waiver of changes in U.S. federal law to permit the general cultivation, distribution, and possession of marijuana or to remove the regulation of such activities from the federal laws of the United States (the “Triggering Event”) and subject to the satisfaction or waiver of the conditions set out in the Arrangement Agreement. Pursuant to the terms of the Proposal Agreement, the Existing Arrangement will be amended (the “Amended Arrangement”) to provide for, among other things, the following: • a capital reorganization of Acreage (the “Capital Reorganization”), pursuant to which Acreage will amend its Notice of Articles and Articles to, among other things, create the Fixed Shares (as defined below), the Floating Shares (as defined below) and the Fixed Multiple Shares (as defined below) and remove the existing Acreage subordinated voting shares (the “Existing SVS”), the existing Acreage proportionate voting shares (the “Existing PVS”) and the existing Acreage multiple voting shares (the “Existing MVS”). Pursuant to the Capital Reorganization (i) each outstanding Existing SVS will be exchanged for 0.7 of a Fixed Share and 0.3 of a Floating Share; (ii) each outstanding Existing PVS will be exchanged for 28 Fixed Shares and 12 Floating Shares; and (iii) each outstanding Existing MVS will be exchanged for 0.7 of a Fixed Multiple Share and 0.3 of a Floating Share; • The new Class E subordinated voting shares (the “Fixed Shares”) will have the same attributes as the Existing SVS and will be listed on the Canadian Securities Exchange (the “CSE”). Following the occurrence or waiver (at the discretion of Canopy Growth) of the Triggering Event and subject to the satisfaction or waiver of the conditions set out in the Arrangement Agreement (as modified in connection with the Amended Arrangement), Canopy Growth will acquire all of the issued and outstanding Fixed Shares based on an amended exchange ratio equal to 0.3048 of a common share to be received for each Fixed Share held (reduced from 0.5818 per Existing SVS pursuant to the Existing Agreement). The foregoing exchange ratio for the Fixed Shares is subject to adjustment in accordance with the Amended Arrangement if, among other things, Acreage issues greater than the permitted number of Fixed Shares; • The new Class D subordinated voting shares (the “Floating Shares”) will be listed on the CSE. Upon the occurrence or waiver (at the discretion of Canopy Growth) of the Triggering Event, Canopy Growth will have the right exercisable for a period of 30 days, to acquire all of the issued and outstanding Floating Shares for cash or common shares or a combination thereof, in Canopy Growth’s sole discretion at a price equal to the 30-day volume weighted average trading price of the Floating Shares on the CSE, subject to a minimum call price of US$6.41 per Floating Share. The foregoing exchange ratio for the Floating Shares is subject to adjustment in accordance with the Amended Arrangement if Acreage issues greater than the permitted number of Floating Shares. The acquisition of the Floating Shares, if acquired, will take place concurrently with the closing of the acquisition of the Fixed Shares; • The new Class F multiple voting shares (the “Fixed Multiple Shares”) will have the same attributes as the Existing MVS, provided that each Fixed Multiple Share will entitle the holder thereof to 4,300 votes per share at shareholder meetings of Acreage. Immediately prior to the acquisition of the Fixed Shares, each issued and outstanding Fixed Multiple Share will automatically be exchanges for one Fixed Share and thereafter be acquired by Canopy Growth upon the same terms and conditions as the acquisition of the Fixed Shares; • If the occurrence or waiver of the Triggering Event does not occur within 10 years from the date the Amended Arrangement is implemented, Canopy Growth’s rights to acquire both the Fixed Shares and the Floating Shares will terminate; • Upon implementation of the Amended Arrangement, Canopy Growth will make a cash payment to the shareholders of Acreage and holders of certain securities convertible into Existing SVS in the aggregate amount of US$37,500; and • Acreage is only permitted to issue an aggregate of up to 32,700,000 Fixed Shares and Floating Shares following the implementation of the Amended Arrangement Canopy Growth has also agreed to loan a wholly-owned subsidiary of Acreage (“Acreage Hempco”) up to US$100,000 pursuant to a secured debenture, of which US$50,000 will be subject to the satisfaction of certain conditions by Acreage Hempco. The secured debenture will bear interest at a rate of 6.1% per annum, and mature 10 years from the date the Amended Arrangement is implemented or such earlier date in accordance with the terms of the secured debenture. As at June 30, 2020, no amounts have been loaned to Acreage Hempco. Implementation of the Amended Arrangement is contingent upon obtaining the requisite prior approvals of the shareholders of Acreage and the Supreme Court of British Columbia and certain other closing conditions. At June 30, 2020, the Acreage financial instrument represents a financial liability of $285,000 (March 31, 2020 – $250,000), as the estimated fair value of the Acreage business is less than the estimated fair value of the consideration to be provided upon the exercise of the Acreage financial instrument. Fair value changes of $35,000 (three months ended June 30, 2019 – $nil) were recognized in other income (expense), net in the three months ended June 30, 2020 (see Note 24). The fair value determination includes a high degree of subjectivity and judgment, which results in significant estimation uncertainty. See Note 22 for additional details on how the fair value of the Acreage financial instrument is calculated on a recurring basis. From a measurement perspective, Canopy Growth has elected the fair value option under ASC 825 – Financial Instruments Amendment to the CBI Investor Rights Agreement and warrants On April 18, 2019, certain wholly-owned subsidiaries of CBI and Canopy Growth entered into a second amended and restated investor rights agreement and a consent agreement. In connection with these agreements, on June 27, 2019 Canopy Growth (i) extended the term of the first tranche of warrants, which allow CBI to acquire 88.5 million additional shares of Canopy Growth for a fixed price of $50.40 per share (the “Tranche A Warrants”), to November 1, 2023; and (ii) replaced the second tranche of warrants with two new tranches of warrants (the “Tranche B Warrants” and the “Tranche C Warrants”) as follows: • the Tranche B Warrants are exercisable to acquire 38.5 million common shares at a price of C$76.68 per common • the Tranche C Warrants are exercisable to acquire 12.8 million common shares at a price equal to the 5-day volume-weighted average price of the common shares immediately prior to exercise. In connection with the Tranche B Warrants and the Tranche C Warrants, Canopy Growth will provide CBI with a share repurchase credit of up to $1.583 billion on the aggregate exercise price of the Tranche B Warrants and Tranche C Warrants in the event that Canopy Growth does not purchase for cancellation the lesser of (i) 27,378,866 common shares, and (ii) common shares with a value of $1.583 billion, during the period commencing on April 18, 2019 and ending on the date that is 24 months after the date that CBI exercises all of the Tranche A Warrants. The share repurchase credit feature is accounted for as a derivative liability, with the fair value continuing to be $nil at June 30, 2020. The modifications to the Tranche A Warrants resulted in them meeting the definition of a derivative instrument under ASC 815 - Derivatives and Hedging The Tranche B Warrants are accounted for as derivative instruments measured at fair value in accordance with ASC 815. At June 30, 2020, the fair value of the warrant derivative liability is $287,122, and a gain of $35,369 (three months ended June 30, 2019 – gain of $24,892) has been recognized in other income (expense), net in the three months ended June 30, 2020 (see Note 24). The fair value determination includes a high degree of subjectivity and judgment, which results in significant estimation uncertainty. See Note 22 for additional details on how the fair value of the warrant derivative liability is calculated on a recurring basis. The Tranche C Warrants are accounted for as derivative instruments, with the fair value continuing to be $nil at June 30, 2020. |
Segmented Information
Segmented Information | 3 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Segmented Information | 27. SEGMENT INFORMATION Reportable segments The Company operates in two segments: 1) Cannabis, Hemp and Other Consumer Products, which encompasses the production, distribution and sale of a diverse range of cannabis, hemp-based, and other consumer products in Canada and internationally pursuant to applicable international and domestic legislation, regulations and permits; and 2) Canopy Rivers, a publicly-traded company in Canada, 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 the table below, and in Note 21. June 30, 2020 March 31, 2020 Ownership interest 27 % 27 % Cash and cash equivalents $ 43,915 $ 46,724 Prepaid expenses and other current assets 11,815 11,598 Investments in associates 46,291 50,543 Other financial assets 150,134 146,812 Other long-term assets 22,776 22,058 Other liabilities (2,737 ) (2,771 ) Noncontrolling interests (209,606 ) (211,086 ) Equity attributable to Canopy Growth $ 62,588 $ 63,878 Entity-wide disclosures All property, plant and equipment are located in Canada, except for $487,834 which is located outside of Canada as at June 30, 2020 (March 31, 2020 – $499,059). All revenues were principally generated in Canada during the three months ended June 30, 2020, except for $44,699 related to exported medical cannabis and cannabis related merchandise generated outside of Canada (three months ended June 30, 2019 – $22,541). For the three months ended June 30, 2020, one customer represented more than 10% of the Company’s net revenue (three months ended June 30, 2019 – one). |
Summary of Significant Accounti
Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Jun. 30, 2020 | |
Accounting Policies [Abstract] | |
Principles of consolidation | Principles of consolidation The accompanying condensed interim consolidated financial statements include the accounts of the Company and all entities in which the Company either has a controlling voting interest or is the primary beneficiary of a variable interest entity. All intercompany accounts and transactions have been eliminated on consolidation. Information on the Company’s subsidiaries with noncontrolling interests is included in Note 21. |
Variable interest entities | Variable interest entities A variable interest entity (“VIE”) is an entity that does not have sufficient equity at risk to finance its activities without additional subordinated financial support or is structured such that equity investors lack the ability to control the entity’s activities or do not substantially participate in the gains and losses of the entity. Upon inception of a contractual agreement, and thereafter, if a reconsideration event occurs, the Company performs an assessment to determine whether the arrangement contains a variable interest in an entity and whether that entity is a VIE. The primary beneficiary of a VIE is the party that has both the power to direct the activities that most significantly impact the VIE’s economic performance and the obligation to absorb losses or the right to receive benefits from the VIE that could potentially be significant to the VIE. Under Accounting Standards Codification (“ASC”) 810 – Consolidations |
Equity method investments | Equity method investments Investments accounted for using the equity method include those investments where the Company (i) can exercise significant influence over the other entity and (ii) holds common stock and/or in-substance common stock of the other entity. Under the equity method, investments are carried at cost, and subsequently adjusted for the Company’s share of net income (loss), comprehensive income (loss) and distributions received from the investee. If the current fair value of an investment falls below its carrying amount, this may indicate that an impairment loss should be recorded. Any impairment losses recognized are not reversed in subsequent periods. Refer to Note 9 for additional information on the Company’s investments accounted for using the equity method. |
Use of estimates | Use of estimates The preparation of these condensed interim consolidated financial statements and accompanying notes in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported. Actual results could differ from those estimates. |
Recently Adopted Accounting Pronouncements | Recently Adopted Accounting Pronouncements Measurement of Credit Losses on Financial Instruments In June 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-13, Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments Canopy Growth adopted the new standard as of April 1, 2020. There was no impact of adopting ASU 2016-13 on the condensed interim consolidated financial statements. Fair Value Measurement In August 2018, the FASB issued ASU 2018-13, Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement (Topic 820) Accounting Guidance not yet adopted Income Taxes In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740): Simplifying the Accounting for Income Taxes In January 2020, the FASB issued ASU 2020-01, Investments-Equity Securities (Topic 321), Investments-Equity Method and Joint Ventures (Topic 323), and Derivatives and Hedging (Topic 815) |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Cash And Cash Equivalents [Abstract] | |
Components of Cash and Cash Equivalents | The components of cash and cash equivalents are as follows: June 30, March 31, 2020 2020 Cash $ 508,047 $ 679,581 Cash equivalents 467,823 623,595 $ 975,870 $ 1,303,176 |
Short-term Investments (Tables)
Short-term Investments (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Short Term Investments [Abstract] | |
Components of Short-term Investments | The components of short-term investments are as follows: June 30, March 31, 2020 2020 Term deposits $ 626,470 $ 374,000 Government securities 195,789 226,087 Commercial paper and other 238,642 73,236 $ 1,060,901 $ 673,323 |
Amounts Receivable, Net (Tables
Amounts Receivable, Net (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Receivables [Abstract] | |
Components of Amounts Receivable, Net | The components of amounts receivable, net are as follows: June 30, March 31, 2020 2020 Accounts receivable, net $ 42,222 $ 51,166 Interest receivable 14,215 10,303 Indirect taxes receivable 5,348 22,982 Other receivables 10,793 5,704 $ 72,578 $ 90,155 |
Inventory (Tables)
Inventory (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Inventory Disclosure [Abstract] | |
Components of Inventory | The components of inventory are as follows: June 30, March 31, 2020 2020 Raw materials, packaging supplies and consumables $ 49,581 $ 75,507 Work in progress 260,028 255,934 Finished goods 80,191 59,645 $ 389,800 $ 391,086 |
Prepaid Expenses and Other As_2
Prepaid Expenses and Other Assets (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Prepaid Expense And Other Assets Current [Abstract] | |
Components of Prepaid and Other Assets | The components of prepaid expenses and other assets are as follows: June 30, March 31, 2020 2020 Prepaid expenses $ 51,202 $ 41,423 Deposits 18,752 7,773 Prepaid inventory 17,160 21,217 Other assets 11,248 14,681 $ 98,362 $ 85,094 |
Equity Method Investments (Tabl
Equity Method Investments (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Equity Method Investments And Joint Ventures [Abstract] | |
Summary of Changes in Investments in Associates that are Accounted for Using Equity Method | The following table presents changes in the Company’s investments in associates that are accounted for using the equity method in the three months ended June 30, 2020: Balance at Share of Balance at Ownership March 31, net (loss) June 30, Entity Instrument percentage 2020 income 2020 PharmHouse Shares 49% $ 37,025 $ (4,656 ) $ 32,369 More Life Shares 40% 10,300 - 10,300 CanapaR Shares 49% 8,500 (329 ) 8,171 Agripharm Shares 40% 5,000 (2,937 ) 2,063 Other Shares 18%-27% 5,018 733 5,751 $ 65,843 $ (7,189 ) $ 58,654 |
Summary of Financial Information of Equity Method Investments | Where the Company does not have the same reporting date as its investees, the Company will account for its investment one quarter in arrears. Accordingly, certain of the figures in the above table, including the Company’s share of the investee’s net income (loss), are based on the investees’ results for the three months ended March 31, 2020 (with respect to June 30, 2020) with adjustments for any signficant transactions. The following tables present current and non-current assets, current and non-current liabilities as well as revenues and net loss of the Company’s equity method investments as at and for the three months ended March 31, 2020: Current Non-current Current Non-current Entity assets assets liabilities liabilities Revenue Net loss PharmHouse $ 9,193 $ 167,022 $ 85,463 $ 80,176 $ - $ (9,019 ) CanapaR 14,006 11,328 2,126 - 110 (669 ) Agripharm 6,992 25,034 25,153 1,719 2,468 (7,342 ) Other 10,317 22,360 3,996 11,462 1,928 (2,588 ) $ 40,508 $ 225,744 $ 116,738 $ 93,357 $ 4,506 $ (19,618 ) |
Other Financial Assets (Tables)
Other Financial Assets (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Schedule Of Investments [Abstract] | |
Summary of Changes in Other Financial Assets | The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments are calculated are included in Note 22. Exercise of Balance at options / Balance at March 31, Fair value disposal June 30, Entity Instrument 2020 Additions changes of shares 2020 TerrAscend Canada Term loan / debenture $ 53,820 $ - $ 10,960 $ - $ 64,780 TerrAscend Exchangeable shares 47,000 - 6,000 - 53,000 TerrAscend Warrants 25,004 - 10,306 - 35,310 PharmHouse Loan receivable 40,000 - - - 40,000 ZeaKal Shares 14,186 - (586 ) - 13,600 Agripharm Royalty interest 12,600 - 900 - 13,500 Greenhouse Convertible debenture 10,517 - (17 ) - 10,500 Other - classified as fair value through net income (loss) Various 22,495 481 (4,628 ) - 18,348 Other - elected as fair value through net income (loss) Various 9,483 1,519 (1,128 ) - 9,874 Other - classified as held for investment Loan receivable 14,148 600 - (36 ) 14,712 $ 249,253 $ 2,600 $ 21,807 $ (36 ) $ 273,624 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Property Plant And Equipment [Abstract] | |
Summary of Expected Useful Life of Property, Plant and Equipment | The components of property, plant and equipment are as follows: June 30, March 31, 2020 2020 Buildings and greenhouses $ 880,329 $ 876,732 Production and warehouse equipment 287,002 300,666 Leasehold improvements 76,862 75,964 Land 71,355 65,003 Office and lab equipment 28,538 29,978 Computer equipment 31,844 30,744 Right-of-use-assets Buildings and greenhouses 148,743 169,754 Production and warehouse equipment 666 927 Assets in process 371,626 365,644 1,896,965 1,915,412 Less: Accumulated depreciation (388,297 ) (390,609 ) $ 1,508,668 $ 1,524,803 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Intangible Assets Net Excluding Goodwill [Abstract] | |
Summary of Components of Intangible Assets | The components of intangible assets are as follows: June 30, 2020 March 31, 2020 Gross Net Gross Net Carrying Carrying Carrying Carrying Amount Amount Amount Amount Finite lived intangible assets Licensed brands $ 65,826 $ 49,218 $ 66,227 $ 53,797 Distribution channel 73,721 43,622 74,768 47,117 Health Canada and operating licenses 56,200 49,132 63,631 57,250 Intellectual property 220,142 190,843 240,386 215,044 Software and domain names 24,238 17,966 16,056 10,013 Amortizable intangibles in process 4,083 4,083 9,590 9,590 Total 444,210 354,864 470,658 392,811 Indefinite lived intangible assets Operating licenses $ 8,000 $ 7,000 Acquired brands 81,335 76,555 Total intangible assets $ 444,199 $ 476,366 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Changes in Carrying Amount of Goodwill | The changes in the carrying amount of goodwill are as follows: Balance, March 31, 2019 $ 1,489,859 Purchase accounting allocations 443,724 Finalization of S&B purchase price allocation (24,990 ) Foreign currency translation adjustments 45,878 Balance, March 31, 2020 1,954,471 Foreign currency translation adjustments (25,053 ) Balance, June 30, 2020 $ 1,929,418 |
Other Accrued Expenses and Li_2
Other Accrued Expenses and Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Accounts Payable And Accrued Liabilities Current [Abstract] | |
Components of Other Accrued Expenses and Liabilities | The components of other accrued expenses and liabilities are as follows: June 30, March 31, 2020 2020 Property, plant and equipment $ 2,576 $ 1,173 Professional fees 15,725 7,677 Employee compensation 41,036 33,415 Other 23,644 22,729 $ 82,981 $ 64,994 |
Debt (Tables)
Debt (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Debt Disclosure [Abstract] | |
Summary of Components of Debt | The components of debt are as follows: Convertible senior notes June 30, March 31, Maturity Date 2020 2020 Convertible senior notes at 4.25% interest with semi-annual interest payments July 15, 2023 Principal amount $ 600,000 $ 600,000 Accrued interest 11,898 5,454 Non-credit risk fair value adjustment (13,230 ) (27,120 ) Credit risk fair value adjustment (112,770 ) (128,130 ) 485,898 450,204 Transferred receivables, bearing interest rate of EURIBOR plus 0.850% 4,439 4,678 Other revolving debt facility, loan, and financings 10,069 10,533 500,406 465,415 Less: current portion (22,570 ) (16,393 ) Long-term portion $ 477,836 $ 449,022 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Other Liabilities Disclosure [Abstract] | |
Components of Other Liabilities | The components of other liabilities are as follows: As at June 30, 2020 As at March 31, 2020 Current Long-term Total Current Long-term Total Acquisition consideration related liabilities $ 52,318 $ 13,749 $ 66,067 $ 104,028 $ 9,791 $ 113,819 Lease liabilities 38,308 97,010 135,318 40,356 120,047 160,403 Minimum royalty obligations 11,437 49,043 60,480 9,368 50,445 59,813 Refund liability 8,433 - 8,433 17,586 - 17,586 Settlement liability 1,411 6,636 8,047 33,162 7,932 41,094 Other 12,850 1,801 14,651 11,309 2,445 13,754 $ 124,757 $ 168,239 $ 292,996 $ 215,809 $ 190,660 $ 406,469 |
Redeemable Noncontrolling Int_2
Redeemable Noncontrolling Interest (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Temporary Equity Disclosure [Abstract] | |
Summary of Net Change in Redeemable Noncontrolling Interests | The net changes in the redeemable noncontrolling interests are as follows: Vert Mirabel BioSteel Total As at March 31, 2020 $ 20,250 $ 49,500 $ 69,750 Loss attributable to noncontrolling interest (9,253 ) (1,410 ) (10,663 ) Adjustments to redemption amount 18,803 3,710 22,513 As at June 30, 2020 $ 29,800 $ 51,800 $ 81,600 Vert Mirabel As at March 31, 2019 $ 6,400 Income attributable to noncontrolling interest 2,715 Adjustments to redemption amount (615 ) As at June 30, 2019 $ 8,500 |
Share Capital (Tables)
Share Capital (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Summary of Issuances of Stock Other | During the three months ended June 30, 2020, the Company issued the following shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of shares Share capital Share based reserve Completion of acquisition milestones 751,922 $ 12,079 $ (12,079 ) Other issuances 412,417 14,135 (14,719 ) Total 1,164,339 $ 26,214 $ (26,798 ) During the three months ended June 30, 2019, the Company issued the following shares, net of share issuance costs, as a result of business combinations, milestones being met, and other equity-settled transactions: Number of shares Share capital Share based reserve Completion of acquisition milestones 482,321 $ 18,674 $ (18,674 ) Other issuances - (74 ) - Total 482,321 $ 18,600 $ (18,674 ) |
Summary of Warrants | Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2020 1 146,299,443 $ 52.44 $ 2,638,951 Exercise of warrants (18,876,901 ) 12.98 (70,266 ) Balance outstanding at June 30, 2020 1 127,422,542 $ 58.29 $ 2,568,685 1 Number of whole warrants Average exercise price Warrant value Balance outstanding at March 31, 2019 107,848,322 $ 43.80 $ 1,589,925 Tranche A warrant modification - - 1,049,153 Issuance of Tranche B warrants 38,454,444 76.68 - Exercise of warrants (12,060 ) 35.36 (470 ) Balance outstanding at June 30, 2019 1 146,290,706 $ 52.44 $ 2,638,608 1 |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Outstanding Stock Options | The following is a summary of the Options as at June 30, 2020: Options Outstanding Options Exercisable Range of Exercise Prices Outstanding at June 30, 2020 Weighted Average Remaining Contractual Life (years) Exercisable at June 30, 2020 Weighted Average Remaining Contractual Life (years) $0.06 - $24.62 5,494,833 3.37 3,415,917 2.74 $24.63 - $35.00 5,944,019 4.65 1,618,363 3.65 $35.01 - $36.80 5,941,004 4.33 2,589,127 4.12 $36.81 - $42.84 5,224,455 4.22 2,424,909 4.00 $42.85 - $67.64 6,287,737 4.65 1,511,022 4.44 28,892,048 4.26 11,559,338 3.67 |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | The Company uses the Black-Scholes option pricing model to establish the fair value of Options granted during the three months ended June 30, 2020 and 2019, on their measurement date by applying the following assumptions: June 30, June 30, 2020 2019 Risk-free interest rate 0.33% 1.41% Expected life of options (years) 3 - 5 3 - 5 Expected volatility 76% 73% Expected forfeiture rate 16% 11% Expected dividend yield nil nil Black-Scholes value of each option $12.31 $28.58 |
Summary of Changes in RSUs | The following is a summary of the changes in the Company’s RSUs during the three months ended June 30, 2020: Number of RSUs Balance outstanding at March 31, 2020 883,009 RSUs cancelled and forfeited (50,871 ) Balance outstanding at June 30, 2020 832,138 |
Summary of Share-based Compensation Expense Related to Acquisition Milestones | Share-based compensation expense related to acquisition milestones is comprised of: Three months ended June 30, June 30, 2020 2019 Canindica $ 598 $ 4,010 Spectrum Colombia - 2,259 Other 2,372 4,012 $ 2,970 $ 10,281 |
Canopy Rivers Corporation | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model | 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 three months ended June 30, 2020 and 2019, on their measurement date by applying the following assumptions: June 30, June 30, 2020 2019 Risk-free interest rate - 1.35% Expected life of options (years) - 3 - 4 Expected volatility - 70% Expected forfeiture rate - nil Expected dividend yield - nil Black-Scholes value of each option - $1.93 |
Omnibus Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Employee Stock Options | The following is a summary of the changes in the Options outstanding under the Omnibus Plan during the three months ended June 30, 2020: Options issued Weighted average exercise price Balance outstanding at March 31, 2020 32,508,395 $ 34.89 Options granted 155,800 22.20 Options exercised (711,472 ) 6.64 Options forfeited/cancelled (3,060,675 ) 39.37 Balance outstanding at June 30, 2020 28,892,048 $ 35.04 |
Canopy Rivers Corporation Share Based Compensation Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Employee Stock Options | The following is a summary of the changes in Canopy Rivers’ stock options, excluding the seed capital options presented separately, during the three months ended June 30, 2020: Options issued Weighted average exercise price Balance outstanding at March 31, 2020 13,066,004 $ 2.31 Options granted - - Options exercised (100,000 ) 0.60 Options expired (30,000 ) 3.50 Options forfeited/cancelled (218,334 ) 2.26 Balance outstanding at June 30, 2020 12,717,670 $ 2.32 |
Canopy Rivers Corporation Share Based Compensation Plan | Seed Capital Options | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Summary of Changes in Employee Stock Options | Seed capital options issued Seed capital loan balance Balance outstanding at March 31, 2020 2,805,560 $ 140 Options exercised (638,891 ) $ (32 ) Balance outstanding at June 30, 2020 2,166,669 $ 108 |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income | Accumulated other comprehensive income includes the following components: Foreign currency translation adjustments Changes of own credit risk of financial liabilities Accumulated other comprehensive income (loss) As at March 31, 2020 $ 126,723 $ 94,176 $ 220,899 Other comprehensive loss (53,124 ) (15,360 ) (68,484 ) As at June 30, 2020 $ 73,599 $ 78,816 $ 152,415 Foreign currency translation adjustments Changes of own credit risk of financial liabilities Accumulated other comprehensive income (loss) As at March 31, 2019 $ 41,225 $ (47,130 ) $ (5,905 ) Other comprehensive (loss) income (60,744 ) 14,610 (46,134 ) As at June 30, 2019 $ (19,519 ) $ (32,520 ) $ (52,039 ) |
Noncontrolling Interests (Table
Noncontrolling Interests (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Noncontrolling Interest [Abstract] | |
Summary of Net Change in Noncontrolling Interests | The net change in the noncontrolling interests is as follows: Canopy Rivers Vert Mirabel BioSteel Other non- material interests Total As at March 31, 2020 $ 211,086 $ 7,132 $ 489 $ 3,051 $ 221,758 Comprehensive loss (3,883 ) (14,528 ) (1,410 ) - (19,821 ) Net loss attributable to redeemable noncontrolling interest - 9,253 1,410 - 10,663 Share-based compensation 1,301 - 244 - 1,545 Ownership changes 852 - - - 852 Warrants 250 - - - 250 As at June 30, 2020 $ 209,606 $ 1,857 $ 733 $ 3,051 $ 215,247 Canopy Rivers Vert Mirabel Other non- material interests Total As at March 31, 2019 $ 280,012 $ 2,422 $ 3,051 $ 285,485 Comprehensive (loss) income (12,431 ) 4,249 - (8,182 ) Net income attributable to redeemable noncontrolling interest - (2,715 ) - (2,715 ) Share-based compensation 2,594 - - 2,594 Ownership changes 236 - - 236 As at June 30, 2019 $ 270,411 $ 3,956 $ 3,051 $ 277,418 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Summary of Financial Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis | The following table represents our financial assets and liabilities measured at estimated fair value on a recurring basis: Fair value measurement using Quoted prices Significant prices in other Significant active observable unobservable markets inputs inputs (Level 1) (Level 2) (Level 3) Total June 30, 2020 Assets: Short-term investments $ 1,060,901 $ - $ - $ 1,060,901 Restricted short-term investments 16,436 - - 16,436 Other financial assets 1,602 55 217,257 218,914 Liabilities: Convertible senior notes - 485,898 - 485,898 Liability arising from Acreage Arrangement - - 285,000 285,000 Warrant derivative liability - - 287,122 287,122 March 31, 2020 Assets: Short-term investments $ 673,323 $ - $ - $ 673,323 Restricted short-term investments 21,539 - - 21,539 Other financial assets 2,596 36 192,473 195,105 Liabilities: Convertible senior notes - 450,204 - 450,204 Liability arising from Acreage Arrangement - - 250,000 250,000 Warrant derivative liability - - 322,491 322,491 |
Level 2 | |
Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 2 and Level 3 Financial Instruments | The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 2 financial instruments: Financial asset / financial liability Valuation techniques Key inputs Convertible senior note Convertible note pricing model Quoted prices in over-the-counter broker market |
Level 3 | |
Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 2 and Level 3 Financial Instruments | The following table summarizes the valuation techniques and significant unobservable inputs in the fair value measurement of significant level 3 financial instruments: Financial asset / financial liability Valuation techniques Significant unobservable inputs Relationship of unobservable inputs to fair value Acreage financial instrument Probability weighted expected return model Probability of each scenario Change in probability of occurrence in each scenario will result in a change in fair value Value and number of common shares to be issued Increase or decrease in value and number of common shares will result in a decrease or increase in fair value Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value Estimated premium on US legalization Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value Control premium Increase or decrease in estimated control premium will result in an increase or decrease in fair value Synergy value to Canopy Growth Increase or decrease in estimated synergy value to Canopy Growth will result in an increase or decrease in 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 TerrAscend warrants Monte Carlo simulation model Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value TerrAscend Canada term loan Discounted cash flow Probability and timing of US legalization Increase or decrease in probability of US legalization will result in an increase or decrease in fair value ZeaKal shares Market approach Share price Increase or decrease in share price will result in an increase or decrease in fair value Greenhouse convertible debenture FinCAD model Share price Increase or decrease in share price will result in an increase or decrease in fair value Agripharm royalty interest and 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 or decrease in future royalties to be paid will result in an increase or decrease in fair value Warrant derivative liability Monte Carlo simulation model Volatility of common share price Increase or decrease in volatility will result in an increase or decrease in fair value Expected life Increase or decrease in expected life will result in an increase or decrease in fair value BioSteel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value Vert Mirabel redeemable noncontrolling interest Discounted cash flow Discount rate Increase or decrease in discount rate will result in a decrease or increase in fair value Future wholesale price and production levels Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value |
Revenue (Tables)
Revenue (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Disaggregation of Revenue | Revenue is dissaggregated as follows: Three months ended June 30, June 30, 2020 2019 Recreational cannabis revenue Business to business $ 42,180 $ 50,425 Business to consumer 9,330 10,638 Medical cannabis revenue Canadian 15,336 13,051 International 20,191 10,496 Other revenue 32,051 18,781 Gross revenue 119,088 103,391 Excise taxes 8,672 12,909 Net revenue $ 110,416 $ 90,482 |
Other Income (Expense), Net (Ta
Other Income (Expense), Net (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Other Income And Expenses [Abstract] | |
Schedule of Other Income (Expense), Net | Other income (expense), net is dissaggregated as follows: Three months ended June 30, June 30, 2020 2019 Fair value changes on other financial assets $ 21,807 $ (41,087 ) Fair value changes on liability arising from Acreage Arrangement (35,000 ) - Fair value changes on convertible senior notes (20,334 ) 31,446 Fair value change on warrant derivative liability 35,369 24,892 Fair value changes on acquisition related contingent consideration 39,983 (1,570 ) Interest income 8,993 22,718 Interest expense (1,155 ) (1,206 ) Foreign currency loss (5,959 ) (2,856 ) Other income, net 4,501 431 $ 48,205 $ 32,768 |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended |
Jun. 30, 2020 | |
Segment Reporting [Abstract] | |
Summary of Financial Information for Canopy Rivers | Financial information for Canopy Rivers is included in the table below, and in Note 21. June 30, 2020 March 31, 2020 Ownership interest 27 % 27 % Cash and cash equivalents $ 43,915 $ 46,724 Prepaid expenses and other current assets 11,815 11,598 Investments in associates 46,291 50,543 Other financial assets 150,134 146,812 Other long-term assets 22,776 22,058 Other liabilities (2,737 ) (2,771 ) Noncontrolling interests (209,606 ) (211,086 ) Equity attributable to Canopy Growth $ 62,588 $ 63,878 |
Asset Impairment and Restruct_2
Asset Impairment and Restructuring Costs - Additonal Information (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020CAD ($) | |
Restructuring And Related Activities [Abstract] | |
Asset impairment and restructuring costs | $ 12,794 |
Cash and Cash Equivalents - Com
Cash and Cash Equivalents - Components of Cash and Cash Equivalents (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Cash And Cash Equivalents [Abstract] | ||
Cash | $ 508,047 | $ 679,581 |
Cash equivalents | 467,823 | 623,595 |
Cash And Cash Equivalents At Carrying Value | $ 975,870 | $ 1,303,176 |
Short-term Investments - Compon
Short-term Investments - Components of Short-term Investments (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Marketable Securities [Line Items] | ||
Short-term investments | $ 1,060,901 | $ 673,323 |
Term Deposits | ||
Marketable Securities [Line Items] | ||
Short-term investments | 626,470 | 374,000 |
Government securities | ||
Marketable Securities [Line Items] | ||
Short-term investments | 195,789 | 226,087 |
Commercial paper and other | ||
Marketable Securities [Line Items] | ||
Short-term investments | $ 238,642 | $ 73,236 |
Short-term Investments - Additi
Short-term Investments - Additional Information (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Short Term Investments [Abstract] | ||
Amortized cost of short-term investments | $ 1,060,890 | $ 673,022 |
Amounts Receivable, Net - Compo
Amounts Receivable, Net - Components of Amounts Receivable, Net (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Receivables [Abstract] | ||
Accounts receivable, net | $ 42,222 | $ 51,166 |
Interest receivable | 14,215 | 10,303 |
Indirect taxes receivable | 5,348 | 22,982 |
Other receivables | 10,793 | 5,704 |
Amounts receivable, net | $ 72,578 | $ 90,155 |
Amounts Receivable, Net - Addit
Amounts Receivable, Net - Additional Information (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Receivables [Abstract] | ||
Allowance for doubtful accounts | $ 917 | $ 655 |
Inventory - Components of Inven
Inventory - Components of Inventory (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Inventory Disclosure [Abstract] | ||
Raw materials, packaging supplies and consumables | $ 49,581 | $ 75,507 |
Work in progress | 260,028 | 255,934 |
Finished goods | 80,191 | 59,645 |
Inventory | $ 389,800 | $ 391,086 |
Inventory - Additional Informat
Inventory - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Inventory Disclosure [Abstract] | ||
Inventory write-downs | $ 19,386 | $ 4,789 |
Prepaid Expenses and Other As_3
Prepaid Expenses and Other Assets - Components of Prepaid and Other Assets (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Prepaid Expense And Other Assets Current [Abstract] | ||
Prepaid expenses | $ 51,202 | $ 41,423 |
Deposits | 18,752 | 7,773 |
Prepaid inventory | 17,160 | 21,217 |
Other assets | 11,248 | 14,681 |
Prepaid and other assets | $ 98,362 | $ 85,094 |
Equity Method Investments - Sum
Equity Method Investments - Summary of Changes in Investments in Associates that are Accounted for Using Equity Method (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020CAD ($) | |
Schedule Of Equity Method Investments [Line Items] | |
Beginning balance | $ 65,843 |
Share of net loss | (7,189) |
Ending balance | $ 58,654 |
PharmHouse | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership percentage | 49.00% |
Beginning balance | $ 37,025 |
Share of net loss | (4,656) |
Ending balance | $ 32,369 |
Agripharm | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership percentage | 40.00% |
Beginning balance | $ 5,000 |
Share of net loss | (2,937) |
Ending balance | $ 2,063 |
More Life | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership percentage | 40.00% |
Beginning balance | $ 10,300 |
Ending balance | $ 10,300 |
CanapaR | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership percentage | 49.00% |
Beginning balance | $ 8,500 |
Share of net loss | (329) |
Ending balance | 8,171 |
Other | |
Schedule Of Equity Method Investments [Line Items] | |
Beginning balance | 5,018 |
Share of net loss | 733 |
Ending balance | $ 5,751 |
Other | Minimum | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership percentage | 18.00% |
Other | Maximum | |
Schedule Of Equity Method Investments [Line Items] | |
Ownership percentage | 27.00% |
Equity Method Investments - S_2
Equity Method Investments - Summary of Financial Information of Equity Method Investments (Details) - CAD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Mar. 31, 2020 | Jun. 30, 2019 | |
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | $ 2,613,947 | $ 2,564,373 | |
Current liabilities | 319,676 | 420,589 | |
Net loss | $ (128,322) | $ (194,051) | |
Equity Method Investment, Nonconsolidated Investee | |||
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | 40,508 | ||
Non-current assets | 225,744 | ||
Current liabilities | 116,738 | ||
Non-current liabilities | 93,357 | ||
Revenue | 4,506 | ||
Net loss | (19,618) | ||
Equity Method Investment, Nonconsolidated Investee | PharmHouse | |||
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | 9,193 | ||
Non-current assets | 167,022 | ||
Current liabilities | 85,463 | ||
Non-current liabilities | 80,176 | ||
Net loss | (9,019) | ||
Equity Method Investment, Nonconsolidated Investee | Agripharm | |||
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | 6,992 | ||
Non-current assets | 25,034 | ||
Current liabilities | 25,153 | ||
Non-current liabilities | 1,719 | ||
Revenue | 2,468 | ||
Net loss | (7,342) | ||
Equity Method Investment, Nonconsolidated Investee | CanapaR | |||
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | 14,006 | ||
Non-current assets | 11,328 | ||
Current liabilities | 2,126 | ||
Revenue | 110 | ||
Net loss | (669) | ||
Equity Method Investment, Nonconsolidated Investee | Other | |||
Schedule Of Equity Method Investments [Line Items] | |||
Current assets | 10,317 | ||
Non-current assets | 22,360 | ||
Current liabilities | 3,996 | ||
Non-current liabilities | 11,462 | ||
Revenue | 1,928 | ||
Net loss | $ (2,588) |
Other Financial Assets - Summar
Other Financial Assets - Summary of Changes in Other Financial Assets (Details) $ in Thousands | 3 Months Ended |
Jun. 30, 2020CAD ($) | |
Schedule Of Investments [Line Items] | |
Beginning balance | $ 249,253 |
Additions | 2,600 |
Fair value changes | 21,807 |
Exercise of options / disposal of shares | (36) |
Ending balance | 273,624 |
TerrAscend | Warrants | |
Schedule Of Investments [Line Items] | |
Beginning balance | 25,004 |
Fair value changes | 10,306 |
Ending balance | 35,310 |
TerrAscend | Exchangeable Shares | |
Schedule Of Investments [Line Items] | |
Beginning balance | 47,000 |
Fair value changes | 6,000 |
Ending balance | 53,000 |
TerrAscend Canada | Term loan / debenture | |
Schedule Of Investments [Line Items] | |
Beginning balance | 53,820 |
Fair value changes | 10,960 |
Ending balance | 64,780 |
PharmHouse | Loan Receivable | |
Schedule Of Investments [Line Items] | |
Beginning balance | 40,000 |
Ending balance | 40,000 |
Agripharm | Royalty Interest | |
Schedule Of Investments [Line Items] | |
Beginning balance | 12,600 |
Fair value changes | 900 |
Ending balance | 13,500 |
ZeaKal | Shares | |
Schedule Of Investments [Line Items] | |
Beginning balance | 14,186 |
Fair value changes | (586) |
Ending balance | 13,600 |
Greenhouse | Convertible Debenture | |
Schedule Of Investments [Line Items] | |
Beginning balance | 10,517 |
Fair value changes | (17) |
Ending balance | 10,500 |
Other Classified as Fair Value Through Net Income (Loss) | Various | |
Schedule Of Investments [Line Items] | |
Beginning balance | 22,495 |
Additions | 481 |
Fair value changes | (4,628) |
Ending balance | 18,348 |
Other Elected as Fair Value Through Net Income (Loss) | Various | |
Schedule Of Investments [Line Items] | |
Beginning balance | 9,483 |
Additions | 1,519 |
Fair value changes | (1,128) |
Ending balance | 9,874 |
Other - Classified as Held for Investment | Loan Receivable | |
Schedule Of Investments [Line Items] | |
Beginning balance | 14,148 |
Additions | 600 |
Exercise of options / disposal of shares | (36) |
Ending balance | $ 14,712 |
Property, Plant and Equipment -
Property, Plant and Equipment - Schedule of Components of Property, Plant and Equipment (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 1,896,965 | $ 1,915,412 |
Less: Accumulated depreciation | (388,297) | (390,609) |
Property, plant and equipment, net | 1,508,668 | 1,524,803 |
Buildings and Greenhouses | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 880,329 | 876,732 |
Buildings and Greenhouses | Right-of-Use-Assets | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 148,743 | 169,754 |
Production and Warehouse Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 287,002 | 300,666 |
Production and Warehouse Equipment | Right-of-Use-Assets | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 666 | 927 |
Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 76,862 | 75,964 |
Land | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 71,355 | 65,003 |
Office and Lab Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 28,538 | 29,978 |
Computer Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | 31,844 | 30,744 |
Assets in Process | ||
Property Plant And Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 371,626 | $ 365,644 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Property Plant And Equipment [Line Items] | ||
Depreciation of property, plant and equipment | $ 17,415 | $ 13,587 |
Cost of Goods Sold | ||
Property Plant And Equipment [Line Items] | ||
Depreciation of property, plant and equipment | 14,786 | 9,316 |
Selling, General and Administrative Expenses | ||
Property Plant And Equipment [Line Items] | ||
Depreciation of property, plant and equipment | $ 2,629 | $ 4,271 |
Intangible Assets - Summary of
Intangible Assets - Summary of Components of Intangible Assets (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | $ 444,210 | $ 470,658 |
Net Carrying Amount | 354,864 | 392,811 |
Total intangible assets | 444,199 | 476,366 |
Licensed Brands | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 65,826 | 66,227 |
Net Carrying Amount | 49,218 | 53,797 |
Distribution Channel | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 73,721 | 74,768 |
Net Carrying Amount | 43,622 | 47,117 |
Health Canada and Operating Licenses | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 56,200 | 63,631 |
Net Carrying Amount | 49,132 | 57,250 |
Intellectual Property | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 220,142 | 240,386 |
Net Carrying Amount | 190,843 | 215,044 |
Software and Domain Names | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 24,238 | 16,056 |
Net Carrying Amount | 17,966 | 10,013 |
Amortizable Intangibles in Process | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Gross Carrying Amount | 4,083 | 9,590 |
Net Carrying Amount | 4,083 | 9,590 |
Operating Licenses | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Indefinite lived intangible assets | 8,000 | 7,000 |
Acquired Brands | ||
Intangible Assets Net Excluding Goodwill [Line Items] | ||
Indefinite lived intangible assets | $ 81,335 | $ 76,555 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 16,632 | $ 7,165 |
Cost of Goods Sold | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | 702 | 12 |
Selling, General and Administrative Expenses | ||
Finite Lived Intangible Assets [Line Items] | ||
Amortization of intangible assets | $ 15,930 | $ 7,153 |
Goodwill - Changes in Carrying
Goodwill - Changes in Carrying Amount of Goodwill (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Mar. 31, 2020 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Beginning Balance | $ 1,954,471 | $ 1,489,859 |
Purchase accounting allocations | 443,724 | |
Finalization of S&B purchase price allocation | (24,990) | |
Foreign currency translation adjustments | (25,053) | 45,878 |
Ending Balance | $ 1,929,418 | $ 1,954,471 |
Other Accrued Expenses and Li_3
Other Accrued Expenses and Liabilities - Components of Other Accrued Expenses and Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Accounts Payable And Accrued Liabilities Current [Abstract] | ||
Property, plant and equipment | $ 2,576 | $ 1,173 |
Professional fees | 15,725 | 7,677 |
Employee compensation | 41,036 | 33,415 |
Other | 23,644 | 22,729 |
Other accrued expenses and liabilities | $ 82,981 | $ 64,994 |
Debt - Summary of Components of
Debt - Summary of Components of Debt (Details) - CAD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Jun. 30, 2020 | Mar. 31, 2020 | |
Debt Instrument [Line Items] | ||
Other revolving debt facility, loan, and financings | $ 10,069 | $ 10,533 |
Long Term Debt | 500,406 | 465,415 |
Less: current portion | (22,570) | (16,393) |
Long-term portion | 477,836 | 449,022 |
Euribor [Member] | ||
Debt Instrument [Line Items] | ||
Transferred receivables, bearing interest rate of EURIBOR plus 0.850% | $ 4,439 | 4,678 |
4.25% Convertible Senior Notes [Member] | ||
Debt Instrument [Line Items] | ||
Convertible senior notes at 4.25%, Maturity Date | Jul. 15, 2023 | |
Principal amount | $ 600,000 | 600,000 |
Accrued interest | 11,898 | 5,454 |
Non-credit risk fair value adjustment | (13,230) | (27,120) |
Credit risk fair value adjustment | (112,770) | (128,130) |
Senior Notes | $ 485,898 | $ 450,204 |
Debt - Summary of Components _2
Debt - Summary of Components of Debt (Parenthetical) (Details) | 3 Months Ended |
Jun. 30, 2020 | |
Euribor [Member] | |
Debt Instrument [Line Items] | |
Debt Instrument, Basis Spread on Variable Rate | 0.85% |
4.25% Convertible Senior Notes [Member] | |
Debt Instrument [Line Items] | |
Annual interest rate | 4.25% |
Debt - Additional Information (
Debt - Additional Information (Details) | Aug. 13, 2019CAD ($) | Jun. 20, 2018CAD ($)Trading_Day$ / shares | Jun. 30, 2020CAD ($) | Jun. 30, 2019CAD ($) |
Debt Instrument [Line Items] | ||||
Transfer of Factoring receivables | $ 4,342,000 | |||
Secured borrowing associated with transfer of factoring receivables | $ 4,439,000 | |||
Tweed Farms Inc | Farm Credit Canada | Revolving Credit Facility | ||||
Debt Instrument [Line Items] | ||||
Interest at a rate | 3.45% | |||
Maturity date | Sep. 3, 2024 | |||
Line of credit facility, maximum borrowing capacity | $ 40,000,000 | |||
Extinguishment of debt, amount | $ 4,912,000 | |||
Debt facility outstanding balance | $ 5,268,000 | |||
Debt instrument, description of variable rate basis | prime rate plus 1.0% | |||
Debt Instrument, Basis Spread on Variable Rate | 1.00% | |||
4.25% Convertible Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Principal amount | $ 600,000,000 | |||
Interest at a rate | 4.25% | |||
Frequency of periodic payment team | semi-annually on January 15th and July 15th of each year commencing from January 15, 2019 | |||
Maturity date | Jul. 15, 2023 | |||
Convertible senior notes conversion time start from | Jan. 15, 2023 | |||
Conversion rate for every dollar one of principal amount of notes | $ / shares | $ 20.7577 | |||
Convertible, If-converted value in excess of principal | $ 1,000 | |||
Conversion price | $ / shares | $ 48.18 | |||
Debt Conversion, Description | (i) the market price of the Company common shares for at least 20 trading days during a period of 30 consecutive trading days ending on the last trading day of the preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day, (ii) during the 5 business day period after any consecutive 5 trading day period (the “measurement period”) in which the trading price per $1 principal amount of the notes for each trading day in the measurement period was less than 98% of the product of the last reported sales price of the Company’s common shares and the conversion rate on each such trading day, (iii) the notes are called for redemption or (iv) upon occurrence of certain corporate events (“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 | |||
Conversion price percentage | 130.00% | 130.00% | ||
Convertible measurement period threshold trading days | 5 days | |||
Convertible measurement period threshold consecutive trading days | 5 days | |||
Convertible conversion price | $ / shares | $ 1 | |||
Maximum discount to last reported sales price | 98.00% | |||
Debt instrument, redemption, description | The Company cannot redeem the notes prior to July 20, 2021, except in the event of certain changes in Canadian tax law. | |||
Debt instrument, redemption period, start date | Jul. 20, 2021 | |||
Debt instrument, redemption threshold trading days | 20 days | |||
Debt instrument, redemption threshold consecutive trading days | 30 days | |||
Number of trading days to provide notice of redemption | 5 days | |||
Debt instrument, redemption price, percentage | 100.00% | |||
Debt instrument, change in fair value of notes | $ 35,694,000 | $ 46,056,000 | ||
Debt instrument, change in fair value of notes from contractual interest | $ 6,444,000 | $ 6,444,000 | ||
4.25% Convertible Senior Notes [Member] | Minimum | ||||
Debt Instrument [Line Items] | ||||
Threshold consecutive trading days | Trading_Day | 20 | |||
4.25% Convertible Senior Notes [Member] | Maximum | ||||
Debt Instrument [Line Items] | ||||
Threshold consecutive trading days | Trading_Day | 30 |
Other Liabilities - Components
Other Liabilities - Components of Other Liabilities (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Current | ||
Acquisition consideration related liabilities, current | $ 52,318 | $ 104,028 |
Lease liabilities, current | 38,308 | 40,356 |
Minimum royalty obligations, current | 11,437 | 9,368 |
Refund liability, current | 8,433 | 17,586 |
Settlement liability, current | 1,411 | 33,162 |
Other, current | 12,850 | 11,309 |
Other liabilities, current | 124,757 | 215,809 |
Long-term | ||
Acquisition consideration related liabilities, long-term | 13,749 | 9,791 |
Lease liabilities, long-term | 97,010 | 120,047 |
Minimum royalty obligations, long-term | 49,043 | 50,445 |
Settlement liability, long-term | 6,636 | 7,932 |
Other, long-term | 1,801 | 2,445 |
Other liabilities, long-term | 168,239 | 190,660 |
Total | ||
Acquisition consideration related liabilities | 66,067 | 113,819 |
Lease liabilities | 135,318 | 160,403 |
Minimum royalty obligations | 60,480 | 59,813 |
Refund liability | 8,433 | 17,586 |
Settlement liability | 8,047 | 41,094 |
Other | 14,651 | 13,754 |
Other liabilities | $ 292,996 | $ 406,469 |
Redeemable Noncontrolling Int_3
Redeemable Noncontrolling Interest - Summary of Net Change in Redeemable Noncontrolling Interests (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Redeemable Noncontrolling Interest [Line Items] | ||
Beginning balance | $ 69,750 | |
Income (Loss) attributable to noncontrolling interest | (10,663) | |
Adjustments to redemption amount | 22,513 | |
Ending balance | 81,600 | |
Vert Mirabel | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Beginning balance | 20,250 | $ 6,400 |
Income (Loss) attributable to noncontrolling interest | (9,253) | 2,715 |
Adjustments to redemption amount | 18,803 | (615) |
Ending balance | 29,800 | $ 8,500 |
Bio Steel | ||
Redeemable Noncontrolling Interest [Line Items] | ||
Beginning balance | 49,500 | |
Income (Loss) attributable to noncontrolling interest | (1,410) | |
Adjustments to redemption amount | 3,710 | |
Ending balance | $ 51,800 |
Share Capital - Additional Info
Share Capital - Additional Information (Details) | Apr. 02, 2020shares | Jun. 30, 2020CAD ($)$ / sharesshares | Jun. 30, 2019CAD ($)shares | Mar. 31, 2020shares |
Class Of Stock [Line Items] | ||||
Number of equity financings | 0 | 0 | ||
Financings other than release of shares related to share purchase financing | $ | $ 0 | |||
Subordinated Voting Shares | ||||
Class Of Stock [Line Items] | ||||
Daily purchases of common shares, limit | 70,653 | |||
Average daily trading volume | 25.00% | |||
Canopy Rivers | ||||
Class Of Stock [Line Items] | ||||
Common Stock, Voting Rights | Each Subordinated Voting Share carries the right to one vote per share and each Multiple Voting Share carries the right to 20 votes per share at all meetings of the shareholders of Canopy Rivers. | |||
Ownership percentage | 27.20% | 27.30% | ||
Voting rights percentage | 84.30% | 84.40% | ||
Share purchase loan amount repaid | $ | $ 32,000 | $ 19,000 | ||
Seed capital options outstanding | 2,166,669 | 2,805,560 | ||
Canopy Rivers | Multiple Voting Shares | ||||
Class Of Stock [Line Items] | ||||
Shares issued | 36,468,318 | 36,468,318 | ||
Shares outstanding | 36,468,318 | 36,468,318 | ||
Treasury shares | 36,468,318 | 36,468,318 | ||
Canopy Rivers | Subordinated Voting Shares | ||||
Class Of Stock [Line Items] | ||||
Shares issued | 153,500,256 | 152,837,131 | ||
Shares outstanding | 153,500,256 | 152,837,131 | ||
Treasury shares | 15,223,938 | 15,223,938 | ||
Shares acquired by way of share purchase loans | 10,066,668 | |||
Number of shares released from escrow | 638,891 | 377,775 | ||
Maximum number of shares authorized to be repurchased | 10,409,961 | |||
Percentage of subordinated voting shares issuable from treasury | 10.00% | |||
NCIB expiration date | Apr. 1, 2021 | |||
Stock repurchased and cancelled, shares | 109,100 | |||
Stock Repurchased And Cancelled Value | $ | $ 125,000 | |||
Weighted Average price, per share | $ / shares | $ 1.14 |
Share Capital - Summary of Issu
Share Capital - Summary of Issuances of Stock Other (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Equity Class Of Treasury Stock [Line Items] | ||
Number of shares | 1,164,339 | 482,321 |
Completion of acquisition milestones, Number of shares | 751,922 | 482,321 |
Share capital | $ 26,214 | $ 18,600 |
Share based reserve | (26,798) | (18,674) |
Share Capital | ||
Equity Class Of Treasury Stock [Line Items] | ||
Completion of acquisition milestones | 12,079 | 18,674 |
Share-based Reserve | ||
Equity Class Of Treasury Stock [Line Items] | ||
Completion of acquisition milestones | $ (12,079) | (18,674) |
Other Issuances | ||
Equity Class Of Treasury Stock [Line Items] | ||
Number of shares | 412,417 | |
Share capital | $ 14,135 | $ (74) |
Share based reserve | $ (14,719) |
Share Capital - Summary of Warr
Share Capital - Summary of Warrants (Details) - CAD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Class Of Warrant Or Right [Line Items] | ||
Number of whole warrants, Beginning balance | 146,299,443 | 107,848,322 |
Number of whole warrants, Exercise of warrants | (18,876,901) | (12,060) |
Number of whole warrants, Ending balance | 127,422,542 | 146,290,706 |
Average exercise price, Beginning balance | $ 52.44 | $ 43.80 |
Average exercise price, Exercise of warrants | 12.98 | 35.36 |
Average exercise price, Ending balance | $ 58.29 | $ 52.44 |
Warrant value, Beginning balance | $ 2,638,951 | $ 1,589,925 |
Warrant value, Exercise of warrants | (70,266) | (470) |
Warrant value, Ending balance | $ 2,568,685 | 2,638,608 |
Tranche A | ||
Class Of Warrant Or Right [Line Items] | ||
Warrant value, Warrant modification | $ 1,049,153 | |
Tranche B | ||
Class Of Warrant Or Right [Line Items] | ||
Number of whole warrants, Issuance of warrants | 38,454,444 | |
Average exercise price, Issuance of warrants | $ 76.68 |
Share-Based Compensation - Addi
Share-Based Compensation - Additional Information (Details) - CAD ($) $ / shares in Units, $ in Thousands | Sep. 15, 2017 | Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | Oct. 01, 2019 | May 12, 2017 |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Weighted average exercise price of options outstanding | $ 35.04 | $ 34.89 | ||||
Weighted average exercise price of options exercisable | $ 31.60 | $ 31.84 | ||||
Share-based compensation expense | $ 2,970 | $ 10,281 | ||||
Proceeds from exercise of stock options | $ 4,722 | $ 16,077 | ||||
Completion of acquisition milestones, Number of shares | 751,922 | 482,321 | ||||
Number of shares to be issued on completion of acquisition and asset purchase milestones | 4,090,709 | |||||
Stock options outstanding | 28,892,048 | |||||
Share-based compensation | $ 30,685 | $ 87,362 | ||||
Canopy Rivers Corporation | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 1,184 | 2,594 | ||||
Common Class B | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Seed capital options issued | 10,066,668 | |||||
Bio Steel Sports Nutrition Inc | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of outstanding shares purchased | 72.00% | |||||
Stock options outstanding | 1,014,000 | 1,008,000 | ||||
Vesting period | 5 years | |||||
Share-based compensation | $ 244 | |||||
Employee Stock Option | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 22,328 | $ 73,093 | ||||
Stock Option Subject To Performance Conditions | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense, options subject to performance conditions | 2,060,068 | 595,000 | ||||
RSUs | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 3,842 | $ 1,394 | ||||
RSUs | Canopy Rivers Corporation | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Share-based compensation expense | $ 117 | |||||
Vesting period | 1 year | |||||
Value of RSUs granted | $ 225 | |||||
Omnibus Incentive Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Number of common shares reserved for Awards | 55,629,846 | |||||
Options expiration period | 6 years | |||||
Weighted average exercise price of options outstanding | $ 35.04 | $ 34.89 | ||||
Options exercised | 711,472 | 1,713,592 | ||||
Exercise price | $ 6.64 | |||||
Proceeds from exercise of stock options | $ 4,722 | $ 16,077 | ||||
Stock options outstanding | 28,892,048 | 32,508,395 | ||||
Omnibus Incentive Plan | Share-based Payment Arrangement, Tranche One | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | |||||
Omnibus Incentive Plan | Share-based Payment Arrangement, Tranche Two | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | |||||
Omnibus Incentive Plan | Share-based Payment Arrangement, Tranche Three | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | |||||
Omnibus Incentive Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of number of shares issuable from treasury pursuant to awards | 15.00% | |||||
Exercise price | $ 27.99 | $ 40.68 | ||||
Omnibus Incentive Plan | Minimum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Exercise price | $ 1.32 | $ 0.22 | ||||
Employee Stock Purchase Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Aggregate number of common shares authorized | 400,000 | |||||
Equity shares issued to shareholders | 0 | |||||
Employee Stock Purchase Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Equity shares issued to shareholders | 200,000 | |||||
Canopy Rivers Corporation Share Based Compensation Plan | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Options expiration period | 5 years | |||||
Weighted average exercise price of options outstanding | $ 2.32 | $ 2.31 | ||||
Options exercised | 100,000 | |||||
Exercise price | $ 0.60 | |||||
Stock options outstanding | 12,717,670 | 13,066,004 | ||||
Canopy Rivers Corporation Share Based Compensation Plan | Share-based Payment Arrangement, Tranche One | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | |||||
Canopy Rivers Corporation Share Based Compensation Plan | Share-based Payment Arrangement, Tranche Two | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | |||||
Canopy Rivers Corporation Share Based Compensation Plan | Share-based Payment Arrangement, Tranche Three | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of options exercisable on each anniversaries from date of grant | 33.33% | |||||
Canopy Rivers Corporation Share Based Compensation Plan | Maximum | ||||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||||
Percentage of subordinated voting shares issuable from treasury | 10.00% |
Share-Based Compensation - Summ
Share-Based Compensation - Summary of the Changes in Options Outstanding Under the Omnibus Plan (Details) - shares | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding, ending balance | 28,892,048 | |
Omnibus Incentive Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding, beginning balance | 32,508,395 | |
Options granted | 155,800 | |
Options exercised | (711,472) | (1,713,592) |
Options forfeited/cancelled | (3,060,675) | |
Options outstanding, ending balance | 28,892,048 |
Share-Based Compensation - Su_2
Share-Based Compensation - Summary of the Changes in Omnibus Plan Employee Options (Details) | 3 Months Ended |
Jun. 30, 2020$ / shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average exercise price outstanding, beginning balance | $ 34.89 |
Weighted average exercise price outstanding, ending balance | 35.04 |
Omnibus Incentive Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Weighted average exercise price outstanding, beginning balance | 34.89 |
Weighted average exercise price, Options granted | 22.20 |
Weighted average exercise price, Options exercised | 6.64 |
Weighted average exercise price, Options forfeited/cancelled | 39.37 |
Weighted average exercise price outstanding, ending balance | $ 35.04 |
Share-Based Compensation - Su_3
Share-Based Compensation - Summary of Outstanding Stock Options (Details) | 3 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Options Outstanding | 28,892,048 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 3 days |
Options Exercisable | 11,559,338 |
Options Exercisable, Weighted Average Remaining Contractual Life | 3 years 8 months 1 day |
Range One | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 0.06 |
Range of Exercise Prices, Upper Range | $ / shares | $ 24.62 |
Options Outstanding | 5,494,833 |
Options Outstanding, Weighted Average Remaining Contractual Life | 3 years 4 months 13 days |
Options Exercisable | 3,415,917 |
Options Exercisable, Weighted Average Remaining Contractual Life | 2 years 8 months 26 days |
Range Two | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 24.63 |
Range of Exercise Prices, Upper Range | $ / shares | $ 35 |
Options Outstanding | 5,944,019 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 7 months 24 days |
Options Exercisable | 1,618,363 |
Options Exercisable, Weighted Average Remaining Contractual Life | 3 years 7 months 24 days |
Range Three | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 35.01 |
Range of Exercise Prices, Upper Range | $ / shares | $ 36.80 |
Options Outstanding | 5,941,004 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 3 months 29 days |
Options Exercisable | 2,589,127 |
Options Exercisable, Weighted Average Remaining Contractual Life | 4 years 1 month 13 days |
Range Four | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 36.81 |
Range of Exercise Prices, Upper Range | $ / shares | $ 42.84 |
Options Outstanding | 5,224,455 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 2 months 19 days |
Options Exercisable | 2,424,909 |
Options Exercisable, Weighted Average Remaining Contractual Life | 4 years |
Range Five | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, Lower Range | $ / shares | $ 42.85 |
Range of Exercise Prices, Upper Range | $ / shares | $ 67.64 |
Options Outstanding | 6,287,737 |
Options Outstanding, Weighted Average Remaining Contractual Life | 4 years 7 months 24 days |
Options Exercisable | 1,511,022 |
Options Exercisable, Weighted Average Remaining Contractual Life | 4 years 5 months 8 days |
Share-Based Compensation - Su_4
Share-Based Compensation - Summary of Assumptions Applied to Establish Fair Value of Options Granted Using Black-Scholes Option Pricing Model (Details) - $ / shares | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 0.33% | 1.41% |
Expected volatility | 76.00% | 73.00% |
Expected forfeiture rate | 16.00% | 11.00% |
Black-Scholes value of each option | $ 12.31 | $ 28.58 |
Canopy Rivers Corporation Share Based Compensation Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Risk-free interest rate | 1.35% | |
Expected volatility | 70.00% | |
Black-Scholes value of each option | $ 1.93 | |
Minimum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life of options (years) | 3 years | 3 years |
Minimum | Canopy Rivers Corporation Share Based Compensation Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life of options (years) | 3 years | |
Maximum | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life of options (years) | 5 years | 5 years |
Maximum | Canopy Rivers Corporation Share Based Compensation Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Expected life of options (years) | 5 years |
Share-Based Compensation - Su_5
Share-Based Compensation - Summary of the Changes in RSUs (Details) - RSUs | 3 Months Ended |
Jun. 30, 2020shares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning balance | 883,009 |
RSUs cancelled and forfeited | (50,871) |
Ending balance | 832,138 |
Share-Based Compensation - Su_6
Share-Based Compensation - Summary of Share-based Compensation Expense Related to Acquisition Milestones (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 2,970 | $ 10,281 |
Canindica | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 598 | 4,010 |
Spectrum Colombia | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | 2,259 | |
Other | ||
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items] | ||
Share-based compensation expense | $ 2,372 | $ 4,012 |
Share-Based Compensation - Su_7
Share-Based Compensation - Summary of Change in Seed Capital Options (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding, ending balance | 28,892,048 | |
Seed capital loan, options exercised | $ (4,722) | $ (16,077) |
Canopy Rivers Corporation Share Based Compensation Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding, beginning balance | 13,066,004 | |
Options exercised | (100,000) | |
Options outstanding, ending balance | 12,717,670 | |
Seed Capital Options | Canopy Rivers Corporation Share Based Compensation Plan | ||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||
Options outstanding, beginning balance | 2,805,560 | |
Options exercised | (638,891) | |
Options outstanding, ending balance | 2,166,669 | |
Seed capital loan, beginning balance | $ 140 | |
Seed capital loan, options exercised | (32) | |
Seed capital loan, ending balance | $ 108 |
Share-Based Compensation - Su_8
Share-Based Compensation - Summary of Changes in Canopy Rivers' Stock Options (Details) | 3 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, ending balance | shares | 28,892,048 |
Weighted average exercise price outstanding, beginning balance | $ 34.89 |
Weighted average exercise price outstanding, ending balance | $ 35.04 |
Canopy Rivers Corporation Share Based Compensation Plan | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Options outstanding, beginning balance | shares | 13,066,004 |
Options exercised | shares | (100,000) |
Options expired | shares | (30,000) |
Options forfeited/cancelled | shares | (218,334) |
Options outstanding, ending balance | shares | 12,717,670 |
Weighted average exercise price outstanding, beginning balance | $ 2.31 |
Weighted average exercise price, Options exercised | 0.60 |
Weighted average exercise price, Options expired | 3.50 |
Weighted average exercise price, Options forfeited/cancelled | 2.26 |
Weighted average exercise price outstanding, ending balance | $ 2.32 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Accumulated Other Comprehensive Income (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | $ 5,108,120 | $ 7,065,708 |
Other comprehensive (loss) income | (68,484) | (46,134) |
Ending balance | 5,180,541 | 5,809,663 |
Foreign Currency Translation Adjustments | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | 126,723 | 41,225 |
Other comprehensive (loss) income | (53,124) | (60,744) |
Ending balance | 73,599 | (19,519) |
Changes of Own Credit Risk of Financial Liabilities | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | 94,176 | (47,130) |
Other comprehensive (loss) income | (15,360) | 14,610 |
Ending balance | 78,816 | (32,520) |
Accumulated Other Comprehensive Income (Loss) | ||
Accumulated Other Comprehensive Income Loss [Line Items] | ||
Beginning balance | 220,899 | (5,905) |
Ending balance | $ 152,415 | $ (52,039) |
Noncontrolling Interests - Summ
Noncontrolling Interests - Summary of Net Change in Noncontrolling Interests (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Minority Interest [Line Items] | ||
Beginning balance | $ 5,108,120 | $ 7,065,708 |
Comprehensive (loss) income | (19,821) | (8,182) |
Net loss attributable to redeemable noncontrolling interest | 10,663 | |
Share-based compensation | 30,685 | 87,362 |
Ending balance | 5,180,541 | 5,809,663 |
Noncontrolling Interests | ||
Minority Interest [Line Items] | ||
Beginning balance | 221,758 | 285,485 |
Comprehensive (loss) income | (19,821) | (8,182) |
Net loss attributable to redeemable noncontrolling interest | 10,663 | (2,715) |
Share-based compensation | 1,545 | 2,594 |
Ownership changes | 852 | 236 |
Warrants | 250 | |
Ending balance | 215,247 | 277,418 |
Canopy Rivers | ||
Minority Interest [Line Items] | ||
Beginning balance | 211,086 | 280,012 |
Comprehensive (loss) income | (3,883) | (12,431) |
Share-based compensation | 1,301 | 2,594 |
Ownership changes | 852 | 236 |
Warrants | 250 | |
Ending balance | 209,606 | 270,411 |
Vert Mirabel | ||
Minority Interest [Line Items] | ||
Beginning balance | 7,132 | 2,422 |
Comprehensive (loss) income | (14,528) | 4,249 |
Net loss attributable to redeemable noncontrolling interest | 9,253 | (2,715) |
Ending balance | 1,857 | 3,956 |
Bio Steel | ||
Minority Interest [Line Items] | ||
Beginning balance | 489 | |
Comprehensive (loss) income | (1,410) | |
Net loss attributable to redeemable noncontrolling interest | 1,410 | |
Share-based compensation | 244 | |
Ending balance | 733 | |
Other Non Material Interests | ||
Minority Interest [Line Items] | ||
Beginning balance | 3,051 | 3,051 |
Ending balance | $ 3,051 | $ 3,051 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Assets and Liabilities Measured at Estimated Fair Value on a Recurring Basis (Details) - Fair Value Measurements Recurring - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Assets: | ||
Short-term investments | $ 1,060,901 | $ 673,323 |
Restricted short-term investments | 16,436 | 21,539 |
Other financial assets | 218,914 | 195,105 |
Liabilities: | ||
Convertible senior notes | 485,898 | 450,204 |
Acreage | ||
Liabilities: | ||
Derivative liability | 285,000 | 250,000 |
Warrant | ||
Liabilities: | ||
Derivative liability | 287,122 | 322,491 |
Level 1 | ||
Assets: | ||
Short-term investments | 1,060,901 | 673,323 |
Restricted short-term investments | 16,436 | 21,539 |
Other financial assets | 1,602 | 2,596 |
Level 2 | ||
Assets: | ||
Other financial assets | 55 | 36 |
Liabilities: | ||
Convertible senior notes | 485,898 | 450,204 |
Level 3 | ||
Assets: | ||
Other financial assets | 217,257 | 192,473 |
Level 3 | Acreage | ||
Liabilities: | ||
Derivative liability | 285,000 | 250,000 |
Level 3 | Warrant | ||
Liabilities: | ||
Derivative liability | $ 287,122 | $ 322,491 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 2 Financial Instruments (Details) - Level 2 - Convertible Senior Notes | 3 Months Ended |
Jun. 30, 2020 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Convertible note pricing model |
Key inputs | Quoted prices in over-the-counter broker market |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Valuation Techniques and Significant Unobservable Inputs in the Fair Value Measurement of Significant Level 3 Financial Instruments (Details) - Level 3 | 3 Months Ended |
Jun. 30, 2020 | |
Acreage Financial Instrument Probability of Each Scenario | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Probability weighted expected return model |
Significant unobservable inputs | Probability of each scenario |
Relationship of unobservable inputs to fair value | Change in probability of occurrence in each scenario will result in a change in fair value |
Acreage Financial Instrument Value and Number of Canopy Shares Issued | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Value and number of common shares to be issued |
Relationship of unobservable inputs to fair value | Increase or decrease in value and number of common shares will result in a decrease or increase in fair value |
Acreage Financial Instrument Intrinsic Value of Acreage | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Acreage Financial Instrument Probability and Timing of US Legalization | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Estimated premium on US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in estimated premium on US legalization will result in an increase or decrease in fair value |
Acreage Financial Instrument Estimated Premium on US Legalization | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Control premium |
Relationship of unobservable inputs to fair value | Increase or decrease in estimated control premium will result in an increase or decrease in fair value |
Acreage Financial Instrument Control Premium | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Synergy value to Canopy Growth |
Relationship of unobservable inputs to fair value | Increase or decrease in estimated synergy value to Canopy Growth will result in an increase or decrease in fair value |
Terr Ascend Exchangeable Shares | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Put option pricing model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
TerrAscend Warrants | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Monte Carlo simulation model |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Terr Ascend Canada Term Loan | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Probability and timing of US legalization |
Relationship of unobservable inputs to fair value | Increase or decrease in probability of US legalization will result in an increase or decrease in fair value |
Zea Kal Shares | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [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 |
Greenhouse Convertible Debenture | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | FinCAD model |
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 Royalty Interest and Repayable Debenture Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
Agripharm Royalty Interest and Repayable Debenture Probability and Timing of U S Legalization | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Future royalties |
Relationship of unobservable inputs to fair value | Increase or decrease in future royalties to be paid will result in an increase or decrease in fair value |
Warrant Derivative Liability Canopy Growth Share Price | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Monte Carlo simulation model |
Significant unobservable inputs | Volatility of common share price |
Relationship of unobservable inputs to fair value | Increase or decrease in volatility will result in an increase or decrease in fair value |
Warrant Derivative Liability Volatility of Canopy Growth Share Price | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Expected life |
Relationship of unobservable inputs to fair value | Increase or decrease in expected life will result in an increase or decrease in fair value |
BioSteel Redeemable Noncontrolling Interest Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
BioSteel Redeemable Noncontrolling Interest Future Wholesale Price and Production Levels | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Future wholesale price and production levels |
Relationship of unobservable inputs to fair value | Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value |
Vert Mirabel Redeemable Noncontrolling Interest Discount Rate | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Valuation techniques | Discounted cash flow |
Significant unobservable inputs | Discount rate |
Relationship of unobservable inputs to fair value | Increase or decrease in discount rate will result in a decrease or increase in fair value |
Vert Mirabel Redeemable Noncontrolling Interest Future Wholesale Price and Production Levels | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |
Significant unobservable inputs | Future wholesale price and production levels |
Relationship of unobservable inputs to fair value | Increase or decrease in future wholesale price and production levels will result in an increase or decrease in fair value |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Additional Information (Details) - CAD ($) | Jun. 30, 2020 | Jun. 30, 2019 |
Fair Value Disclosures [Abstract] | ||
Fair value, transfers of amounts between levels | $ 0 | $ 0 |
Revenue - Summary of Disaggrega
Revenue - Summary of Disaggregation of Revenue (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Disaggregation Of Revenue [Line Items] | ||
Gross revenue | $ 119,088 | $ 103,391 |
Excise taxes | 8,672 | 12,909 |
Net revenue | 110,416 | 90,482 |
Other Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Gross revenue | 32,051 | 18,781 |
Canadian | Medical Cannabis Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Gross revenue | 15,336 | 13,051 |
International | Medical Cannabis Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Gross revenue | 20,191 | 10,496 |
Business to Business | Recreational Cannabis Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Gross revenue | 42,180 | 50,425 |
Business to Consumer | Recreational Cannabis Revenue | ||
Disaggregation Of Revenue [Line Items] | ||
Gross revenue | $ 9,330 | $ 10,638 |
Revenue - Additional Informatio
Revenue - Additional Information (Details) - CAD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Mar. 31, 2020 | |
Revenue From Contract With Customer [Abstract] | |||
Allowance for estimated returns and price adjustments | $ 3,400 | $ 8,000 | |
Liability for estimated returns and price adjustments | $ 8,433 | $ 17,586 |
Other Income (Expense), Net - S
Other Income (Expense), Net - Schedule of Other Income (Expense), Net (Details) - CAD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Other Income And Expenses [Abstract] | ||
Fair value changes on other financial assets | $ 21,807 | $ (41,087) |
Fair value changes on liability arising from Acreage Arrangement | (35,000) | |
Fair value changes on convertible senior notes | (20,334) | 31,446 |
Fair value change on warrant derivative liability | 35,369 | 24,892 |
Fair value changes on acquisition related contingent consideration | 39,983 | (1,570) |
Interest income | 8,993 | 22,718 |
Interest expense | (1,155) | (1,206) |
Foreign currency loss | (5,959) | (2,856) |
Other income, net | 4,501 | 431 |
Other income (expense), net | $ 48,205 | $ 32,768 |
Acreage Arrangement and Amendme
Acreage Arrangement and Amendments to Cbi Investor Rights Agreement and Warrants - Additional Information (Details) | Jun. 24, 2020USD ($)$ / sharesshares | Jun. 24, 2020USD ($)Vote / sharesshares | Jun. 27, 2019CAD ($) | Jun. 27, 2019USD ($) | Jun. 30, 2020CAD ($) | Jun. 30, 2019CAD ($) | Mar. 31, 2020CAD ($) | Apr. 18, 2019CAD ($)$ / sharesshares |
Business Acquisition [Line Items] | ||||||||
Warrant expiration date | Nov. 1, 2023 | |||||||
Estimated fair value | $ (35,369,000) | $ (24,892,000) | ||||||
Warrant | ||||||||
Business Acquisition [Line Items] | ||||||||
Derivative, financial liability | 287,122,000 | $ 322,491,000 | ||||||
Estimated fair value | 35,369,000 | 24,892,000 | ||||||
Tranche A Warrants | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrants to acquire shares | shares | 88,500,000 | |||||||
Exercise price of warrants | $ / shares | $ 50.40 | |||||||
Tranche B Warrants | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrants to acquire shares | shares | 38,500,000 | |||||||
Exercise price of warrants | $ / shares | $ 76.68 | |||||||
Tranche C Warrants | ||||||||
Business Acquisition [Line Items] | ||||||||
Warrants to acquire shares | shares | 12,800,000 | |||||||
Tranche B and C Warrants | Second Amended and Restated Investor Rights Agreement and Consent Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Number of common stock shares to be repurchased to avoid providing repurchase credit | shares | 27,378,866 | |||||||
Value of common stock to be repurchased to avoid providing repurchase credit | $ 1,583,000,000 | |||||||
Derivative liability | 0 | |||||||
Maximum | Second Amended and Restated Investor Rights Agreement and Consent Agreement | ||||||||
Business Acquisition [Line Items] | ||||||||
Share repurchase credit limit | $ 1,583,000,000 | |||||||
Acreage | ||||||||
Business Acquisition [Line Items] | ||||||||
Aggregate payment | $ 37,500,000 | $ 395,190,000 | $ 300,000,000 | |||||
Gain (Loss) on derivative, Net | 35,000,000 | $ 0 | ||||||
Acreage | Acreage Financial Instrument | ||||||||
Business Acquisition [Line Items] | ||||||||
Derivative, financial liability | 285,000,000 | $ 250,000,000 | ||||||
Acreage | Secured Debt | ||||||||
Business Acquisition [Line Items] | ||||||||
Credit facility | $ 50,000 | $ 50,000 | $ 0 | |||||
Interest rate | 6.10% | |||||||
Debt instrument, Term | 10 years | |||||||
Acreage | Maximum | ||||||||
Business Acquisition [Line Items] | ||||||||
Number Of Fixed And Floating Shares Issued | shares | 32,700,000 | 32,700,000 | ||||||
Acreage | Maximum | Secured Debt | ||||||||
Business Acquisition [Line Items] | ||||||||
Credit facility | $ 100,000 | $ 100,000 | ||||||
Acreage | Subordinate Voting Shares | Fixed Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 0.7 | |||||||
Acreage | Subordinate Voting Shares | Floating Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 0.3 | |||||||
Acreage | Proportionate Voting Shares | Fixed Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 28 | |||||||
Acreage | Proportionate Voting Shares | Floating Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 12 | |||||||
Acreage | Multiple Voting Shares | Floating Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 0.3 | |||||||
Acreage | Multiple Voting Shares | Fixed Multiple Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 0.7 | |||||||
Acreage | Class E Subordinated Voting Shares | Fixed Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Common stock shares conversion ratio | 0.3048 | 0.5818 | 0.5818 | |||||
Acreage | Class D Subordinated Voting Shares | Floating Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Minimum call price | $ / shares | $ 6.41 | |||||||
Acreage | Class F Multiple Voting Shares | Fixed Multiple Shares | ||||||||
Business Acquisition [Line Items] | ||||||||
Voting Rights, Votes Per Share | Vote / shares | 4,300 |
Segmented Information - Additio
Segmented Information - Additional Information (Details) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2020CAD ($)SegmentCustomer | Jun. 30, 2019CAD ($)Customer | Mar. 31, 2020CAD ($) | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Property, plant and equipment | $ 1,508,668 | $ 1,524,803 | |
Customer Concentration Risk | Revenue from Contract with Customer Benchmark | |||
Segment Reporting Information [Line Items] | |||
Concentration risk customer number of customers | Customer | 1 | 1 | |
Non Canada | |||
Segment Reporting Information [Line Items] | |||
Property, plant and equipment | $ 487,834 | $ 499,059 | |
Revenue | $ 44,699 | $ 22,541 |
Segmented Information - Summary
Segmented Information - Summary of Financial Information for Canopy Rivers (Details) - CAD ($) $ in Thousands | Jun. 30, 2020 | Mar. 31, 2020 |
Segment Reporting Information [Line Items] | ||
Cash and cash equivalents | $ 975,870 | $ 1,303,176 |
Prepaid expenses and other current assets | 98,362 | 85,094 |
Other financial assets | 273,624 | 249,253 |
Other long-term assets | 17,320 | 22,636 |
Other liabilities | (168,239) | (190,660) |
Noncontrolling interests | (215,247) | (221,758) |
Total Canopy Growth Corporation shareholders' equity | $ 4,965,294 | $ 4,886,362 |
Canopy Rivers | ||
Segment Reporting Information [Line Items] | ||
Ownership percentage | 27.00% | 27.00% |
Cash and cash equivalents | $ 43,915 | $ 46,724 |
Prepaid expenses and other current assets | 11,815 | 11,598 |
Investments in associates | 46,291 | 50,543 |
Other financial assets | 150,134 | 146,812 |
Other long-term assets | 22,776 | 22,058 |
Other liabilities | (2,737) | (2,771) |
Noncontrolling interests | (209,606) | (211,086) |
Total Canopy Growth Corporation shareholders' equity | $ 62,588 | $ 63,878 |