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Investments
3 Months Ended
Mar. 31, 2021
Investments Debt And Equity Securities [Abstract]  
Investments

4.

Investments

Other investments

Long-term investments are comprised of the following items:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Equity investments at fair value

 

$

633

 

 

$

477

 

Equity investments under measurement alternative

 

 

11,450

 

 

 

11,392

 

Debt securities classified under available-for-sale method

 

 

 

 

 

2,500

 

Total other investments

 

$

12,083

 

 

$

14,369

 

 

Unrealized gains recognized in other expenses, net during the three months ended March 31, 2021 on equity investments still held at March 31, 2021 is $300 (2020 – loss of $1,534). There were no impairments or adjustments to equity investments under the measurement alternative for the three months ended March 31, 2021 and March 31, 2020.

The Company collected a cash settlement of its only debt security classified under available-for-sale method instrument with the lender prior to its contractual maturity for $2,500 in February 2021.

 

Equity method investments

As of March 31, 2021, there are no changes to the status of the Company’s assessment of its joint ventures with Anheuser-Busch InBev (“AB InBev”) in Plain Vanilla Research Limited Partnership (“Fluent”) and the Company’s joint venture with Cannfections Group Inc. (“Cannfections”).

During the three months ended March 31, 2021, the Company made $493 capital contributions to Fluent (2020 - $0). The Company provides production support services to Fluent on a cost recovery basis. For the three months ended March 31, 2021, total fees charged were $372, (2020 - $1,880). The total amount included in accounts payable is $1,785 at March 31, 2021 (December 31, 2020 - $674). At March 31, 2021, the maximum exposure to loss is limited to the Company’s equity investment in Fluent.

During the three months ended March 31, 2021, the Company made $0 capital contributions to Cannfections (2020 - $0). At March 31, 2021, the maximum exposure to loss is limited to the Company’s equity investment in Cannfections. During the three months ended March 31, 2021, the Company incurred $448 in expenses for purchases from Cannfections (2020 - $80).

The Company’s ownership interests in its equity method investments as of March 31, 2020 and December 31, 2019 and loss from equity method investments for the three months ended March 31, 2020 were as follows:

 

 

 

Approximate

 

 

Carrying value

 

 

Gain (loss) from

equity method

investments for

the three months

ended

 

 

 

ownership %

 

 

March 31, 2021

 

 

March 31, 2021

 

Investment in Fluent

 

50%

 

 

$

4,039

 

 

$

(1,802

)

Investment in Cannfections

 

50%

 

 

 

4,061

 

 

 

15

 

Total equity method investments

 

 

 

 

 

$

8,100

 

 

$

(1,787

)

 

 

 

Approximate

 

 

Carrying value

 

 

Gain (loss) from

equity method

investments for

the three months

ended

 

 

 

ownership %

 

 

December 31, 2020

 

 

March 31, 2020

 

Investment in Fluent

 

50%

 

 

$

5,291

 

 

$

(1,819

)

Investment in Cannfections

 

50%

 

 

 

4,009

 

 

 

71

 

Total equity method investments

 

 

 

 

 

$

9,300

 

 

$

(1,748

)

 

Summary financial information for the equity method investments on an aggregate basis was as follows:

 

 

 

March 31, 2021

 

 

December 31, 2020

 

Current assets

 

$

8,440

 

 

$

12,644

 

Noncurrent assets

 

$

7,033

 

 

$

6,608

 

Current liabilities

 

$

4,505

 

 

$

5,663

 

 

 

 

Three months ended March 31,

 

 

 

2021

 

 

2020

 

Revenue

 

$

1,061

 

 

$

1,392

 

Gross profit

 

$

224

 

 

$

583

 

Net loss

 

$

(3,574

)

 

$

(3,496

)