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Discontinued Operations
 12 Months Ended
Dec. 31, 2021
Disclosure Of Analysis Of Single Amount Of Discontinued Operations [Abstract]  
Discontinued Operations

6.

Discontinued operations

On May 15, 2020, the Company entered into an agreement to sell all of the outstanding shares of Project Seed Topco (“Bridge Farm”) which closed on June 5, 2020.

The comparative statement of loss and comprehensive loss and statement of cash flows has been presented to show the discontinued operation separately from continuing operations.

Results of discontinued operations

 

 

Year ended

December 31

 

 

 

2021

 

 

2020 (1)

 

 

2019 (2)

 

Gross revenue

 

 

—

 

 

 

22,139

 

 

 

12,298

 

Net revenue

 

 

—

 

 

 

22,139

 

 

 

12,298

 

Cost of sales

 

 

—

 

 

 

15,633

 

 

 

9,426

 

Gross margin before fair value adjustments

 

 

—

 

 

 

6,506

 

 

 

2,872

 

Change in fair value of biological assets

 

 

—

 

 

 

1,064

 

 

 

386

 

Change in fair value realized through inventory

 

 

—

 

 

 

(1,122

)

 

 

—

 

Gross margin

 

 

—

 

 

 

6,448

 

 

 

3,258

 

 

 

 

 

 

 

 

 

 

 

 

 

 

General and administrative

 

 

—

 

 

 

8,585

 

 

 

5,515

 

Sales and marketing

 

 

—

 

 

 

1,418

 

 

 

820

 

Depreciation and amortization

 

 

—

 

 

 

2,752

 

 

 

3,482

 

Foreign exchange

 

 

—

 

 

 

1,057

 

 

 

(1,779

)

Share-based compensation

 

 

—

 

 

 

(826

)

 

 

826

 

Goodwill impairment

 

 

—

 

 

 

—

 

 

 

100,305

 

Loss from operations

 

 

—

 

 

 

(6,538

)

 

 

(105,911

)

 

 

 

 

 

 

 

 

 

 

 

 

 

Transaction costs

 

 

—

 

 

 

—

 

 

 

(1,588

)

Finance costs

 

 

—

 

 

 

(10,083

)

 

 

(3,982

)

Loss on contingent consideration

 

 

—

 

 

 

(2,252

)

 

 

(18,645

)

Gain on investment

 

 

—

 

 

 

—

 

 

 

165

 

Gain on disposition of PP&E

 

 

—

 

 

 

—

 

 

 

13

 

Loss on disposition of Bridge Farm

 

 

—

 

 

 

(14,979

)

 

 

—

 

Loss before income tax

 

 

—

 

 

 

(33,852

)

 

 

(129,948

)

Income tax recovery

 

 

—

 

 

 

225

 

 

 

1,017

 

Net loss (3)

 

 

—

 

 

 

(33,627

)

 

 

(128,931

)

 

(1)

Period January 1, 2020, to June 5, 2020

 

(2)

Period July 2, 2019, to December 31, 2019

 

(3)

Net loss from the discontinued operations is attributable entirely to the owners of the Company.

 

Effect of disposal on the financial position of the company

 

 

 

 

 

Cash and cash equivalents

 

 

2,963

 

Accounts receivable

 

 

15,641

 

Biological assets

 

 

2,831

 

Inventory

 

 

787

 

Property, plant and equipment

 

 

88,698

 

Goodwill

 

 

11,345

 

Intangible assets

 

 

23,884

 

Accounts payable and accrued liabilities

 

 

(22,792

)

Lease obligation

 

 

(14,894

)

Deferred tax liability

 

 

(3,115

)

Accumulated other comprehensive income

 

 

(7,466

)

Net assets and liabilities

 

 

97,882

 

 

 

 

 

 

Consideration received

 

 

 

 

Term Debt Facility

 

 

45,000

 

Contingent consideration liability

 

 

34,912

 

Cancellation of common shares

 

 

2,991

 

Total consideration

 

 

82,903

 

 

 

 

 

 

Loss on disposition

 

 

(14,979

)