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Loans Payable
 6 Months Ended
Jun. 30, 2022
Debt Disclosure [Abstract]  
Loans Payable
8.
Loans payable

 

 

 

Canopy Growth (formerly RIV Capital) Loan

 

 

Canopy Growth- Canada Inc Loan

 

 

Other Loans

 

 

Canopy Growth- Arise Loan

 

 

Ilera Term Loan

 

 

KCR Loan

 

 

Gage loans

 

 

Total

 

Balance at December 31, 2021

 

$

8,680

 

 

$

42,165

 

 

$

7,915

 

 

$

8,900

 

 

$

115,233

 

 

$

2,250

 

 

$

-

 

 

$

185,143

 

Addition on acquisition

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

60,605

 

 

 

60,605

 

Loan amendment fee

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(1,200

)

 

 

—

 

 

 

—

 

 

 

(1,200

)

Interest accretion

 

 

665

 

 

 

2,739

 

 

 

319

 

 

 

702

 

 

 

8,542

 

 

 

74

 

 

 

2,819

 

 

 

15,860

 

Principal and interest paid

 

 

(624

)

 

 

(3,837

)

 

 

(2,586

)

 

 

—

 

 

 

(7,662

)

 

 

(2,324

)

 

 

(2,811

)

 

 

(19,844

)

Effects of movements in foreign exchange

 

 

(142

)

 

 

(691

)

 

 

(94

)

 

 

—

 

 

 

—

 

 

 

—

 

 

 

—

 

 

 

(927

)

Ending carrying amount at June 30, 2022

 

$

8,579

 

 

$

40,376

 

 

$

5,554

 

 

$

9,602

 

 

$

114,913

 

 

$

-

 

 

$

60,613

 

 

$

239,637

 

Less: current portion

 

 

(309

)

 

 

(1,170

)

 

 

(464

)

 

 

—

 

 

 

(42

)

 

 

—

 

 

 

(56,871

)

 

 

(58,856

)

Non-current loans payable

 

$

8,270

 

 

$

39,206

 

 

$

5,090

 

 

$

9,602

 

 

$

114,871

 

 

$

-

 

 

$

3,742

 

 

$

180,781

 

 

 

Total interest paid on all loan payables was $6,370 and $14,641 for the three and six months ended June 30, 2022, respectively, and $4,150 and $13,290 for the three and six months ended June 30, 2021, respectively.

 

Gage loans

The Gage Acquisition (refer to Note 4) included a senior secured term loan with an acquisition date fair value of $53,357. The Credit Agreement bears interest at a rate equal to the greater of the Prime Rate plus 7% or 10.25%. The term loan is payable monthly and matures on November 30, 2022. The term loan is secured by a first lien on all Gage assets.

 

Additionally, the Gage Acquisition included a loan payable to a former owner of a licensed entity with an acquisition date fair value of $2,683, and a Promissory Note with an acquisition date fair value of $4,065. The loan payable to the former owner bears interest at a rate of 0.2%. The Promissory Note bears interest at a fixed rate of 6%.

 

Maturities of loans payable

 

Stated maturities of loans payable over the next five years are as follows:

 

 

 

June 30, 2022

 

2022

 

$

56,589

 

2023

 

 

9,187

 

2024

 

 

131,869

 

2025

 

 

—

 

2026

 

 

—

 

Thereafter

 

 

82,491

 

Total principal payments

 

$

280,136