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Share Capital
12 Months Ended
Oct. 31, 2022
Disclosure Of Classes Of Share Capital [Abstract]  
Share Capital

21.

Share Capital

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Common shares:

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Number of shares

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Amount

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#

 

$

Opening balance, November 1, 2021

    

240,090,196

    

32,552

Acquisition - Meta Growth (Note 5)

 

196,063,610

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35,290

Acquisition - Smoke Cartel, Inc. (Note 5)

 

9,540,754

​

8,396

Acquisition - FAB Nutrition (Note 5)

 

6,151,915

​

3,439

Escrow share based compensation (Note 5)

 

9,002,194

​

5,804

Issued to pay fees via shares

 

1,480,099

​

467

Issued to pay interest via shares

 

8,077,940

​

1,458

Shares issued through equity financing

​

47,916,665

​

18,293

Exercise convertible debt

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146,960,503

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40,532

Share issuance costs

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-

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(3,205)

Exercise options

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2,498,160

​

817

Exercise warrants

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22,208,027

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10,677

Vested restricted share units

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844,655

​

154

Balance, May 13, 2021 - pre-consolidation

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690,834,718

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154,674

Balance, May 13, 2021 - post-consolidation

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46,055,653

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154,674

Acquisition - Daily High Club (Note 5)

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839,820

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7,767

Acquisition - 102 Saskatchewan (Note 5)

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254,518

​

2,018

Acquisiton - DankStop (Note 5)

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612,087

​

5,013

Acqusition - Blessed CBD (Note 5)

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607,064

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4,432

Escrow share based compensation (Note 5)

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529,487

​

3,866

Shares issued through equity financing

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2,415,000

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20,273

Exercise convertible debt

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1,596,434

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4,954

Share issuance costs

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-

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(2,390)

Exercise options

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158,824

​

717

Exercise warrants

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1,291,141

​

7,580

Balance, October 31, 2021

 

54,360,028

​

208,904

Acquisition - FABCBD

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-

​

313

Acquisition - NuLeaf (Note 5)

 

4,429,809

​

35,527

Issuance of shares through ATM (i)

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1,758,167

​

8,807

Share issuance costs

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-

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(974)

Exercise options (Note 20)

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70,500

​

526

Exercise warrants

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530,423

​

4,352

Vested restricted share units (Note 19)

​

82,976

​

247

Acquisition - Budroom (Note 5)

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674,650

​

3,738

Acquisition - Boreal Cannabis (Note 5)

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443,301

​

2,203

Acquisition - Crossroads Cannabis (Note 5)

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516,735

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2,189

Acquisition - Choom (Note 5)

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2,147,023

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3,940

Issued to pay fees via shares

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15,122

​

100

Shares issued through equity financing (ii)

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4,956,960

​

6,768

Acquisition - Budheaven (Note 5)

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564,092

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1,986

Daily High Club Escrow cancellation

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(28,553)

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(53)

Smoke Cartel Earnout (iii)

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500,000

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940

Balance, October 31, 2022

 

71,021,233

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279,513

(i)On December 6, 2021 the Company announced that it established an at-the-market equity offering (“the ATM Program”) that allows the Company to issue up to $40,000 (or the equivalent in U.S. dollars) of common shares from treasury to the public from time to time at the Company’s discretion and subject to regulatory requirements. During the year ended October 31, 2022, a total of $8,807 has been raised through the program.

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(ii)On July 22, 2022, the Company issued, on a bought-deal basis, 4,956,960 units at a price of $2.32 per unit. The Company closed the offering for total gross proceeds of $11,500. Each unit consists of one common share of the Company and one common share purchase warrant. Each warrant will entitle the holder to acquire one common share at a price of $2.73 for a period of 60 months from the closing date of the offering. The shares were attributed a relative fair value of $6,768 and warrants were attributed a relative fair value of $4,732 using the Black-Scholes option pricing model with the following assumptions: fair value of common shares of $2.05; exercise price of options of $2.73; expected life of 5 years; 97% volatility; and a risk-free interest rate of 2.9%. The underwriters received a cash commission fee of 6% of gross proceeds and 3% of gross proceeds for the president’s list in cash because of conducting the bought deal financing. Refer to note 23.
(iii)As part of the acquisition of a subsidiary (Smoke Cartel) in 2021, the Company agreed to pay $1,319 if a certain revenue target is achieved. The contingent consideration was calculated using Monte Carlo simulation due to the uncertain nature of the future potential revenue of the Company. During the year ended October 31, 2022, the Company settled the contingent consideration to the previous shareholders of Smoke Cartel through the issuance of 500,000 common shares of the Company valued at $940. The Company recorded $2,211 as a gain on settlement.
(iv)During the year ended October 31, 2022, the Company incurred a total of $974 of share issuance costs, which related to the shares issued through equity financing and shares issued through ATM throughout the year. These costs incurred a deferred tax asset of $487, which has been offset against the Company’s prior year tax loss carry-forwards.

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