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Interest in equity investees | 12 Months Ended
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May 31, 2021
Investments Debt And Equity Securities [Abstract] |
Interest in equity investees |
1 3. | Interest in equity investees
The Company acquired the following equity method investments as a results of the Arrangement on April 30, 2021: Plain Vanilla Research Limited Partnership (“Fluent”) A joint venture with Anheuser-Busch InBev (“AB InBev”) to research and develop non- alcohol beverages containing cannabis. Under the terms of the arrangement, the Company and AB InBev each have 50% ownership and 50% voting interest in the Plain Vanilla Research Limited Partnership (“Fluent”), headquartered in Canada. The Company has determined that Fluent is a VIE, but the Company is not the primary beneficiary as the Company does not have the power to direct the activities of the VIE that most significantly impact the VIE’s economic performance. Accordingly, the Company does not consolidate the financial statements of Fluent and accounts for this investment using the equity method of accounting. At May 31, 2021 the maximum exposure to loss is limited to the Company’s equity investment in the joint venture. Cannfections Group Inc. (“Cannfections”) A joint venture with Cannfections Group Inc. (“Cannfections”) to develop and manufacture confectionary cannabis products. Under the terms of the arrangement, the Company and Cannfections each have 50% ownership and 50% voting interest. During the year ended May 31, 2021 the Company made no contributions to the joint venture. The Company’s ownership interests in its equity method investments as of May 31, 2021 is as follows:
|  | Approximate ownership % |  |  | Carrying value May 31, 2021 |  |  | Loss from equity method investments year ended May 31, 2021 |
Investment in Fluent |  | 50% |  |  | $ | 3,906 |  |  | $ | (416 | )
Investment in Cannfections |  | 50% |  |  |  | 4,200 |  |  |  | (42 | )
Total equity method investments |  |  |  |  |  | $ | 8,106 |  |  | $ | (458 | )

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- Definition The entire disclosure for investments in certain debt and equity securities. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 942 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2209399 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 946 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2324412 Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 320 -URI http://asc.fasb.org/topic&trid=2196928 Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 940 -SubTopic 320 -URI http://asc.fasb.org/subtopic&trid=2176304 + Details
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