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Goodwill

12 Months Ended

May 31, 2021

11.

Goodwill

The goodwill recognized is as a result of expected synergies from combining operations through business acquisitions and none of the goodwill is deductible for income tax purposes.

Goodwill is comprised of:

	Segment	May 31, 2021		May 31, 2020
Broken Coast Cannabis Ltd.	Cannabis business		105,963		105,963
Nuuvera Corp.	Business under development		273,606		273,606
LATAM Holdings Inc.	Business under development		63,239		63,239
CC Pharma GmbH	Distribution business		4,458		4,458
SweetWater	Beverage alcohol business		100,202		—
Tilray	Cannabis business		2,144,143		—
Tilray	Wellness business		77,470		—
Effect of foreign exchange			63,713		64
		$	2,832,794	$	447,330

During the year ended May 31, 2021, the Company completed its annual goodwill impairment assessment of the fair value of the Company’s reporting units compared to their carrying amount. For the year ended May 31, 2021 there were no impairment charges recognized. For the year ended May 31, 2020, the Company recorded the following impairment charges:

$3,581 (C$4,800) on CannInvest Africa Ltd. and Verve Dynamics Incorporated (Pty) Ltd., the Company used a discount rate of 38.5%;

$3,730 (C$5,000) on ABP, S.A., the Company used a discount rate of 23.3%;

$14,301 (C$19,171) on Marigold Projects Jamaica Limited (“Marigold”), the Company used a discount rate of 38.5%; and

$29,067 (C$35,000) on ColCanna S.A.S., the Company used a discount rate of 40.0%.