XML 51 R36.htm IDEA: XBRL DOCUMENT v3.22.2
Segment reporting
 12 Months Ended
May 31, 2022
Segment Reporting [Abstract]  
Segment reporting

30.

Segment reporting

Information reported to the Chief Operating Decision Maker (“CODM”) for the purpose of resource allocation and assessment of segment performance focuses on the nature of the operations. The Company operates in four segments. 1) cannabis operations, which encompasses the production, distribution and sale of both medical and adult-use cannabis, 2) beverage alcohol operations, which encompasses the production, marketing and sale of beverage alcohol products, 3) distribution operations, which encompasses the purchase and resale of pharmaceuticals products to customers, and 4) wellness products, which encompasses hemp foods and cannabidiol (“CBD”) products. This structure is in line with how our Chief Operating Decision Maker (“CODM”) assesses our performance and allocates resources.

 

Operating segments have not been aggregated and no asset information is provided for the segments because the Company’s CODM does not receive asset information by segment on a regular basis. While the Company reported “business under development” as a fifth segment in its previous Annual Report, management determined that this no longer met the definition of a reporting segment.

Segment gross profit from external customers:

 

 

 

For the year ended May 31,

 

Cannabis

 

2022

 

 

2021

 

 

2020

 

Net revenue

 

$

237,522

 

 

$

201,392

 

 

$

129,896

 

Cost of goods sold

 

 

194,834

 

 

 

130,511

 

 

 

68,551

 

Gross profit

 

 

42,688

 

 

 

70,881

 

 

 

61,345

 

Distribution

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

$

259,747

 

 

$

277,300

 

 

$

275,430

 

Cost of goods sold

 

 

243,231

 

 

 

242,472

 

 

 

240,722

 

Gross profit

 

 

16,516

 

 

 

34,828

 

 

 

34,708

 

Beverage alcohol

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

 

71,492

 

 

 

28,599

 

 

 

—

 

Cost of goods sold

 

 

32,033

 

 

 

12,687

 

 

 

—

 

Gross profit

 

 

39,459

 

 

 

15,912

 

 

 

—

 

Wellness

 

 

 

 

 

 

 

 

 

 

 

 

Net revenue

 

 

59,611

 

 

 

5,794

 

 

 

—

 

Cost of goods sold

 

 

41,457

 

 

 

4,233

 

 

 

—

 

Gross profit

 

 

18,154

 

 

 

1,561

 

 

 

—

 

 

Channels of cannabis revenue were as follows:

 

 

 

For the year ended May 31,

 

 

 

2022

 

 

2021

 

 

2020

 

Revenue from Canadian medical cannabis products

 

$

30,599

 

 

$

25,539

 

 

$

28,685

 

Revenue from Canadian adult-use cannabis products

 

 

209,501

 

 

 

222,930

 

 

 

112,207

 

Revenue from wholesale cannabis products

 

 

6,904

 

 

 

6,615

 

 

 

12,585

 

Revenue from international cannabis products

 

 

53,887

 

 

 

9,250

 

 

 

—

 

Less excise taxes

 

 

(63,369

)

 

 

(62,942

)

 

 

(23,581

)

Total

 

$

237,522

 

 

$

201,392

 

 

$

129,896

 

 

 

Geographic net revenue:

 

 

 

For the year ended May 31,

 

 

 

2022

 

 

2021

 

 

2020

 

North America

 

$

314,132

 

 

$

229,120

 

 

$

129,663

 

EMEA

 

 

296,911

 

 

 

279,062

 

 

 

271,291

 

Rest of World

 

 

17,329

 

 

 

4,903

 

 

 

4,372

 

Total

 

$

628,372

 

 

$

513,085

 

 

$

405,326

 

 

Geographic capital assets:

 

 

 

May 31, 2022

 

 

May 31, 2021

 

North America

 

$

464,370

 

 

$

504,575

 

EMEA

 

 

119,409

 

 

 

140,838

 

Rest of World

 

 

3,720

 

 

 

5,285

 

Total

 

$

587,499

 

 

$

650,698

 

 

Major customers are defined as customers that each individually account for greater than 10% of the Company’s annual revenues. For the years ended May 31, 2022, 2021, and 2020 there were no major customers representing greater than 10% of our annual revenues.