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Note 21 - Non-controlling Interests

12 Months Ended

May 31, 2024

Notes to Financial Statements

Noncontrolling Interest Disclosure [Text Block]

21.

Non-controlling interests

The following tables summarize the information relating to the Company’s majority-owned subsidiaries, SH Acquisition (68%), CC Pharma Nordic ApS (75%), Aphria Diamond (51%), and ColCanna S.A.S. (90%) before intercompany eliminations.

Summarized balance sheet information of the entities in which there is a non-controlling interest as at May 31, 2024:

		SH				*CC Pharma*				*Aphria*				*ColCanna*				*May 31,*
		*Acquisition*				*Nordic ApS*				*Diamond*				*S.A.S.*				*2024*
Current assets		$	—			$	12			$	95,720			$	3			$	95,735
Non-current assets			32,000				—				124,675				3,637				160,312
Current liabilities			—				(9	)			(130,945	)			(6,913	)			(137,867	)
Non-current liabilities			—				—				(24,482	)			(1,452	)			(25,934	)
Net assets		$	32,000			$	3			$	64,968			$	(4,725	)		$	92,246

Summarized balance sheet information of the entities in which there is a non-controlling interest as at May 31, 2023:

:

		SH				*CC Pharma*				*Aphria*				*ColCanna*				*May 31,*
		*Acquisition*				*Nordic ApS*				*Diamond*				*S.A.S.*				*2023*
Current assets		$	—			$	114			$	127,689			$	224			$	128,027
Non-current assets			74,681				—				135,085				3,307				213,073
Current liabilities			—				(1,166	)			(142,554	)			(6,697	)			(150,417	)
Non-current liabilities			—				—				(53,197	)			(1,428	)			(54,625	)
Net assets		$	74,681			$	(1,052	)		$	67,023			$	(4,594	)		$	136,058

Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2024:

		SH				*CC Pharma*				*Aphria*				*ColCanna*				*May 31,*
		*Acquisition*				*Nordic ApS*				*Diamond*				*S.A.S.*				*2024*
Revenue		$	—			$	—			$	103,331			$	—			$	103,331
Total expenses			42,681				(1,064	)			40,935				(203	)			82,349
Net (loss) income			(42,681	)			1,064				62,396				203				20,982
Other comprehensive (loss) income			—				(9	)			171				(334	)			(172	)
Net comprehensive (loss) income		$	(42,681	)		$	1,055			$	62,567			$	(131	)		$	20,810
Non-controlling interest %			32	%			25	%			49	%			10	%		NA
Comprehensive (loss) income attributable to NCI			(13,658	)			264				30,658				(13	)			17,251
Additional income attributable to NCI			—				—				5,336				—				5,336
Net comprehensive (loss) income attributable to NCI		$	(13,658	)		$	264			$	35,994			$	(13	)		$	22,587

Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2023:

		SH				*CC Pharma*				*Aphria*				*ColCanna*				*May 31,*
		*Acquisition*				*Nordic ApS*				*Diamond*				*S.A.S.*				*2023*
Revenue		$	—			$	126			$	161,453			$	1			$	161,580
Total expenses			107,297				748				85,460				57,293				250,798
Net (loss) income			(107,297	)			(622	)			75,993				(57,292	)			(89,218	)
Other comprehensive (loss) income			70,778				(21	)			(961	)			(34,643	)			35,153
Net comprehensive (loss) income		$	(36,519	)		$	(643	)		$	75,032			$	(91,935	)		$	(54,065	)
Non-controlling interest %			32	%			25	%			49	%			10	%		NA
Comprehensive (loss) income attributable to NCI			(11,686	)			(161	)			36,766				(9,194	)			15,725
Additional income attributable to NCI			—				—				11,421				—				11,421
Net comprehensive (loss) income attributable to NCI		$	(11,686	)		$	(161	)		$	48,187			$	(9,194	)		$	27,146

Summarized income statement information of the entities in which there is a non-controlling interest for the year ended May 31, 2022:

		SH				CC Pharma				Aphria				ColCanna				May 31,
		Acquisition				Nordic ApS				Diamond				S.A.S.				2022
Revenue		$	—			$	354			$	148,323			$	—			$	148,677
Total expenses (recovery)			(11,180	)			470				77,057				35				66,382
Net (loss) income			11,180				(116	)			71,266				(35	)			82,295
Other comprehensive (loss) income			(70,778	)			47				(2,353	)			(4,737	)			(77,821	)
Net comprehensive (loss) income		$	(59,598	)		$	(69	)		$	68,913			$	(4,772	)		$	4,474
Non-controlling interest %			32	%			25	%			49	%			10	%		NA
Net comprehensive (loss) income		$	(19,071	)		$	(17	)		$	33,767			$	(477	)		$	14,202

On January 5, 2024, Aphria Inc. (“Aphria”), a wholly-owned subsidiary of the Company, entered into an Amended and Restated Wholesale Cannabis Supply Agreement (the “Supply Agreement”) with 1974568 Ontario Limited (“Aphria Diamond”), Aphria’s joint venture with Double Diamond Holdings Ltd. The Supply Agreement amended and restated the existing supply agreement, effective as of September 1, 2023, and amended certain terms relating to pricing and product classes. Due to the terms stipulated in the Supply Agreement, the reduced transfer price will lead to a decrease in income attributable to non-controlling interest over the duration of the agreement. If this agreement had been effective June 1, 2023, the Company would have recognized approximately $15,000 in additional net income attributed to the Stockholders of Tilray Brands, Inc.