<SEC-DOCUMENT>0001193125-22-044394.txt : 20220329
<SEC-HEADER>0001193125-22-044394.hdr.sgml : 20220329
<ACCEPTANCE-DATETIME>20220216163134
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-22-044394
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20220216

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Canopy Growth Corp
		CENTRAL INDEX KEY:			0001737927
		STANDARD INDUSTRIAL CLASSIFICATION:	MEDICINAL CHEMICALS & BOTANICAL PRODUCTS [2833]
		IRS NUMBER:				000000000
		STATE OF INCORPORATION:			Z4
		FISCAL YEAR END:			0331

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		1 HERSHEY DRIVE
		CITY:			SMITH FALLS
		STATE:			A6
		ZIP:			K7A0A8
		BUSINESS PHONE:		855-558-9333

	MAIL ADDRESS:	
		STREET 1:		1 HERSHEY DRIVE
		CITY:			SMITH FALLS
		STATE:			A6
		ZIP:			K7A0A8
</SEC-HEADER>
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<TYPE>CORRESP
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 </P> <p STYLE="margin-top:0pt;margin-bottom:0pt ; font-size:8pt">&nbsp;</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">February&nbsp;16, 2022 </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>VIA EDGAR </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">U.S. Securities and Exchange Commission
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Life Sciences
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">100 F Street, N.E. </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P>
<P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD VALIGN="top">Attention:</TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Li Xiao</TD></TR>
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<TD VALIGN="top"></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top">Mary Mast</TD></TR>
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<TD VALIGN="top"><B>Re:</B></TD>
<TD VALIGN="bottom">&nbsp;&nbsp;</TD>
<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Canopy Growth Corporation</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Form <FONT
STYLE="white-space:nowrap">10-K</FONT> for the Fiscal Year ended March&nbsp;31, 2021</B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B>Filed June&nbsp;1, 2021</B></P>
<P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman"><B>File <FONT STYLE="white-space:nowrap">No.&nbsp;001-38496</FONT></B></P></TD></TR>
</TABLE> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms. Mast and Ms. Xiao: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">We
submit this letter in response to comments received by Canopy Growth Corporation (the &#147;<B><I>Company&#148;) from the staff of the Division of Corporation Finance (the &#147;Staff&#148;) of the Securities and Exchange Commission (the
&#147;Commission&#148;) by letter dated February&nbsp;3, 2022 (the &#147;Comment Letter&#148;) with respect to the Company&#146;s <FONT STYLE="white-space:nowrap">above-referenced</FONT> Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K.</FONT> </I></B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">For ease of review, we have set forth below each of the numbered comments in the Comment Letter in
italics followed by the Company&#146;s responses thereto. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Item 7. Management&#146;s Discussion and Analysis of Financial Condition and Results of
Operations</U> </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Part 4&#151;Critical Accounting Policies and Estimates </U></P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Impairment of Indefinite Lived Intangible Assets and Goodwill, page 86 </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%" VALIGN="top" ALIGN="left"><I>1.</I></TD>
<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>You state that you changed the structure of your internal management reporting in the fourth quarter of
fiscal 2021 and identified two operating and reportable segments. You disclose that no indication of impairment was noted for any of your reporting units, as the estimated fair value of each of your reporting units with goodwill exceeded their
carrying value. Please clarify for us if any of the reporting units is at risk of failing the impairment test, and if so, please provide the following disclosures for the at risk reporting units in future filings: </I></P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The percentage by which fair value exceeded carrying value as of the date of the most recent test;</I>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>The amount of goodwill allocated to the reporting unit;</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>A description of the methods and key assumptions used and how the key assumptions were determined;</I>
</P></TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>A discussion of the degree of uncertainty associated with the key assumptions. The discussion regarding
uncertainty should provide specifics to the extent possible (e.g., the valuation model assumes recovery from a business downturn within a defined period of time); and</I> </P></TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TR style = "page-break-inside:avoid">
<TD WIDTH="10%">&nbsp;</TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left" STYLE=" margin-top:0pt ; margin-bottom:0pt; font-family:Times New Roman; font-size:10pt"><I>A description of potential events and/or changes in circumstances that could reasonably be expected to
negatively affect the key assumptions.</I> </P></TD></TR></TABLE>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Response:</I></B> The Company respectfully advises the Staff that the Company&#146;s cannabis
operations&#146; goodwill became at risk of impairment during the quarter ended December&nbsp;31, 2021. In this regard, the Company has provided the following disclosure in Part I, Item 2 (Management&#146;s Discussion and Analysis of Financial
Condition and Results of Operations) of its Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly period ended December&nbsp;31, 2021, filed with the Commission on February&nbsp;9, 2022 (the &#147;Q3 2022 <FONT
STYLE="white-space:nowrap">10-Q&#148;)</FONT> on page 58: </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Critical Accounting Policies and Estimates </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">There have been no material changes to our critical accounting policies and estimates from the information provided in the
MD&amp;A section in our Annual Report. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>Impairment of goodwill </I></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">Goodwill needs to be tested for impairment annually at the measurement date of March&nbsp;31, or sooner if events or
circumstances indicate that the carrying value of goodwill may not be recoverable. An entity may first perform a qualitative assessment of impairment, and a quantitative analysis is only required if the qualitative assessment is inconclusive. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">As a result of the continued decline in the price of our common shares in the third quarter of fiscal 2022, we performed a
quantitative interim goodwill impairment assessment for the cannabis operations reporting unit in the global cannabis segment as of December&nbsp;31, 2021. The estimated fair value of the cannabis operations reporting unit was determined using the
market valuation method, which is consistent with the methodology used for our annual impairment test conducted at March&nbsp;31, 2021. The most significant assumption used in applying the market valuation methodology was the price of our common
shares during the third quarter of fiscal 2022. We concluded that the estimated fair value of the cannabis operations reporting unit exceeded its carrying value at December&nbsp;31, 2021 and, as a result, goodwill is not impaired. However, the fair
value of the goodwill associated with our cannabis operations reporting unit only exceeded its carrying value by approximately 15% to 20%. Accordingly, our cannabis operations goodwill is at risk for impairment in future periods. The carrying value
of goodwill associated with our cannabis operations reporting unit was $1.8&nbsp;billion at December&nbsp;31, 2021. To the extent we continue to experience declines in the price of our common shares, we may be required to perform a quantitative
goodwill impairment assessment in future periods. </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For the remaining reporting units, we do not believe that an event
occurred or circumstances changed during the third quarter of fiscal 2022 that would, more likely than not, reduce the fair value of these reporting units below their carrying value. Therefore, we concluded that the quantitative goodwill impairment
assessment was not required. The carrying value of goodwill associated with all other reporting units was $212.3&nbsp;million at December&nbsp;31, 2021. </P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">We are required to perform the next annual goodwill impairment analysis on March&nbsp;31, 2022. </P>
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">In addition, the Company has provided the following disclosure in Part II, Item 1A (Risk Factors) of its Q3
2022 <FONT STYLE="white-space:nowrap">10-Q</FONT> on page 62: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B>Item&nbsp;1A. Risk Factors. </B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">For information regarding factors that could affect our results of operations, financial condition and liquidity, see the risk
factors discussed in Part I, Item 1A in our Annual Report. Except as set forth below, there have been no material changes to the risk factors previously disclosed in Part I, Item 1A in our Annual Report. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; margin-left:4%; font-size:10pt; font-family:Times New Roman"><B><I>We have been and may in the future be required to write down intangible assets, including goodwill, due to impairment, which could have
a material adverse effect on our results of operations or financial position. </I></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; margin-left:4%; text-indent:4%; font-size:10pt; font-family:Times New Roman">We have in the past and may in the
future be required to write down intangible assets, including goodwill, due to impairment, which would reduce earnings. We periodically calculate the fair value of our reporting units and intangible assets to test for impairment. This calculation
may be affected by several factors, including general economic conditions, regulatory developments, changes in category growth rates as a result of changing adult consumer preferences, success of planned new product introductions, and competitive
activity. Certain events can also trigger an immediate review of goodwill and intangible assets. If the carrying value of our reporting unit and other intangible assets exceed their fair value and the loss in value is other than temporary, the
goodwill and other intangible assets are considered impaired, which would result in impairment losses and could have a material adverse effect on our consolidated financial position or results of operations. We have tested the goodwill associated
with our cannabis operations reporting unit for impairment in connection with our review of the consolidated financial statements included in this Quarterly Report on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> and have determined that there
is no impairment of goodwill at this time. However, the fair value of the goodwill associated with our cannabis operations reporting unit only exceeded its carrying value by approximately 15% to 20%. Accordingly, our cannabis operations goodwill is
at risk for impairment in future periods. The carrying value of goodwill associated with our cannabis operations reporting unit was $1.8&nbsp;billion at December&nbsp;31, 2021. Refer to &#147;Critical Accounting Policies and Estimates&#148; in the
MD&amp;A for information regarding our goodwill impairment assessment at December&nbsp;31, 2021. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><U>Note 17. Goodwill, page <FONT
STYLE="white-space:nowrap">F-32</FONT> </U></P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD ALIGN="left" VALIGN="top"> <P STYLE=" margin-top:0pt ; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman; " ALIGN="left"><I>Please tell us your consideration of providing the required disclosures for goodwill under ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-50-1</FONT></FONT></FONT> in total and for each reportable segment. </I></P></TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><I>Response: </I></B>The Company respectfully advises the Staff that it has considered the disclosure requirements provided in ASC <FONT
STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-50-1,</FONT></FONT></FONT> inclusive of those included in <FONT STYLE="white-space:nowrap">50-1A.</FONT> In considering its disclosures relating to
its reportable segments, the Company has also considered the disclosure requirements provided in ASC <FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">280-10-50-26,</FONT></FONT></FONT> which state
that &#147;<I>If no asset information is provided for a reportable segment, that fact and the reason therefore shall be disclosed.</I>&#148; In this regard, the Company has disclosed in its Annual Report on Form
<FONT STYLE="white-space:nowrap">10-K</FONT> for the year ended March 31, 2021, and in its Quarterly Reports on Form <FONT STYLE="white-space:nowrap">10-Q</FONT> for the quarterly periods ended June&nbsp;30, 2021, September&nbsp;30, 2021, and
December&nbsp;31, 2021, that &#147;Asset information by segment is not provided to, or reviewed by, the Company&#146;s [Chief Executive Officer, who is the chief operating decision maker (&#147;CODM&#148;)] as it is not used to make
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strategic decisions, allocate resources, or assess performance.&#148; Therefore, in considering the disclosure requirements in ASC
<FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap"><FONT STYLE="white-space:nowrap">350-20-50-1,</FONT></FONT></FONT> the Company concluded that these specific disclosures were not required because the Company&#146;s CODM does not
receive, or review, asset information by reportable segment.</P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Additionally, the Company advises the Staff that the Q3 2022
<FONT STYLE="white-space:nowrap">10-Q</FONT> includes disclosure of the carrying value of goodwill associated with the cannabis operations reporting unit, which the Company considers to be &#147;at risk&#148; of impairment, at December&nbsp;31,
2021. The Company has also disclosed the carrying value of goodwill associated with all other reporting units at December&nbsp;31, 2021. These disclosures are included in the &#147;Critical Accounting Policies&#148; section of Part I, Item 2
(Management&#146;s Discussion and Analysis of Financial Condition and Results of Operations) on page 58 of the Q3 2022 <FONT STYLE="white-space:nowrap">10-Q,</FONT> and included in the Company&#146;s response to the Staff&#146;s first comment
above.&nbsp;&nbsp;&nbsp;&nbsp; </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">The Company further advises the Staff that the Company has no reporting units with zero or negative carrying values of net
assets. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">* * * </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">If you have any questions,
please do not hesitate to contact Yariv Katz (tel: (212) <FONT STYLE="white-space:nowrap">318-6393;</FONT> email: yarivkatz@paulhastings.com) or Keith D. Pisani (tel: (212) <FONT STYLE="white-space:nowrap">318-6053;</FONT> email;
keithpisani@paulhastings.com), each of Paul Hastings LLP, our outside corporate and securities counsel. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely,</TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:1pt; border-bottom:1px solid #000000; font-size:10pt; font-family:Times New Roman">/s/ Judy Hong</P></TD></TR>
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<TD VALIGN="top"> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Judy Hong</P> <P STYLE="margin-top:0pt; margin-bottom:1pt; font-size:10pt; font-family:Times New Roman">Interim Chief Financial
Officer</P></TD></TR>
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<TD VALIGN="top">cc: (via <FONT STYLE="white-space:nowrap">e-mail)</FONT></TD></TR>
</TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">David Klein, Chief Executive Officer, Canopy Growth Corporation </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Yariv Katz, Esq., Paul Hastings LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Keith D. Pisani, Esq., Paul
Hastings LLP </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">KPMG LLP </P>
</DIV></Center>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
