Investment In Joint Ventures And Minority Interests (Tables)

9 Months Ended

Sep. 30, 2020

Schedule Of Equity Method Investments [Line Items]

Summary of earnings (losses) from unconsolidated entities

Summarized Equity Earnings (Losses) from Unconsolidated Entities

	Three months ended September 30,						Nine Months Ended September 30,
	2020			2019			2020			2019
Pure Sunfarms	$	1,443		$	3,748		$	5,437		$	14,493
VF Hemp		(137	)		(211	)		(552	)		(343	)
AVGG Hemp		—			(18	)		—			(35	)
Total	$	1,306		$	3,519		$	4,885		$	14,115

Summary of company share of the joint venture

The Company’s share of the joint venture consisted of the following:

Balance, January 1, 2019	$	6,341
Investments in joint venture		18,717
Share of net income for the year		16,276
Balance, December 31, 2019	$	41,334

Balance, January 1, 2020	$	41,334
Investments in joint venture		16,393
Share of net income for the period		5,437
Balance, September 30, 2020	$	63,164

Summary of summarized financial information

Summarized financial information of Pure Sunfarms:

	September 30, 2020			December 31, 2019
Current assets
Cash and cash equivalents	$	6,751		$	7,356
Trade receivables		13,543			8,687
Inventory		33,676			21,745
Other current assets		5,759			6,964
Non-current assets		115,720			108,652
Current liabilities
Trade payables		(3,422	)		(4,938	)
Borrowings due to joint ventures		(11,022	)		(26,413	)
Income taxes payable		—			(8,489	)
Borrowings – current		(2,291	)		(1,423	)
Other current liabilities		(10,156	)		(5,021	)
Non-current liabilities
Borrowings – long term		(23,709	)		(13,089	)
Deferred tax liabilities		(13,742	)		(2,473	)
Net assets	$	111,107		$	91,558
Reconciliation of net assets:
Accumulated retained earnings	$	36,091		$	26,679
Contributions from joint venture partners		75,738			63,481
Currency translation adjustment		(722	)		1,398
Net assets	$	111,107			91,558

	Three months ended September 30,						Nine months ended September 30,
	2020			2019			2020			2019
Sales	$	17,048		$	18,084		$	39,571		$	53,128
Cost of sales*		(11,154	)		(5,689	)		(23,678	)		(13,463	)
Gross Margin		5,894			12,395			15,893			39,665
Selling, general and administrative expenses		(2,447	)		(2,830	)		(6,731	)		(5,616	)
Income from operations		3,447			9,565			9,162			34,049
Interest expense		(386	)		(302	)		(734	)		(596	)
Foreign exchange (loss) gain		(56	)		14			(207	)		28
Other income, net**		(131	)		8			4,202			22
Income before taxes		2,874			9,285			12,423			33,503
Provision for income taxes		(417	)		(2,600	)		(3,012	)		(9,397	)
Net Income	$	2,457		$	6,685		$	9,411		$	24,106

Included in cost of sales for the three months ended September 30, 2020 and 2019 is $961 and $503, and nine months ended September 30, 2020 and 2019 is $1,973 and $1,347 respectively, of depreciation expense.

Nine months ended September 30, 2020, includes a gain recognized on the settlement of net liabilities of $4,348.

Village Fields Hemp USA LLC [Member]

Schedule Of Equity Method Investments [Line Items]

Summary of company share of the joint venture

The Company’s share of the joint venture consisted of the following:

Balance, January 1, 2019	$	—
Investments in joint venture		7
Share of net loss		(2,464	)
Losses applied against joint venture note receivable		2,457
Balance, December 31, 2019	$	—
Balance, January 1, 2020	$	—
Investments in joint venture		—
Share of net loss		(552	)
Losses applied against joint venture note receivable		552
Balance, September 30, 2020	$	—

Summary of summarized financial information

Summarized financial information of VF Hemp:

	September 30, 2020			December 31, 2019
Current assets
Inventory	$	9,268		$	9,308
Other current assets		242			546
Non-current assets		989			1,476
Current liabilities		(1,433	)		(1,788	)
Non-current liabilities		(13,697	)		(13,323	)
Net assets	$	(4,631	)	$	(3,781	)
Reconciliation of net assets:
Accumulated retained earnings	$	(3,791	)	$	(3,791	)
Net loss for the nine months ended September 30, 2020		(850	)		—
Contributions from joint venture partners		10			10
Net assets	$	(4,631	)	$	(3,781	)