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INVENTORY

12 Months Ended

Mar. 31, 2022

Inventory Disclosure [Abstract]

Inventory Disclosure [Text Block]

NOTE 3 – INVENTORY

		*(in thousands)*
		As of March 31, 2022 ($)				As of March 31, 2021 ($)
Raw materials			2,247				2,294
Work-in-progress			584				2,199
Finished goods			717				985
Total			3,548				5,478

Inventory in the form of work-in-progress as of March 31, 2022, comprises, but it is not limited to, various hemp-based extracts such as crude oil, hemp distillate, and hemp isolate. Inventory also includes cost related to growing crops like seeds, fertilizer, other raw materials, labor, farm related overheads and the depreciation of farming equipment, hand sanitizers, gummies, lotions, beverages, and personal protective equipment, among others.

During Fiscal 2022, the Company wrote off approximately $252 thousand of inventory due to abnormal amounts of idle facility expense, freight, handling costs, scrap, and wasted material (spoilage) as compared to approximately $307 thousand for Fiscal 2021. The Company also made an NRV adjustment of $1.7 million due to fall in the price of hemp derivatives because of COVID, leading to lower foot traffic and store closures. As a result, it impacts decrease in demand and price. These charges were recorded in Selling, General and Administrative Expenses.