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FINANCIAL INSTRUMENTS | 3 Months Ended
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Mar. 31, 2023
FINANCIAL INSTRUMENTS |
Financial Instruments And Risk Management | 16. FINANCIAL INSTRUMENTS Fair value The Company’s financial instruments measured at amortized cost as at March 31, 2023 and December 31, 2022 consist of cash, trade and amounts receivable, loans receivable, trade payables, contingencies, accrued liabilities, contingent purchase consideration liabilities, lease liabilities, and debt and loans payable. The amounts reflected in the condensed interim consolidated statements of financial position approximate fair value due to the short-term maturity of these instruments. Financial instruments recorded at the reporting date at fair value are classified into one of three levels based upon the fair value hierarchy. Items are categorized based on inputs used to derive fair value based on: Level 1 - quoted prices that are unadjusted in active markets for identical assets or liabilities Level 2 - inputs other than quoted prices included in level 1 that are observable for the asset/liability either directly or indirectly; and Level 3 - inputs for the instruments are not based on any observable market data. The Company’s long-term investments require significant unobservable inputs and as discussed at Note 6, are measured at FVPL and as a Level 3 fair value financial instrument within the fair value hierarchy as at March 31, 2023. As discussed in Note 7, the Company’s contingent purchase considerations consist of the estimated fair value of contingent purchase consideration from the acquisition of JustCBD in February 2022. The amount is measured at FVPL as a Level 2 fair value financial instrument within the fair value hierarchy as at March 31, 2023. As valuations of investments for which market quotations are not readily available are inherently uncertain, may fluctuate within short periods of time and are based on estimates, determination of fair value may differ materially from the values that would have resulted if a ready market existed for the investments. Such changes may have a significant impact on the Company’s financial condition or operating results. The following tables present information about the Company’s financial instruments and their classifications as at March 31, 2023 and December 31, 2022 and indicate the fair value hierarchy of the valuation inputs utilized to determine such fair value.
Fair value measurements at March 31, 2023 using: |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments (Note 6) |  | $ | - |  |  | $ | - |  |  | $ | 730 |  |  | $ | 730 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent purchase consideration from business combinations (Note 7) |  | $ | - |  |  | $ | 3,495 |  |  | $ | - |  |  | $ | 3,495 |
Fair value measurements at December 31, 2022 using: |  |  |  |  |  |  |  |  |  |  |  |
|  | Level 1 |  |  | Level 2 |  |  | Level 3 |  |  | Total |
Financial assets: |  |  |  |  |  |  |  |  |  |  |  |
Investments (Note 6) |  | $ | - |  |  | $ | - |  |  | $ | 734 |  |  | $ | 734 |
Financial liabilities: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Contingent purchase consideration from business combinations (Note 7) |  | $ | - |  |  | $ | 2,645 |  |  | $ | - |  |  | $ | 2,645 |

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- Definition The entire disclosure for financial instruments. This disclosure includes, but is not limited to, fair value measurements of short and long term marketable securities, international currencies forward contracts, and auction rate securities. Financial instruments may include hedging and non-hedging currency exchange instruments, derivatives, securitizations and securities available for sale at fair value. Also included are investment results, realized and unrealized gains and losses as well as impairments and risk management disclosures. + References No definition available. + Details
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