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Other Investments | 3 Months Ended
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Jun. 30, 2026
Other Investments [Abstract] |
Other Investments | 9. OTHER INVESTMENTS The following table outlines changes in other financial assets. Additional details on how the fair value of significant investments is calculated are included in Note 19.
|  |  |  |  |  |  |  |  |  |  |  |  | Foreign |  |  |  |  |  |  |
|  |  |  | Balance at |  |  |  |  |  |  |  |  | currency |  |  |  |  |  | Balance at |
|  |  |  | March 31, |  |  |  |  |  | Fair value |  |  | translation |  |  |  |  |  | June 30, |
Entity |  | Instrument |  | 2026 |  |  | Additions |  |  | changes |  |  | adjustments |  |  | Other |  |  | 2026 |
Canopy USA Loans Receivable |  | Loan receivable |  | $ | 63,900 |  |  | $ | - |  |  | $ | (506 | ) |  | $ | 1,242 |  |  | $ | - |  |  | $ | 64,636 |
Canopy USA LPs |  | Equity method investment |  |  | 42,079 |  |  |  | - |  |  |  | 16,714 |  |  |  | 92 |  |  |  | - |  |  |  | 58,885 |
Other |  | Various |  |  | 2,031 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | (84 | ) |  |  | 1,947 |
|  |  |  | $ | 108,010 |  |  | $ | - |  |  | $ | 16,208 |  |  | $ | 1,334 |  |  | $ | (84 | ) |  | $ | 125,468 |
Equity Method Investments Through its ownership in the Non-Voting Shares, the Company has a non-participating and non-voting interest in Canopy USA and an interest in the Canopy USA LPs, and classifies such interests in Canopy USA and the Canopy USA LPs as equity method investments. The Company has elected to account for its investments in Canopy USA and the Canopy USA LPs at fair value. Refer to Note 19 for information on the valuation technique and inputs used in determining the fair value of the Canopy USA and the Canopy USA LPs investments and Note 21 for information on fair value movements. Canopy USA Loans Receivable Acreage and Wana Debt On June 3, 2024, the Optionor closed the Debt Acquisition. The Optionor entered into various agreements in connection with the Debt Acquisition in order to acquire the Acquired Debt in exchange for $95,460 (US$69,786) in cash and the release of approximately $41,107 (US$30,051) that was held in escrow. The Optionor subsequently transferred approximately $2,972 (US$2,173) of the Acquired Debt and entered into a series of agreements, including the First ARCA, which provided for, among other things, the Acquired Debt, certain interest payments to be paid-in-kind, revisions to certain financial covenants and, following certain events, an extension to the maturity date. On September 13, 2024, the Optionor entered into a series of transactions with, among others, the ARCA Lender. Pursuant to such transactions, the Optionor, the ARCA Lender and Acreage, among others, entered into the Second ARCA. Pursuant to the Second ARCA and an agreement among lenders entered into on September 13, 2024 between, among others, the Optionor and the ARCA Lender, all interest owing to the Optionor under the Second ARCA is, subject to the consent of the ARCA Lender, to be paid-in-kind and not in cash. On July 29, 2025, Canopy USA secured from the ARCA Lender an additional US$22,000 pursuant to the Acreage Financing. In connection with the Acreage Financing, the Optionor, the ARCA Lender and Acreage, among others, amended and restated the Second ARCA pursuant to the Third ARCA. In connection with the Third ARCA, each of the Elevate entities entered into a limited recourse pledge agreement pursuant to which such entities pledged, as security for the obligations under the Third ARCA, each of their respective equity interests in each of the Wana entities. In addition, as security for the obligations under the Third ARCA, each of the Wana entities provided guarantees and security over substantially all of their respective assets. As of June 30, 2026, the aggregate principal amount of the Acreage and Wana Debt owing to the Optionor was approximately $185,929 (US$130,844) and the aggregate principal amount of the Acreage and Wana Debt owing to the ARCA Lender was approximately $112,319 (US$79,042). Acreage is currently in default under the Third ARCA. On May 12, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into the Initial Forbearance Agreement, which was extended from time to time by agreement of the lenders. As required under the Initial Forbearance Agreement, Acreage appointed, among others, a chief restructuring officer and financial advisor in order to assist Acreage with a strategic review of its business. On July 31, 2026, the Optionor, the ARCA Lender and Acreage, among others, entered into the Second Forbearance Agreement. Upon the satisfaction of certain conditions precedent, the Second Forbearance Agreement shall become effective and have an outside date of January 31, 2027, which may be further extended at the sole discretion of the lenders. The portion of the Acreage and Wana Debt owing to the ARCA Lender ranks in priority to the portion of the Acreage and Wana Debt owing to the Company and may be exercised by the ARCA Lender over the assets pledged as security under the Acreage and Wana Debt. See “Risk Factors – In the event Acreage or Wana, as guarantor, cannot satisfy the debt obligations as they become due, the Acreage and Wana Debt may not be repaid and the Company may lose the entirety of its investment in the Acreage and Wana Debt, and, in the event Acreage or Wana are unable to continue as a going concern, which may occur in the event that the ARCA Lender enforces its security over the Acreage and Wana Debt, there would be a negative impact on Canopy USA’s business, financial results and operations and have an adverse impact on the Company’s U.S. strategy, and, potentially, negatively affect the share price of the Canopy Shares,” in Item 1A of the Annual Report. Elevate Loan Receivable Prior to Canopy Growth’s deconsolidation of Canopy USA, which became effective as of April 30, 2024, intercompany loans (collectively the “Elevate loan”) existed between subsidiaries and the Elevate loan was eliminated in Canopy Growth’s consolidated financial statements. Upon deconsolidation of Canopy USA, the Elevate loan (together with the Acreage and Wana Debt, the “Canopy USA Loans Receivable”) is now considered a related party loan and has been recognized in Canopy Growth’s consolidated financial statements at fair value. On December 9, 2024, Canopy USA delivered guarantees in respect of the obligations owing pursuant to the Elevate loan receivable. Upon delivery thereof, each guarantee is now factored into the fair value consideration of the Elevate loan receivable. Refer to Note 19 for information on the valuation technique and other inputs used in determining the fair value. As of June 30, 2026, the aggregate principal and interest amount owing to Canopy Growth is $245,422 (US$172,711) and $81,338 (US$57,240), respectively.

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