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Q4 FY19 Financial Statements

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Q4 FY19 Financial Statements CANOPY GROWTH CORPORATION CONSOLIDATED FINANCIAL STATEMENTS FOR THE YEARS ENDED MARCH 31, 2019 AND 2018 (IN CANADIAN DOLLARS) CANOPY GROWTH CORPORATION TABLE OF CONTENTS Report of Independent Registered Public Accounting Firm 1 Consolidated statements of financial position 2 Consolidated statements of operations 3 Consolidated statements of comprehensive loss 4 Consolidated statements of changes in shareholders’ equity 5 Consolidated statements of cash flows 6 Notes to the consolidated financial statements 7-60 KPMG LLP 150 Elgin Street, Suite 1800 Ottawa ON K2P 2P8 Canada Telephone 613-212-5764 Fax 613-212-2896 REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM To the Shareholders and Board of Directors Canopy Growth Corporation: Opinion on the Consolidated Financial Statements We have audited the accompanying consolidated statement of financial position of Canopy Growth Corporation and subsidiaries (the Company) as of March 31, 2019, the related consolidated statements of operations, comprehensive loss, changes in shareholders’ equity, and cash flows for the year then ended, and the related notes (collectively, the consolidated financial statements). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of March 31, 2019, and financial performance and its cash flows for the year then ended, in conformity with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board. We have also audited the adjustments to the 2018 consolidated financial statements to retrospectively apply the change in accounting policy to capitalize production-related depreciation and amortization to biological assets and inventory and expense this depreciation to cost of goods sold as inventory is sold, as described in Note 3(c) therein. In our opinion, such adjustments are appropriate and have been properly applied. We were not engaged to audit, review, or apply any procedures to the 2018 consolidated financial statements of the Company other than with respect to the adjustments and, accordingly, we do not express an opinion or any other form of assurance on the 2018 consolidated financial statements taken as a whole. Other matter Another auditor audited, in accordance with Canadian generally accepted auditing standards, the consolidated financial statements of the Company, which comprise the consolidated statement of financial position as at March 31, 2018, the consolidated statements of operations and comprehensive income/(loss), changes in shareholders’ equity and cash flows for the year then ended, and a summary of significant accounting policies and other explanatory information. In their auditors’ report dated June 27, 2018, they expressed an unmodified audit opinion on those consolidated financial statements. Basis for Opinion These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these consolidated financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part of our audit, we are required to obtain an understanding of internal control over financial reporting but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control over financial reporting. Accordingly, we express no such opinion. KPMG LLP is a Canadian limited liability partnership and a member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. KPMG Canada provides services to KPMG LLP. Our audit included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audit provides a reasonable basis for our opinion. We have served as the Company’s auditor since October 2018. Ottawa, Canada June 21, 2019 CANOPY GROWTH CORPORATION CONSOLIDATED STATEMENTS OF FINANCIAL POSITION March 31, March 31, (Expressed in CDN $000's) Notes 2019 2018 Assets Current assets Cash and cash equivalents 5 $ 2,480,830 $ 322,560 Marketable securities 6 2,034,133 - Amounts receivable 7 106,974 21,425 Biological assets 8 78,975 16,348 Inventory 9 262,105 101,607 Prepaid expenses and other current assets 10 107,123 19,837 5,070,140 481,777 Investments in equity method investees 11 112,385 63,106 Other financial assets 12 363,427 163,463 Property, plant and equipment 13 1,096,340 303,682 Intangible assets 14 519,556 101,526 Goodwill 14 1,544,055 314,923 Other long-term assets 25,902 8,340 $ 8,731,805 $ 1,436,817 Liabilities Current liabilities Accounts payable and accrued liabilities 15 $ 226,533 $ 89,571 Current portion of long-term debt 16 103,716 1,557 Other current liabilities 17 81,414 900 411,663 92,028 Long-term debt 16 842,259 6,865 Deferred tax liability 24 96,031 33,536 Other long-term liabilities 17 140,404 61,150 1,490,357 193,579 Commitments and contingencies 29 Shareholders' equity Share capital 18 6,026,618 1,076,838 Other reserves 1,673,472 127,418 Accumulated other comprehensive income 28,630 46,166 Deficit (777,087 ) (91,649 ) Equity attributable to Canopy Growth Corporation 6,951,633 1,158,773 Non-controlling interests 20 289,815 84,465 Total equity 7,241,448 1,243,238 $ 8,731,805 $ 1,436,817 Page 2 CANOPY GROWTH CORPORATION CONSOLIDATED STATEMENTS OF OPERATIONS FOR THE YEARS ENDED MARCH 31, 2019 AND 2018 March 31, March 31, (Expressed in CDN $000's except share amounts) Notes 2019 2018 (Restated - see note 3(c)) Revenue 21 $ 253,431 $ 77,948 Excise taxes 21 27,090 - Net revenue 21 226,341 77,948 Inventory production costs expensed to cost of sales 175,425 40,213 Gross margin before the undernoted 50,916 37,735 Fair value changes in biological assets included in inventory sold and other inventory charges 9 129,536 67,861 Unrealized gain on changes in fair value of biological assets 8 (167,550 ) (96,721 ) Gross margin 88,930 66,595 Sales and marketing 154,392 38,203 Research and development 15,238 1,453 General and administration 168,434 43,819 Acquisition-related costs 23,394 3,406 Share-based compensation expense 18(b),19(f) 182,837 29,631 Share-based compensation expense related to acquisition milestones 18(c) 100,164 19,475 Depreciation and amortization 21,510 12,889 Operating expenses 665,969 148,876 Loss from operations (577,039 ) (82,281 ) Share of loss on equity investments 11 (10,752 ) (1,473 ) Other (expense) income, net 23 (69,985 ) 31,213 Total other (expense) income, net (80,737 ) 29,740 Loss before income taxes (657,776 ) (52,541 ) Income tax expense 24 (12,318 ) (1,593 ) Net loss $ (670,094 ) $ (54,134 ) Net (loss) income attributable to: Canopy Growth Corporation $ (685,438 ) $ (70,353 ) Non-controlling interests 20 15,344 16,219 $ (670,094 ) $ (54,134 ) Net loss per share, basic and diluted Net loss per share: 25 $ (2.57 ) $ (0.40 ) Weighted average number of outstanding common shares: 25 266,997,406 177,301,767 Page 3 CANOPY GROWTH CORPORATION CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS FOR THE YEARS ENDED MARCH 31, 2019 AND 2018 March 31, March 31, (Expressed in CDN $000's) Notes 2019 2018 Net loss $ (670,094 ) $ (54,134 ) Other comprehensive income (loss) that will not be reclassified to net income (loss) Fair value changes on equity instruments at FVOCI 12 (8,343 ) - Fair value changes on available for sale financial assets 12 - 38,673 Fair value changes of own credit risk of financial liabilities designated at FVTPL 16 (47,130 ) - Deferred income tax recovery (expense) on the above items 24 1,092 (4,982 ) (54,381 ) 33,691 Other comprehensive income (loss) that may be reclassified to net income (loss) Foreign currency translation 40,617 410 40,617 410 Other comprehensive (loss) income (13,764 ) 34,101 Comprehensive loss $ (683,858 ) $ (20,033 ) Comprehensive (loss) income attributable to: Canopy Growth Corporation $ (702,974 ) $ (40,285 ) Non-controlling interests 20 19,116 20,252 $ (683,858 ) $ (20,033 ) Page 4 CANOPY GROWTH CORPORATION CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY FOR THE YEARS ENDED MARCH 31, 2019 AND 2018 Accumulated other Other reserves comprehensive income Share- Fair value Non- Number Share based Ownership Exchange changes, controlling Shareholders' (Expressed in CDN $000's except share amounts) Note of shares capital reserve Warrants changes differences net of tax Deficit interests equity
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