v3.26.1
NON-CONTROLLING INTERESTS
 12 Months Ended
Dec. 31, 2025
Non-controlling Interests  
NON-CONTROLLING INTERESTS

 

27. NON-CONTROLLING INTERESTS

 

The changes to the non-controlling interest for year ended December 31, 2025 and 2024 are as follows:

 

               
    December 31,
2025		     December 31,
2024		  
    $     $  
Balance, beginning of year     1,629,981       1,013,324  
Canopy buyout of 13% minority interest and acquisition of an additional 20% of Golden Harvests     -       (570,996 )
Acquisition of 70% of ABCO     -       848,571  
Acquisition of 43.48% of West NY     -       806,250  
Dividends issued from Golden Harvest to minority owner     (115,000 )     (530,000 )
Roll off of non-controlling interest in GR Michigan     -       35,804  
Net loss for the year attributed to non-controlling interest     1,500,152       27,028  
Balance, end of year     3,015,133       1,629,981  

 

27.1 Non-controlling interest in Golden Harvests and Canopy

 

               
    December 31,
2025		     December 31,
2024		  
    $     $  
Current assets     4,884,257       6,561,486  
Non-current assets     3,853,193       7,518,005  
Current liabilities     (1,050,741 )     (5,821,655 )
Non-current liabilities     (2,600,429 )     (6,222,452 )
Net loss for the year attributed to non-controlling interest     (1,052,405 )     (651,962 )

 

In January of 2023, GR Unlimited exercised its option to acquire 87% of the membership units of Canopy from the CEO. Prior to this, ninety-six percent (96%) of Canopy was owned by officers and directors of the Company, and four percent (4%) was owned by a third party. Ownership by officers and directors, excluding the CEO, was pursuant to agreements which caused their ownership of Canopy to be equal to their ownership in GR Michigan, which total 3.5%. The CEO owned 92.5% of Canopy, which was analogous to the CEO’s 5.5% ownership of GR Michigan, and an additional 87% of Canopy, which was and is equal to the Company’s 87% ownership of GR Michigan. Following GR Unlimited’s acquisition of 87% of the membership units of Canopy in January of 2023, Canopy became owned 87% by GR Unlimited; 7.5% by officers and directors; and 5.5% by the CEO.

 

In April of 2024, GR Unlimited acquired the remaining 13% membership units of Canopy. Following this acquisition of the additional 13% interest in Canopy, Canopy became wholly owned by GR Unlimited.

 

In April of 2024, Canopy acquired an additional 20% of the membership units of Golden Harvest. Following the acquisition of an additional 20% interest in Golden Harvest on April 24, 2024, Golden Harvest became 80% owned by Canopy.

 

27.2 Non-controlling interest in West NY

 

               
    December 31,
2025		     December 31,
2024		  
    $     $  
Non-current assets     1,683,757       1,538,010  
Net loss for the year attributed to non-controlling interest     (82,376 )     (56,659 )

 

The Company, through its subsidiary GR Retail, invested $806,250 in the equity of West NY. West NY is a lender to a retail business in New Jersey.

 

27.3 Non-controlling interest in ABCO

 

               
    December 31,
2025		     December 31,
2024		  
    $     $  
Current assets     5,316,937       2,068,827  
Non-current assets     13,949,466       14,506,946  
Current liabilities     (6,758,314 )     (6,245,201 )
Non-current liabilities     (11,451,789 )     (10,492,161 )
Net income for the year attributed to non-controlling interest     (365,371 )     681,593  

 

Refer to Note 4 for details regarding the acquisition of 70% ownership in ABCO.