Long-term investments are comprised of the following items:

The Company’s equity investments at fair value consist of publicly traded shares, equity interest in non-traded companies and warrants held by the Company. As of  May 31, 2026 and May 31, 2025, included within equity investment under measurement alternative is an option to acquire a 68% membership interest in SH Acquisition for $1.00 upon U.S. federal cannabis legalization valued at $4,364 and $8,160 respectively. See Note 28 (Financial risk management and financial instruments).

For the fiscal year ended May 31, 2026, the Company acquired $3,595 equity investments measured at fair value, which were subsequently sold for proceeds of $2,566 on the sale of investments, and recognized $812 of losses due to the change in fair value. Additionally, the Company recognized $3,796 of losses due to the change in fair value of equity investments under measurement alternative. 

For the fiscal years ended May 31, 2025 and 2024, the Company recognized fair value changes of $5,500 and $217, respectively. See Note 28 (Financial risk management and financial instruments) for additional details.