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NON-CONTROLLING INTERESTS
12 Months Ended
Oct. 31, 2023
Notes and other explanatory information [abstract]  
NON-CONTROLLING INTERESTS

 

23. NON-CONTROLLING INTERESTS

 

The changes to the non-controlling interest for the years ended October 31, 2023, 2022 and 2021, and are as follows:

 

                       
    October 31,
2023
    October 31,
2022
    October 31,
2021
 
    $     $     $  
Balance, beginning of year     2,006,479       2,033,986       (33,383 )
Non-controlling interest’s 13% share of GR Michigan     -       -       5,743  
Non-controlling interest’s 100% share of Canopy     (129,279 )     (27,507 )     2,065,718  
Acquisition of 87% of Canopy     (893,483 )     -       2,065,718  
Balance, end of year     983,717       2,006,479       2,033,986  

 

 

23.1 Non-controlling interest in GR Michigan

 

The following is summarized financial information for GR Michigan:

 

                       
    October 31,
2023
    October 31,
2022
    October 31,
2021
 
    $           $  
Current assets     -       -       1,453  
Non-current assets     -       -       -  
Current liabilities     -       -       -  
Non-current liabilities     -       -       -  
Net loss for the year     -       -       48,867  

 

Nine percent (9%) of GR Michigan is owned by officers and directors of the Company; this ownership is pursuant to an agreement that included their loans made to GR Michigan (Note 17.4), and 4% of GR Michigan owned by a third party. The total non-controlling ownership, including ownership by officers and directors, is 13%.

 

23.2 Non-controlling interest in Canopy

 

The following is summarized financial information for Canopy, reflecting consolidation of Golden Harvests, of which Canopy is a 60% owner:

 

                       
    October 31,
2023
    October 31,
2022
    October 31,
2021
 
    $     $     $  
Current assets     4,192,902       3,200,701       3,093,330  
Non-current assets     4,016,860       3,741,309       4,023,521  
Current liabilities     2,048,167       2,337,695       1,708,330  
Non-current liabilities     253,340       715,461       1,225,804  
Advances due to parent     -       -       530,020  
Net income (loss) for the year     (129,279 )     (27,507 )     2,196,479  

 

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 (Note 23.2), 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.