Investments (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of Investments [Line Items]

Schedule Of Long Term Investments

The Company holds direct equity investments in cannabis companies, some of which converted from notes which matured August 1, 2020. The following table summarizes the change in the Company’s investments as of September 30, 2020:

	Convertible Notes Receivable			Equity		Total
Balance at January 1, 2020	$	7,533,000		$	6,535,821	$	14,068,821
Additions		—			25,000		25,000
Conversion of notes receivable		(7,533,000	)		7,533,000		—
Fair value adjustment		—			8,117,178		8,117,178
Balance at September 30, 2020	$	—		$	22,210,999	$	22,210,999

The following table summarizes the change in the Company’s investments as of December 31, 2019:

	Convertible Notes Receivable			Equity			Total
Balance at January 1, 2019	$	30,336,000		$	10,597,283		$	40,933,283
Fair value adjustment		(1,398,000	)		(4,061,462	)		(5,459,462	)
Applied to consideration in business combination		(21,405,000	)		—			(21,405,000	)
Balance at December 31, 2019	$	7,533,000		$	6,535,821		$	14,068,821

Schedule Of Fair Value Measurement Inputs and Valuation Techniques

The calculated fair values are recorded as a Level 3 fair value investment as of September 30, 2020 and December 31, 2019. See Note 13 - Fair Value Measurements for additional details. As of December 31, 2019, the convertible notes receivable were valued using the Binomial Lattice Model, which is based on a generalized binomial option pricing formula, using the following assumptions:

	December 31, 2019
Risk free rate	1.58% -2.46%
Equity Volatility	58% - 106%
Market Yield	15% - 18%
Probability of Qualified Financing	0%
Probability of Sale	30%
Probability of No Event	70%

Equity Method Investments [Member]

Schedule of Investments [Line Items]

Schedule Of Fair Value Measurement Inputs and Valuation Techniques

As of September 30, 2020, the Company updated its valuation for the notes that converted to equity as well as certain equity investments. The equity investments were valued using a market approach using the following significant assumptions:

	September 30, 2020
Discount for lack of control	13%
Discount for lack of marketability	10%-30%