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, 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 $8,160. See Note 29 (Financial risk management and financial instruments). The Company’s equity investments under measurement alternative include equity investments without readily determinable fair values.

For the fiscal year ended May 31, 2025, the Company received proceeds of $324 on the sale of investments, we acquired $8,160 of equity investment under measurement alternative and recognized $5,500 of losses due to the change in fair value of investments.

For the fiscal years ended May 31, 2024 and 2023, the Company recognized fair value changes of $217 and $2,366, respectively. See Note 29 (Financial risk management and financial instruments) for additional details.