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Canopy to refile financial results after finding BioSteel ‘material misstatements’

SMITHS FALLS, Ont. – Canopy Growth Corp. says it will refile three of its past quarterly financial statements after uncovering “material misstatements” linked to its BioSteel business.

The Smiths Falls, Ont. cannabis company says in a regulatory filing that its sports beverage business’s first-, second- and third-quarter sales information from 2022 “should no longer be relied upon.”

The company discovered the misstatements when it was preparing its financial results for the financial year ended March 31.

Canopy determined on May 4 that there were errors in its filings after a review of BioSteel results with independent external counsel and forensic accountants.

The company says its review is ongoing and thus, it cannot quantify the impact the changes might have on its prior financial statements.

Canopy says it also cannot predict how soon its review will be complete, but it promised to file new statements “as soon as practicable.”