Canadian cannabis producer Canopy Growth plans to restate some of its financial statements For the fiscal year ending March 31, 2022.
The Smiths Falls, Ontario, company is taking this step after identifying “material errors” related to incorrectly calculated sales of its BioSteel business unit.
Canopy is among a number of cannabis companies that have The restated financial results In the last years.
Canopy said it is “unable to determine the impact” of the pending corrections because the review is ongoing, according to the company’s recent filing with the US Securities and Exchange Commission.
The company said it initiated an internal review, under the oversight of an audit committee, after identifying “certain trends” in booking sales of BioSteel while preparing its financial statements for the fiscal year ending March 31, 2023.
Canopy booked C$44.6 million ($33 million) in BioSteel’s sales
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