Canopy Growth Corp (CGC): auditor change — Canopy Growth restates prior financials due to BioSteel revenue recognition errors

Canopy Growth Corp

Material misstatements identified in BioSteel unit revenue recognition timing under ASC 606.
FY2022 audited annual and FY2023 Q1-Q3 unaudited financials no longer reliable.
Restatement will reduce previously recognized revenues and adjust balance sheet items.
Company expects one or more material weaknesses in internal controls over financial reporting.
Impact not quantified; BioSteel review ongoing; FY2023 10-K filing delayed.

item 4.02

Key facts

Extracted from this filing and checked against the source text.

Auditor Changes SEC 8-K Item 4.01/4.02 confidence 0.9

Canopy Growth Corp reported that prior financial statements should not be relied upon.

Action: non reliance

Exact text from the filing

on May 4, 2023, the Company, in consultation with the Audit Committee, concluded that the Company’s (i) audited consolidated financial statements for the fiscal year ended March 31, 2022, included in the Company’s Annual Report on Form 10-K for the fiscal year ended March 31, 2022 (the “ 2022 10-K ”), and (ii) unaudited consolidated financial statements for the quarterly periods ended June 30, 2022, September 30, 2022 and December 31, 2022, included in the Company’s Quarterly Reports on Form 10-Q for such quarterly periods (collectively, the “ Form 10-Qs ” and together with the 2022 10-K, the “ Prior Financial Statements ”), should no longer be relied upon because of certain material misstatements contained in the Prior Financial Statements

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Source: SEC EDGAR

accession 0001193125-23-140783

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