Canopy Growth said it will report fourth-quarter and full-year fiscal 2026 results on June 15, and at the same time will restate results for fiscal 2025 and fiscal 2024, along with certain interim periods.
The company said it identified a technical accounting error involving share-settled warrants first issued in fiscal 2024. Because its functional currency is the Canadian dollar and the warrants’ exercise prices were denominated in U.S. dollars, Canopy said those instruments should have been recorded as liabilities, not equity. The company said the correction will mainly reclassify amounts between equity and liabilities and record fair-value changes in earnings.
Canopy said the restatement is not expected to change revenue, gross margin, operating income or loss, cash flow from operations, adjusted EBITDA, total assets, cash balances, liquidity, debt-covenant compliance, or its ability to fund operations.
The company also said it has applied for a management cease trade order covering certain directors and officers until the refiling is complete.
Canopy plans to release the fiscal 2026 results, plus the restated fiscal 2025 and 2024 numbers, before markets open on June 15. It will then hold an audio webcast at 10:00 a.m. Eastern time with CEO Luc Mongeau and CFO Tom Stewart. The market has reacted to these announcements by moving the company's shares -2.8% to a price of $1.04. Check out the company's full 8-K submission here.
