Canopy Growth Corp to Restate Financials

By Bobby Samwell • Sunday, May 17 16:01 • Permanent Link

Canopy Growth said it will release fourth-quarter and fiscal 2026 results on June 15, alongside restated results for fiscal 2025 and fiscal 2024 and certain interim periods after identifying a technical accounting error tied to share-settled warrants issued in fiscal 2024.

The company said those warrants, denominated in U.S. dollars, should have been classified as liabilities rather than equity because Canopy’s functional currency is the Canadian dollar. The correction is expected to trigger balance-sheet reclassifications and fair-value adjustments, all non-cash entries.

Canopy said the refiling is not expected to change revenue, gross margin, operating income or loss, cash 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 report the results before markets open on June 15, then hold an audio webcast at 10:00 a.m. ET the same day with CEO Luc Mongeau and CFO Tom Stewart. Following these announcements, the company's shares moved -2.8%, and are now trading at a price of $1.04. For the full picture, make sure to review Canopy Growth Corp's 8-K report.

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