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Home / Business / UPDATE: Less than a week after entering income, Canopy Growth resets a calculation by calculation error

UPDATE: Less than a week after entering income, Canopy Growth resets a calculation by calculation error



Less than a week after posting their latest quarterly earnings, Canopy Growth Corp.

CGC, -0.26%

WEED, -0.46%

the largest pot company at market value, has had to issue a correction. The Canadian cannabis company said it is about a metric in last week's fiscal third quarter and nine-month earnings solution following a formula error in a spreadsheet. Smiths Falls, Ontario-based company, said the nine-month ajdusted EBITDA should have been $ 1

55.2 million ($ 117.8 million), but was reported as $ 69 million. "Adjusted EBITDA losses for the three months ended December 31, 2018, were correct as reported, as were all previous quarters released," the company said in a statement. Canopy posted the figures late February 15, a release carefully monitored by investors in the new legal sector. The company failed to deliver results in the Canadian securities regulator's database, just before a 45-day deadline passed. The company reported an increase of 282% in quarterly revenues when marijuana became legal in Canada, but revenues were offset by paper losses. The shares were down on the 3.7% premarket but have increased 105% over the last 12 months, while S & P 500

SPX, + 0.18%

received 3.1%.

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