UPDATE: Less than a week after posting earnings, Canopy Growth restates one metric after calculation error
Less than a week after posting its latest quarterly earnings, Canopy Growth Corp. , the largest pot company by market value, has had to issue a correction. The Canadian cannabis company said it is restating one metric in last week's fiscal third-quarter and nine-month earnings release after a formula error in a spreadsheet. The Smiths Falls, Ontario-based company said the nine-month ajdusted EBITDA figure should have been C$155.2 million ($117.8 million) but was incorrectly stated as C$69.0 million. "The Adjusted EBITDA loss for the three months ended as December 31, 2018 was correct as reported, as were all prior quarters as released," the company said in a statement. Canopy posted the numbers late Feb. 15, a release closely watched by investors in the new legal sector. The company barely managed to release results into the Canadian securities regulator's database, just before a 45-day deadline elapsed. The company reported a 282% increase in quarterly revenue as marijuana became legal in Canada, but earnings were slammed by paper losses. Shares were down 3.7% premarket, but have gained 105% in the last 12 months, while the S&P 500 has gained 3.1%.
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