Cannabis producer Canopy Growth to refile financial statements

Canadian cannabis producer Canopy Growth plans to refile some of its financial statements for the fiscal year ended March 31, 2022.

The Smiths Falls, Ontario, company is making the move after identifying “material misstatements” related to sales of its BioSteel business unit that were incorrectly accounted for.

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Canopy is among a number of cannabis companies that have restated financial results in recent years.

Canopy said it is “is unable to quantify the impact” of the pending corrections because the review is ongoing, according to the company’s recent disclosure with the U.S. Securities and Exchange Commission.

The company said it initiated the internal review, under the oversight of the Audit Committee, after identifying “certain trends” in the booking of BioSteel sales while preparing its financial statements for the fiscal year ended March 31, 2023.

Canopy booked 44.6 million Canadian dollars ($33 million) in BioSteel sales in the

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