Canopy Growth Corp (NYSE: CGC), the largest cannabis company in the world by market cap, took the spotlight in the weed world this week when it reported fiscal third-quarter and nine-month earnings — and disclosed an error in a key metric a few days later.
“The $86-million spreadsheet error in the earnings report by Canopy Growth this week is really unsettling,” Green Market Report CEO Debra Borchardt told Benzinga. “This isn’t a minor mistake. Plus, how does a mistake that big get past all of the accountants and internal auditors?”
To make things worse, “the admission of error was released at 11 p.m. and there was no comment from the company other than it was a formula mistake in the spreadsheet,” she said. “This type of mistake will definitely keep the analysts on their toes when reading Canopy’s earnings.”
Continue reading here