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Canopy Growth Refiles MD&A After Spreadsheet Formula Error

Andrew Ward

Canopy Growth (NYSE: CGC), the cannabis industry's largest company by market value, refiled its third-quarter management discussion and analysis, or MD&A, on Thursday due to a spreadsheet formula error.

The move comes less than a week after the Canadian company's Feb. 14 quarterly print.

Originally, Canopy's adjusted EBITDA loss for the nine months ending Dec. 31, 2018 was CA$52 million ($69 million). Under the refiled MD&A submitted to the Canadian Securities Administration, the EBITDA loss amounted to CA$155 million ($117.5 million). 

Canopy's stock fell 2 percent after the news was announced Thursday and was down another 1.78 percent at $44.22 at the time of publicatino Friday.

"The correction was made due to a formula error in the spreadsheet supporting the year to date adjusted EBITDA loss calculation,” Canopy Growth said in a press release. “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 no other changes were required to the filing. 

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