SMITHS FALLS, ON, Nov. 13, 2017 /CNW/ - Canopy Growth
Corporation (TSX:WEED) ("Canopy Growth" or "the Company) has filed
its Amended and Restated Consolidated Financial Statements and
Amended and Restated Management's Discussion and Analysis for the
year ended March 31, 2017 on SEDAR.
The restatement accounts for:
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i)
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the understated fair
value of approximately 11% equity interest and options held by the
Company in AusCann Group Holdings Ltd. ("AusCann") by
$18.3 million and $5.7 million, respectively, at March 31,
2017 which was previously carried at its cost base of nil being the
consideration paid for the minority interest.
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The Company has
classified its equity interest in AusCann as an available‑for‑sale
financial asset, an IFRS term. The options represent a
derivative financial instrument that is initially recognised at
fair value and subsequently remeasured to its fair value at the end
of each reporting period. Prior to February 3, 2017 the
AusCann shares did not have a quoted market price and the fair
value of its equity interest and options in AusCann could not be
reliably measured and the equity interest and options were carried
at their cost amount of nil.
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In the quarter ended
March 31, 2017, AusCann completed a capital reorganization and
became listed on the Australian Stock Exchange. Following the
initial public offering, the Company's shares and options were all
placed in escrow until February 3, 2019.
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and
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ii)
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the correction of an
immaterial non-cash error in the valuation of biological assets at
March 31, 2017, as previously disclosed in the condensed interim
consolidated financial statements for the first quarter ended June
30, 2017.
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As a result of the restatement, the Company's reported Net Loss
was reduced from $16.7 million to a
Net Loss of $7.6 million.
Details of the changes are fully described in Note 2 to the
Amended and Restated Consolidated Financial Statements for the Year
Ended March 31, 2017 as filed on
SEDAR on November 13, 2017.
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis company,
offering distinct brands and curated cannabis varieties in dried,
oil and capsule forms. Through its wholly‑owned subsidiaries,
Canopy Growth operates numerous state-of-the-art production
facilities with over half a million square feet of GMP-certified
indoor and greenhouse production capacity, all to an unparalleled
level of quality assurance procedures and testing. Canopy
Growth has established partnerships with leading sector names
in Canada and abroad, with interests and operations
spanning four continents. The Company is proudly dedicated to
educating healthcare practitioners, providing consistent access to
high quality cannabis products, conducting robust clinical
research, and furthering the public's understanding of cannabis.
For more information visi twww.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking statements. Often, but
not always, forward-looking statements can be identified by the use
of words such as "plans", "expects" or "does not expect", "is
expected", "estimates", "intends", "anticipates" or "does not
anticipate", or "believes", or variations of such words and phrases
or state that certain actions, events or results "may", "could",
"would", "might" or "will" be taken, occur or be achieved.
Forward-looking statements involve known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth Corporation, Tweed
Inc., Tweed Farms Inc. or Bedrocan Canada Inc. to be materially
different from any future results, performance or achievements
expressed or implied by the forward-looking statements. Examples of
such statements include future operational and production capacity,
the impact of enhanced infrastructure and production capabilities,
and forecasted available product selection. The
forward-looking statements included in this news release are made
as of the date of this news release and Canopy Growth Corp. does
not undertake an obligation to publicly update such forward-looking
statements to reflect new information, subsequent events or
otherwise unless required by applicable securities legislation.
Neither the TSX Exchange nor its Regulation Services Provider
(as that term is defined in policies of the TSX Exchange) accepts
responsibility for the adequacy or accuracy of this release.
SOURCE Canopy Growth Corporation