SMITHS FALLS, ON, Feb. 20, 2019 /CNW/ - Canopy Growth
Corporation (TSX: WEED) (NYSE: CGC) ("Canopy Growth" or "the
Company") filed its Amended and Restated Management Discussion and
Analysis for the three and nine months ended December 31, 2018 ("Amended MD&A") to correct
the Adjusted EBITDA1 in the original MD&A for the
nine months ended December 31, 2018
filed on February 14, 2019 (the
"Original MD&A"), as follows.
The correction of the Adjusted EBITDA loss for the nine months
ended December 31, 2018 from
$69,006,000 to $155,154,000. The correction was made due to a
formula error in the spreadsheet supporting the year to date
Adjusted EBITDA loss calculation. The Adjusted EBITDA loss for the
three months ended as December 31,
2018 was correct as reported, as were all prior quarters as
released.
There are no changes required to Canopy's unaudited condensed
interim consolidated financial statements for the three and nine
months ended December 31, 2018 (filed
on February 14, 2019). Other
than as expressly set forth in the Amended MD&A, the Amended
MD&A does not purport to update or restate the information in
the Original MD&A or reflect any events that occurred after the
date of the filing of the Original MD&A other than changes to
the sections entitled Results of Operations, Third Quarter Review,
and Adjusted EBITDA (Non-GAAP Measure).
Note 1: The Adjusted EBITDA is a non-GAAP financial
measure that does not have any standardized meaning prescribed by
IFRS and may not be comparable to similar measures presented by
other companies. The Adjusted EBITDA is reconciled and explained in
the Amended and Restated MD&A under "Adjusted EBITDA (Non-GAAP
Measure)".
About Canopy Growth Corporation
Canopy Growth is a world-leading diversified cannabis and hemp
company, offering distinct brands and curated cannabis varieties in
dried, oil and Softgel capsule forms. Canopy Growth offers
medically approved vaporizers through the Company's subsidiary,
Storz & Bickel GMbH & Co. KG. From product and process
innovation to market execution, Canopy Growth is driven by a
passion for leadership and a commitment to building a world-class
cannabis company one product, site and country at a time. The
Company has operations in over a dozen countries across five
continents.
The Company is proudly dedicated to educating healthcare
practitioners, conducting robust clinical research, and furthering
the public's understanding of cannabis, and through its wholly
owned subsidiary, Canopy Health Innovations ("Canopy Health"), has
devoted millions of dollars toward cutting edge, commercializable
research and IP development. Canopy Growth works with the Beckley
Foundation and has launched Beckley Canopy Therapeutics to research
and develop clinically validated cannabis-based medicines, with a
strong focus on intellectual property protection. Canopy Growth
acquired assets of leading hemp research company, ebbu, Inc.
("ebbu"). Intellectual Property ("IP") and R&D advancements
achieved by ebbu's team apply directly to Canopy Growth's hemp and
THC-rich cannabis genetic breeding program and its cannabis-infused
beverage capabilities. Through partly owned subsidiary Canopy
Rivers Corporation, the Company is providing resources and
investment to new market entrants and building a portfolio of
stable investments in the sector.
From our historic public listing on the Toronto Stock Exchange
and New York Stock Exchange to our continued international
expansion, pride in advancing shareholder value through leadership
is engrained in all we do at Canopy Growth. Canopy Growth has
established partnerships with leading sector names including
cannabis icon Snoop Dogg, breeding legends DNA Genetics and Green
House seeds, Battelle, the world's largest nonprofit research and
development organization, and Fortune 500 alcohol leader
Constellation Brands, to name but a few. Canopy Growth operates ten
licensed cannabis production sites with over 4.3 million square
feet of production capacity, including over 500,000 square feet of
GMP certified production space. The Company operates Tweed retail
stores in Newfoundland and
Manitoba and has entered into
supply agreements with every Canadian province and territory. For
more information visit www.canopygrowth.com.
Notice Regarding Forward Looking Statements
This news release contains forward-looking information. Often,
but not always, forward-looking information 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 information involves known and unknown risks,
uncertainties and other factors which may cause the actual results,
performance or achievements of Canopy Growth or its subsidiaries to
be materially different from any future results, performance or
achievements expressed or implied by the forward-looking
information contained in this news release. Examples of such
statements include statements with respect to the future market
share achieved in recreational markets, product development,
clinical trial work, and planned acquisition activities related to
BC Tweed, and Canopy Health Innovations. Risks, uncertainties
and other factors involved with forward-looking information could
cause actual events, results, performance, prospects and
opportunities to differ materially from those expressed or implied
by such forward-looking information, including risks associated
with entering a new market dynamic in Canada or internationally, and such risks
contained in the Company's annual information form dated June
27, 2018 and filed with Canadian securities regulators
available on the Company's issuer profile on SEDAR at
www.sedar.com. Although the Company believes that the assumptions
and factors used in preparing the forward-looking information in
this news release are reasonable, undue reliance should not be
placed on such information and no assurance can be given that such
events will occur in the disclosed time frames or at all. The
forward-looking information included in this news release are made
as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information to reflect new information, subsequent events or
otherwise unless required by applicable securities legislation.
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SOURCE Canopy Growth Corporation