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Canopy Growth Provides Update on Management Cease Trade Order and Provides Estimate for Reporting of Q4 and FY2023 Financials
Canopy Growth Provides Update on Management Cease Trade Order and Provides Estimate for Reporting...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Provides Update on Management Cease Trade Order and Provides Estimate for Reporting of Q4 and FY2023 Financials\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n \n SMITHS FALLS, ON\n \n \n ,\n \n \n June 12, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"\n \n Canopy Growth\n \n \" or the \"\n \n Company\n \n \") (TSX: WEED) (NASDAQ: CGC) is providing this bi-weekly update on the status of the management cease trade order granted on\n \n June 2, 2023\n \n (the \"\n \n MCTO\n \n \") by its principal regulator, the Ontario Securities Commission under National Policy 12-203 –\n \n Management Cease ‎Trade Orders\n \n (\"\n \n NP 12-203\n \n \"), following the Company's announcement on\n \n May 26, 2023\n \n (the \"\n \n Default\n \n \n Announcement\n \n \") that the Company has initiated an internal review of the financial reporting matters related to BioSteel Sports Nutrition Inc. (the \"\n \n BioSteel Review\n \n \") and has determined that it will need to restate its (i) audited consolidated financial statements for the fiscal year ended\n \n March 31, 2022\n \n , included in the Company's Annual Report on Form 10-K for the fiscal year ended\n \n March 31, 2022\n \n and (ii) unaudited consolidated financial statements for the quarterly periods ended\n \n June 30, 2022\n \n ,\n \n September 30, 2022\n \n and\n \n December 31, 2022\n \n , included in the Corporation's Quarterly Reports on Form 10-Q for such quarterly periods (collectively, the \"\n \n Restated Financial Statements\n \n \").\n \n \n \n \n \n \n \n \n \n The Company reports that: (i) there are no changes to the information contained in the Default Announcement that would reasonably be expected to be material to an investor; (ii) the Company is satisfying and confirms that it intends to continue to satisfy the provisions of the alternative information guidelines under NP 12-203 and issue bi-weekly default status reports until the Restated Financial Statements are filed, each of which will be issued in the form of a pres...