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Curaleaf to Restate Certain Previously Issued 2022 and 2021 Financial Statements
Curaleaf to Restate Certain Previously Issued 2022 and 2021 Financial Statements Canada...
About this update from Curaleaf Holdings, Inc.
[{"type":"text","content":"\n \n \n \n Curaleaf to Restate Certain Previously Issued 2022 and 2021 Financial Statements\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.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Minor Reductions in Revenue of Approximately 1.25% and 0.75% for 2021 and 2022, respectively\n \n \n \n \n NEW YORK\n \n ,\n \n April 19, 2023\n \n /CNW/ --\n \n \n \n Curaleaf Holdings, Inc.\n \n (CSE: CURA / OTCQX: CURLF) (\"Curaleaf\" or the \"Company\"), announced today that the Audit Committee of the Company's Board of Directors (the \"Audit Committee\"), with the assistance of outside counsel and consultants and in discussion with the Company's auditors, has been conducting, after internal review by management,  a review of certain purchases and sales of products through the Company's wholesale channel to determine whether they had commercial substance, and to confirm the timing and appropriateness of the recognition of revenue from those transactions, mainly in the last quarter of 2021 and the first and second quarters of 2022.\n \n \n Further to this review, the Company has determined that it will make certain adjustments to the revenue figures reported in its previously issued (i) audited annual consolidated financial statements for the fiscal year ended\n \n December 31, 2021\n \n (the \"2021 Annual Financial Statements\") and (ii) unaudited interim consolidated financial statements for the first, second and third quarters of the fiscal year ended\n \n December 31, 2022\n \n (collectively, the \"2022 Interim Financial Statements\"), as well as other related flow through adjustments.\n \n \n The Company is finalizing the exact adjustments for these reported prior periods, and currently anticipates that the adjustments will result in a reduction of aggregate revenue for the full 2021 fiscal year of approximately 1.25%, and a reduction of expected aggregate revenue for the full 2022 fiscal year of approximately 0.75%.\n \n \n As a result, subject to finalizing the adjustments described herein, the Company expects its revenue for the fourth quar...