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Cannabis Watch: Canopy Growth weighs on cannabis sector after restating one earnings metric

Less than a week after posting quarterly earnings, Canopy Growth Corp., the largest cannabis company by market value, has had to issue a correction.

The Smiths Falls, Ontario-based company said it is restating one metric in last week’s fiscal third-quarter and nine-month earnings release after a formula error in a spreadsheet. Unfortunately, the metric in question is one the company has advised analysts and investors to look to as the best measure of its underlying business.

The company said the nine-month adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) figure should have been C$155.2 million ($117.8 million) but was incorrectly stated as C$69.0 million.

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