What happened: Canopy Growth reported its fiscal ‘23 and fourth-quarter results on June 22 and it hasn’t been the Canadian cannabis company’s week, month, or even year:1
It lost $3.3 billion CAD in 2023, with $647 million of that coming in the fourth quarter alone.
That’s on $403 million in revenue for ‘23, a decrease of 21% from the year prior, and just under $88 million for the fourth-quarter.
KPMG also resigned as the company’s auditor, according to Matt Lamers.
As if that wasn’t enough, the company said it was being investigated by the SEC over misstating sales of BioSteel, the sports beverage it owns.
The company’s management also said in a filing that is has “substantial doubts” that the company will be able to continue operating as a “going concern” because of its debt.
In simple terms, that means management is worried they won’t be able to meet their financial obligations.
