Canopy named PKF O’Connor Davies LLP as KPMG’s replacement. It has been the Smiths Falls, ON-based company’s independent accounting firm and official auditor since 2019
Canopy Growth Corp. has parted ways with its longtime accounting firm as the once enormous cannabis company faces an financial crisis amid falling revenue and a rush to sell assets in hopes of paying down its mounting debt.
Thursday morning, Canopy released a statement naming PKF O’Connor Davies LLP as KPMG’s replacement. The statement said the change has been “underway for some time” and “did not result from any disagreements between the company and KPMG.” In a separate filing also dated June 22, Canopy said KPMG found “a lack of the required number of trained operational and IT personnel with the appropriate skills and knowledge and with appropriate assigned authorities, responsibilities and accountability related to the design, implementation and operating effectiveness of internal control over financial reporting.”
“This also contributed to the failure to impair goodwill related to the BioSteel reporting unit on a timely basis,” the Form 8-K filing said.
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