When Canopy Growth (TSX: WEED) (OTC: TWMJF) reported its FY17-Q3 ending 12/31/16 earlier this month, it did not include the results from Mettrum, as the acquisition didn’t close until January 31st. During the conference call, CEO Bruce Linton indicated that the company would provide an update before the end of February in the form of a Business Acquisition Report, though it wasn’t due until April. Kudos to CFO Tim Saunders, as the company released it on February 23rd, and we have uploaded it for the benefit of our readers and have used the information to update Canopy’s Investor Dashboard that we maintain.

The 66-page document includes detailed unaudited financials for Mettrum’s Q3, which ended 12/31/16, as well as some some pro forma information for the YTD income statement and a balance sheet if the two companies had been one as of that date.

Mettrum’s FY17-Q3 sales grew 10.5% from Q2 to $5.29mm, representing growth of 162% from FY16-Q3. These numbers include a month of operations following the announcement of the company’s voluntary recall and trailed Canopy’s own 15% sequential and 180% annual growth.

Adding Canopy Growth’s previously reported sales of $9.75mm, the combined company reported pro forma Q3 sales of $15.04mm. Year-to-date, the two companies, on a pro forma basis, have reported sales of $39.5mm, far in excess of the $20.4mm reported for all of FY16 on a pro forma basis.

Some of the highlights of the pro forma balance sheet:

$109.8mm cash and cash equivalents

$56.0mm inventory

Current assets of $181.1mm

$86.0mm property, plant and equipment

$383.5mm goodwill and intangibles

Total assets of $652.5mm

Total liabilities of $54.0mm

Shareholders’ equity of $598.4mm

Tangible shareholders’ equity of $214.9mm

Canopy Growth’s financials for the year ending 3/31/17 are due by June 29th and will represent the first report of the company’s combined operations subsequent to the merger.

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Exclusive article by Alan Brochstein, CFA Facebook | LinkedIn | Email Based in Houston, Alan leverages his experience as founder of online communities 420 Investor , the first and still largest due diligence platform focused on the publicly-traded stocks in the cannabis industry. With his extensive network in the cannabis community, Alan continues to find new ways to connect the industry and facilitate its sustainable growth. At New Cannabis Ventures , he is responsible for content development and strategic alliances. Before shifting his focus to the cannabis industry in early 2013, Alan, who began his career on Wall Street in 1986, worked as an independent research analyst following over two decades in research and portfolio management. A prolific writer, with over 650 articles published since 2007 at Seeking Alpha , where he has 70,000 followers, Alan is a frequent speaker at industry conferences and a frequent source to the media, including the NY Times, the Wall Street Journal, Fox Business, and Bloomberg TV. Contact Alan: Twitter