Ka-Ching! Schwazze's Cannabis Accounting Bloopers And Other Historic Missteps That Shook Up Big Business
Written by Emily J. Thompson, Senior Investment Analyst
Updated: Dec 06 2024
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Source: Benzinga
Schwazze's Financial Restatement: Colorado-based cannabis company Schwazze announced it will restate its financial statements for FY 2022/23 and Q1-Q3 2023 due to accounting errors related to preferred shares, operating leases, and inventory valuations, although key metrics like revenue remain unaffected.
Historical Accounting Blunders: The article highlights infamous accounting mistakes in history, including significant errors by Fannie Mae and Freddie Mac in 2003, JPMorgan Chase's $6 billion loss in 2012, and Knight Capital Group's $440 million trading glitch, emphasizing the potential consequences of minor accounting errors.
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About the author
Emily J. Thompson
Emily J. Thompson, a Chartered Financial Analyst (CFA) with 12 years in investment research, graduated with honors from the Wharton School. Specializing in industrial and technology stocks, she provides in-depth analysis for Intellectia’s earnings and market brief reports.
