Never a dull moment in the pot business

|By:, SA News Editor

CannaVEST Corp. (CANV -21.2%) discloses material errors in its 10-Qs for the first three quarters of 2013. The reports are no longer accurate due to non-GAAP-compliant accounting for the purchase price and price allocation for the PhytoSPHERE Sytems assets. Specifically, the carrying amount of intangible assets and goodwill and the resulting amortization costs and goodwill impairment are not GAAP-compliant due to the allocation method used by management.

Also, sales and COGS for the quarter ended March 31, 2013 are wrong and will require restatement.

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