NEW YORK (TheStreet) -- CannaVEST Corp (CANV) stock is down 20.46% to $25.50 Thursday after filing a report showing that it made material errors in its 10-Qs for the first three quarters of 2013.

The report states the company "concluded that the previously issued financial statements contained in the company's quarterly reports on Form 10-Q for the quarters ended March 31, 2013, June 30, 2013 and September 30, 2013 should no longer be relied upon because of errors related to the purchase price and the purchase price allocation for the assets acquired related to the PhytoSPHERE Systems."

The company determined the purchase price disclosed on the 10-Q forms "were not in accordance with accounting principles generally accepted in the U. S."

CannaVest, a business which develops and sells products containing hemp, concluded their sales and cost of sales for March 31, 2013 were incorrect.

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