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Canopy Growth Announces Completed Sale of BioSteel Business
Canopy Growth Announces Completed Sale of BioSteel Business Canada NewsWire R...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Announces Completed Sale of BioSteel Business\n \n \n /* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n Realization of sale proceeds further strengthens Canopy Growth's balance sheet\n \n \n \n \n Completed transactions further advances Canopy Growth's cannabis-focused, asset-light operating model\n \n \n \n \n \n SMITHS FALLS, ON\n \n \n ,\n \n \n Dec. 1, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"Canopy Growth\" or the \"Company\") (TSX: WEED) (NASDAQ: CGC) today provided an update that pursuant to the proceedings under the\n \n Companies' Creditors Arrangement Act\n \n (the \"CCAA\") involving BioSteel Sports Nutrition Inc. (\"BioSteel Canada\"), that two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC (\"BioSteel Manufacturing\") have been completed for aggregate gross proceeds of\n \n $30.4 million\n \n .\n \n \n \n \n \n \n \n \n \n Pursuant to the CCAA court-ordered sale and investment solicitation process, a sale of substantially all of the assets of BioSteel Canada to the Coachwood Group as contemplated by an asset purchase agreement dated\n \n November 9, 2023\n \n , and a sale of all or substantially all of the assets of BioSteel Manufacturing to another third party as contemplated by an asset purchase agreement dated\n \n November 9, 2023\n \n , have been completed. A portion of proceeds realized from the two transactions will be used to repay debt, which is expected to further reduce interest expense.\n \n \n \"With the completion of these two sale transactions, we have completed another critical action to focus Canopy Growth's business on our core cannabis operations and can now realize the proceeds of sale to further improve the Company's balance sheet,\" said\n \n Judy Hong\n \n , Chief Financial Officer, Canopy Growth. \"We wish the new owners the best in the future operation of the brand and assets.\"\n \n \n \"The BioSteel brand is loved and continues to serve professional athletes and has evolved b...