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Canopy Growth Enters into an Agreement for the Sale of Hershey Drive Facility in Smiths Falls
Canopy Growth Enters into an Agreement for the Sale of Hershey Drive Facility in Smiths Falls ...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth Enters into an Agreement for the Sale of Hershey Drive Facility in Smiths Falls\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 Facility will be sold to Hershey Canada, Inc. for approximately\n \n CAD$53 million\n \n \n \n \n \n Canopy Growth continues to execute on transformation to simplified, asset-light operating model\n \n \n \n \n \n SMITHS FALLS, ON\n \n \n ,\n \n \n Aug. 17, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"Canopy Growth\" or the \"Company\") (TSX: WEED) (Nasdaq: CGC) announced today that it has entered into an agreement (the \"Agreement\") to sell its Hershey Drive facility (the \"Facility\") in\n \n Smiths Falls, Ontario\n \n , as part of the Company's transformation to a simplified, asset-light operating model. Canopy Growth will retain its\n \n Smiths Falls\n \n -based post-harvest manufacturing facility.\n \n \n \n \n \n \n \n \n \n Pursuant to the terms of the Agreement, the Facility will be sold to Hershey Canada, Inc. (\"Hershey\") for cash consideration of approximately\n \n CAD$53 million\n \n (the \"Transaction\"). The completion of the Transaction is subject to customary closing conditions.\n \n \n \"We are pleased to have reached an agreement with Hershey on this important sale. This is the latest milestone in our focused effort to reduce costs and further enhance our balance sheet,\" said\n \n David Klein\n \n , Chief Executive Officer of Canopy Growth. \"Each of the steps we have taken as part of our transformation to a simplified, asset-light operating model supports our ability to deliver in-demand products from brands our customers love, with greater agility and less execution risk. Once again, we have demonstrated Canopy Growth's ability to achieve significant organizational and operational change to position the Company for future growth in the Canadian market.\"\n \n \n \"Our intent to purchase the Hershey Drive property in\n \n Smiths Falls\n \n is another example of the strategic investments we're making in our supply cha...