Business
Canopy Growth to Cease Funding BioSteel Business Unit Furthering Business Transformation and Focus on North American Cannabis Leadership
Canopy Growth to Cease Funding BioSteel Business Unit Furthering Business Transformation and Focu...
About this update from Canopy Growth Corporation
[{"type":"text","content":"\n \n \n \n Canopy Growth to Cease Funding BioSteel Business Unit Furthering Business Transformation and Focus on North American Cannabis Leadership\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.prngen2{\nPADDING-RIGHT:0.17em; PADDING-LEFT:0.17em; VERTICAL-ALIGN: BOTTOM; BORDER-TOP:black 0pt; BORDER-RIGHT:black 0pt; BORDER-BOTTOM:black 0pt; BORDER-LEFT:black 0pt\n}\n.prnml4{\nMARGIN-TOP:0em; MARGIN-RIGHT:0em; MARGIN-BOTTOM:0em; MARGIN-LEFT:0.33em !IMPORTANT\n}\n.prnbcc{\nBORDER-COLLAPSE: COLLAPSE\n}\n.prntac{\nTEXT-ALIGN: CENTER\n}\n \n \n \n \n \n \n Canada NewsWire\n \n \n \n \n \n BioSteel filing immediately eliminates significant cash burn for Canopy Growth and provides for an orderly realization of value of BioSteel's assets through a sale process\n \n \n \n \n As the senior secured lender to BioSteel, Canopy Growth expects to recover proceeds from the anticipated sale process\n \n \n \n \n Management reaffirms its expectation to achieve positive Adjusted EBITDA in all remaining business units exiting FY2024\n \n \n , as the Company focuses on driving growth in its Canadian and U.S. cannabis businesses to position itself as an industry leader in\n \n North America\n \n \n \n \n \n \n SMITHS FALLS, ON\n \n \n ,\n \n \n Sept. 14, 2023\n \n \n /CNW/ - Canopy Growth Corporation (\"Canopy Growth\" or the \"Company\") (TSX: WEED) (NASDAQ: CGC) today announced that it has ceased funding BioSteel Sports Nutrition Inc. (\"BioSteel\") and that BioSteel has commenced proceedings under the\n \n Companies' Creditors Arrangement Act\n \n (the \"CCAA\") in the Ontario Superior Court of Justice (Commercial List) (\"CCAA Court\") and will seek recognition of that proceeding under Chapter 15 of the United States Bankruptcy Code to give full force and effect to the orders made in the CCAA proceeding in\n \n the United States\n \n , including a stay of proceedings.\n \n \n \n \n \n \n \n \n \n As part of its efforts to simplify its business and reduce cash burn, Canopy Growth previously announced that it was reviewing strategic options for the Company's BioSteel business unit, including a ...