biosteel
Source: BioSteel.
  • Canopy Growth (TSX:WEED) has completed the sale of its BioSteel sports drink subsidiary
  • Two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC have been completed for aggregate gross proceeds of C$30.4 million
  • This comes after the sale had received court approval a week ago, after BioSteel entered into creditor protection back in September
  • Shares of Canopy Growth last traded at $0.74

Canopy Growth (TSX:WEED) has completed the sale of its BioSteel sports drink subsidiary, the company announced Friday.

In a news release, the Smith Falls, Ontario-based cannabis company stated that two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC have been completed for aggregate gross proceeds of C$30.4 million.

This comes after the sale had received court approval a week ago, after BioSteel entered into creditor protection back in September.

“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,” Judy Hong, CFO of Canopy Growth, said in a statement.

BioSteel Canada, which was founded in 2009, was acquired by Canopy Growth in 2019 in its quest to diversify its portfolio with beverages.

Canopy Growth is one of North America’s top cannabis and consumer packaged goods companies with a wide range of premium and mainstream brands under its belt, including Doja, 7ACRES, Tweed and Deep Space. Canopy Growth’s CPG portfolio features targeted 24-hour skincare and wellness solutions from This Works, gourmet wellness products by Martha Stewart CBD and vaporizer technology made in Germany by Storz & Bickel.

Shares of Canopy Growth last traded at $0.75. In the past year, WEED stock has lost 85.75 per cent of its value and is 98.22 per cent lower than it was five years ago.

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