Published on November 17, 2023 at 3:52 p.m
Canopy put BioSteel up for sale when the sports drink company was placed under court protection under the Companies’ Creditors Arrangement Act in September. (Photo: The Canadian Press)
Canopy Growth announced Friday that an Ontario court has approved the sale of its BioSteel sports drinks business in two transactions.
Financial terms of the deals were not immediately available.
Canopy Growth Chief Financial Officer Judy Hong said the sales process identified two qualified buyers for BioSteel’s brand and assets.
The expected proceeds from these transactions should improve Canopy Growth’s balance sheet, Ms. Hong added.
The first agreement involves the sale of BioSteel Canada to DC Holdings, while a second agreement involves the sale of the BioSteel Manufacturing operation to Gregory Packaging.
Canopy put BioSteel up for sale when the sports drink company was placed under court protection under the Companies’ Creditors Arrangement Act in September.
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