Canopy Growth Corp. has successfully secured court approval for the sale of its BioSteel sports drink business through two lucrative transactions.
The financial details of these deals have not been disclosed at this time. Canopy Growth’s CFO, Judy Hong, highlighted the identification of two qualified buyers during the sales process, with anticipated proceeds poised to bolster the company’s financial standing.
The initial transaction involves the transfer of BioSteel Canada to DC Holdings Ltd., while the second deal encompasses the sale of BioSteel Manufacturing to Gregory Packaging Inc.
This strategic move comes after Canopy placed BioSteel under court protection in September, utilizing the Companies’ Creditors Arrangement Act.
(With files from the Canadian Press)
Comments