Canadian cannabis producer Canopy Growth said an Ontario court has greenlit the sale of its BioSteel Canada subsidiary and U.S. affiliate, BioSteel Manufacturing, in two separate deals.
BioSteel Canada, which makes sports nutrition beverages, obtained an initial order for creditor protection under the Companies’ Creditors Arrangement Act (CCAA) from a Canadian court in September as Canopy prepared the insolvent business for a sale.
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Then, on Nov. 17, the Ontario Superior Court of Justice approved Canopy’s transactions to sell BioSteel Canada and BioSteel Manufacturing.
The company didn’t disclose the buyers or financial arrangements.
Canopy did say it expects to realize financial proceeds – which the Smiths Falls, Ontario-based company expects to improve its balance sheet – pending the closing of the transactions.
Canopy also said the pending transactions are consistent with its cannabis focus and transformation to an asset-light operating model after the elimination of funding
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