Deals to sell BioSteel assets result in $30.4M in aggregate gross proceeds: Canopy | iN420
BioSteel water bottles are seen during the opening day of the Vancouver Canucks NHL hockey training camp, in Victoria, Thursday, Sept. 21, 2023. Canopy Growth Corp. says its aggregate gross proceeds from selling off sports drink business total $30.4 million. Credit: THE CANADIAN PRESS/Darryl Dyck

Deals to sell BioSteel assets result in $30.4M in aggregate gross proceeds: Canopy

SMITHS FALLS, Ont. – Canopy Growth Corp. says the aggregate gross proceeds from selling off its sports drink business total $30.4 million.

The Smiths Falls, Ont., cannabis company says the proceeds come from two agreements linked to BioSteel Sports Nutrition Inc. that have closed.

The first deal involved the sale of BioSteel Canada to DC Holdings Ltd., which does business as Coachwood Group of Companies and also owns sports nutrition brand Canadian Protein.

The second transaction saw BioSteel sell its manufacturing business to New Jersey-based Gregory Packaging Inc., which is behind SunCup juice cartons.

Canopy says a portion of the proceeds will be used to repay debt.

The cannabis company put BioSteel up for sale when the sports drink business was placed under court protection from creditors under the Companies' Creditors Arrangement Act in September.

This report by The Canadian Press was first published Dec. 1, 2023.

Companies in this story: (TSX:WEED)

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Howard Alexander

Assistant Editor Howard Alexander comes to iNFOnews.ca from the broadcasting side of the media business.

Howard has been a reporter, news anchor, talk show host and news director, first in Saskatchewan and then the Okanagan.

He moved his family to Vernon in the 90s and is proud to call the Okanagan home.

If you have an event to share contact Howard at 250-309-5343or email halexander@infonews.ca.

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