Canopy Growth Corp T.WEED

New Press Release - Canopy Growth Announces Completed Sale of BioSteel Business

Realization of sale proceeds further strengthens Canopy Growth's balance sheet Completed transactions further advances Canopy Growth's cannabis-focused, asset-light operating modelSMITHS FALLS, ON, Dec. 1, 2023 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED...read article.

[charlie007]

They invested 366 mil and sold for 30 mil.   Holy ^$&! 

[AmericanAkita]

Canopy first acquired a 72-per-cent stake in BioSteel in 2019 for about $50-million with the hope of developing CBD-infused sports drinks, and has since raised its stake to 90 per cent. Since the initial purchase, Canopy has invested $366-million in the sports-drink company through a secured loan and credit facility.

[AmericanAkita]

Didn't pan out the way they had hoped. Cut their losses and now they're moving on and saving on expenses.

[quinlash]

That must include the cash burn since they picked it up. I believe the savings from selling it is around 60 million per year / 15 million per qtr

[quinlash]

When I Google Search how much canopy paid for biosteel it comes up as $50 million When I go through the interviews and other statements made by the CEO I find that the resason for selling is due to biosteel not being profitable . the company noting that more than half of it's total expenses were a result of biosteel. I certainly hope this aligns with the proper due dilligence every investor