Canopy Growth Corp T.WEED

Completed Sale of BioSteel Business T.Weed

[Betteryear2]

Realization of sale proceeds further strengthens Canopy Growth's balance sheet 

Completed transactions further advances Canopy Growth's cannabis-focused, asset-light operating model

SMITHS FALLS, ON, Dec. 1, 2023 /PRNewswire/ - Canopy Growth Corporation ("Canopy Growth" or the "Company") (TSX: WEED) (NASDAQ: CGC) today provided an update that pursuant to the proceedings under the Companies' Creditors Arrangement Act (the "CCAA") involving BioSteel Sports Nutrition Inc. ("BioSteel Canada"), that two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC ("BioSteel Manufacturing") have been completed for aggregate gross proceeds of $30.4 million.

Canopy Growth Announces Completed Sale of BioSteel Business (prnewswire.com)

[HighTime20]

Congrats to Canopy on pissing away hundreds of millions on Biosteel and recouping 30 million of it.   A winning strategy no doubt.  De-Klein is quickly running out of things to sell.  Next up Storz and Bickel.   

[quinlash]

BioSteel appeared to be a good move AT THE TIME and I am sure Canopy thought they could wrap that into the business to make it a viable, cash contributing, part of the operation.  That didn't play out and AT THIS TIME the Company sees more benefit in removing the expense of maintaining BioSteel and paying down some debt with the proceeds. The amount paid for the operation was $50 million

[OptGreen]

Not the time for that amount of debt at this space in time, quin, but sure will be handy anytime going forward as profits rise...this market has got to go legal soon if they ever plan to get rid of the crime and death, of which is rising far more days than not. All the key assets in place now are blue chip assets in the not to distant future...wouldn't surprise if Martha et al aren't

[quinlash]

Well I have to say I do like the fact that Canopy just released Martha Stewards Gummies for wellness and as a sleep aid.  I use products like that myself and I am looking forward to having more options at the Cannabis Store for those.  I also want to test them to make sure they are as good as they sound but I will remain optimistic that they are.  I am thinking the Wanna Group

[Coloradobuff]

I commend them for saving the 15 million a month by jettisoning this pig. Linton and Klein made too many mistakes and terrible acquisitions and overpaid for them all. They both blew through 6 billion dollars. They both should be arrested for theft and fraud. 

[quinlash]

So you're saying the total savings is 180 million per year. That's higher than I thought. I'll have to pull the reports to confirm for myself but thanks for pointing that out. A penny saved is a penny earned, right.

[geodcan]

When that $6 billion STZ cash influx showed up was about the time that Linton exited the stage. He wanted to keep the ball rolling and that deal with STZ was a great move for Canopy and the start of the greenrush.   It woke up investors and Canada benefited most from the greenrush but some MSOs also got respect because of it.\ Everybody overpaid for pot assets during the crazy times

[Picker77]

Do you actually hold shares to this company?  That be!omg to you or are they borrowed ?