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Canopy Growth books $30M from sales of Biosteel assets

Business

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

Company went into insolvency proceedings a few weeks ago

Canopy Growth has sold all of the assets related to its Biosteel sports drink business in two seperate transactions. (Aaron Doster/Reuters)

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.

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