Canopy Growth has completed two sale transactions transferring the assets of BioSteel Canada and BioSteel Manufacturing, LLC for aggregate gross proceeds of $30.4 million.
"With the completion of these two sale transactions, we have completed another critical action to focus Canopy Growth's business on our core cannabis operations and can now realize the proceeds of sale to further improve the Company's balance sheet," said Judy Hong, Chief Financial Officer, Canopy Growth. "We wish the new owners the best in the future operation of the brand and assets."
"The BioSteel brand is loved and continues to serve professional athletes and has evolved beyond to cultivate a passionate and athletically inspired consumer base," said Dan Crosby, the founder, and CEO of the Coachwood Group, in a statement. "I am dedicated to continuing to deliver high-quality products under the BioSteel brand that everyone loves for years to come."
For more information:
Canopy Growth
www.canopygrowth.com