Canopy Growth sells BioSteel Canada to Coachwood Group

Canopy Growth Corp.
CGC,
-0.59%

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said Friday it completed the sale of its BioSteel sports drink for gross proceeds of C$30.4 million ($22.4 million) in two separate transactions. Coachwood Group, a Canadian firm in the nutraceutical, sports nutrition, and health product sectors led by Dan Crosby, acquired all of the assets of BioSteel Canada. Canopy Growth sold assets of BioSteel Manufacturing to an unnamed third party. Canopy Growth announced on Nov. 17 it had found buyers for BioSteel’s two main business units but it did not provide a purchase price figure or names of the buyers at that time. Canopy Growth said the sale will strengthen its balance sheet. Canopy Growth’s stock is down by 75.8% in 2023, compared to a 51.2% drop by the Global X Cannabis ETF
POTX,
+0.98%.

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