Canopy Growth sells California facility as part of effort to become profitable

Canopy Growth Corp.
CGC,
-8.88%

WEED,
-6.45%
stock is up fractionally after the cannabis company said it completed the sale of a facility in Modesto, Calif., as part of the sale of five facilities for total proceeds of C$81 million ($61 million) since April 1. The Smiths Falls, Ontario-based company that’s backed by Constellation Brands Inc.
STZ,
-0.09%
said it expects to generate a total of C$150 million from facility sales by Sept. 30 as part of an effort to shift to an asset-light business model and move toward profitability. Earlier this week, the firm named PKFOD as its independent accounting firm after KPMG resigned. Canopy Growth stock is down 81% in 2023.