Canopy Growth’s stock rises after it says it’s found buyers for BioSteel sports drink units

Canopy Growth Corp.’s stock
CGC,
-2.23%

WEED,
-1.33%
was up 1.7% in premarket trading on Friday after the Canadian cannabis company said it identified two qualified buyers for its BioSteel brand and assets. The anticipated proceeds of the deals are expected to improve its balance sheet upon completion, the company said. The Companies’ Creditors Arrangement Act Court has approved bids and granted authority to consummate the transactions, the company said. Canopy Growth did not disclose the names of the two buyers. One buyer is acquiring the assets of BioSteel Canada, while the other is purchasing BioSteel Canada’s U.S. affiliate, BioSteel Manufacturing.