On November 30, 2023, Canopy Growth Corporation completed the sale of BioSteel. Pursuant to the proceedings under the Companies’ Creditors Arrangement Act involving BioSteel, two sale transactions transferring the assets of BioSteel Sports Nutrition Inc. and BioSteel Manufacturing, LLC were completed for aggregate gross proceeds of $30.4 million.
Pursuant to the CCAA court-ordered sale and investment solicitation process, a sale of substantially all of the assets of BioSteel Sports Nutrition to the Coachwood Group as contemplated by an asset purchase agreement dated November 9, 2023, and a sale of all or substantially all of the assets of BioSteel Manufacturing to another third party as contemplated by an asset purchase agreement dated November 9, 2023, have been completed. A portion of proceeds realized by Canopy Growth from the two transactions will be used to repay debt, which is expected to further reduce its interest expense.
Cassels acted for BioSteel.