Canopy Growth lands creditor protection for BioSteel business, intends to sell brand

  • 📰 calgarysun
  • ⏱ Reading Time:
  • 46 sec. here
  • 2 min. at publisher
  • 📊 Quality Score:
  • News: 22%
  • Publisher: 52%

Portugal Notícia Notícia

Portugal Últimas Notícias,Portugal Manchetes

Tired of its sports drink business weighing on its books, Canopy Growth Corp. is making moves to shed the division.

“We have repeatedly demonstrated that we will take decisive action to enhance our profitability and ensure we are focused and positioned to be a leader in the North American cannabis sector.”

And in recent months, Canopy and one of its subsidiaries advanced about $15 million per month and more than $366 million to date to BioSteel to keep the company going, BioSteel said in court documents.Canopy promised in May to refile three of its past quarterly financial statements because of misstatements linked to BioSteel it warned “should no longer be relied upon.” It parted ways with some BioSteel staff and made management changes by June.

A special committee then tried to solicit interest and six parties came forward, but they sought “lengthy due diligence periods and/or financing conditions, and no party offered committed financing to fund the operations of the BioSteel business during its diligence period.” Investors appeared pleased with the news, pushing the company’s share price up by 26 cents or almost 17 per cent up to $1.82 in mid-morning trading.Article content

 

Obrigado pelo seu comentário. Seu comentário será publicado após ser revisado.
Resumimos esta notícia para que você possa lê-la rapidamente. Se você se interessou pela notícia, pode ler o texto completo aqui. Consulte Mais informação:

 /  🏆 63. in PT

Portugal Últimas Notícias, Portugal Manchetes

Similar News:Você também pode ler notícias semelhantes a esta que coletamos de outras fontes de notícias.

Canopy Growth lands creditor protection for BioSteel business, intends to sell brandThe cannabis company says it pursued creditor protection from the Ontario Superior Court of Justice because its sports drink business BioSteel no longer has access to funding
Fonte: globeandmail - 🏆 5. / 92 Consulte Mais informação »

Canopy Growth lands creditor protection for BioSteel business, intends to sell brandSMITHS FALLS, Ont. — Canopy Growth Corp. says it has obtained creditor protection for its BioSteel Sports Nutrition Inc. division and intends to seek permission to sell the business. The Smiths Falls, Ont.
Fonte: SooToday - 🏆 8. / 85 Consulte Mais informação »

Canopy Growth lands creditor protection for BioSteel business, intends to sell brandCanopy Growth Corp. says it has obtained creditor protection for its BioSteel Sports Nutrition Inc. division and intends to seek permission to sell the business.
Fonte: BNNBloomberg - 🏆 83. / 50 Consulte Mais informação »

Canopy Growth lands creditor protection for BioSteel business, intends to sell brandCanopy Growth Corp. says it has obtained creditor protection from the Ontario Superior Court of Justice for BioSteel Sports Nutrition Inc. and intends to seek permission to sell the sports drink business.
Fonte: CTVNews - 🏆 1. / 99 Consulte Mais informação »