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

SMITHS 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., 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. Canopy described BioSteel as a"significant drag" on its profitability and cash flow, saying about 60 per cent of the company's adjusted EBITDA loss was attributable to BioSteel.

Canopy says BioSteel having creditor protection will limit its further funding obligations and help the company focus on its core cannabis operations.The move comes after Canopy said in June that it made management changes and parted ways with some staff after uncovering"material misstatements" in BioSteel's previous financial filings.The Canadian Press

South Africa South Africa Latest News, South Africa South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

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
Source: globeandmail - 🏆 5. / 92 Read more »

Sports drink company BioSteel filing for creditor protection in U.S. and CanadaThe owner of sports drink company BioSteel says it has filed for creditor protection in the U.S. and Canada and is trying to find a buyer for the business.
Source: CBCNews - 🏆 2. / 99 Read more »