Sunday, June 1, 2025

Latest

Canopy Growth Sees BioSteel Assets Sold Off Under CCAA Process

Canopy Growth (TSX: WEED) might yet get some value for its failed BioSteel division following a successful sale and investment solicitation process that took place under the Companies Creditors Arrangement Act.

Canopy this morning indicated that the Ontario Superior Court of Justice has approved two transactions to sell substantially all of the assets of BioSteel Canada and BioSteel Manufacturing.

The BioSteel Canada transaction is slated to see all intangible assets and intellectual property, formulas and recipes, inventory, and certified specified fixed assets sold to a successful bidder, pending the approval of the US Bankruptcy Court.

The BioSteel Manufacturing transaction meanwhile will see all the property, plant and equipment and other fixed assets, as well as the inventory of BioSteel Manufacturing, all productions reports and records, equipment logs and related data sold to a separate successful bidder, which is conditional upon the assignment of the lease agreement related to the facility in Verona, Virginia, and the approval of the courts.

READ: BioSteel Owes Millions To NHL, Professional Sports Teams: Bankruptcy Filing

While Canopy Growth did not identify the successful bidders in its release, the BioSteel Manufacturing transaction, as per court documents, saw Gregory Packaging Inc as the successful bidder. DC Holdings, who is operating as Coachwood Group of Companies, meanwhile was the successful bidder for the BioSteel Canada transaction.

Source: KSV Advisory

Financial data related to the transactions has yet to be released. Canopy Growth however remains the largest creditor and shareholder of BioSteel Canada.

Canopy Growth last traded at $0.74 on the TSX.


Information for this briefing was found via Canopy Growth and the sources mentioned. The author has no securities or affiliations related to the organizations discussed. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Leave a Reply

Video Articles

Alamos Gold Q1 Earnings: The Inside Scoop

Cerrado Gold Q4 Earnings: The Turnaround is Working

B2GOLD Q1 Earnings: Revenue Up, Production & Cash Flow Decline

Recommended

Canadian Copper: The $172M Combined Strategy PEA

ESGold Begins Concentration Tests Ahead Of First Production

Related News

Canopy Growth To Consolidate Its Shares 10-To-1

After a continued spiral in the capital markets, Canopy Growth (TSX: WEED) has confirmed that...

Wednesday, December 13, 2023, 08:41:44 AM

Canopy Growth Reduces Debt By Blowing Out Cap Table

Canopy Growth Corp (TSX: WEED) is imploding its capitalization table as a means of reducing...

Friday, July 14, 2023, 08:58:05 AM

Canopy Growth Reports Q3 Revenues Of $78.5 Million, Loss Of $216.8 Million

Canopy Growth Corp (TSX: WEED) this morning reported falling revenues on a year over year...

Friday, February 9, 2024, 08:02:53 AM

Canopy Growth: Canaccord Reduces Target To $6, Anticipates Further Cost Cutting

Canopy Growth (TSX: WEED) is expected to report its fiscal fourth-quarter financial results tomorrow morning....

Thursday, May 26, 2022, 04:32:00 PM

Canopy Growth Increases Effective Ownership Of TerrAscend To 26.8%

Canopy Growth (TSX: WEED) (NASDAQ: CGC) appears to have a particular affinity for that of...

Thursday, January 14, 2021, 08:18:37 AM