Canopy Growth Corp. has "obtained creditor protection" for its BioSteel Sports Nutrition Inc. division and "intends to seek permission to sell the business." The company 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% of the company’s adjusted EBITDA loss was "attributable to BioSteel." Canopy also "intends to launch a Chapter 15 case" in the U.S. to address its American BioSteel assets (CP, 9/14). Canopy Growth bought a majority interest in BioSteel in 2019.
Source: CBC News September 14, 2023 20:08 UTC