Canopy Growth says Ontario court has approved sale of BioSteel business

Canopy Growth Corp. says an Ontario court has approved the sale of its BioSteel sports drink business in a pair of deals.

Financial terms of the agreements were not immediately available.

Canopy Growth chief financial officer Judy Hong says the sales process identified two qualified buyers for the BioSteel brand and assets.

Hong added that the anticipated proceeds from the sales are expected to improve Canopy Growth's balance sheet.

The first deal covers the sale of BioSteel Canada to DC Holdings Ltd., while a second agreement includes the sale of the BioSteel Manufacturing business to Gregory Packaging Inc.

Canopy put BioSteel up for sale when the sports drink business was placed under court protection from creditors under the Companies' Creditors Arrangement Act in September.