Canopy Growth: BioSteel To Seek Creditor Protection - Quick Facts

(RTTNews) - Canopy Growth Corp. (WEED.TO, CGC) has ceased funding BioSteel Sports Nutrition Inc. BioSteel has commenced proceedings under the Companies' Creditors Arrangement Act in the Ontario Superior Court of Justice and will seek recognition of that proceeding under Chapter 15 of the United States Bankruptcy Code. Canopy Growth noted that it remains BioSteel Canada's largest creditor and shareholder and anticipates receiving its proportionate share of any recoveries in the CCAA process.

Canopy Growth reiterated its expectation to achieve positive adjusted EBITDA across its remaining business units exiting fiscal 2024.