Canopy Growth sells California facility

Company expects to save up to $113M from facility divestitures by September 2023.

Canopy Growth Corporation has completed the sale of its facility in Modesto, California.

The company has sold five facilities for proceeds of CAD$81 million (US$61.14 million) since April 1. It anticipates generating up to CAD$150 million (US$113.21 million) from facility divestitures by September 30.

"Today's announcement reflects our continued focus on strengthening Canopy Growth's balance sheet and demonstrates the rapid execution of our transformation to an asset-light, North American-focused cannabis business on an accelerated path to profitability," said David Klein, CEO, Canopy Growth. "The proceeds from this transaction further the achievement of our target of CAD$150 million in total proceeds from facility divestitures by the end of September 2023, enabling us to efficiently reduce our overall footprint and strengthen our financial position."

Alyse Thompson-Richards has held many positions with BNP Media, first serving as an intern at Candy Industry Magazine in summer 2012. She joined Candy Industry's staff full time as associate editor in August 2016 after a few years at newspapers in West-Central Illinois, becoming managing editor in March 2019. Alyse has also served on Cannabis Products Insider since March 2019. She has bachelor’s degrees in journalism and Spanish from Western Illinois University.