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."