Canopy Growth Corporation has confirmed it has now completed the sale of its facility in Modesto, CA.
The sale brings the total number of facilities fold off by Canopy Growth to five, for a total of CAD$81 million since April 1, 2023. The company anticipates generating up to a total of CAD$150 million from facility divestitures by September 30, 2023.
David Klein, CEO of Canopy Growth, said: “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.
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“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.”
The sale of the facilities are aligned to the organiSational transformation that the company announced in the prior fiscal year and provide liquidity, while also supporting Canopy’s path to profitability through reduced expenditure.
Canopy also announced the appointment of PKF O’Connor Davies, LLP as its independent registered public accounting firm for the 2024 fiscal year and accepted the resignation of KPMG LLP).
Judy Hong, Chief Financial Officer of Canopy Growth, stated: “This change has been underway for some time and reflects a joint decision between Canopy Growth and KPMG. We are pleased to welcome PKFOD, which has specific experience in supporting clients in the cannabis industry as our accounting firm for fiscal 2024.
“Going forward, we remain focused on our ongoing actions to strengthen Canopy Growth’s balance sheet and advance towards profitability.”
