Ontario cannabis company to sell Hershey facility back to Hershey for $53 million - National Post

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The cannabis company says Hershey Canada Inc. has agreed to pay about $53 million in cash for the property.
Canopy, which has been selling assets and working to cut costs, says net proceeds received from the sale will be used primarily to pay down the company’s senior secured credit facility.

The company announced earlier this year that it was winding down operations at the Hershey Drive facility as part of a plan to lay off 800 workers.

FILE: Staff work in a marijuana grow room that can be viewed by at the new visitors centre at Canopy Growths Tweed facility in Smiths Falls, Ontario on Thursday, Aug. 23, 2018. Photo by Sean Kilpatrick /THE CANADIAN PRESS

The sale follows the centralization of the company’s post-harvest manufacturing at its former beverage facility in Smiths Falls and the consolidation of its flower cultivation at the company’s sites in Kincardine, Ont., and Kelowna, B.C.

Canopy says once the Hershey sale is complete it will have sold seven properties for a total of $155 million since April 1.

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2023-08-17 14:28:29Z
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