Canopy sells Smiths Falls facility back to Hershey for CAD$53M

Canopy Growth has entered into an agreement to sell its Hershey Drive facility in Smiths Falls, Ontario. The Facility will be sold to Hershey Canada for approximately CAD$53 million.

"We are pleased to have reached an agreement with Hershey on this important sale. This is the latest milestone in our focused effort to reduce costs and further enhance our balance sheet," said David Klein, Chief Executive Officer of Canopy Growth. "Each of the steps we have taken as part of our transformation to a simplified, asset-light operating model supports our ability to deliver in-demand products from brands our customers love with greater agility and less execution risk. Once again, we have demonstrated Canopy Growth's ability to achieve significant organizational and operational change to position the Company for future growth in the Canadian market."

"Our intent to purchase the Hershey Drive property in Smiths Falls is another example of the strategic investments we're making in our supply chain network and our Canadian operations to support growth," said Jason Reiman, Chief Supply Chain Officer, The Hershey Company.