---
schema_version: "secwatch.filing_event.v1"
accession: "0001104659-23-100636"
form_type: "8-K"
ticker: "CGC"
cik: "0001737927"
company_name: "Canopy Growth Corp"
filed_at: "2023-09-14T23:59:59+00:00"
generated_at: "2026-06-10T17:43:00.580139+00:00"
event_type: "other_material"
sentiment: "positive"
materiality_score: 0.85
calibrated_materiality_score: 0.85
confidence: "high"
source: SEC EDGAR
---

# Canopy Growth ceases BioSteel funding; BioSteel files for creditor protection

## Summary
- BioSteel entered CCAA creditor protection; Canopy Growth ceased funding, cutting ~60% of Q1 FY2024 Adj. EBITDA loss.
- Expected total charges: CDN$15-20M exit costs and CDN$100-130M asset impairment in Q2 FY2024.
- Annual cash savings estimated at >CDN$100M from eliminating BioSteel cash burn.
- Reaffirms target of positive Adjusted EBITDA across remaining business units exiting FY2024.
- Reduced debt by CAD$349M since July 1, 2023; sold Hershey Drive facility for CAD$53M.

## SEC filing metadata
- accession: 0001104659-23-100636
- form_type: 8-K
- ticker: CGC
- cik: 0001737927
- company_name: Canopy Growth Corp
- filed_at: 2023-09-14T23:59:59+00:00
- event_type: other_material
- sentiment: positive
- materiality_score: 0.85
- calibrated_materiality_score: 0.85
- confidence: high
- sec_items: 2.05, 2.06, 7.01, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1737927/000110465923100636/0001104659-23-100636-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1737927/000110465923100636/tm2326136d1_8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001104659-23-100636
- JSON: https://secwatch.observer/filing/0001104659-23-100636.json
- Plain text: https://secwatch.observer/filing/0001104659-23-100636.txt

## Key facts
- Restructurings & Charges
  Canopy Growth Corp announced a restructuring with charges of The Company expects to incur charges of between CDN$15-20 million, of which the Company expects approximately CDN$3.7 million will consist of payroll-related ch affecting BioSteel Sports Nutrition Inc. and its affiliates (terminating, effective, as applicable, commencing September 14, 2023 and on an ongoing basis, 181 employees who were emp).
  - Type: restructuring
  - Charge: The Company expects to incur charges of between CDN$15-20 million, of which the Company expects approximately CDN$3.7 million will consist of payroll-related ch
  - Affected area: BioSteel Sports Nutrition Inc. and its affiliates
  - Headcount: terminating, effective, as applicable, commencing September 14, 2023 and on an ongoing basis, 181 employees who were emp
  source text: the entire workforce thereof was employed by the Company and will receive termination benefits and severance, as applicable. The Company expects to incur charges of between CDN$15-20 million, of which the Company expects approximately CDN$3.7 million will consist of payroll-related charges to be paid by the Company or Canopy Growth USA. The remaining
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737927/000110465923100636/0001104659-23-100636-index.htm
- Restructurings & Charges
  Canopy Growth Corp announced a impairment with charges of the Company expects to incur an asset impairment charge of between approximately CDN$100-$130 million in the second quarter of fiscal year 2024 under generally affecting BioSteel Entities.
  - Type: impairment
  - Charge: the Company expects to incur an asset impairment charge of between approximately CDN$100-$130 million in the second quarter of fiscal year 2024 under generally
  - Affected area: BioSteel Entities
  source text: In conjunction with the CCAA process, the Company expects to incur an asset impairment charge of between approximately CDN$100-$130 million in the second quarter of fiscal year 2024 under generally accepted accounting principles.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1737927/000110465923100636/0001104659-23-100636-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.