Canopy Growth selling Smiths Falls facility back to Hershey for $53M

Canopy Growth is shuttering its headquarters in Smiths Falls, Ontario and selling the building back to its original owner, Hershey Canada.

In a news release on Aug. 17, the Canadian cannabis producer announced that it has entered into an agreement to sell its facility at 1 Hershey Drive to the chocolate maker for approximately $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,” CEO David Klein said in the release.

“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.”

The sale comes just months after Canopy announced plans to eliminate 800 jobs in February.

The former chocolate factory has served as the company’s corporate headquarters since 2013. Once the transaction is complete, it will become the seventh property that Canopy has sold since April 1.

The company added that it will “retain its Smiths Falls-based post-harvest manufacturing facility.”

According to LinkedIn, Canopy employs a total workforce of more than 920 people.

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