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Canopy sells Aldergrove and Delta greenhouses at a loss

They went for $40.7 million, filing in the U.S. reveals
Canopy has sold its Aldergrove greenhouse (Langley Advance Times file)

Canopy Growth has sold off it’s Aldergrove and Delta cannabis growing facilities for a fraction of what it paid to buy them.

In a Feb. 9 filing with the United States Securities and Exchange Commission signed by Chief Executive Officer David Klein and Chief Financial Officer Michael Lee, the Ontario-based company said it completed the sale of the two B.C. facilities in December and January respectively for $40.7 million.

In the report the company said it was recording $400 million in “asset impairment and restructuring costs” as well as a “write-down of inventory in the amount of $15.6 million.”

READ ALSO: Aldergrove operation one of two major Canopy Growth facilities to close

In March 2020, the company had announced the shuttering of both facilities, putting 500 people out of work.

READ ALSO: Canopy Growth intends to sell Aldergrove cannabis greenhouses

In Aldergrove, the 1.3 million sq. ft. greenhouse complex on 4th Avenue near 264th Street generated many complaints from local residents about the odour and the noise from the former vegetable hothouses, which had been converted to cannabis production.

They won the support of then-Langley East MLA Rich Coleman, in arguing their case to government.

READ ALSO: MLA Coleman calls for federal crackdown on greenhouse odour emissions

In November, the idled Delta greenhouse suffered extensive damage in a two-alarm fire.

Canopy told the U.S. regulator that it has “sufficient liquidity available from cash and cash equivalents and short-term investments on hand” of $825 million and $768.6 million.

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Dan Ferguson

About the Author: Dan Ferguson

Best recognized for my resemblance to St. Nick, I’m the guy you’ll often see out at community events and happenings around town.
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