Team Biosteel Members Include NHL Legend Wayne Gretzky and Edmonton Oilers Phenom Connor McDavid
Earlier this week, Canopy Growth (TSX: WEED) (NYSE: CGC) announced it struck a deal to purchase a 72% majority stake in Biosteel Sports Nutrition. The acquisition was structured as an all-cash deal but the total price paid was not disclosed. The transaction also included a path for Canopy to acquire the remaining 28%.
As the science behind CBD and sports becomes more apparent, the deal allows Canopy to position itself nicely ahead of CBD being permitted across all the major sports.
“This acquisition allows us to enter the sports nutrition space with a strong and growing brand as we continue towards a regulated market of food and beverage products that contain cannabis. We view the adoption of CBD in future BioSteel offerings as a potentially significant and disruptive growth driver for our business,” said Canopy Growth CEO Mark Zekulin.
BioSteel describes itself as a leading healthy sports drink and according to their website are the number one purchased sports drink in professional sports.
Team BioSteel members include some of the best former and current athletes around such as Wayne Gretzky (The Great One), Connor McDavid (McJesus), Tyler Seguin, Ezekiel Elliott, Andrew Wiggins, Vladimir Guerrero Jr. and Brooke Henderson.
BioSteel boasts major partnerships with national sports organizations like USA Hockey, Canada Basketball, Athletics Canada and the Professional Hockey Players Association. The company’s products are currently being distributed in over 10,000 locations across the United States and Canada with plans to expand into Europe.
“The use and acceptance of CBD-based products in the professional sports landscape has changed. We have witnessed the negative effects of prescription painkillers and athletes are looking for healthier alternatives. Its presence is already commonplace amongst NHL players and as a regular CBD user myself, I couldn’t be more proud to champion BioSteel’s evolution and leadership in this space,” stated BioSteel Co-Founder and Co-CEO Michael Cammalleri.
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