Canopy Growth announced in a recent press release that it has entered into a deal with BioSteel in which it has purchased a major stake in the company. BioSteel is a leading sports nutrition product brand. The transaction enables Canopy Growth to gear into its future CBD product offerings. As the press release explains, Canopy Growth is advancing its multi-faceted strategy to enter new markets and to market new CBD products.
Mark Zekulin, the CEO of Canopy Growth, shared in the press release,
“BioSteel has a reputation for being a best-in-class provider of natural sports nutrition products and all of its products are well positioned to benefit from the increasing trend of plant-based and all-natural products, preferred not only by professional athletes, but active consumers as well.” He continued, “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.”
Michael Cammalleri, the Co-Founder and CEO of BioSteel Sports Nutrition, also stated in the press release,
“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.”