Canadian Cannabis Company Buys Majority Stake In BioSteel
Canadian cannabis company Canopy Growth is "buying a majority" 72% stake of Toronto-based sports drink maker BioSteel, according to Rick Westhead of TSN.ca. Canopy CEO Mark Zekulin said that the deal "paves the way" for the company to begin "offering CBD-infused sports drinks as soon as next year." With its purchase, Canopy "obtains a company that has built a loyal consumer base, thanks largely to a high-performance sports drink that is endorsed by athletes" like Oilers C Connor McDavid, golfer Brooke Henderson and Blue Jays 3B Vladimir Guerrero Jr. Zekulin "declined to say how much Canopy paid for its majority stake of BioSteel." The BioSteel brand "will continue to exist" after the deal closes. BioSteel was founded in '09 by former Maple Leafs strength and conditioning coach Matt Nichol, sports marketer John Celenza, and former NHLer Mike Cammalleri, who becomes BioSteel's co-CEO with the sale. Cammalleri said that he is on a "mission to help the company develop a line of CBD products" (TSN.ca, 10/2). Canopy said the deal also includes an "agreed upon path" to buying 100% of BioSteel. Some of BioSteel's other ambassadors include Cowboys RB Ezekiel Elliott and Wayne Gretzky (FINANCIALPOST.com, 10/2). BioSteel also has "partnerships with USA Hockey, Canada Basketball, Athletics Canada and the Professional Hockey Players Association" (CP, 10/2).