“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,” said Mark Zekulin, CEO of Canopy Growth. The takeover is expected to be announced later today.
Canopy Growth is one of the companies that's been front and center when it comes to deal-making. — Cannabis company Canopy Growth Corp. has bought a majority stake in BioSteel Sports Nutrition Inc., a maker of sports nutrition products. “We view the adoption of CBD in future BioSteel offerings as a potentially significant and disruptive growth driver for our business.”. Topics covered: manufacturing, packaging, new products, R&D, and much more. Click the ‘OKAY‘ button at the top right of this panel to accept or click here for more information. Canopy Growth announced an all-cash purchase of 72% of BioSteel Sports Nutrition.
Canopy Growth said the deal provides it with a “significant platform” to enter the sports nutrition and hydration segment and lays the groundwork for the adoption of cannabidiol (CBD) in future product offerings. This report by The Canadian Press was first published Oct. 2, 2019. Apparently, it's a hit in the sports world, too. Cumulative Growth of a $10,000 Investment in Stock Advisor, Canopy Growth Makes a Surprising Acquisition @themotleyfool #stocks $CGC, Why Canopy Growth Stock Fell 12.1% in August, 3 Popular Stocks Billionaires Heavily Sold in Q2, Copyright, Trademark and Patent Information. BioSteel manufactures … The deal gives Canopy Growth a 72 per cent stake in BioSteel with a path to full ownership. In terms of operations, the company has over 10,000 distribution points in North America. Canopy Growth has acquired a 72% stake in BioSteel Sports Nutrition, both companies announced in a joint press release. Canada, meanwhile, will permit some cannabis-infused products to be sold in stores nationwide in December. I believe now that CBD is that better way.”. They added that there was an "agreed upon path to 100% ownership," although no details were provided. Sports drinks could be a smart segment for Canopy since the better-for-you variety is popular as a convenient pick-me-up for busy consumers — as well as for athletes and weekend warriors. Image source: BioSteel. If you continue to use this site we will assume that you are happy with it. Learn how your comment data is processed. This is a company with an established, natural product that speaks for itself.”. Zekulin said in the release adding CBD to future BioSteel offerings is a "potentially significant and disruptive growth driver for our business." The company and NHLAA want to understand whether cannabinoids might help wean former players off of opioids. Zekulin declined to say how much Canopy paid for its majority stake of BioSteel. “I wish I had found CBD way sooner in my career,” Cammalleri said in an interview on Tuesday.
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With the acquisition, Canopy Growth gains an entry into the sports nutrition and hydration business.
The acquisitive Canadian cannabis purveyor clearly considers BioSteel's product lineup to be synergistic to its own. The Ascent is The Motley Fool's new personal finance brand devoted to helping you live a richer life. The deal paves the way for Canopy to begin offering CBD-infused sports drinks […]
Joining Canopy Growth, the world leader in cannabis research, development and production, reflects the natural evolution of our brand and will allow us to expand our product offering and global distribution. Financial terms of the all-cash agreement were not immediately available. CBD is a non-psychoactive extract from the hemp plant. It's continuing to expand both on this landmass and in Europe. Canopy Growth announced an all-cash purchase of 72% of BioSteel Sports Nutrition.
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