Canopy Growth Enters Sports Nutrition Space, Acquires Majority Stake in BioSteel Sports Nutrition

Canopy Growth Corporation CGC WEED said Wednesday it has acquired a majority stake in BioSteel Sports Nutrition Inc.

The acquisition offers a new opportunity for Canopy Growth to become part of the sports nutrition and hydration industries and provides the basis for the usage of CBD in future products.

BioSteel is a company that concentrates on high-quality natural ingredients and product transparency, offering premium products for enhancing physical activity that have been used by 70% of the teams in North America’s four major sports leagues.

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“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.

Zekulin said this acquisition is an important “growth driver” for Canopy's business.

“The use and acceptance of CBD-based products in the professional sports landscape has changed," said Michael Cammalleri, co-founder and co-CEO of BioSteel Sports Nutrition. "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."

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