Canopy Growth's BioSteel Becomes Official Sports Drink Of The Los Angeles Lakers In A 'Slam Dunk' Deal

BioSteel Sports Nutrition Inc., which is part-owned by Canopy Growth Corporation CGC WEED, announced Monday it had entered a multi-year sponsorship deal as the official sports drink of the Los Angeles Lakers.

The Los Angeles company agreed to support the 17-time NBA champions’ performance with Clean. Healthy. Hydration., year-round both on and off the court.

The deal includes BioSteel Sports Drink on the Lakers team bench and integration of the BioSteel brand into the team bench set ups, locker room displays and in-arena signage.

Tim Harris, Lakers president of business operations, said they are devoted to providing the players with products that will improve their performance.

“With quality clean ingredients and sustainable packaging, BioSteel leads the way in supporting the health and wellness of athletes, which makes them a perfect sponsor for our team,” Harris said. “We are thrilled to welcome them to the Lakers.”

BioSteel was launched in 2009 by Michael Cammalleri and his business partner John Celenza. Since then, the company has built its reputation for being the hydration product of choice for professional athletes wanting a healthy alternative.

“Fans worldwide know the Lakers as one of the most entertaining and storied franchises in all of the sports, and we’re excited they’ve chosen BioSteel as their team’s official sports drink,” said Michael Cammalleri, co-CEO and co-founder of BioSteel. “Spending the first part of my NHL career in LA, I take great pride in seeing this come full circle."

BioSteel's Prior Deals

This is not the first time BioSteel has been teamed up with athletes to promote its products. Last year, it partnered with the Kansas City Chiefs quarterback and Super Bowl MVP Patrick Mahomes who became an equity partner in the company under a multi-year deal.

In February 2020, the Canadian cannabis giant and BioSteel launched a line of CBD sports supplements, including Protein Powder, Sugar-Free Protein Gum, Hydration Mix and Sport Collagen.

Price Action

Canopy Growth’s shares traded 0.91% lower at $17.38 per share in the pre-market session.

See also: How to Buy Canopy Growth (CGC) Stock

Photo:  Adrián Cerón via WikiMedia Commons