Canadian cannabis giant Canopy Growth is getting into the sports drink biz
The purchase of BioSteel offers some insight into the future direction of Canopy since the departure of its enigmatic CEO Bruce Linton this summer
By Kieran Delamont
Canopy Growth, the planet’s largest – but so far unprofitable – cannabis company, has made another major purchase.
On Wednesday, the Smiths Falls, Ontario-based producer announced that they are buying a majority stake in sports drink company BioSteel. The sports drink company founded in 2009 counts a number of sports figures as ambassadors. Among them: NFLer Ezekiel Elliott, NHLer Connor McDavid and Andrew Wiggins of the NBA.
The announcement offers some insight into what the heck is going at Canopy.
Since the departure of its enigmatic CEO Bruce Linton this summer, the company’s investors at Constellation Brands (who have sunk $5 billion into Canopy) haven’t said much about plans for its soon-to-be-open bottling facility. The purchase of BioSteel offers a clue.
While industry talk often gets dominated by chatter about cannabis-infused wines and beers as the next frontier of legalization, sports drinks offer one big advantage – a major existing market. Namely, North America’s four major sports leagues.