Saturday, May 31, 2025

Latest

Canopy Growth Acquires 72% Stake in Biosteel Sports Nutrition

Canopy Growth Corp (TSX: WEED) (NYSE: CGC) announced today that it had entered into an all-cash transaction to purchase a majority stake in Biosteel Sports Nutrition. The firm is focused on providing hydration and sports nutrition products to high performing athletes.

The purchase is part of a strategy related to laying groundwork for when the use of CBD is legalized across numerous major sports leagues in the US and globally, including CBD derived from hemp. With Biosteel being a leader in the sports nutrition category, the acquisition will provide a launch pad for Canopy Growth once regulations allow. 

Biosteel Sports Nutrition currently has partnerships with a number of national sports organizations, including USA Hockey, Canada Basketball, Athetics Canada, and the Professional Hockey Players Association, and products have been purchased by a majority of major sports teams across the four main leagues in North America. The firm also has a number of brand ambassadors, including Connor McDavid, Wayne Gretzky, Eugenie Bouchard, and Ezekiel Elliot.

Canopy Growth under the terms of the agreement has acquired a 72% stake in Biosteel Sports Nutrition, with the issuer indicating that there is an undisclosed path to 100% ownership in the firm. It is not known what price was paid for the stake in the firm.

Canopy Growth closed yesterdays session at $28.85 on the Toronto Stock Exchange.


Information for this briefing was found via Sedar and Canopy Growth Corp. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.

Video Articles

How To Profit From $3300 Gold? An Inside Look At A Massive 300,000 Oz Project | Martino De Ciccio

We’re At The Start of a Great Silver Boom | Ross McElroy & Andy Bowering – Apollo Silver Corp

Equinox Gold Q1 Earnings: When Everything Goes Wrong

Recommended

ESGold Begins Concentration Tests Ahead Of First Production

Sterling Metals Hits 0.21% Copper Over 482.8 Metres In First Drilling At Soo Copper project

Related News

Stifel-GMP: Canopy Growth CEO’s Legacy is “Poor Execution, Misallocated Capital, and Mismanaged Expectations.”

Earlier this month, Canopy Growth Corp (TSX: WEED) (NASDAQ: CGC) reported their fiscal second-quarter 2022...

Sunday, November 21, 2021, 12:03:00 PM

Canopy Growth Sees Canaccord Cut Price Target To Just $4.50 After Terrible Q4 Results

On May 27, Canopy Growth (TSX: WEED) reported its fiscal fourth-quarter financial results for the...

Sunday, June 5, 2022, 11:18:00 AM

Canopy Growth: BofA Raises Price Target On The Back Of MORE Act Vote

This morning BofA Securities raised their 12-month price target on Canopy Growth Corp (TSX: WEED)...

Monday, November 30, 2020, 02:17:00 PM

Canopy Growth: Analysts Anticipate Q1 Revenues Of $149 Million

Canopy Growth Corp (TSX: WEED) (NASDAQ: CGC) announced that they will be reporting their fiscal...

Tuesday, August 3, 2021, 03:28:00 PM

Canopy Growth Sees Revenues Decline To $131.4 Million

Canopy Growth Corp (TSX: WEED) (NASDAQ: CGC) this morning met the expectations of every cannabis...

Friday, November 5, 2021, 08:19:17 AM