It appears that Canopy Growth Corp (TSX: WEED) (NYSE: CGC) has quietly begun selling CBD products in the US under the BioSteel brand, a company which the firm acquired a 72% stake in last October. BioSteel is currently a leader in the sports nutrition category, and has a number of partnerships with multiple national sports organizations.
While the CBD product variants don’t appear on BioSteel’s own website, a number of third party retailers have listed the firms new CBD products online. One website, known as DirectCBDOnline, currently offers eleven different products, which includes CBD infused protein powder, CBD chewing gum, and CBD isolate sports hydration mixes, with pricing ranging from $14.99 to $69.99.
A search for CBD on the BioSteel website redirects users to a “CBD For Sport” page, which then returns a “404 not found” error.
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While no official announcement has been made by the company on the matter, the timing appears to be correct based on a Forbes article, wherein the firm identified it was aiming to have CBD product on the shelves in 2020.
The use and acceptance of CBD-based products in the professional sports landscape has changed. 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.
Michael Cammalleri, Co-Founder and Co-CEO, BioSteel Sports Nutrition, October 2019
Canopy Growth Corp last traded at $21.59 on the NYSE.
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.
