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Sports Canopy Growth expands its beverage business in the USA with BioSteel

10:10  22 october  2020
10:10  22 october  2020 Source:   finanzen.net

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An exclusive, early look into Canopy Growth ’s first retail partnership in the U.S., which will bring the BioSteel line backed by former NHL pro Michael Cammalleri, to roughly 500 Vitamin Shoppe locations in the U.S.

Canopy Growth announced yesterday that it completed an all-cash transaction to purchase a majority stake in BioSteel Sports Nutrition. BioSteel has a strong sports nutrition consumer base in the North American market, and including CBD (cannabidiol) in its products will be an addition of a new product

Canopy Growth has been successfully selling cannabis-containing products for a number of years and has already achieved high sales figures for new beverages in Canada this year. A cooperation with BioSteel is now also intended to expand the beverage business in the USA.

Raymond Boyd/Getty Images © Provided by Finanz.net Raymond Boyd / Getty Images

• Canopy Growth sold more than 1.5 million cannabis drinks in Canada in a very short time

• Cooperation with BioSteel and expansion of the beverage portfolio

• BioSteel in cooperation with large companies Beverage suppliers

In 2019, a total of almost four million beverage cans with cannabis-containing contents were sold in the USA, according to FOOD DIVE magazine. In Canada, however, beverages containing cannabis were only legalized earlier this year. Despite the smaller population - almost 40 million people live in Canada compared to 330 million in the USA - Canopy Growth has already sold more than 1.5 million drinks since the launch of its products in March 2020 and despite competition from other manufacturers, said Andrew Rapsey, Global Head of Beverage at Canopy, in an interview with FOOD DIVE.

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Cannabis company Canopy Growth Corp. has bought a majority stake in BioSteel Sports Nutrition Inc The deal gives Canopy Growth a 72 per cent stake in BioSteel with a path to full ownership. The company also has partnerships with USA Hockey, Canada Basketball, Athletics Canada and the

The transaction provides Canopy Growth with a platform to enter the sports nutrition and hydration segment. In addition, BioSteel has national organizational partnerships with USA Hockey " BioSteel has a reputation for being a best-in-class provider of natural sports nutrition products and all

Canopy Growth is a success story - and wants to achieve even more with beverages

The numbers reflect the success that Canopy Growth has had in the company's history: The Canadian company, founded in 2013, claims to be the first company in North America to publicly and legally participate in 2014 trade its cannabis-containing products. Canopy Growth was the first in the industry to be listed on the Toronto and New York stock exchanges and was also the first in the industry to be listed in the S & P / TSX 60 global share index - one of the most important indices on the Canadian stock exchange - in mid-2019. Net income for fiscal 2020 was Canadian $ 399 million.

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The transaction gives Canopy Growth a 72 percent stake in BioSteel with an agreed upon path to full ownership. It is a chemical in the marijuana plant often used for medicinal purposes, and does not have the intoxicating effects like those caused by tetrahydrocannabinol or THC.

All manufactured products are sold through brands that are already established and that - according to Canopy Growth on the company website - customers trust. This includes Martha Stewart, who promotes and sells CBD oils and wellness products for the company. This year, the successful cannabis-containing beverages were added to the Canopy range in Canada. "The fact that we were actually able to take up almost half the market in Canada in such a short time [...] is really exciting for us and we will certainly be working full steam ahead on our beverage portfolio," Rapsey told FOOD DIVE in September.

The US beverage market is to be captured with BioSteel

According to Rapsey, the goal for the next two to three years is to account for more than 50 percent of the market for cannabis-containing beverages in Canada - but also for Canopy Growth beverages in the USA to establish.

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Canopy Growth already has a license to produce hemp in New York State . It has also been a big believer in the potential of cannabis beverages . Beer -and-wine producer Constellation Brands (STZ) invested billion in Canopy last year. BioSteel Star Power.

Canopy Growth advances the world’s perception of cannabis by focusing on research, product development and innovative production capabilities – all presented Canopy Growth is monitoring the COVID-19 situation and is giving consideration to all recommendations by public health authorities.

First, however, the company is expanding its involvement in another part of the beverage market: In 2019, Canopy Growth acquired a majority stake in BioSteel Sports Nutrition, also a Canadian company. BioSteel is a manufacturer of nutritional products for athletes founded in 2009, which this year launched a new selection of sugar-free, natural drinks.

Already in mid-October, just a month after Rapsey's statement that intensive work was being carried out on the beverage portfolio, a press release from Canopy Growth and BioSteel announced a cooperation between BioSteel and two large beverage suppliers: Manhattan Beer and Reyes Beer Division will be announced deliver the new BioSteel drinks in New York, California, Florida and other regions of the USA and thus boost sales of the drinks in the USA.

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This cooperation expands Canopy Growth's business area and could facilitate the establishment of the company's cannabis beverages in the United States. However, Rapsey has not yet given an exact point in time when the move to the USA should be made. Finanzen.net editorial team

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