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Tuesday, Aug 16, 2022
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

Business

Canopy’s BioSteel to sell in 15K more stores across US

The sports drink is being stocked in more than 20 grocery, convenience and drug store chains across the country

Four Shelves stocked with cartons of BioSteel
Image via BioSteel

Canadian cannabis giant Canopy Growth Corp.‘s (TSX: WEED) (Nasdaq: CGC) sports drink BioSteel has started hitting shelves in nearly 15,000 new stores across the U.S.

The firm said Monday that after a series of recent deals, its sports drink is being stocked in more than 20 grocery, convenience and drug store chains across the country, including Rite Aid Corporation (NYSE: RAD), Albertsons Companies, Inc. (NYSE: ACI), as well as privately owned Publix Super Markets and Sheetz.

The sports drink will also be offered in Ahold Delhaize‘s (AMS: AD) American stores, including Food Lion, Stop & Shop and Giant Food.

BioSteel can be bought in single containers and four-packs with certain retailers. The five flavours include blue raspberry, mixed berry, peach mango, rainbow twist and white freeze.

The current rollout of the sports drink is already underway, and will continue throughout February.

BioSteel is the official drink of NBA teams in major cities across North America, as well as USA Hockey, U.S. Soccer and individual athletes.

More recently, the firm partnered with Athletics Canada to become its sports drink provider.

BioSteel was founded in 2009 by former NHL player Michael Cammalleri and business partner John Celenza with a focus on nutritious, sugar-free drinks. Canopy bought a majority stake in the sports drink firm in 2019.

“We’ve seen strong growth and customer retention rates among athletes and health-conscious consumers, and with these new deals, we’re able to make our sugar-free, ready-to-drink sports drinks even more accessible,” Celenza says in a statement.

On Tuesday, company stock was up almost 4 per cent to $10.60 on the Toronto Stock Exchange.

Read more: Canopy’s BioSteel signs 4-year partnership with Athletics Canada

Read more: Miami Heat latest to make Canopy’s BioSteel team’s official drink

 

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