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Thursday, Jun 1, 2023
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.


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

The sports drink has sponsorship deals with the LA Lakers, Brooklyn Nets, Dallas Mavericks, Philadelphia 76ers and Toronto Raptors

Miami HEAT latest team to make Canopy's BioSteel official drink
Image via BioSteel

Canadian weed giant Canopy Growth Corp.‘s (TSX: WEED) BioSteel has struck another sponsorship as the official sports drink of the Miami Heat, marking its sixth multi-year deal with an NBA team.

On Wednesday, the firm said it’s “continuing to fan the flames of its ever-expanding courtside prowess,” with the signing of the Miami Heat.

BioSteel is now the official drink in major cities across North America via NBA deals with the LA Lakers, Brooklyn Nets, Dallas Mavericks, Philadelphia 76ers and Toronto Raptors.

Read more: Canopy’s BioSteel now official drink of LA Lakers

The deals are multi-year, though a Canopy spokesperson said their exact length and value aren’t being disclosed yet.

Starting in the 20212022 season, BioSteel will have a year-round presence through the Miami Heat partnership.

The sports drink will be available to players throughout the season, there will be bench setups at home games as well as digital and social media promotions. The firm adds there will also be a “presence” in the locker room, training center and in-arena signage.

“As we continue to grow the presence of our brand in one of the most iconic cities in America, we can’t wait to bring Clean. Healthy. Hydration. to the HEAT this season as the team’s official sports drink,” said BioSteel co-founder and CEO Michael Cammalleri, in a statement.

“With more teams and trainers than ever seeking a cleaner upgrade to their daily hydration routines, we’re proud to offer a sugar-free, better-for-you option to the team’s athletes and the fans in the community.”

BioSteel was founded in 2009 by Cammalleri, a former NHL player, and business partner John Celenza with a focus on nutritious, sugar-free drinks.

The sports drink company has also partnered with USA Hockey, U.S. Soccer and individual athletes.

Canopy stock dropped nearly two per cent on Wednesday to $17.42.

Read more: Canopy Growth Branches into the Thirsty World of Sports Drinks


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