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Saturday, Apr 20, 2024
Mugglehead Magazine
Alternative investment news based in Vancouver, B.C.

The weed wire

NFL superstar Patrick Mahomes partners with Canopy’s BioSteel

The reigning Super Bowl MVP will help boost the sports nutrition brand in the US market

One of the biggest stars in sports is lending his name to help promote Canopy Growth’s sports nutrition company BioSteel.

On Tuesday, the cannabis company said Biosteel signed a multi-year partnership with NFL star quarterback Patrick Mahomes to help expand their brand in the U.S.

Mahomes, 24, is fresh off signing a record high US$450 million contract with the Kansas City Chiefs after leading his club to a Super Bowl win as MVP earlier this year.

The first post-championship endorsement deal for Mahomes will give him an undisclosed equity share in BioSteel, which Canopy Growth Corp. (TSX: WEED) bought a 72 per cent stake in last October.

Read more: Canopy Growth branches into the thirsty world of sports drinks

BioSteel said it has been expanding rapidly in the U.S. market since then, securing the country’s top grocery, gas, convenience and mass retailers, with direct distribution partners across the country.

The company became the official sports drink for the NBA’s Brooklyn Nets in February and has also signed brand ambassador deals with NHL Hall of Famer Wayne Gretzky, the Edmonton Oilers’ Connor McDavid, and Dallas Cowboys’ Ezekiel Elliott.

BioSteel said Mahomes will help the company reach new health-conscious consumers, athletes and sports fans to expand its U.S. footprint.

According to the Tuesday statement, Mahomes was first introduced to BioSteel products by his trainer Bobby Stroupe and has been using them for years.

“I’ve been fortunate enough to be educated on sports nutrition by the best, and I want to pass along this knowledge to today’s youth,” Mahomes said in the statement.

BioSteel was founded in 2009 by former pro NHL star Michael Cammalleri and entrepreneur John Celenza in hopes to take on sports energy industry giants.

“As an athlete and businessperson, I’ve sat on both sides of these deals. I went down to train with Patrick at Bobby’s gym and was able to spend time with him and his team,” Cammalleri said. “I could not be happier with Patrick being the person that helps lead and amplify our brand.”

While Canopy and BioSteel have keyed on expanding into the U.S. CBD market since partnering, the companies didn’t disclose whether Mahomes would help promote their new hemp-based sports supplement products.

Canopy said recently it will launch a new CBD brand this fall that is endorsed by lifestyle guru Martha Stewart.

Despite a lack of U.S. federal regulations for CBD supplements, the company expects to have 40 CBD products on the market under four brands — including BioSteel — by the end of the year.

Canopy has also signed partnerships with celebrities like Snoop Dogg, Seth Rogen and Drake to back various cannabis products sold in Canada. However, due to strict regulations on marketing cannabis in the country, Canopy cannot use their star power to promote its weed products.

Read more: Canopy to launch Martha Stewart CBD brand this fall

Read more: FDA issues cannabis research guidelines as CBD industry still hangs in limbo

Top image via Canopy Growth


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