Canopy Growth Corp. (TSX: WEED) (NYSE: CGC) announced today that it has completed an all-cash transaction to purchase a majority stake in leading producer of sports nutrition products BioSteel Sports Nutrition, Inc. The deal was highlighted in an article authored by Michael Berger on Technical420.com titled, ‘Canopy Growth Announces Purchase of Majority Stake in Biosteel Sports Nutrition Inc’. Per the article, the transaction offers a substantial platform for Canopy Growth to enter the scports nutrition and hydration segment. “BioSteel has a reputation for being a best-in-class provider of natural sports nutrition products and all of its products are well positioned to benefit from the increasing trend of plant-based and all-natural products, preferred not only by professional athletes, but active consumers as well,” Canopy Growth CEO Mark Zekulin stated in the article. “This acquisition allows us to enter the sports nutrition space with a strong and growing brand as we continue towards a regulated market of food and beverage products that contain cannabis. We view the adoption of CBD in future BioSteel offerings as a potentially significant and disruptive growth driver for our business.”
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About Canopy Growth Corporation
Canopy Growth is a leading diversified cannabis, hemp and cannabis device company, offering distinct brands and curated cannabis varieties in dried, oil and Softgel capsule forms, as well as medical devices through the company’s subsidiary, Storz & Bickel GMbH & Co. KG. From product and process innovation to market execution, Canopy Growth is driven by a passion for leadership and a commitment to building a world-class cannabis company one product, site and country at a time. The company has operations in over a dozen countries across five continents. The company’s medical division, Spectrum Therapeutics is proudly dedicated to educating healthcare practitioners, conducting robust clinical research, and furthering the public’s understanding of cannabis, and has devoted millions of dollars toward cutting edge, commercializable research and IP development. Spectrum Therapeutics sells a range of full-spectrum products using its colour-coded classification Spectrum system as well as single cannabinoid Dronabinol under the brand Bionorica Ethics. The company operates retail stores across Canada under its award-winning Tweed and Tokyo Smoke banners. Tweed is a globally recognized cannabis brand which has built a large and loyal following by focusing on quality products and meaningful customer relationships. From the company’s historic public listing on the Toronto Stock Exchange and New York Stock Exchange to its continued international expansion, pride in advancing shareholder value through leadership is engrained in everything Canopy Growth does. Canopy Growth has established partnerships with leading sector names including cannabis icons Snoop Dogg and Seth Rogen, breeding legends DNA Genetics and Green House Seeds, and Fortune 500 alcohol leader Constellation Brands, to name but a few. Canopy Growth operates eleven licensed cannabis production sites with over 5.2 million square feet of production capacity, including over one million square feet of GMP certified production space. For more information, visit the company’s website at www.CanopyGrowth.com.
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