Canopy Growth (CGC), a Canadian pot producer, announced its intention to buy the majority stake in BioSteel Sports Nutrition. BioSteel is one of the foremost makers of sports mixes (protein and hydration) used by professional teams.
According to Canopy Growth, the 72% stake deal is intended to lay “the groundwork for the adoption of cannabidoil, or CBD, in future products.”
The idea is, once regulations allow, the company will offer such sports drinks in the US, with a focus on hemp-based CBD for the American market.
BioSteel’s co-founder and co-CEO, Michael Cammalleri, explained more athletes are looking for alternatives to prescription painkillers as more information becomes available on their negative effects.
“The use and acceptance of CBD-based products in the professional landscape has changed.”
And a major reason for this is, with more research going into CBD, many people are realizing it’s a fully natural way to receive the same benefits as synthetic pharmaceutical options, but without the negative side-effects.
By using hemp (which, in the US, is legally defined as cannabis containing less than 0.3% THC, the compound that produces the “high”), it’s possible to offer those benefits without negative influences on an athlete’s focus and performance.
Canopy Growth is looking to eventually gain full ownership of BioSteel Sports Nutrition, though the financial terms of the deal haven’t been disclosed.