BioSteel and Canopy Growth may be able to profit from a joint venture, according to reports, given their respective strengths in hemp and sports nutrition. The BioSteel label and Canopy’s research and development, production, and distribution experience make it easy to envision CBD-mixed products for athletes. With over 10,000 distribution sites in Canada and the United States, BioSteel’s vast reach may help both. ‘ BioSteel Co-Founder and Co-CEO Michael Cammalleri claimed in the release that pharmaceutical painkillers have “pessimistic impacts” on athletes, which might be a factor in the growing desire for healthy alternatives in sports.
He said that the acceptance and use of CBD products in professional sports has evolved, and that it is now prevalent among NHL players. For Canopy, the “better for you” and “pick me up” varieties of sports beverages are both popular with busy customers, athletes, and weekend warriors. Additionally, the arrangement allows Canopy to acquire full control over BioSteel at some point in the future, allowing it to extend its business prospects. The CBD-mixed-products business is becoming increasingly important. In 2018, the worldwide CBD market was worth $1.45 billion, according to Fior Markets, and it is expected to grow to $17.34 billion by the end of 2026.
Similarly, Canopy Growth was in the spotlight because of its plans to grow into the United Kingdom’s marijuana market. When it comes to the global cannabis sector, Canopy Growth understands this and is fast restructuring its overseas operations to take advantage of this opportunity. MHRA (Medicines and Healthcare Goods Regulatory Agency) and Home Office have granted Spectrum Therapeutics, a division of Canopy Growth, licences to collect and distribute cannabis-based medical products in the United Kingdom.