Canopy Growth’s BioSteel sports hydration beverage is already making a big impact in the sports industry, but is getting a significant boost. The cannabis company announced yesterday that it has signed partnerships with two major alcohol distributors to carry the beverage line, setting the stage for nationwide distribution across the US. Going forward, Reyes Beer Division and Manhattan Beer will include BioSteel products in their portfolios.
Reyes Beer has a significant presence in California and Florida, while Manhattan Beer currently serves 14 counties in and around Metro New York. John Celenza, co-founder and co-CEO of BioSteel, states, “For years, America’s professional sports leagues have relied on BioSteel products to keep athletes hydrated, nourished and at the top of their games. We are thrilled to make our innovative sports drink more widely available to everyday consumers through these milestone distribution partnerships and new offerings. Working with leaders like Reyes Beer Division, Manhattan Beer and many other partners will help propel sports’ ‘best kept secret’ to new heights and increase BioSteel’s market share in key regions.”
This is a significant move by Canopy Growth, and has been made possible, in part, by the backing of Constellation Brands. The beverage manufacturer backs the company, controlling 37% of its stock, and is tapping into its existing network of contacts to help make the deal possible. However, in addition to that, BioSteel is standing on its own, finding significant traction that has been helped through an endorsement deal the brand made with Kansas City Chiefs quarterback Patrick Mahomes earlier this year. Mahomes is also an equity partner of BioSteel.
David Klein, CEO of Canopy Growth, adds, “The benefits of the strategic relationship between BioSteel and Canopy Growth are clearly showcased with these milestone distribution partnerships. By leveraging Constellation’s vast distribution network within the beverage category, we are able to deliver BioSteel sport hydration beverages to consumers across the U.S.”