BioSteel Files for Bankrupcy

[2014olympicgold]

Canopy Growth (BioSteel owner) has filed for creditor protection in the US and Canada and is trying to find a buyer for the business.

Ontario-based Canopy Growth, the largest cannibas company in NA, said in a press release Thursday that it has ceased funding BioSteel Sports Nutrition Inc. and that BuiSteel has commenced proceedings under the Companies Creditors Arrangement Act. They will also undergo creditor protection under Chapter 15 of the US bankruptcy code.

Despite BioSteel's amazing revenue growth, the brand was doing very poorly and was substracting from Canopy's bottom line. Hence putting it into "hibernation"

https://www.cbc.ca/news/business/bio...nopy-1.6966412

It sounds like, even though they are a popular company with a lot of sales, their sponsorship deals, and spending wasn't enough to offset it. Plus with cannabis sales down, Canopy Growth wasn't making enough money to justify it anymore.

BioSteel would be a smart purchase for Coke or Pepsi maybe.

[PenguinHunter]

Wow there will be a lot of dissapointed U7 and U9 hockey players.
Those kids love the BioSteel.

I like the Pepsi or Coke purchase idea.
Put them into a different market.

I wonder if Gatorade is in position to just buy it and let is cease.
AS I expect Gatorade sales to have been negatively effected by Bio-Steel.

Remember the promotion they were running earlier this year.
Bring your Gatorade water bottle into a sports store and trade it in for a Bio-Steel water bottle.

[2014olympicgold]

Here's an interesting point too:

The move comes after Canopy said in June that it made management changes and parted ways with some staff after uncovering "material misstatements" in BioSteel's previous financial filings

[PenguinHunter]

Those dishonest accountants giving the rest of us a bad image!!

[metaldude26]

Interesting, I was literally just looking into using them as a supplier for electrolyte mixes for our fire rangers, but if no one picks them up we may have to go with someone else!

[finnys_fanatsy]

Pepsi and Coke already have thiers (Gatorade and Powerade)..probably easier and chepaer to just let BioSteel die for either of them

Powerade is a sports drink created and sold by the Coca-Cola Company. Its primary competitor is Gatorade, owned by PepsiCo.

[2014olympicgold]

Pepsi and Coke already have thiers (Gatorade and Powerade)..probably easier and chepaer to just let BioSteel die for either of them

Pepsi owns many of 'competing products' already:
- Ruffles, Lays, Miss Vickies, Doritos
- AMP Energy, Rockstar, SoBe
- Propel, Gatorade

Coca Cola owns Vitamin Water, BodyArmor, and Powerade for sports drinks. NOS, Full Throttle, Monster, and Coke Energy Drinks.

They all have competing products.

[finnys_fanatsy]

Pepsi owns many of 'competing products' already:
- Ruffles, Lays, Miss Vickies, Doritos
- AMP Energy, Rockstar, SoBe
- Propel, Gatorade

Coca Cola owns Vitamin Water, BodyArmor, and Powerade for sports drinks. NOS, Full Throttle, Monster, and Coke Energy Drinks.

They all have competing products.

true enough..i guess that's why im not a Godzillionaire..among other reasons lol

[chuckcouples]

Apparently paying hockey players and other athletes a bunch of money to try and sell their product is not a good strategy. Oops! Good thing this won't really affect NHLers like McDavid and Bedard!