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BioSteel files for bankruptcy protection, parent company Canopy Growth looking for new buyer

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Canopy said it is no longer willing to sink cash into the division and intends to find a new buyer

BioSteel Sports Nutrition Inc. has filed for bankruptcy protection in Canada and the U.S., citing rapidly deteriorating liquidity despite receiving hundreds of millions in funding from parent company Canopy Growth Corp.

BioSteel ”does not align with Canopy Growth’s cannabis focused asset-light strategy,” Canopy chief executive David Klein said in a news release ThursdayCanopy first acquired a 72-per-cent stake in BioSteel in 2019 for about $50-million with the hope of developing CBD-infused sports drinks, and has since raised its stake to 90 per cent. Since the initial purchase, Canopy has invested $366-million in the sports-drink company through a secured loan and credit facility.

While BioSteel had “year-over-year” revenue growth, according to a document filed with U.S. securities regulators, it was still reliant on Canopy for financing. In an affidavit filed as part of CCAA proceedings, BioSteel’s general counsel, Sarah Eskandari, said that BioSteel still required approximately $15-million a month from Canopy.

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