Benzinga | Oct 20, 2021 09:19AM EDT

Canopy Growth's BioSteel Becomes Official Sports Drink Of The Miami HEAT

BioSteel Sports Nutrition Inc., which is part-owned by Canopy Growth Corporation (NYSE:CGC) (TSX:WEED), announced Wednesday that it is becoming the Official Sports Drink of the Miami HEAT.

The signing adds to the brand's stacked lineup of partnerships with some of the most historic franchises in basketball, including the Los Angeles Lakers, Brooklyn Nets, Dallas Mavericks, Philadelphia 76ers and the Toronto Raptors.

The multi-channel partnership with a prominent professional sports franchise will provide BioSteel with a year-round integration of its brand and products on and off the court.

Beginning with the upcoming 2021-2022 season, the collaboration includes hydrating the players throughout the season, bench setups at home games, promotions through digital and social media as well as a presence in the locker room, training center and in-arena signage that will feature other

local partners like #TeamBioSteel athlete Rodolfo Pizarro and star quarterback D'Eriq King, who became the brand's first collegiate name, image, and likeness (NIL) deal and first college football ambassador in September.

Customers in the Miami area can purchase BioSteel's products at Target, 7-Eleven and Daily's.

"With more teams and trainers than ever seeking a cleaner upgrade to their daily hydration routines, we're proud to offer a sugar-free, better-for-you option to the team's athletes and the fans in the community," said Michael Cammalleri, co-CEO and co-founder of BioSteel.

BioSteel's Expansion

Over the past two months, BioSteel has been expanding its grip on the sports beverage industry by entering a multi-year sponsorship deal as the official sports drink of the Los Angeles Lakers and partnering with wine and spirits distributor WEBB Banks' subsidiary to bring its sports hydration drinks to the Caribbean, Latin America and travel retail.

CGC Price Action

Canopy Growth's shares traded 0.56% lower at $14.26 per share during the pre-market session on Wednesday morning.

Photo: Courtesy of Scott Graham on Unsplash