Biosteel CBD protein powder, chewing gum and hydration mixes appear on third-party websites.
Canopy Growth Corp.’s cannabis-infused products may have been delayed in Canada, but they keep popping up south of the border.
The foray into U.S. markets, which began late last year with the roll out of First & Free, a hemp-derived CBD product line, now appears to include items under the BioSteel Sports Nutrition label, a brand that Canopy purchased a 72 per cent stake in last October.
The new products do not appear on BioSteel’s website, but some third-party retailers, such as DirectCBDOnline, have the items in stock, according to The Deep Dive. The website lists 11 different products — including CBD protein powder, chewing gum and hydration mixes — at prices between US$14.99 and $69.99.
The website offers delivery to the U.S., the U.K., South Africa, Australia and Italy, with Canada noticeably absent.
Canopy has not made an official announcement or offered comment on the availability of the brand, which was co-founded by former NHLer Mike Cammalleri.
“We have witnessed the negative effects of prescription painkillers and athletes are looking for healthier alternatives,” Cammalleri said in a release. “Its presence is already commonplace among NHL players and as a regular CBD user myself, I couldn’t be more proud to champion BioSteel’s evolution and leadership in this space,” he said at the time.
Earlier this month, the Smith Falls, Ont. company announced it needs more time to bring its portfolio of cannabis-infused beverages to market in Canada. It had originally hoped to have the new products on store shelves in early January, but ramping up production has taken it longer than it anticipated.
Shares of Canopy Growth surged last week after a surprise upgrade from the Bank of Montreal’s cannabis analyst, who raised her target price from $25 to $40, citing anecdotal accounts from cannabis companies that value-priced brands, particularly Canopy’s, are outselling higher-priced product lines at the retail level.
“Following the stock’s notable sell-off last year driven by a sub-optimal product mix (gel caps) and industry-wide challenges, we believe there is potential upside to Street expectations for FQ3/20 driven by the company’s pivot into a recreational product mix that should now be better aligned with demand,” Tamy Chen wrote.
Chen also raised her target rating on the stock from “hold” to “buy.”
Written by David Yasvinski