What can be made of Canopy’s increased interest in functional ingredients?

Canopy, the Canadian cannabinoid company, has continued to commit heavily to BioSteel, a sports nutrition company in which Canopy now owns the majority share. The stated plan for the purchase of a majority stake in BioSteel at the end of last year was to further the potential of sports-related CBD products.

And Canopy will more than likely press forward with that plan. However the newly announced signing of American football player Patrick Mahomes – one of the biggest rising stars in America’s National Football League (NFL) – suggests that the company may also be broadening its scope.

Mahomes, who now also owns an equity stake in Bio Steel, appears to be solely endorsing the brand’s sports nutrition products and steering well away from anything CBD-related. This may change if the NFL’s position on CBD continues to evolve.

However, for now the undisclosed but likely significant amount of money committed to the Mahomes deal could suggest Canopy looking more closely at functional ingredients in general as a potential balance to the volatility still being experienced in the CBD and wider cannabis sectors.

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