By Canadian Press

BioSteel creditors list shows company owes millions to the who’s who of sports

Sep 19, 2023 | 10:38 AM

SMITHS FALLS, Ont. — BioSteel Sports Nutrition Inc. owes a slew of top-ranking sports teams and leagues millions of dollars.

In a preliminary list filed by the sports drink company which obtained creditor protection last week, BioSteel details more than $439 million in amounts owed to a range of businesses including manufacturers, distributors and retailers.

Of the sports entities listed, the National Hockey League’s merchandising and licensing affiliate NHL Enterprises is the top creditor with $8.7 million owing.

The Los Angeles Lakers basketball team is owed $2.5 million, rival Miami Heat just shy of $1 million and the United States Soccer Federation about $676,000.

Basketball teams the Brooklyn Nets and Philadelphia 76ers are owed $367,000 and $297,000, respectively, followed by USA Hockey $197,000 and Hurricanes Hockey with $96,000.

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In hopes of diversifying away from the cannabis market, Canopy Growth Corp. bought a majority share of BioSteel in 2019 but has since announced plans to sell the business because of profitability challenges.

Through dozens of partnerships, BioSteel has had a steady presence on arena and sports field benches since it was started by entrepreneur John Celenza and hockey star Michael Cammalleri in Toronto in 2009. Cammalleri is owed roughly $12,000.

This report by The Canadian Press was first published Sept. 19, 2023.

Companies in this story: (TSX:WEED)

The Canadian Press