Canopy Growth may be known for being one of Canada’s largest cannabis companies, but its biggest hit of the current earnings season has a different connection with grass.
Canopy Growth CGC, +18.69% WEED, +17.01% drew praise from analysts for the performance of BioSteel, a hydration product used on the green playing field by Kansas City Chiefs quarterback Patrick Mahomes as well as players in the National Hockey League.
Canopy Growth sales of BioSteel jumped to C$29.2 million from C$7.5 million in the year-ago quarter. The company cited growth in its distribution channel including 1,400 Walmart Inc. WMT, +2.07% stores. While Canopy Growth’s medical sales rose 6% from the prior quarter, adult-use sales in Canada dropped 5% from the previous quarter.
Given that spirits maker Constellation Brands STZ, +1.77% holds a controlling stake in Canopy Growth, it’s not a big surprise that it’s pushing into the drinks market. The beverage market also gives Canopy Growth a way to tap the U.S. market without violating federal laws against importing cannabis.
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