Just before the start of the 2023-24 season, one of the National Hockey League's biggest sponsors, BioSteel, has filed for creditor protection in the United States and Canada and is seeking a new buyer.
BioSteel's sales have skyrocketed during 2023 and in the first three months of the year, they made roughly $24 million in sales, double what they made in the same period in 2022. Since the 2019 takeover, Canopy Growth has spent $366 million on BioSteel and goes through roughly $15 million each month.
The National Hockey League and BioSteel agreed on a multi-year contract in 2022 that saw them become the official hydration partner. But their most recent payment to the NHL as part of their deal, which was due on September 1st, has not been paid.